Capital Markets

  • April 20, 2018

    Undoing CFPB Guidance May Yield Unintended Effects

    The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

  • April 20, 2018

    Orphaned By Feds, SEC Judges Find Ally In O'Melveny Advocate

    Administrative law judges at the U.S. Securities and Exchange Commission can no longer count on Solicitor General Noel Francisco to defend them in their upcoming fight before the U.S. Supreme Court, but they may not need him if an attorney invited by the court can convince the justices there was no constitutional foul in the way they were hired.

  • April 20, 2018

    6 Firms To Guide Tech-Heavy IPO Lineup Set To Exceed $1.3B

    Six firms are set to guide companies on initial public offerings estimated to surpass $1.3 billion during the week of April 23, steering a technology-dominated lineup led by a projected $542 million offering from electronic signature company DocuSign Inc.

  • April 20, 2018

    9th Circ. Splits From Similar Rulings On Tender Offer Suits

    Departing from circuit court rulings in five similar cases, the Ninth Circuit on Friday reversed a lower court's dismissal of a putative securities class action alleging Emulex Corp. concealed that Avago Technologies Ltd.'s $606 million acquisition offer was too low, holding that the investors’ claims require a showing of negligence rather than intentional wrongdoing.

  • April 20, 2018

    FirstCaribbean Bank Pulls IPO, Blaming Market Conditions

    Blaming market conditions, FirstCaribbean International Bank Ltd. pulled an estimated $226 million initial public offering late Thursday, becoming the second company in two days to cancel IPO plans at the last minute.

  • April 20, 2018

    Windups, Jury Charge Loom In Wilmington Trust Trial

    Federal prosecutors and defense attorneys shipped 173 pages of jury-instruction proposals Friday to a federal judge hearing a criminal case in Delaware against four Wilmington Trust executives accused of hiding hundreds of millions of dollars in bad loans, with the words “past due” appearing 159 times.

  • April 20, 2018

    Puerto Rico Sales Tax Bond Fight Sparks Muni Market Anxiety

    Municipal bond investors are paying close attention to what happens in a pending court fight over the validity of bondholder liens on Puerto Rican sales tax, experts say, warning of widespread consequences should investments thought to be bankruptcy-proof turn out otherwise.

  • April 20, 2018

    Dell's Pivotal Software Raises $555M In Davis Polk-Led IPO

    Pivotal Software Inc., a cloud software services company being spun out by Dell Technologies Inc., raised $555 million in an initial public offering that priced at midrange Friday to cap a busy but bumpy week for IPOs that saw five companies price deals while others canceled.

  • April 20, 2018

    Fitbit Investors' $8.25M Atty Fee Bid 'A Little Rich,' Judge Says

    A California federal judge on Friday approved a $33 million class action settlement resolving allegations that Fitbit Inc. hid problems with its fitness trackers and artificially inflated its stock price, but held off on awarding $8.25 million in attorneys’ fees, saying the amount “might be a little rich for this case.”

  • April 20, 2018

    Health Hires: Goodwin, Shook Hardy, Michael Best, Orrick

    The latest firms to expand their life sciences and health care abilities are Goodwin Procter LLP, Shook Hardy & Bacon LLP, Michael Best & Friedrich LLP, Orrick Herrington & Sutcliffe LLP, Harter Secrest & Emery LLP, Eversheds Sutherland and Cole Schotz PC.

  • April 20, 2018

    Third Person Charged With Fraud In $25M Crypto Card Plot

    Prosecutors charged a third Floridian on Friday in Manhattan federal court with defrauding investors out of more than $25 million using an initial coin offering, saying he and two others falsely touted the ICO as funding a cryptocurrency debit card linked to Visa and Mastercard.

  • April 20, 2018

    Ex-Aveo CFO Denied Quick Win In SEC’s Cancer Drug Suit

    A Massachusetts federal judge on Thursday denied a summary judgment bid from the only former Aveo Pharmaceuticals Inc. executive still fighting the U.S. Securities and Exchange Commission’s claims that the company misled investors about the likelihood of approval for its premier cancer drug.

  • April 20, 2018

    FDIC Fights Citibank, Others' Exit From $695M RMBS Suit

    The Federal Deposit Insurance Corp. has urged a New York federal judge not to drop its suit alleging Citibank, U.S. Bank and Bank of New York Mellon mishandled residential mortgage-backed securities and cost a Texas bank $695 million, saying Citibank’s refusal to sign off on the claims out of its own self-interest shouldn’t prevent them from moving forward.

  • April 20, 2018

    Court Nixes Hospital's $115M Bonds To Build Outside District

    A Florida judge has denied Halifax Hospital Medical Center's validation request for $115 million in bonds, finding the issuance unlawful because it is for a project outside of the special taxing district's geographical bounds, a decision that could have a big impact on other taxing districts in the state.

  • April 20, 2018

    Possible Trouble On Horizon For ALJs In High Court Case

    A ruling by the U.S. Supreme Court that the U.S. Securities and Exchange Commission’s administrative law judges were hired in violation of the Constitution would likely open up some past ALJ decisions to challenges, legal experts agree, but the fallout should be limited to cases still pending judicial review, whereas defendants whose cases are already final could be out of luck.

  • April 19, 2018

    Puerto Rico Fed Board Approves Pension-Cutting Fiscal Plan

    The federal panel empowered to restructure Puerto Rico's debts and shore up its finances certified six-year fiscal plans for the island on Thursday, bucking the resistance by the territory’s government to pension reform and other austerity measures in an effort to fix the island’s debt crisis and instill investor confidence.

  • April 19, 2018

    Lehman Judge Fumes At RMBS Trusts' Distribution Moves

    Trustees for investors who bought toxic residential mortgage-backed securities from Lehman Brothers Holdings Inc. before the 2008 financial crisis got an earful Thursday from a New York bankruptcy judge who fumed that their concerns over how to distribute funds from a $2.4 billion settlement could have been raised months ago.

  • April 19, 2018

    Fed Vice Chair Says Senate Bill Won't Impair Oversight

    The Federal Reserve’s vice chair for supervision told senators Thursday that their recently passed banking bill would neither jeopardize the Fed’s ability to adequately oversee mid-sized and regional banks nor necessarily change the Fed’s approach to regulating foreign banks.

  • April 19, 2018

    Burning Questions Arise About SEC’s Best Interest Standard

    Less than a day after the U.S. Securities and Exchange Commission released its plans to hold broker-dealers to a higher standard of care when advising retail clients, lawyers and consumer advocates began raising flags about parts of the mammoth proposal, signaling the agency still has much to do before it can finalize the long-awaited new rules.

  • April 19, 2018

    NY Cautions Banks, Insurers About Doing Business With NRA

    New York’s top banking agency on Thursday urged state-chartered banks and insurers operating in the state to think twice about doing business with the National Rifle Association and other gun rights advocacy groups in the wake of recent deadly incidents of gun violence like the Parkland, Florida, school shooting.

Expert Analysis

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.

  • Trump Tariffs May Violate Investment Treaty Protections

    Javier Rubinstein

    Foreign companies affected by the America First tariffs should consider the extent to which such tariffs may violate their rights under applicable investment treaties or free trade agreements, and thus may provide them with recourse in international arbitration for the harm they have suffered, say Javier Rubinstein and Lauren Friedman of Kirkland & Ellis LLP.

  • Regulators' Jurisdictional Overreach In Crypto Enforcement

    Jason Gottlieb

    The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission both claim jurisdictional authority over cryptocurrency, yet no new legislation has been passed and very few court decisions have addressed the issue of who, if anyone, has regulatory authority, say attorneys with Morrison Cohen LLP.

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.