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Capital Markets

  • July 18, 2018

    ICOs No Guarantee Of 'Easy Money,' Wilson Sonsini Atty Says

    A budding company eyeing cryptocurrency to raise “easy money” through an initial coin offering should know it’s not that easy, a Wilson Sonsini Goodrich & Rosati PC attorney told a crush of startup hopefuls in San Francisco Tuesday during a panel on blockchain technology financing.

  • July 18, 2018

    Goodwin-Led Biotech Tops 3 IPOs Totaling $384M

    Rubius Therapeutics Inc., which is raising money to develop therapies based on red blood cells, raised $241 million in an upsized initial public offering advised by Goodwin Procter LLP, the biggest of three deals to come to market since Tuesday during a busy week of IPOs.

  • July 18, 2018

    House Passes 'Jobs Act 3.0' To Spur Capital Formation

    The House of Representatives late on Tuesday passed legislation dubbed the “Jobs Act 3.0,” combining 32 bills into one package that some capital markets attorney say makes modest strides toward improving capital formation.

  • July 18, 2018

    Puerto Rico Gov. Appoints New Utility Chief After Shake-Up

    Puerto Rico Gov. Ricardo Rosselló on Wednesday announced the appointment of the Puerto Rico Electric Power Authority’s third CEO in a week, days after the last CEO and most of the board of directors resigned.

  • July 18, 2018

    2 Ex-Merrill Lynch Traders Indicted On Spoofing Charges

    Two former Merrill Lynch traders were indicted Tuesday on charges they ran a yearslong scheme to manipulate the precious metals futures market through criminal trades known as “spoofing” while working at the bank and other financial institutions.

  • July 18, 2018

    Merrill Lynch Escapes Suit Over Use Of Customer Cash

    A California federal judge Wednesday dismissed a proposed class action alleging Merrill Lynch illegally withdrew money from its customer reserve account to execute trades that freed up funds for its own use, finding the suit is preempted.

  • July 18, 2018

    Dark Pools Must Disclose More Info Under New SEC Rules

    The U.S. Securities and Exchange Commission on Wednesday unanimously approved new rules designed to increase transparency for investors who trade stocks on alternative trading venues known as dark pools, with the commissioners urging similar changes in dark pool markets for fixed-income securities.

  • July 18, 2018

    SEC Adopts Rules Easing Disclosure On Equity Compensation

    The U.S. Securities and Exchange Commission on Wednesday, acting on congressional mandate, adopted rules that would double the amount of money that employers can grant their workers in equity-based compensation to $10 million annually before supplying increased disclosure.

  • July 18, 2018

    US Bank Can't Dodge Most Claims In Sham Tribal Bonds Suit

    US Bank NA must face the bulk of a lawsuit from several pension funds alleging that its mistakes cost them $25 million in a sham tribal bond offering, after a South Dakota federal judge ruled that there were questions as to whether the bank acted properly as an indenture trustee.

  • July 18, 2018

    A Chat With Gibson Dunn Diversity Chief Salim-Williams

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about navigating an increasingly competitive business environment. Here we feature Zakiyyah Salim-Williams, chief diversity officer at Gibson Dunn & Crutcher LLP.

  • July 18, 2018

    Former Oil Exec Settles With SEC On $11.7M Offering Fraud

    The former president of AmeraTex Energy Inc. has settled with the U.S. Securities and Exchange Commission in a lawsuit alleging he was part of an $11.7 million offering fraud that purported to sell investors stakes in oil operations in Kentucky.

  • July 18, 2018

    Top US Clearinghouse Plans Dublin Hub To Beat Brexit

    A major U.S. financial services company said Wednesday it will open an office in Dublin to allow it to continue serving customers in the European Union as it prepares for the possibility of a "hard" Brexit for Britain. 

  • July 17, 2018

    China Trade War Leads Cos. To Disclose Tariff-Related Risks

    More companies are likely to disclose risks to their business stemming from U.S. tariffs on Chinese goods and vice versa amid the escalating trade war between the two countries, attorneys say, in an effort to mitigate vulnerability to investor lawsuits should their stocks plunge.

  • July 17, 2018

    Powell Defends Fed's Handling Of Big Bank Stress Tests

    Federal Reserve Chairman Jerome Powell told senators Tuesday that the central bank remains committed to using stress tests as part of its supervisory toolkit for the nation’s biggest banks, pushing back on criticism that the Fed is trying to weaken testing on his watch.

  • July 17, 2018

    Lilis Energy Sues Another Ex-Exec To Get Back Compensation

    Lilis Energy Inc. filed a suit in the Supreme Court of New York on Tuesday to claw back benefits from its former chief operating officer, alleging that the executive purposefully hid from the company his personal financial interest in two of its vendors.

  • July 17, 2018

    Kuwait Hit With $100M Claim By Russian Businesswoman

    A prominent Russian businesswoman who is imprisoned in Kuwait after being sentenced to 10 years of hard labor for allegedly embezzling public funds has filed a $100 million arbitration claim accusing the Persian Gulf nation of orchestrating a politically motivated campaign against her, her lawyers said Monday.

  • July 17, 2018

    5th Circ. Finds FHFA Structure Unconstitutional

    The Fifth Circuit ruled Monday that the Federal Housing Finance Agency, created in the wake of the 2008 financial crisis to oversee the government-sponsored mortgage entities Fannie Mae and Freddie Mac, is unconstitutionally structured because its oversight by a single director who is insulated from the president violates the Constitution’s separation of powers clause.

  • July 17, 2018

    Envision Shareholder Moves To Block $9.9B Sale To KKR

    An Envision Healthcare Corp. investor filed a class action in Tennessee federal court over the weekend that seeks to block a stockholder vote on a proposed $9.9 billion sale to affiliates of investment firm KKR & Co. LP, saying company executives engaged in a faulty sales process that undervalued the company.

  • July 17, 2018

    Chinese E-Commerce Co. Tops 3 IPO Filings With $1.5B Deal

    Chinese e-commerce company Pinduoduo launched an estimated $1.5 billion initial public offering late Monday, leading two other recently announced offerings that could raise almost $240 million combined during an already busy month for the IPO market.

  • July 17, 2018

    Kraft Must Share Expert Reports In Wheat Market Action

    The Illinois federal judge handling a proposed investor class action accusing Kraft Foods Group Inc. of manipulating the wheat futures market ordered the company Tuesday to produce expert reports exchanged in the U.S. Commodity Futures Trading Commission's similar case against it, rejecting Kraft's claim the production would be unfairly harmful.

Expert Analysis

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • Lorenzo V. SEC: Will High Court Further Curtail Rule 10b-5?

    Roger Cooper

    In Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court will consider whether a misstatement claim that does not meet the elements set forth in the court’s 2011 Janus decision can be repackaged and pursued as a fraudulent scheme claim under Rule 10b-5. A number of possible outcomes present themselves, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • California Decision Distorts Bank Liability Under FIRREA

    Ben Singer

    A California federal judge recently concluded in United States v. Bogucki that any action by a bank employee that incurs potential liability for the bank triggers the Financial Institutions Reform, Recovery, and Enforcement Act. This renders unwieldy the scope of banks’ potential FIRREA exposure, says Ben Singer of O'Melveny & Myers LLP.

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • You're Hired! What Kavanaugh’s Nomination Means For SEC

    Brian Rubin

    A newly constituted U.S. Supreme Court, with the added intellectual firepower of Judge Brett Kavanaugh, could ultimately strike down many U.S. Securities and Exchange Commission rules and overturn enforcement actions through the dismantling of the Chevron doctrine, say attorneys with Eversheds Sutherland.

  • Recent Trends In Structuring CRE-CLOs

    Jason Schwartz

    Commercial real estate collateralized loan obligations are growing in popularity as a way to securitize mortgage loans. With careful tax planning, CRE-CLO structures can be powerful tools for securitizing pools of assets that are inappropriate for acquisition by a real estate mortgage investment conduit, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.