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Capital Markets

  • 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.

  • September 14, 2018

    14 Firms To Steer 8 IPOs Topping $3B As Busy Autumn Nears

    Fourteen law firms plan to guide eight initial public offerings that could raise more than $3 billion during the week of Sept. 17, led by an estimated $1.4 billion offering by Eli Lilly's animal health unit, as IPO activity accelerates ahead of an expected busy autumn.

  • September 14, 2018

    NY Bank Regulator Sues OCC Again Over Fintech Charter

    New York’s state bank regulator moved Friday to block the Office of the Comptroller of the Currency from making good on plans to offer special-purpose national bank charters to financial technology companies, filing a suit in Manhattan federal court that seeks to have the agency’s recent so-called fintech charter decision invalidated.

  • September 14, 2018

    Citi Pays $12M To Settle SEC's Claims Of Dark Pool Misdeeds

    A Citigroup Inc. unit has agreed to pay more than $12 million to settle claims by the U.S. Securities and Exchange Commission that it misled institutional investors about high-frequency trading activity in a dark pool run by an affiliate, the agency said Friday.

  • September 14, 2018

    WilmerHale, Cooley Guide $100M Biotech IPOs

    Cooley LLP-guided immuno-oncology firm Allogene Therapeutics on Friday unveiled a $100 million initial public offering in a bid to push ahead with its allogeneic T cell cancer therapies, while fellow biopharmaceutical company Arvinas Holding Co. LLC priced its own offering of $100 million at midpoint, with WilmerHale leading the way.

  • September 14, 2018

    Pulling Up Stakes: King & Spalding, K&L Gates, Vinson

    In our latest roundup of deal-makers on the move, King & Spalding LLP adds a pair of corporate finance partners, K&L Gates LLP snags a private equity and corporate partner from Reed Smith LLP and Vinson & Elkins LLP picks up an international capital markets and leveraged financing specialist in London.

  • September 14, 2018

    Deals Rumor Mill: Thor Industries, Covea, Volkswagen

    Indiana-headquartered RV manufacturer Thor Industries could buy Erwin Hymer in a deal valuing the German peer at more than €2 billion, U.K. insurer Covea is still hoping to acquire French reinsurer Scor, and Volkswagen is preparing a potential IPO for its multibillion-dollar heavy-truck business.

  • September 14, 2018

    Biopharma Co. Principia Leads 3 IPOs Totaling $225.3M

    A group of companies including clinical-stage biopharmaceutical company Principia Biopharma Inc., China-based content aggregation platform Qutoutiao Inc. and FVCBankcorp Inc. launched initial public offerings on Friday totaling approximately $225.3 million.

  • September 14, 2018

    Lehman Judge Looks Back On Historic Case 10 Years Later

    Ten years ago, Lehman Brothers filed the largest bankruptcy in history, an event that accelerated the global financial crisis and inspired a new regime of banking regulation. Judge James Peck spoke with Law360 about the gravity of Lehman's historic filing and how his prior work helped him steward the case. This is the first in a three-part series looking back at Lehman's collapse.

  • September 13, 2018

    Puerto Rico Creditors Blast GDB Deal As It Clears Hurdle

    Puerto Rico’s creditors and its financial oversight board clashed Thursday over the proposed $4.1 billion restructuring of the island’s Government Development Bank, with creditors deriding it as a “home-baked bankruptcy” that would shield corrupt bankers from scrutiny even as the bank’s own creditors overwhelmingly approved the deal.

  • September 13, 2018

    McKinsey Denies Conflicts Of Interest In ANR Ch. 11 Case

    Consulting giant McKinsey & Co. on Wednesday asked a Virginia bankruptcy court to reject calls to reopen the Alpha Natural Resources Chapter 11 case over allegations of conflicts of interest, saying it did not know of the alleged conflicts and would have had no duty to disclose the ties at issue.

  • September 13, 2018

    Ex-Boss Of Crypto Cos. Gets Nearly 2 Years For $9M Fraud

    The founder of multiple Connecticut-based cryptocurrency mining companies was sentenced Thursday to just under two years in prison for defrauding hundreds of investors out of over $9 million via a multi-phased Ponzi scheme involving the purported generation of virtual currency.

  • September 13, 2018

    Apollo, ADT Execs Juked Stock With Silence On IP Deal: Suit

    Asset management firm Apollo Global and ADT executives misled investors ahead of the security company's initial public offering, investors said in a derivative shareholder complaint filed in Florida federal court Wednesday, pointing to their failure to mention falling profits and an intellectual property settlement.

Expert Analysis

  • Opinion

    Open The Federal Courthouses

    David Oscar Markus

    Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.

  • The Year Of The Crypto Investigation

    Daniel Payne

    There has been a flurry of subpoenas and investigations into cryptocurrency trading and initial coin offerings in the first eight months of this year. These investigations, on the rise, are coming from both state and federal regulators, says Daniel Payne of Murphy & McGonigle PC.

  • Series

    Winner's Playbook: Behind The Scenes Of China Ag V. Resh

    Seth Aronson

    Earlier this year, the U.S. Supreme Court ruled unanimously in China Agritech v. Resh that statutes of limitations cannot be tolled for subsequent class actions. Here, members of the O'Melveny & Myers LLP team that defended China Agritech describe how an otherwise routine securities case turned into a far-reaching check on serial class actions.

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.

  • The 'Post-Fact' Jury In The 'Fake News' Era

    Ross Laguzza

    The "fake news" phenomenon is ever more prominent in the political arena — but not in the jury box. At a trial, jurors don’t have to rely on the media or any other source to tell them the facts and issues, since they have a front-row seat to the action, says Ross Laguzza, a consultant at R&D Strategic Solutions LLC.

  • Stock Exchange Immunity Erodes As Biz Models Evolve

    Stephen Bedell

    The national securities exchanges are now profit-seeking commercial enterprises, but they continue to argue that they are absolutely immune from suits arising from a wide range of competitive activity. Courts, however, are rejecting these arguments, and it is likely that the U.S. Securities and Exchange Commission will address the matter soon, say attorneys with Foley & Lardner LLP.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • The Curious Case Of Ripple's Removal

    Douglas Pepe

    Coffey v. Ripple Labs is a much-anticipated cryptocurrency case that squarely presents the question of whether Ripple is a “security” within the meaning of the securities laws. A recent decision in the case, however, addressed an important removal question of more general applicability, says Douglas Pepe of Joseph Hage Aaronson LLC. 

  • Alternative Trading Systems Face New Regulatory Burdens

    Julian Rainero

    The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.