Capital Markets

  • March 23, 2018

    Breitburn Earns Court Approval Of Amended Ch. 11 Plan

    Breitburn Energy Partners LP on Friday overcame a final hurdle in its lengthy quest to reorganize in bankruptcy, receiving court approval of a modified Chapter 11 plan after bumping up the levels of recovery for retail bondholders and other unsecured creditors.

  • March 23, 2018

    6 Firms To Lead 8 IPOs Exceeding $3.5B As Deals Heat Up

    Six firms will guide eight companies planning initial public offerings projected to raise more than $3.5 billion during the week of March 26, representing a significant upturn in IPO activity, led by an estimated $2.3 billion deal by a Chinese streaming giant often compared to Netflix.

  • March 23, 2018

    Taxation With Representation: Gibson, Weil, Davis Polk

    In this week’s Taxation With Representation, TPG bought $2.66 billion in oil and gas assets from EverVest, Fidelity snapped up Stewart Information Services for $1.2 billion, and Campbell priced a $5.3 billion senior notes offering to finance its Snyder’s-Lance acquisition.

  • March 23, 2018

    Incentives Get Weaker For Internal Whistleblower Reporting

    A record $83 million SEC whistleblower award has heightened concerns raised by a recent Supreme Court ruling that workers will increasingly forego internal complaints and go directly to the SEC, a potentially harmful dynamic for U.S. companies and their shareholders, legal experts say.

  • March 23, 2018

    NY Fines BofA $42M Over Electronic Trading Practices

    Bank of America Merrill Lynch will pay a $42 million penalty after admitting to having misled institutional clients about how their stock orders were being handled, New York Attorney General Eric Schneiderman said on Friday.

  • March 23, 2018

    SFO's Expert Witness 'Debacle' Unlikely To Help Libor Appeals

    An English appeals court's recent decision dismissing a former Barclays trader’s bid to overturn a conviction for Libor-rigging bodes ill for similar appeals in connected cases that look to build arguments on a prosecution witness whose mistakes caused an “embarrassing debacle” for the Serious Fraud Office.

  • March 22, 2018

    HSBC, RBS Parents Beat Forex Suit, Others Still On Hook

    A New York federal judge on Thursday cleared HSBC Holdings PLC and The Royal Bank of Scotland Group PLC from a proposed class action accusing several big banks of a conspiracy to rig benchmark foreign exchange rates, finding that the court lacks personal jurisdiction over the two.

  • March 22, 2018

    Fed Examiner Didn't Oppose Wilmington Trust Loan Waivers

    A Federal Reserve examiner testified Thursday in Delaware court in the criminal trial of four Wilmington Trust executives that he conducted examinations of the bank’s loan programs in 2009 and 2010 that included issues with its alleged waiver of past due loans.

  • March 22, 2018

    Puerto Rico Reaches Deal With US Treasury On Disaster Loan

    U.S. Treasury Secretary Steven Mnuchin and Puerto Rico Gov. Ricardo Rossello announced Thursday that they have reached an agreement to ease the bankrupt U.S. territory's access to a $4.9 billion community disaster loan.

  • March 22, 2018

    Crypto-Focused Venture Capital Firm Closes $150M Fund

    A San Francisco-based venture capital firm that focuses on blockchain technology and the “crypto-ecosystem” said Thursday it has closed its latest fund at $150 million, its largest fundraising to date.

  • March 22, 2018

    Web Storage Giant Dropbox Prices $756M IPO Above Range

    Venture-backed file-storage giant Dropbox Inc., advised by Wilson Sonsini Goodrich & Rosati PC, raised $756 million after pricing its highly anticipated initial public offering above its projected range on Thursday, representing the year’s largest technology IPO.

  • March 22, 2018

    2nd Colo. 'True Lender' Case Sent Back To State Court

    A Colorado federal judge ruled Wednesday that the Federal Deposit Insurance Act doesn’t so completely preempt a state financial regulator’s claims against nonbank lender Marlette Funding LLC that they have to be heard in federal court.

  • March 22, 2018

    Fed Chair Says 'Fully Prepared' To Reach Banks Below $250B

    If Congress raises the asset size threshold for automatically applying enhanced prudential standards to banks, the Federal Reserve is “fully prepared” to subject some banks beneath that threshold to heightened regulatory scrutiny, too, Federal Reserve Chairman Jerome Powell said Wednesday.

  • March 22, 2018

    RMBS Seller's Bankruptcy Axes Class Suit Against Citibank

    A New York federal judge on Tuesday dismissed a proposed class action alleging Citibank NA failed to properly oversee investments in certain residential mortgage-backed securities, saying the bankruptcy of the companies that sold and serviced the securities had blocked the bank from taking steps that might have helped investors.

  • March 22, 2018

    CFTC Blasts Budget Cut, Says Chairman Takes It 'Personally'

    The U.S. Commodity Futures Trading Commission on Thursday excoriated Congress for cutting its funding in the $1.3 trillion spending bill passed by the House of Representatives, while the U.S. Securities and Exchange Commission declined to comment about the modest boost it got from its congressional appropriators.

  • March 22, 2018

    Swiss Microsensors Maker Prices $290M IPO Atop Range

    Swiss microsensors company Sensirion Holding AG on Thursday raised 276 million Swiss francs ($290 million) after its initial public offering priced atop its range on signs of strong demand, making it one of three Swiss companies to either debut IPOs this week or proceed with offerings.

  • March 22, 2018

    British Gov't Launches Cryptocurrency Task Force

    The U.K. government unveiled plans to make Britain the "most attractive home" for financial technology firms on Thursday, including forming a task force that will examine the risks and benefits of cryptocurrencies.

  • March 21, 2018

    IHeartMedia Legacy Noteholders Sue Over Ch. 11 Debt Plan

    A group of debtholders have hit iHeart Media Inc. with an adversary proceeding in the media giant’s bankruptcy case, alleging the company has orchestrated a secret, “fraudulent and otherwise wrongful” scheme to shortchange them in its proposed restructuring plan.

  • March 21, 2018

    Wilmington Trust Execs Want Different 'Past Due' Rules Used

    Criminal trial battling over the meaning of “past due” picked up again Tuesday in the federal trial of four Delaware-based Wilmington Trust executives accused of keeping timed-out debts off bank financial reports, with defense attorneys seeking court approval to invoke a more-permissive standard.

  • March 21, 2018

    Immigration Atty Can't Dodge SEC's EB-5 Suit

    The U.S. Securities and Exchange Commission can move forward with its case alleging an immigration attorney and his firm defrauded clients by hiding the commissions they received for the sale of EB-5 immigrant investments, a California federal judge said Wednesday.

Expert Analysis

  • Series

    After Cyan: Some Prognostications

    Boris Feldman

    With the ink on the U.S. Supreme Court's decision in Cyan v. Beaver County barely dry, the plaintiffs bar is comfortably in the Section 11 saddle. They won. But history suggests that this may be victory of a battle, not the war, say Boris Feldman and Ignacio Salceda of Wilson Sonsini Goodrich & Rosati PC.

  • Top Tax Changes For Law Firms: What Lawyers Need To Know

    Evan Morgan

    For those structured as corporations, the decrease in the maximum corporate tax rate and the repeal of the corporate alternative minimum tax offer good news. But since many law firms are organized as pass-through entities, several limitations on deductions mean they won’t see as much benefit from the new tax law as some other industries, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA.

  • Are Headwinds Hampering Delaware's Blockchain Initiative?

    G. Thomas Stromberg

    Despite the current cryptocurrency fervor, it remains to be seen exactly how, and how quickly, blockchain technology will be adopted by the broader corporate community, and whether Delaware will continue to lead the charge, say attorneys with Jenner & Block LLP.

  • Opinion

    Companies Should Avoid The BigLaw Bonus Structure

    Michael Moradzadeh

    Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.

  • Chief Innovation Officer — The New Star On Legal Teams

    Mark Williamson

    Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

  • An Expansion Of Tax On US Owners Of Foreign Equity

    David Dreier

    Tax reform's expansion of the controlled foreign corporation rules — which have affected many foreign corporations not previously categorized as CFCs — have prompted U.S. persons who directly or indirectly own interests in these corporations to question whether they are subject to further annual income inclusions. David Dreier and Grayson Weeks of White & Case LLP deconstruct the new tax regime.

  • The First SEC Action Following Option-Grants Probe

    Michael Dicke

    The U.S. Securities and Exchange Commission’s recent action against Credit Karma — the first enforcement action to result from a sweeping investigation that began in 2016 — reinforces comments from various SEC leaders that the agency is concerned about option-granting practices of late-stage private companies. It also demonstrates the SEC’s continued interest in Silicon Valley companies' governance procedures, say Michael Dicke and... (continued)

  • The Impact Of Tax Reform On Leveraged Lending Transactions

    Frederick Fisher

    Attorneys from Mayer Brown International LLP discuss the impact of the tax overhaul on leveraged lending transactions focusing on Section 956, the limitation on interest deduction and pass-through entities.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

  • SEC, CFTC Display United Front On Cryptocurrency

    Laura Anthony

    In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.