Capital Markets

  • July 14, 2020

    BREAKING: Abramoff Pleads Guilty To Lobbying Violation, Crypto Fraud

    Political lobbyist Jack Abramoff pled guilty Tuesday in California federal court to violating the Lobbying Disclosure Act and conspiring to defraud investors out of millions of dollars in what Abramoff and his alleged co-conspirator claimed to be a new and improved version of bitcoin.

  • July 14, 2020

    Surprising Alliances Shape The Supreme Court Term

    The U.S. Supreme Court saw a drop in narrowly divided rulings and more than a few unusual alliances among the justices in a term packed with contentious cases on abortion, immigration, LGBTQ rights and agency authority.

  • July 14, 2020

    Sidley-Led Banking Software Co. Soars After $250M IPO

    Banking technology company nCino's shares rocketed upward Tuesday after the company raised $250 million in an upsized, Sidley Austin LLP-steered initial public offering that priced above the company's expected range.

  • July 14, 2020

    Biopharmaceutical Co. Raises $250M From RTW Investments

    Biopharmaceutical company Cytokinetics said Tuesday it's entered a series of deals with funds backed by RTW Investments to raise $250 million and that have the potential to bring in an additional $200 million for its work involving heart disease drug candidates.

  • July 14, 2020

    Kirkland, Davis Polk Steer Apple Tech Co. Jamf's $288M IPO

    Jamf, a creator of software that automates Apple device management, priced an initial public offering Tuesday for $288 million to raise money to reduce debt and make investments, in a deal guided by Kirkland & Ellis LLP and Davis Polk & Wardwell LLP.

  • July 14, 2020

    Why Can't Female Lawyers Make Headway At The High Court?

    The number of female lawyers arguing before the U.S. Supreme Court hit a new low this year. Can the pipeline to these coveted oral argument slots be fixed?

  • July 14, 2020

    Rising Star: Latham's Basil Al-Jafari

    Basil Al-Jafari of Latham & Watkins LLP has advised on several multibillion-dollar transactions in the Middle East, including representing the underwriters for Saudi Aramco's historic $29.4 billion initial public offering, earning him a spot among the capital markets law practitioners under age 40 honored by Law360 Rising Stars.

  • July 14, 2020

    Law360's Supreme Court Pop Quiz

    Test how closely you were paying attention to the explosive 2019-2020 Supreme Court term.

  • July 13, 2020

    Louisiana Can Amend GSE Bond-Rigging Suit Over Objections

    A Louisiana federal judge ruled Monday that the Pelican State can again amend its suit alleging that Barclays and other big banks conspired to rig prices of bonds issued by government-sponsored enterprises like Fannie Mae and Freddie Mac, mooting a second round of dismissal bids over protestations from banks.

  • July 13, 2020

    Billionaire Ackman's Blank-Check Co. Lifts Record IPO To $4B

    A blank-check company launched by billionaire investor William Ackman's hedge fund Pershing Square upped the price for its initial public offering to $4 billion Monday, further securing its status as the largest ever blank-check vehicle, in a deal advised on by Cadwalader Wickersham & Taft LLP and Ropes & Gray LLP.

  • July 13, 2020

    The Sharpest Dissents From The Supreme Court Term

    The majority of this term’s dissents came from the court’s right-leaning justices, and many of their sharpest critiques stemmed from suits over Trump administration policies. Here, Law360 looks at some of the fieriest.

  • July 13, 2020

    Crypto App Pays SEC, CFTC $300K For Unregistered Swaps

    Financial regulators hit California-based Abra and related Philippines-based entity Plutus Technologies with $300,000 in penalties for illegally selling a variety of unregistered digital asset-based and security-based swaps outside any regulated exchange, according to orders filed Monday.

  • July 13, 2020

    Pot Co. IAnthus Aims To Trim $169M Debt Amid Investor Suits

    Embattled cannabis company iAnthus Capital Holdings Inc. unveiled a restructuring support deal Monday that would wipe out nearly $70 million in debt and resolve a creditor lawsuit in Canadian court as the company looks to fend off litigation over its financing practices. 

  • July 13, 2020

    Securities Litigation To Watch In 2020: Midyear Report

    Securities litigation during the first half of 2020 has been dominated by cases related to the ongoing COVID-19 pandemic and its many effects on the economy.

  • July 13, 2020

    Fisker To Go Public In $2.9B Deal With Apollo-Backed SPAC

    Electric vehicle maker Fisker said Monday that it will be purchased and taken public by a blank-check company affiliated with Apollo Global Management Inc. in a $2.9 billion deal steered by Orrick Herrington & Sutcliffe LLP and Vinson & Elkins LLP.

  • July 13, 2020

    Six Firms Steer Five IPO Launches That Could Raise $501M

    Five biotechnology and medical device companies on Monday joined a packed schedule of initial public offerings, setting price ranges on IPOs estimated to raise a combined $501 million this week, guided by six law firms.

  • July 13, 2020

    VW Tells 9th Circ. That Bondholder Can't Flout Fraud Standard

    Volkswagen told the Ninth Circuit that there will be a surge in abusive securities fraud litigation as a result of a district court decision keeping alive claims it duped a pension fund into buying overpriced bonds by not mentioning its emissions-cheating scandal in offering documents.

  • July 13, 2020

    The Funniest Moments Of The Supreme Court's Term

    Justice Stephen Breyer conjured up a baffling hypothetical involving a Roman emperor, Chief Justice John Roberts stepped up his game on popular slang, and a toilet flushed loudly as a Latham & Watkins lawyer discussed constitutional rights. Here, Law360 highlights the most mirthful moments from this past term's U.S. Supreme Court arguments.

  • July 13, 2020

    The Chattiest Justice Of The Term Is ...

    One justice again stood out as the chattiest member of the Supreme Court this term. But that jurist's talk was tempered when the coronavirus pandemic forced the court to close its doors and conduct remote oral arguments, which were livestreamed for the first time in history.

  • July 13, 2020

    Rising Star: Fenwick's Ran Ben-Tzur

    Ran Ben-Tzur of Fenwick & West LLP has worked on both sides of the table in high-profile initial public offerings, advising Peloton in its $1.2 billion IPO and the underwriters for Cloudflare's $600 million debut, earning him a spot among the capital markets law practitioners under age 40 honored by Law360 Rising Stars.

  • July 10, 2020

    Deutsche's Fine Over Epstein Lapses Spotlights Due Diligence

    New York's move to penalize Deutsche Bank AG for what state officials said were lapses in the bank's relationship with convicted sex offender Jeffrey Epstein is a wake-up call for how financial institutions and their compliance departments should approach high-risk clients, experts told Law360.

  • July 10, 2020

    Tech Co. Domo Wants Out Of Securities Suit Over $202M IPO

    Data analytics company Domo Inc. urged a Utah federal judge to toss a proposed class action alleging it misled shareholders both before and after its $202 million initial public offering in 2018, calling the claims "second-guesses" that fail "like a car with a broken transmission."

  • July 10, 2020

    Switch Suit Axed Over The Meaning of 'Value'

    A Nevada federal judge on Friday granted a request by technology infrastructure company Switch to end a pared-down suit securities fraud suit that initially accused the company of misleading the public in registration statements.

  • July 10, 2020

    The Majority Of One: How Roberts Is Shaping The Court

    The 2019 term has removed all doubt: Chief Justice John Roberts Jr. is the power broker on the U.S. Supreme Court. But unlike past swing justices, the nation's top jurist puts the reputation of the court before his own conservative instincts and is willing to compromise when he needs to.

  • July 10, 2020

    TD Ameritrade Faces Class Action Over Crude Oil Prices

    Investors hit TD Ameritrade Inc. with a proposed class action in Illinois federal court on Thursday alleging that it failed to warn customers of a possibility of crude oil futures reaching a price of zero and liquidated their positions "in a commercially unconscionable manner."

Expert Analysis

  • 3 Ways High Court's Liu V. SEC Ruling Curtails FTC Authority

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    The U.S. Supreme Court's recent ruling in Liu v. U.S. Securities and Exchange Commission limited the Federal Trade Commission's authority in important ways, and the court's eventual decision in FTC v. Credit Bureau Center could prevent the regulator from seeking disgorgement or restitution altogether, say attorneys at Sidley.

  • Add-On Acquisitions As An M&A Strategy During COVID-19

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    Because the troubles stifling general M&A activity during the pandemic are less germane to add-on acquisitions, private equity sponsors and other investors should consider them as a strategy for efficiently deploying capital in the near term, say attorneys at Morrison Cohen.

  • NY High Court Case Could Upend Litigation Finance Industry

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    A ruling in favor of the defendant in Fast Trak Investment v. Sax, a case recently accepted by the New York Court of Appeals, could enable borrowers to avoid repaying litigation funders by claiming state usury law violations, say attorneys at MoloLamken.

  • Associates Can Prioritize Biz Development Despite Pandemic

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    Although many traditional business development activities are on hold due to the COVID-19 pandemic, associates should seize the unique opportunities of this time to cultivate business by strengthening their personal and professional relationships, and developing new ones, says Jeremy Schneider at Jackson Lewis.

  • Alleged ICO Fraud Highlights Compliance Considerations

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    Parallel U.S. Department of Justice and U.S. Securities and Exchange Commission fraud charges connected with NAC Foundation's digital currency offering draw attention to the use of undercover agents in financial crime investigations, the risk of retaining questionable service providers, and heightened securities law scrutiny in the space, says Casey O'Neill at Fenwick.

  • 5 Emerging Trends In Growth Equity Deals

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    Growth equity investments in mid- to late-stage private companies are marching on despite the pandemic, but there has been a noticeable shift in certain aspects of these deals, particularly around key economic protections for investors, say Cameron Contizano and Alese Bagdol at Goodwin.

  • Opinion

    Let's Create An Ethical Obligation For Attys To Fight Racism

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    In this moment of national recognition of historical institutional racism, the American Bar Association must implement a model rule that explicitly declares efforts to fight racism and advance equality to be a matter of attorneys' ethics and professional conduct, say Marc Firestone at Philip Morris International and David Douglass at Sheppard Mullin.

  • CFIUS Real Estate Transaction Review Fees Demand Caution

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    With the Committee on Foreign Investment in the United States' recent establishment of filing fees for reviewing foreign participation in real estate transactions, U.S. companies should be more mindful of whether their transactions could require a review, say Paul Nash and Andrew Demirchyan at Allen Matkins.

  • 6 Considerations When Shopping For Legal Tech Software

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    When evaluating the vast range of legal technology options available today, law firms will want to make sure that firm intellectual property and client data stored in the software are encrypted, isolated, protected through backups and in compliance with the ever-growing list of data regulations, say Eric Tucker and Dorna Moini at Documate.

  • Berman Ouster May Not Be The End Of SDNY Drama This Year

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    While the dust appears to have settled after the surreal departure of U.S. Attorney Geoffrey Berman from the Southern District of New York last month, the interim tenure of Acting U.S. Attorney Audrey Strauss bears close watch in this fraught moment leading up to the presidential election, say Danya Perry and Samidh Guha at Perry Guha.

  • Law Firm Strategies For Publicizing Laterals Amid Lockdowns

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    With business development dinners and social events no longer viable for new lateral hires, law firms need a refreshed game plan — one that fully exploits the digital landscape, say Andrew Longstreth and Jesse Dungan at Infinite Global and Michael Coston at Coston Consulting.

  • Are Your Slack Communications Primed For E-Discovery?

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    With the increasing use of channel-based platforms such as Slack, Messenger and Teams in the work-from-home era, companies should assume they may be compelled to produce channel-based data in litigation and take proactive steps to protect sensitive information, say Jessica Brown and Collin James Vierra at Gibson Dunn.

  • ESG Reporting Considerations Amid Murky Standards

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    As the pandemic underscores the absence of unified requirements for environmental, social and governance reporting, public companies should be mindful of the proliferation of ESG data providers, the risks and benefits of voluntary disclosures, and common shareholder proposals during the 2020 proxy season, say LaDawn Naegle and Vicki Westerhaus at Bryan Cave.

  • 5 Biz Tax Reforms To Aid Long-Term Pandemic Recovery

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    As Congress negotiates another COVID-19 relief package, it should consider business tax measures that provide liquidity and encourage economic recovery by focusing budgetary resources on activities and circumstances connected to the pandemic and associated economic slowdown, says George Callas at Steptoe & Johnson.

  • Crisis May Trigger Collateralized Loan Obligation Litigation

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    As the pandemic-prompted downturn gives way to financial distress among companies that borrow using leveraged loans — which underpin collateralized loan obligations — CLO managers, third-party service providers and corporate borrowers alike may face litigation on multiple fronts, say Ioannis Gkatzimas and John Anthony at The Brattle Group.

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