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Capital Markets

  • September 18, 2018

    VC-Backed Eventbrite Raises IPO Funding Target To $230M

    Venture-backed online ticketing platform Eventbrite Inc. on Tuesday raised the price range and fundraising target of its initial public offering to $230 million, possibly indicating demand for its impending IPO was better than expected.

  • September 18, 2018

    CFTC Says Broker To Pay $50M Over ISDAfix-Rigging Claim

    The U.S. Commodity Futures Trading Commission said Tuesday that swaps broker Intercapital Capital Markets LLC will pay $50 million to resolve allegations that, for more than five years, it helped banks manipulate the ISDAfix benchmark to benefit their derivatives positions.

  • September 18, 2018

    Deals Rumor Mill: GSK, ADC Therapeutics, Haidilao

    GlaxoSmithKline’s health nutrition unit Horlicks has received bids from Coca-Cola, Nestle and Unilever, ADC Therapeutics is considering going public, and Haidilao nabbed almost $1 billion after the Chinese hot pot chain priced its Hong Kong initial public offering

  • September 18, 2018

    Creditors Can't Put Stop To Puerto Rico GDB Restructuring

    A Puerto Rico federal judge denied on Tuesday a motion by unsecured creditors in its government’s bankruptcy proceedings to enforce a stay and prevent a proposed Government Development Bank restructuring, finding that neither the automatic stay nor the court’s stay order applies to moves made by the debtor.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Real Estate Rumors: Aldora Aluminum & Glass, Hana, Encore

    Aldora Aluminum & Glass is reportedly taking 106,000 square feet of space in Florida, asset management firm Hana Financial Group is said to have landed $142.8 million in CMBS financing for a Denver building, and Encore Capital Management has reportedly landed a $33.9 million construction loan for a Florida office project.

  • September 18, 2018

    UBS Investors Denied Cert. In Mutual Funds Dispute

    A New York federal judge on Monday declined to certify a class of investors alleging UBS and its subsidiaries violated agreements to analyze the suitability of their investments in closed‐end mutual funds, saying the appropriateness of certain investments will vary by individual.

  • September 18, 2018

    Six Cos. Launch IPOs Totaling $465M Led By Biotech Firms

    Six companies set price ranges this week on initial public offerings estimated to raise $465 million combined, led by four biotechnology firms plus a medical device company and a Maryland bank, adding to a growing lineup of issuers expected to price IPOs in the coming days.

  • September 18, 2018

    Elon Musk's Take-Private Tweet Draws Tesla Into DOJ Probe

    Tesla said Tuesday that the U.S. Department of Justice is investigating CEO Elon Musk's August tweet suggesting he was poised to take the electric-car maker private, a comment that caused an uproar and the company's stock to soar before Musk made an abrupt about-face under pressure. 

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 17, 2018

    Rakoff Hits Cocoa Trader With 2.5 Years For $350M Fraud

    A former executive of bankrupt Transmar Commodity Group Ltd. on Monday was sentenced to two and a half years in prison by U.S. District Judge Jed Rakoff for a “massive” $350 million asset fraud at the family-run cocoa commodity trading company.

  • September 17, 2018

    SEC Accuses Ex-Adviser Of Fraudulently Raising $6.8M

    The U.S. Securities and Exchange Commission filed a complaint in Texas federal court on Monday accusing the former owner of a now-defunct investment adviser and a since-sold franchise of an investment education business of fraudulently convincing investors to hand over $6.8 million through unregistered securities offerings.

  • September 17, 2018

    New Commissioner Could Help Clayton's SEC Agenda

    The arrival of Commissioner Elad Roisman to fill the U.S. Securities and Exchange Commission’s lone vacancy likely bolsters Chairman Jay Clayton’s agenda on certain deregulatory items, experts said, and could provide a critical voice to cryptocurrency matters facing the SEC.

  • September 17, 2018

    How Lehman's Bankruptcy Put SIPC In The Spotlight

    When Lehman Brothers filed for bankruptcy 10 years ago, one of the first outfits called in was one that traditionally operated under obscurity. But the Securities Investor Protection Corp. made a name for itself in the historic Chapter 11 case, restoring more than $90 billion worth of assets to Lehman’s brokerage customers.

  • September 17, 2018

    Counties Say $1.15B Fla. Rail Line Rife With Deadly Risks

    A pair of Florida counties on Friday urged a D.C. federal judge to scrap a $1.15 billion tax-exempt bond funding the construction of a private passenger rail line, saying federal agencies failed to account for significant public safety and environmental concerns.

  • September 17, 2018

    Trader In Beaufort-Linked Manipulation Case Cops To Fraud

    A man who allegedly worked with an undercover FBI agent to make manipulative penny-stock trades with the help of a corrupt broker at Beaufort Securities Ltd. pled guilty in Brooklyn federal court Monday to securities fraud, saying he knew his actions were illegal and morally wrong.

  • September 17, 2018

    IGT Offers $500M In Notes As NJ Sports-Betting Market Grows

    International Game Technology PLC on Monday said it is selling $500 million worth of senior secured notes to redeem a prior note issue as the London-based gambling company becomes active in the new sports-betting market in New Jersey.

  • September 17, 2018

    15 Minutes With Robinhood Markets' General Counsel

    Archit Shah earned a degree in computer science and engineering from the Massachusetts Institute of Technology without any idea that he’d later apply to and graduate from Harvard Law School. Now, he draws on both degrees as the general counsel of financial services company Robinhood Markets Inc. Here, Shah explains how he came to realize he wanted to study law and the characteristics he looks for in potential in-house candidates.

  • September 17, 2018

    CFTC Seeks Quick Win For 2 Claims In Kraft Wheat Case

    The U.S. Commodity Futures Trading Commission on Friday asked an Illinois federal court for a quick win on two claims in its suit against Kraft Foods Group Inc. alleging that the food conglomerate manipulated the price of wheat commodities and futures.

  • September 14, 2018

    Split 9th Circ. Keeps Toss Of Northstar’s Schwab Fund Suit

    A Ninth Circuit panel on Friday agreed with the district court’s dismissal of Northstar Financial Advisors Inc.’s putative class action against Charles Schwab Corp. but said that Northstar should have another crack at amending its complaint claiming Schwab stepped outside of its own guidelines to make risky bond-fund bets.

Expert Analysis

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.

  • Time To Prepare For New Municipal Securities Disclosures

    Laura Kurtz

    Starting next year, municipal issuers will need to report the incurrence of certain financial obligations, if material. However, the U.S. Securities and Exchange Commission has offered little guidance on how to make a materiality determination, says Laura Kurtz of Eckert Seamans Cherin & Mellott LLC.

  • The Courts’ Take On Obama-Era Regs: You Are Erased

    Andrew Oringer

    It is at this point axiomatic that the Trump administration is intent on reversing significant portions of the Obama administration's regulatory activity. Interestingly, it seems that courts may pose another major risk to the survival of some Obama-era initiatives, say Andrew Oringer and Samuel Scarritt-Selman of Dechert LLP.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • There's No Such Thing As A Free Token

    Dan Nathan

    Digital tokens issued in exchange for services rather than money can still constitute a sale of securities, according to recent findings by the U.S. Securities and Exchange Commission in Tomahawk Exploration. The case represents a new application of a principle previously applied in at least three 1999 cases involving "free" securities, say Daniel Nathan and Angelo Aratan of Orrick Herrington & Sutcliffe LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

    Brian Daly

    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Regulation Best Interest: The SEC Can't Please Everybody

    Mark Jensen

    The U.S. Securities and Exchange Commission has proposed a package of rules, including “Regulation Best Interest,” that is intended to raise the standard of care for investment professionals. Based on a sampling of the multitude of comments to the rule proposal, it is clear that the commission must weigh some bitterly opposed views about major details, say attorneys with Nutter McClennen & Fish LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.