Capital Markets

  • September 25, 2024

    Basel Edits 'Encouraging' But Incomplete, Republicans Say

    House Republicans signaled at a Wednesday hearing that they want further softening of federal banking regulators' so-called Basel III endgame proposal for tougher big-bank capital requirements, casting recently floated potential changes as insufficient to ensure the plans won't pose an economic threat.

  • September 25, 2024

    Feds Urge Judge Not To Ax Novel Insider Trading Conviction

    Prosecutors have hit back at former Ontrak CEO Terren Peizer's bid to ax his first-of-its-kind insider trading conviction and score a new trial, telling a California federal judge that the jury had all the information it needed to find Peizer guilty in June.

  • September 25, 2024

    Kraken Seeks Quick Appeal Of Dismissal Denial In SEC Suit

    Cryptocurrency exchange Kraken requested an immediate appeal of an order that declined to dismiss the U.S. Securities and Exchange Commission's registration claims, asking that the Ninth Circuit weigh in on whether an alleged investment contract can violate securities laws if it doesn't represent any pact between issuers and buyers.

  • September 25, 2024

    Gramercy Tells Del. Court Don't Capitulate To Citgo Bidders

    Hedge fund Gramercy is fighting a bid to halt litigation it filed in Texas and New York to collect on certain Venezuelan debt, telling a Delaware judge that it's just one entity in a sea of Venezuela's creditors pursuing litigation that could impact an upcoming sale of Citgo's parent company.

  • September 25, 2024

    Terrorism Victims Sue For Share Of $4.3B Binance Plea

    The U.S. government must put the $4.3 billion it obtained in its money laundering and sanctions violations case against Binance toward a federal fund for victims of state-sponsored terrorism, a new lawsuit in D.C. federal court alleges.

  • September 25, 2024

    Baker Botts, Latham Lead Natural Gas Producer's $270M IPO

    Natural gas producer BKV Corp. on Wednesday priced a $270 million initial public offering below its range, completing a long-awaited IPO nearly two years after filing plans, represented by Baker Botts LLP and underwriters' counsel Latham & Watkins LLP.

  • September 25, 2024

    Accountant Used Fake Tax Docs For Mortgage, Feds Say

    A managing director at consulting firm Alvarez & Marsal was charged in D.C. federal court with failing to file his personal tax returns for over a decade and falsifying tax documents as part of a mortgage application.

  • September 25, 2024

    Feds Say 'Wall Of Evidence' Supports Petrobras Bribery Case

    A Connecticut oil trader violated the Foreign Corrupt Practices Act by sending millions in bribes to officials at Brazilian state oil giant Petrobras through a shady intermediary, federal prosecutors told a jury during closing arguments Wednesday, arguing that a "wall of evidence" points to the defendant's intent.

  • September 25, 2024

    UpHealth Wins Most Of $115M Award In Glocal Merger Dispute

    Bankrupt digital health services company UpHealth can enforce a large part of a $115 million arbitral award against the Indian healthcare services platform Glocal in their feud over an ill-fated merger, an Illinois federal judge has ruled.

  • September 25, 2024

    IP Protection Firm's $426M SPAC Merger Is Scrapped

    Intellectual property management firm Zacco Holdings, formerly known as OpSec Group, and blank check company Investcorp Europe Acquisition Corp. I on Wednesday announced that they will be terminating their merger plans.

  • September 25, 2024

    E-Bike Maker Argues In Del. Supreme Court To Salvage Sale

    An attorney for a private equity affiliate that beat a Barcelona-based electric scooter rental chain's attempt to force a closing on the scooter company's $100 million sale in Chancery Court told Delaware's Supreme Court Wednesday that the seller's current appeal ignores its own fatal contract breaches.

  • September 25, 2024

    Mango Markets Plans $500,000 CFTC Settlement Offer

    Members of the governing body behind crypto platform Mango Markets agreed on Wednesday to present the U.S. Commodity Futures Trading Commission with a $500,000 settlement offer to resolve a nonpublic investigation into purported registration and compliance violations.

  • September 25, 2024

    Cancer Detection Biz To Go Public Via $694M SPAC Merger

    Special purpose acquisition company Breeze Holdings Acquisition Corp. on Wednesday announced that it has agreed to merge with and take public clinical-stage biopharmaceutical company YD Biopharma Ltd. in a deal that gives the combined company an estimated enterprise value of $694 million and was built by three firms.

  • September 25, 2024

    NYSE Cancels Proposal To Extend SPAC Merger Deadlines

    The New York Stock Exchange has pulled a proposal that would have provided special purpose acquisition companies with more time to complete mergers while remaining listed, several months after it sought regulatory approval for the extension.

  • September 25, 2024

    Jones Day Leads Orange Telecoms On Exit From NYSE Listing

    French telecommunications giant Orange SA said Wednesday that it plans to quit the New York Stock Exchange, citing the "significant financial and administrative requirements" of the listing.

  • September 24, 2024

    Bank Regulators, SEC Face GOP Inquiry Over Crypto Bulletin

    House Republicans have called for the Federal Reserve and other agencies to turn over a host of documents for what the lawmakers say is an inquiry into the origins and behind-the-scenes policymaking impact of the U.S. Securities and Exchange Commission's cryptocurrency accounting guidance.

  • September 24, 2024

    'Be Careful What You Wish For' Post-Jarkesy, SEC Atty Says

    A trial lawyer for the U.S. Securities and Exchange Commission told the defense bar Tuesday to "be careful what you wish for" after the U.S. Supreme Court dealt a blow to the agency's in-house court system, saying cases against gatekeepers "are not going away."

  • September 24, 2024

    Athlete Investment Co. Gets Claims Nipped In $1M Fraud Suit

    A New York federal judge has trimmed a suit alleging that an athlete investment company that aimed to "tokenize" and sell shares of professional athletes was involved in a $1 million fraud and lied about its business plan, saying the plaintiff is conflicted from bringing certain derivative claims.

  • September 24, 2024

    SEC Orders Crypto Cos. To Pay $700K Over Stablecoin Offers

    The U.S. Securities and Exchange Commission on Tuesday unveiled a $700,000 settlement with stablecoin issuer TrueCoin and affiliated lending business TrustToken over alleged misrepresentations about the stability of the token and failures to register its use in "profit-making opportunities."

  • September 24, 2024

    3 Takeaways From Gensler's Big Day Before The House

    U.S. Securities and Exchange Commission Chair Gary Gensler appeared before the U.S. House of Representative for potentially the last time on Tuesday, where he stuck up for his agency's actions in the crypto space and hinted at the possible revival of share buyback rules.

  • September 24, 2024

    SEC Fines Weedmaps' Parent Co. $1.5M Over User Metrics

    The U.S. Securities and Exchange Commission on Tuesday fined the parent company of cannabis tech company Weedmaps $1.5 million for allegedly making misleading statements about its monthly active users.

  • September 24, 2024

    'Joker' Producer's Broker To Pay $60M In Ponzi Scheme Suit

    An investor asked an Illinois state judge Tuesday for his early approval of a $60 million settlement with an investment adviser who convinced her and others to put money toward an international Ponzi scheme she says movie producer Jason Cloth carried out by raising new funds to pay off older investors.

  • September 24, 2024

    Feds Say BitMEX Should Owe $428M For Flouting AML Rules

    Federal prosecutors urged a Manhattan federal judge to impose a $428 million penalty for offshore crypto derivatives exchange BitMEX after the firm admitted to lax anti-money laundering procedures, arguing the more than $100 million the firm and founders have already paid to regulators is not enough to deter other crypto firms from Bank Secrecy Act violations.

  • September 24, 2024

    Norfolk Southern Says Stock Drop Suit Based On 'Hindsight'

    Norfolk Southern Corp. is urging a Georgia federal court to throw out a proposed class action alleging it duped stockholders by misleading them about the safety of its operations, leading to a stock drop after last year's derailment in East Palestine, Ohio, saying the claims are a bid to capitalize in hindsight on the crash.

  • September 24, 2024

    Star Witness Against Bankman-Fried Gets 2 Years In FTX Case

    A Manhattan federal judge sentenced former cryptocurrency executive Caroline Ellison to two years in prison Tuesday, crediting her decision to testify against FTX founder Sam Bankman-Fried but saying the $11.2 billion fraud was too big to warrant a "get out of jail free card."

Expert Analysis

  • What PCOAB's Broadened Liability Rule Means For Auditors

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    The U.S. Securities and Exchange Commission’s recent vote agreeing to lower the Public Company Accounting Oversight Board's liability standard, allowing the board to charge individual auditors whose mere negligence leads firms into PCOAB violations, may erode inspection cooperation, shrink the talent pool and have anticompetitive outcomes, say attorneys at BakerHostetler.

  • Series

    Round-Canopy Parachuting Makes Me A Better Lawyer

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    Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.

  • Why Now Is The Time For Law Firms To Hire Lateral Partners

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    Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.

  • Considering Possible PR Risks Of Certain Legal Tactics

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    Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.

  • How Increased Sanctions Scrutiny Is Affecting Debt Markets

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    U.S. sanctions and export control regulators have recently taken several steps that broaden financial sector oversight, and banks, lenders and borrowers must adapt their syndication and risk assessment processes in different ways or risk incurring substantial penalties, say Cristina Brayton-Lewis and Kerrick Seay at White & Case.

  • What The SEC Liquidity Risk Management Amendments Entail

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    Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.

  • It's No Longer Enough For Firms To Be Trusted Advisers

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    Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.

  • 7 Takeaways For Investment Advisers From FinCEN AML Rule

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    With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.

  • Missouri Injunction A Setback For State Anti-ESG Rules

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    A Missouri federal court’s recent order enjoining the state’s anti-ESG rules comes amid actions by state legislatures to revise or invalidate similar legislation imposing disclosure and consent requirements around environmental, social and governance investing, and could be a blueprint for future challenges, say attorneys at Paul Hastings.

  • How Companies Are Approaching Insider Trading Policies

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    An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.

  • Increased IPOs In '24 Shows Importance Of Strategic Planning

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    Initial public offerings, debt issuances and M&A activity so far in 2024 have shown substantial increases over comparable periods in 2023, highlighting why counsel should educate clients on market trends and financing alternatives to proactively prepare them to be ready to take advantage of opportunities, say attorneys at Skadden.

  • How Methods Are Evolving In Textualist Interpretations

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    Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.

  • What's Next For Federal Preemption In Financial Services

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    The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.

  • Increased Scrutiny Raises Int'l Real Estate Transaction Risks

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    Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.

  • Why Attorneys Should Consider Community Leadership Roles

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    Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.

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