Capital Markets

  • April 21, 2017

    Select Energy Services Raises $122M In Below-Range IPO

    The gusher of energy-related issuances continued Friday as Texas-based oil field services firm Select Energy Services Inc. tapped public markets for $122 million in an offering guided by Vinson & Elkins LLP and Baker Botts LLP.

  • April 21, 2017

    Top Securities Plaintiffs’ Firms Brought In $7.23B In 2016

    Plaintiffs’ law firms were hard at work representing institutional investors and individual shareholders in 2016, with the top 50 firms raking in a combined $7.23 billion in class action settlements over the course of the year, according to a new report released Thursday.

  • April 21, 2017

    9 Firms Ready To Steer IPOs Topping $1.2B As Deals Surge

    Nine firms will guide eight initial public offerings scheduled to price during the week of April 24, estimated to raise nearly $1.3 billion for a diverse range of companies and potentially ending the year’s busiest month to date with a bang.

  • April 21, 2017

    Jones Day Adds Ex-Bracewell Capital Markets Atty In Houston

    Jones Day has hired a former Bracewell LLP partner and capital markets attorney for its Houston office, an addition that the global law firm said will bolster its practice.

  • April 21, 2017

    Baker McKenzie Leads Cruise Port Operator In $250M LSE IPO

    With the guidance of law firm Baker McKenzie, Global Ports Holding, reported to be the world's largest independent cruise port operator by number of ports and passenger volume, will launch a $250 million initial public offering of stock on the London Stock Exchange.

  • April 21, 2017

    CFTC's 'Hail Mary' Contempt Bid Warrants Sanction, CEO Says

    The CEO of two metals dealers that were ordered to pay $2.4 million for illegal, off-market trades asked a Florida federal court Thursday to sanction the U.S. Commodity Futures Trading Commission, saying the agency filed a “Hail Mary” contempt motion in an “ongoing campaign to harass” him.

  • April 21, 2017

    Couple Must Repay $27M In EB-5 Cancer Center Fraud Scam

    A California federal judge ruled on Thursday that a husband and wife netted in an EB-5 investor scheme must pay back nearly $27 million that they owe investors for planning a cancer treatment center that they never built.

  • April 21, 2017

    SEC Enforcement Actions Data Show Priorities Shift

    The number of enforcement actions brought by the U.S. Securities and Exchange Commission over issuer reporting and disclosure jumped by a third, to 59, in the first half of the agency’s 2017 fiscal year, according to a report released on Thursday by economic and financial consulting firm Cornerstone Research.

  • April 21, 2017

    Trump Orders Review Of 2 Key Dodd-Frank Powers

    President Donald Trump on Friday signed executive orders calling for reviews of powers the Dodd-Frank Act gave regulators to unwind a giant bank and a panel of regulators the 2010 law set up to oversee the financial system.

  • April 21, 2017

    EU Ends Biofuel Price-Fix Case As Benchmark Probe Goes On

    The European Commission closed an investigation into alleged price-fixing by several ethanol companies due to a lack of "community interest," a spokesperson confirmed Thursday, but said a probe into possible industry benchmark manipulation by a trio of ethanol producers is still in progress.

  • April 20, 2017

    SEC Issues Fewer IPO Comments As Process Streamlines

    The U.S. Securities and Exchange Commission is issuing fewer but more focused comments on initial public offering submissions, according to new data from Proskauer Rose LLP, continuing a multiyear downward trend that capital markets lawyers say is producing a more streamlined IPO process.

  • April 20, 2017

    Investors Rip Wells Fargo Doc Request In $1.2B MBS Suit

    BlackRock and other investors in a proposed class action against Wells Fargo over its alleged bungling of $1.2 billion in mortgage-backed securities asked a New York federal judge Wednesday to rein in the bank’s discovery requests, claiming it is demanding documents that are either irrelevant or too burdensome to produce.

  • April 20, 2017

    Deutsche To Pay Fed $157M For Forex, Volcker Violations

    Deutsche Bank AG and affiliates will pay $156.6 million to settle two Federal Reserve probes that found the bank fell short of Volcker Rule oversight requirements and let its traders rig foreign exchange rates, the regulator said Thursday.

  • April 20, 2017

    Chicago Trader Admits To Conning Investors Out Of $1.6M

    A 26-year-old who conned investors out of $1.6 million with claims he had developed his own trading algorithms and was reaping huge returns admitted it was all a lie Thursday when he pled guilty to running a small Ponzi scheme with the investors' cash.

  • April 20, 2017

    Fed's New Regulatory Chief Wants To Streamline Rules

    The Federal Reserve’s new lead governor for regulations on Thursday said that although there are areas of the bank regulatory rule book that should be revised, he wants to see the enhanced capital and other core post-financial crisis reforms remain in place.

  • April 20, 2017

    High Speed Trader Virtu Expands Reach With $1.4B KCG Buy

    High-frequency trading firm Virtu Financial said it would buy smaller rival KCG Holdings Inc. for $1.4 billion in cash on Thursday, giving the firm access to its counterpart’s institutional client base and expanding the reach of the two New York-based firms.

  • April 19, 2017

    Estate's Stock Swap Delay Saw No Capital Gains, Judge Says

    The estate of the CEO of the company known for its employment website monster.com escaped a $41 million tax deficiency notice on Wednesday when the U.S. Tax Court ruled that contract extensions for exchanging stocks with two investment banks did not result in capital gains.

  • April 19, 2017

    CFTC Sues Bankrupt Calif. ‘Hedge Fund’ That Took $1.7M

    The Commodity Futures Trading Commission asked a California federal judge Wednesday to freeze the assets of a foreign exchange company and its husband-and-wife owners after they allegedly took $1.7 million from investors and then tried to cover up bad trades and transfers to themselves with phony account statements.

  • April 19, 2017

    Bunge Agrees To Turn Over Trading Info In Kraft Wheat Row

    Ingredient company Bunge North America Inc. agreed to turn over information Kraft Foods Group Inc. sought as part of the U.S. Commodity Futures Trading Commission's case over Kraft's alleged manipulation of the wheat market, Kraft said in a filing in Illinois federal court Wednesday.

  • April 19, 2017

    Commerzbank Says BNY Mellon Rightly Can't Nix RMBS Row

    Commerzbank AG urged a New York judge on Tuesday not to rethink his allowing its claims over the Bank of New York Mellon’s oversight of residential mortgage-backed securities to proceed, saying BNY Mellon cannot point to anything the judge overlooked.

Expert Analysis

  • Monthly Column

    Gray Matters: The Attorney-Client Team

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    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Justices Skeptical Of SEC Disgorgement Without Time Limits

    Dan McCaughey

    The U.S. Supreme Court's questioning on Tuesday appeared to favor Kokesh’s position that the five-year statute of limitations applies to U.S. Securities and Exchange Commission disgorgement claims. The decision could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by entities and individuals responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.