Capital Markets

  • May 17, 2018

    A Chat With Perkins Practice Management Chief Toby Brown

    In this monthly series, legal recruiters at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Toby Brown, chief practice management officer at Perkins Coie LLP.

  • May 17, 2018

    'Casual' Stock Crook Gets Contempt Warning From NY Judge

    A convicted pump-and-dump fraudster facing a U.S. Securities and Exchange Commission complaint was warned by a Manhattan judge Thursday that his “casual” response to an SEC document request could land him in jail for contempt.

  • May 16, 2018

    FinCEN Chief Sees New CDD Rule As Work In Progress

    The head of the Financial Crimes Enforcement Network assured House lawmakers Wednesday that his agency is not looking to “ding anybody” on the new customer due diligence rule that went into effect last week and that it understands financial institutions may need a little extra time to work out its kinks.

  • May 16, 2018

    Cos. In $22.5M EB-5 Fraud Row Barred From Selling Securities

    A California federal judge on Wednesday permanently restrained from selling securities two companies that the U.S. Securities and Exchange Commission claims participated in a scheme to fraudulently raise $22.5 million from Chinese investors looking to obtain green cards through the federal EB-5 visa program.

  • May 16, 2018

    Royal Park Faces $1K/Day Sanction In RMBS Discovery Row

    Royal Park Investments SA/NV will face sanctions of $1,000 a day beginning next week if certain material needed to comply with a discovery order in its residential mortgage-backed securities suit against Deutsche Bank National Trust Co. isn’t produced, a New York federal magistrate judge said Tuesday.

  • May 16, 2018

    BofA Loses Bid For 9th Circ. Redo Of Calif. Escrow Ruling

    The full Ninth Circuit will not rehear a panel decision that revived a putative class action alleging that Bank of America NA skirted state law by electing not to pay interest on mortgage escrow accounts, circuit judges said in an order Wednesday.

  • May 16, 2018

    Puerto Rico Creditors Renew Efforts To Conduct Debt Probe

    The unsecured creditors in Puerto Rico's bankruptcy-like restructuring proceedings on Tuesday renewed a request to conduct their own investigation into the causes of the island's financial crisis and reckless accumulation of debt, slamming a federal board's ongoing probe for insufficient aims and continued delays.

  • May 16, 2018

    Ex-State Street VP Loses Bid To Invoke Evidence Treaties

    A federal judge in Massachusetts on Tuesday declined to trigger a foreign treaty to help a former State Street executive access documents and depositions from co-workers and clients he allegedly swindled that could aid his defense against securities fraud charges, but expressed concern that the government can access evidence abroad.

  • May 16, 2018

    Venture Capitalist Wants Out Of Tezos Token Offering Suit

    A venture capitalist and his firm asked a California federal judge on Tuesday to boot them from a consolidated action accusing the Tezos blockchain network’s executives of offering Tezos tokens as unregistered securities, saying they had no hand in the alleged securities violations.

  • May 16, 2018

    BNY Investors Move For Class Cert. In ADR Overcharge Suit

    Investors in the Bank of New York Mellon urged a New York federal court on Tuesday to certify their class of American depositary receipt holders who were allegedly overcharged during the bank’s conversion of foreign-currency dividends to U.S. dollars.

  • May 16, 2018

    Titan Of The Plaintiffs Bar: Susman Godfrey's Bill Carmody

    Bill Carmody of Susman Godfrey LLP helped investors in the sprawling multidistrict litigation over alleged manipulation of Libor land a $130 million settlement with Citigroup last year, and also scored a judgment worth more than $100 million for General Electric after a jury verdict in a contract dispute, landing him among Law360’s 2018 Titans of the Plaintiffs Bar.

  • May 16, 2018

    FTC Warns Of Nonpayment Deals That Must Be Reported

    Federal Trade Commission staff warned Tuesday that certain corporate acquisitions and other transactions may need to be reported to antitrust enforcement agencies for review even if they don't involve a payment, including security swaps, share transfers and corporate reorganizations.

  • May 16, 2018

    SEC Handling Each ICO Based On 'Facts And Circumstances'

    The U.S. Securities and Exchange Commission will continue to handle cryptocurrency offerings based on a “facts and circumstance” test that judges each case individually to determine whether it’s a security subject to SEC regulation, Stephanie Avakian, co-director of the agency’s the Division of Enforcement, said Wednesday.

  • May 16, 2018

    Greenberg Guides Transpo-Focused VectoIQ In $200M IPO

    VectoIQ Acquisition Corp., a blank-check company focused on acquiring a business in the automotive or smart mobility industry, saw shares begin trading Wednesday after raising $200 million through an initial public offering guided by Greenberg Traurig LLP.

  • May 15, 2018

    Fed. Circ. Affirms Alice Win For SAP On Financial Data Patent

    The Federal Circuit on Tuesday affirmed a Texas federal judge's finding that InvestPic LLC's patented method for analyzing financial data, which it asserted against SAP America Inc., was invalid under Alice for claiming a noninventive and abstract mathematical idea.

  • May 15, 2018

    DOJ 'Sandbagging' With New Theory In Libor Trial, Judge Says

    A Manhattan federal judge said Tuesday that she may push the trial of two former Deutsche Bank traders accused of rigging the Libor to September, saying she felt “sandbagged” by U.S. Department of Justice prosecutors’ new theories a month before trial.

  • May 15, 2018

    Trump's Fed Board Nominees Back Tailoring Of Bank Rules

    Two of President Donald Trump’s nominees to the Federal Reserve Board of Governors told senators Tuesday that they support the concept of tailoring post-financial crisis rules to better fit banks’ differing risk profiles so long as it doesn’t undermine the safety and soundness of the financial system.

  • May 15, 2018

    SEC Actions Against Public Companies Plunged Yet Again

    Enforcement activity by the U.S. Securities and Exchange Commission against public companies continued to fall during the first half of the current fiscal year, according to a study released Tuesday, a further sign the regulator is backing away from the frequent and large sanctions it imposed against such issuers under the Obama administration.

  • May 15, 2018

    SEC Pegs 4 Fraudsters For $34M Penny Stock Scheme

    The U.S. Securities and Exchange Commission on Tuesday accused four individuals in New York federal court of perpetrating a $34 million penny stock scheme by making illegal trades on artificially inflated stock belonging to the microcap company Biozoom Inc., then allegedly covering it up with offshore bank accounts and sham legal documents.

  • May 15, 2018

    Deals Rumor Mill: Xerox, Carolina Panthers, Canaan

    Carl Icahn and Darwin Deason want to auction Xerox Corp. as soon as possible, billionaire David Tepper inked a deal to buy the Carolina Panthers NFL team for at least $2.2 billion, and blockchain server producer Canaan Creative plans to list publicly in Hong Kong.

Expert Analysis

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • The Regulatory Concerns Of Crypto Exchange Registration

    Jennifer Connors

    If cryptocurrency exchange Coinbase completes a recently initiated regulatory process and becomes a registered exchange, it may herald a wave of registration with the U.S. Securities and Exchange Commission. In this event, exchanges should take note of the regulatory requirements and concerns and decide which registration option fits best with their business model, say attorneys with Holland & Knight LLP.

  • Supporting Nontraditional Data Types In E-Discovery

    Jason Paroff

    The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.

  • Volcker Rule Will Likely Change, But When And By How Much?

    Michael Silva

    It is difficult to say exactly what the ultimate changes to the Volcker Rule will be. However, certain political realities on the legislative side and a convergence of statements by policymakers on the regulatory side suggest that there are at least a few broad changes that can be reasonably forecast, say Michael Silva and Paola Ronquillo of DLA Piper.

  • 9th Circ. Lowers The Bar On Tender Offer Claims

    William Sullivan

    The Ninth Circuit’s recent decision in Varjabedian v. Emulex Corp. substantially diminished the initial burden in pleading claims related to tender offers under Section 14(e) of the Exchange Act. This provides plaintiffs with a reason to bring their cases in the Ninth Circuit, say attorneys with Paul Hastings LLP.

  • The Fastest Federal Civil Court For A Decade

    Bob Tata

    Out of 94 district courts nationwide, the Eastern District of Virginia has the fastest civil trial docket in the country, now for at least the 10th straight year. The modern EDVA bench clearly takes pride in efficiently dispensing justice, and this dedication to efficiency has continued even in the face of increased filings, says Bob Tata of Hunton Andrews Kurth LLP.

  • Equity Press Releases: When Time Is Not On Your Side

    Christina Kwon

    Even the most mild-mannered banker will turn vitriolic if an equity deal launch press release does not hit the wire services on time. Attorneys with Hunton Andrews Kurth LLP offer some legal and practical considerations and a sample timeline in light of a recently revised New York Stock Exchange policy.

  • Courts Must Soon Tackle Critical Questions About ICOs

    Michael Canty

    A number of class actions have been filed against initial coin offering founders for securities fraud, which means courts will soon begin to grapple with applying the federal securities laws to a new and potentially groundbreaking fundraising mechanism, say Michael Canty and Ross Kamhi of Labaton Sucharow LLP.

  • Calibrating Structural And Decisional Independence For ALJs


    When the solicitor general agreed with Raymond Lucia's argument that the U.S. Securities and Exchange Commission itself must appoint administrative law judges to conform with the appointments clause, the result in Lucia v. SEC seemed foreseeable. But oral arguments this week suggest that the U.S. Supreme Court justices may be more divided than expected, says professor Harold Krent of IIT Chicago-Kent College of Law.

  • Crypto Set To Drive Demand For Traditional Services: Part 2

    Izzy Nelken

    There is speculation that smart contracts may enable technology to replace the practice of law. However, disputes will almost certainly arise as a result of the innate characteristics of smart contracts, requiring seasoned legal representation, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.