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Capital Markets

  • November 13, 2018

    UK, Singapore Fintech Groups Sign Cross-Border Agreement

    Organizations representing the U.K.’s and Singapore’s financial technology industries signed an agreement pledging to cooperate with one another on Tuesday, hoping that the cross-border pact will lay the groundwork for faster growth among startups in both countries.

  • November 13, 2018

    Investors Reach $12M Deal In Biotech Stock-Drop Case

    A shareholder class claiming biotech company NantKwest hid millions of dollars in executive compensation expenses from investors prior to its 2015 initial public offering has reached a $12 million proposed settlement with the firm, according to a filing in California federal court.

  • November 13, 2018

    High Court Won’t Hear $3M Disgorgement Challenge

    The U.S. Supreme Court said Tuesday it will not review a First Circuit ruling that an ex-CEO at a behavioral health company who supposedly pursued a merger out of self-interest must disgorge $3 million to shareholders, even though a Massachusetts federal jury initially found the investors weren’t financially harmed.

  • November 12, 2018

    Jones Day Reps SAP In $8B Qualtrics Buy Ahead Of IPO

    Germany’s SAP SE, led by Jones Day, on Sunday inked an $8 billion cash deal for Qualtrics International Inc., snapping up the U.S.-based experience management software provider ahead of an anticipated initial public offering.

  • November 12, 2018

    FX Firm Can't Use HSBC's UK Docs For US Manipulation Suit

    A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.

  • November 9, 2018

    Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation

    Wells Fargo Bank NA announced it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.

  • November 9, 2018

    $630M CDO Entity Gets Involuntary Ch. 11 Case Dismissed

    Three secured creditors of $630 million collateralized debt obligation vehicle Taberna Preferred Funding IV Ltd. can't force the entity into involuntary bankruptcy, a New York bankruptcy court has ruled, because their notes are nonrecourse and therefore only give their holders claims against Taberna's collateral, not the entity itself.

  • November 9, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a pair of disputes involving asset manager CGrowth, another suit from private equity-linked firms taking on parties linked to Thailand's KPN Group and Kodak bring a competition case against Goldman, Glencore and others the film giant has accused of manipulating aluminum prices in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • November 9, 2018

    Ex-Platinum Insider Dodges Upcoming $1B Fraud Trial

    A former Platinum Partners marketing and investor relations staffer charged over an alleged $1 billion securities fraud scheme has secured a deferred prosecution deal with the government and had his case severed on Thursday from four executives accused of deceiving the hedge fund’s investors.

  • November 9, 2018

    Puerto Rico Lawmakers Help Debt Restructuring Go Forward

    Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.

  • November 9, 2018

    Trader Who Stole $3M In Cryptocurrency Gets 15 Mos.

    A 24-year-old Chicago trader who admitted to stealing more than $3 million in bitcoin and litecoin from his firm and a group of investors was sentenced in Illinois federal court Friday to a little over a year in prison.

  • November 9, 2018

    Fed Will Cool Its Jets On Stress Capital Buffer Proposal

    The Federal Reserve’s vice chairman for supervision said Friday that the central bank is rethinking parts of its stress capital buffer proposal in response to concerns raised by the banking industry and won’t be looking to implement it before 2020.

  • November 9, 2018

    10 Firms To Guide 6 IPOs Exceeding $800M

    Ten law firms are set to guide six initial public offerings that could exceed $800 million during the week of Nov. 12, steering a lineup led by two blank check companies hunting for acquisitions, in potentially the last wave of offerings before Thanksgiving.

  • November 9, 2018

    SEC Boosts Bid To Block Crypto Co.'s $100M ICO

    The U.S. Securities and Exchange Commission has bolstered its bid to block the initial coin offering — estimated to raise $100 million — of a company accused of faking regulatory approval to fool investors, telling a California federal judge that the company's founder has already admitted to much of the scheme.

  • November 8, 2018

    ResCap Trust Nabs $28.7M Verdict In Mortgage Lender Suit

    A Minnesota federal jury on Thursday handed a nearly $29 million verdict to the successor for the now-defunct Residential Funding Co. LLC in its case accusing a former LendingTree unit of having sold it bad mortgage loans before the financial crisis that eventually led to hefty bankruptcy settlements for RFC.

  • November 8, 2018

    Commerzbank To Pay CFTC $12M Over Swap Dealer Claims

    The Commodity Futures Trading Commission issued an order Thursday imposing a $12 million civil penalty against Commerzbank AG for allegedly violating commission regulations and the Commodity Exchange Act by failing to supervise its swap dealer operations and providing misleading reports to the commission.

  • November 8, 2018

    Rep. Waters Eyes House Financial Services Priorities

    Rep. Maxine Waters, D-Calif., laid out some of her plans for the House Financial Services Committee if she’s selected to chair it, saying that she’d focus on issues like consumer protection and financial innovation while also getting tough on oversight of the White House and regulatory agencies.

  • November 8, 2018

    Citrades CEO Pleads Guilty To $8.3M Binary Options Fraud

    The former CEO of online trading platform Citrades pled guilty to conspiracy in California federal court Thursday for his role in defrauding investors out of $8.3 million in a binary options scheme, the U.S. Department of Justice and the Federal Bureau of Investigation announced.

  • November 8, 2018

    SEC Puts Crypto Exchanges On Notice With First Settlement

    The U.S. Securities and Exchange Commission settled its first-ever enforcement action against an unregistered cryptocurrency exchange Thursday as the agency continues to target a variety of market participants beyond the token issuers themselves.

  • November 8, 2018

    SEC Sues Stock Research Firm Over Biased Reports

    The U.S. Securities and Exchange Commission on Thursday alleged that stock research firm SeeThruEquity LLC and its co-founders defrauded investors by secretly taking money from publicly traded small and microcap companies they claimed to be reporting on in an unbiased manner.

Expert Analysis

  • Prospects For Tax Policy In A Divided Post-Election Congress

    Evan Migdail

    The outcome of next week's election remains uncertain, but it is possible to predict some of the policy changes and legislative initiatives likely to arise during lame duck and 116th congressional sessions if Democrats regain a majority in the House of Representatives, say Evan Migdail and Melissa Gierach at DLA Piper LLP.

  • Series

    Judging A Book: Brown Reviews 'Dangerous Leaders'

    Judge Nannette Jolivette Brown

    Anthony Thompson’s "Dangerous Leaders: How and Why Lawyers Must Be Taught to Lead" explores the conflict many lawyers face when charged with the responsibility of leadership. The book is an excellent read for all lawyers, says U.S. District Chief Judge Nannette Jolivette Brown of the Eastern District of Louisiana.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Justin Shur

    Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • What Canada's Pot Legalization Means For US Financial Cos.

    Whitt Steineker

    Canada's legalization of cannabis this month is a significant development in the growing trend of loosening cannabis laws, but it also presents a risk to both American investors and financial institutions transacting with these businesses, say attorneys with Bradley Arant Boult Cummings LLP.

  • A Closer Look At SEC's Whistleblower Proposals

     Matthew LaGarde

    Recently proposed amendments to the rules governing the U.S. Securities and Exchange Commission's whistleblower program represent a step back for the program. However, there are some elements that should encourage whistleblowers, says Matthew LaGarde of Katz Marshall & Banks.

  • How Technical Touchpoints Can Ensnare Foreign Crypto Cos.

    Deborah Meshulam

    Companies headquartered abroad may nonetheless be subject to U.S. securities laws because of their server locations and blockchain infrastructure. A California federal court's recent decision in Tezos provides useful guideposts, say attorneys with DLA Piper.

  • Breaking The Rules: 3 Ways To 'Lead' A Direct Examination

    Matthew Menchel

    Trial lawyers are frequently taught that they should appear invisible during direct examination — that their job is merely to prompt the witness to start speaking. But the most powerful direct examinations are the ones in which the examiner, not the witness, is controlling the pace, say attorneys with Kobre & Kim LLP.

  • Preparing For The New NFA Cryptocurrency Requirements

    J.P. Bruynes

    The Oct. 31 effective date for the National Futures Association's virtual currency disclosure requirements is fast approaching. It is important for NFA members to understand which disclosures are explicitly prescribed and not merely suggested, say J.P. Bruynes and Stephanie Bradford of Akin Gump Strauss Hauer & Feld LLP. 

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • Pros And Cons Of California’s New Corporate Blockchain Law

    Sara O’Connell

    A new California law will allow privately held companies to use blockchain technology for stock issuance and other corporate records. However, corporations should be cautious about moving into this relatively uncharted territory, say Sara O’Connell and Riaz Karamali of Pillsbury Winthrop Shaw Pittman LLP.