Capital Markets

  • December 7, 2017

    Investors Blast BNY Mellon Bid To Sever Claims In RMBS Suit

    Investors suing the Bank of New York Mellon over its alleged failures as trustee for a slew of residential mortgage-backed securities trusts have told a New York federal judge that it’s not necessary to split off their claims related to one particular trust for which the bank acted not as trustee but as master servicer.

  • December 7, 2017

    2 Biotech Cos., Payday Lender Tap IPO Market For $307M

    Two venture-backed biotechnology firms and a private-equity backed payday lender raised a combined $307 million from initial public offerings — pricing at the middle or bottom of their respective ranges — while another life science company upsized its planned IPO on Thursday.

  • December 7, 2017

    Deals Rumor Mill: Old Mutual, Fosun, Johnson & Johnson

    The U.K. wealth business of Old Mutual could be worth about £2.5 billion ($3.35 billion) in an IPO planned for 2018, Fosun is in talks concerning a flotation of its tourism business that could raise $500 million or more, and Johnson & Johnson is mulling a sale of anti-dandruff shampoo Nizoral.

  • December 7, 2017

    Green Building Materials Co. Execs Settle With SEC For $5.6M

    An environmental building materials company and its co-chairmen who were accused by the U.S. Securities and Exchange Commission of lying to investors about the company’s prospects have had their $5.6 million settlement approved by a California federal court.

  • December 7, 2017

    Global Regulators Finally Sign Off On Basel IV Banking Rules

    Global banking regulators announced Thursday that the final set of capital reforms for the sector, which were drawn up after the 2008 financial crisis, have been agreed upon.

  • December 6, 2017

    SEC Fines Hedge Fund Chief, Hubby Over Alleged Tip Sharing

    A rising star in the world of New York hedge funds has settled a U.S. Securities and Exchange Commission claim alleging that she failed to disclose that her husband, an analyst at a competing hedge fund, was improperly slipping her trading ideas, guidance and confidential information from his own employer, according to an agency filing made public Tuesday.

  • December 6, 2017

    SEC Judge Delays Shkreli Hearing In Light Of 'Lucia' Move

    A U.S. Securities and Exchange Commission hearing on whether convicted “pharma bro” Martin Shkreli should be booted from the securities industry was put on hold Tuesday as the in-house judge overseeing the matter looks to address a legal question that’s arisen since the federal government decided to switch sides in a pending U.S. Supreme Court petition known as Lucia v. SEC.

  • December 6, 2017

    Bank Tells 11th Circ. Irrelevant Evidence Backed $3M Ruling

    One of Guatemala's largest banks urged the Eleventh Circuit on Wednesday to reverse a $3.3 million jury verdict a Miami-based corporate finance advisory firm won against it for reneging on contract fees, saying the trial court's judgment was based on irrelevant evidence it should have excluded.

  • December 6, 2017

    Del. Justices Urged To Remand S. China Livestock Case

    A Chancery Court judge neglected the “law of the case” in a summary ruling that tossed claims against the former executive of a failed and allegedly plundered Chinese livestock company, an attorney for the company’s receiver told Delaware’s Supreme Court on Wednesday.

  • December 6, 2017

    SEC Says Excessive Trading By 2 NY Brokers Hurt Clients

    Two brokers working for New York-based brokerage Four Points Capital Partners LLC made more than $100,000 each in commissions while recommending a high-cost trading strategy to clients who collectively wound up losing nearly $574,000, the U.S. Securities and Exchange Commission said in a suit filed Wednesday in New York federal court.

  • December 6, 2017

    Tax Plans, Tariffs Cast Late Pall On Energy Finance In 2017

    Energy developers and investors found new types of projects to fund as well as new ways to fund them in 2017, but the recent prospect of major U.S. tax law changes and tariffs on imported solar panels has injected fresh uncertainty into project development. Here, attorneys identify five energy project finance trends that stood out this year.

  • December 6, 2017

    SEC Reinstates Former Dell CAO Barred For Cooking Books

    The U.S. Securities and Exchange Commission on Tuesday reinstated Robert W. Davis, the former chief accounting officer at Dell who was barred in 2010 from reviewing and preparing the financial statements of public companies for cooking the computer giant’s books.

  • December 6, 2017

    Global Airport Concessions Operator Files $100M US IPO

    Airport concessions operator Corporación América Airports SA, which does business at 51 airports globally with heavy concentration in Argentina, filed a $100 million initial public offering on Wednesday, the latest of several companies with Latin American ties to seek a U.S. IPO. 

  • December 6, 2017

    Hensarling Opens The Door For Housing Compromise

    A key House lawmaker on Wednesday signaled his willingness to make a deal to reshape the U.S. housing finance market and eliminate Fannie Mae and Freddie Mac, marking a potentially significant future shift in the way Americans buy their homes.

  • December 6, 2017

    PE-Backed Car Insurer Sabre Prices £287.5M London IPO

    Sabre Insurance Group PLC priced an initial public offering that raised £287.5 million ($384.6 million) Wednesday on the London Stock Exchange, enabling private equity firm BC Partners to trim its holding in Sabre some three years after it bought a controlling stake in the U.K. car insurer.

  • December 6, 2017

    US Firms Must Beware New EU Investment Disclosure Laws

    The extraterritorial reach of new European financial regulation again threatens to impact the U.S. and other foreign markets as incoming disclosure requirements for specialized financial products can apply much further afield, lawyers warn.

  • December 5, 2017

    Calif. Statute Of Limitations Sinks Deutsche Bank RBMS Suits

    A New York state appeals court has sunk two suits brought by Deutsche Bank National Trust Co. over thousands of allegedly defective loans in two residential mortgage-backed securities trusts it oversees as trustee, concluding Tuesday that its remaining breach-of-contract claims against Barclays PLC and HSBC were brought too late under its home state’s statute of limitations.

  • December 5, 2017

    Westinghouse, Creditors Spar Over Extension For Ch. 11 Plan

    Westinghouse Electric Co.’s unsecured creditors are squaring off with the nuclear giant in New York bankruptcy court over who will determine the direction of the company’s Chapter 11, with unsecured creditors saying it’s their turn to take the reins now that Westinghouse is asking for another extension to file its plan.

  • December 5, 2017

    Profs Fight For Clarity On Class Cert. In Securities Suits

    Two well-known law professors on Monday urged the U.S. Supreme Court to provide clarity on the standard for certifying securities fraud class actions, joining Petrobras in its bid to have the justices review the certification of a class of investors who claim the oil giant committed fraud by concealing information about a massive kickback scheme.

  • December 5, 2017

    Performance Food's $188M Offering Sees PE Firm Exit

    Food distribution giant Performance Food Group Inc. unveiled an estimated $188 million secondary stock offering Tuesday that enables private equity firm Wellspring Capital Management LLC to sell its remaining stake in Performance Food two years after its initial public offering.

Expert Analysis

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • What A Solar Eclipse Has To Do With Market Efficiency

    Daniel Bettencourt

    A common criticism of the event study methodology for testing market efficiency is that the number of events is insufficient and that the results cannot be generalized for the entire class period. That's where Albert Einstein and the 1919 total solar eclipse come in, say Daniel Bettencourt and Steven Feinstein of Crowninshield Financial Research.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.

  • ICO Token Purchasers May Be Entitled To A Refund

    John Reed Stark

    Purchasing an investment is not like buying a pair of shoes at Zappos. You can’t return the investment for a refund if you don’t like the fit — unless you bought tokens in an initial coin offering, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • The Case For Creating A Mediation Department At Your Firm

    Dennis Klein

    There are at least four reasons supporting the need for some form of a mediation group within a law firm, especially in firms with larger practices, according to Dennis Klein, owner of Critical Matter Mediation and former litigation partner at Hughes Hubbard & Reed LLP.

  • A New, Relaxed Standard For Class Cert. In Securities Cases

    Brian Headshot.jpg

    After the Second Circuit’s decision last week in Waggoner v. Barclays, it should be easier for securities fraud plaintiffs to win class certification when their cases involve securities that are not listed on national exchanges, says Brian Lehman of The Lehman Law Group.

  • Financial Crisis Anniversary

    Dodd-Frank And Deregulation: Some Lessons From History

    Dennis Kelleher.jpg

    The Dodd-Frank Act, while imperfect, addressed what actually did cause the financial crisis: unreasonable risk-taking, low capital and high leverage, shadow banking, and much more. The evidence is overwhelming that financial reform is working, that the risk of a crash in the U.S. is greatly reduced, and that banks are highly profitable, says Dennis Kelleher, president of Better Markets Inc.