Three law firms accused of misconduct in a $75 million fee fight have asked a Massachusetts federal judge to recuse himself over a potential conflict and “inflammatory” statements he allegedly made during a recent hearing in the ongoing battle following a class action settlement involving State Street Corp. and a pension fund, according to a motion unsealed Friday.
A Citigroup Inc. unit has agreed to pay $100 million to 41 U.S. states and the District of Columbia for manipulating its U.S. Dollar London Interbank Offered Rate submissions in order to dodge bad publicity, prosecutors said Friday.
The U.S. Commodity Futures Trading Commission told a federal judge in Boston on Thursday that virtual currencies fall within the definition of “goods and articles” it can regulate, arguing for jurisdiction over the expanding industry where the agency says scams are flourishing.
Chinese online used-car platform Uxin Ltd. on Wednesday launched an initial public offering estimated to raise $437 million, hoping to join a crop of Chinese issuers that have listed in the United States over the past several months.
A key Securities and Exchange Commission official said Thursday that the agency does not consider cryptocurrencies bitcoin and ether to be securities, while affirming that many digital tokens sold in fundraising schemes known as initial coin offerings are indeed securities.
An electronic exchange for trading interest rate swaps filed suit on Thursday in New York federal court against an array of large financial institutions, including Bank of America, Goldman Sachs, Citigroup and Morgan Stanley, accusing them of illegally boycotting the exchange to eliminate competition in the interest rate swaps market and boost their own profits.
A New York federal judge has ruled that several banking executives accused of rigging benchmark foreign exchange rates can't be deposed for investors' proposed class action for at least another three months, giving the U.S. Department of Justice more time to proceed with a criminal probe into the scheme before the bankers sit for interviews in the civil case.
Freshfields Bruckhaus Deringer LLP and Roschier Attorneys Ltd. represented Finland-based real estate firm Kojamo PLC in connection with its initial public offering, which the company said Thursday is expected to generate gross proceeds of roughly €150 million ($174.5 million).
An attorney for a global equipment financing firm that was ruled in default on a $167 million loan agreement term last year for allegedly siphoning away $4.6 million in collateral was pulled back repeatedly Wednesday to the original deal terms while arguing for a reversal by the Delaware Supreme Court.
JPMorgan Chase & Co.’s banking unit agreed to shell out $9.5 million to end a proposed class action by a group of American depositary receipt holders who’d alleged the bank improperly charged extra foreign exchange transaction fees, according to a deal pitched in New York federal court Tuesday.
A ruling Tuesday by New York’s highest court limiting to three years the time in which the state attorney general’s office can bring securities fraud claims under the Martin Act could hamper complicated cases involving large financial services firms, especially if prosecutors are seeking to charge individuals, legal experts said Wednesday.
Private equity-backed tax automation company Avalara Inc. has changed its plans for its initial public offering from 7.5 million shares priced between $19 to $21 apiece to $21 to $23 each, resulting in $172.5 million if the shares are sold at $23, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
Dutch financial technology startup Adyen BV saw shares boom in debut trading Wednesday after the venture-backed payments processor completed a $1 billion initial public offering, marking the third-largest IPO in Europe this year, advised by Clifford Chance LLP.
A hidden-fee scheme federal prosecutors say was orchestrated by a former State Street Corp. executive cost the United Kingdom’s Royal Mail Pension plan 10 times more than it had expected to pay for a massive transaction, a Massachusetts jury heard Wednesday morning.
A former Barclays PLC trader accused of illegally manipulating a key interest rate benchmark made an honest mistake when he asked colleagues to submit rates that would benefit the bank, his lawyer told a jury at a London crown court during closing arguments Wednesday.
Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.
More companies are preparing initial coin offerings by using the so-called Reg A+ exemption, a streamlined initial public offering often dubbed a “mini-IPO,” though such campaigns face regulatory hurdles and other obstacles, capital-raising experts said at various talks Tuesday in New York.
The Commodity Futures Trading Commission filed a civil enforcement action in Florida federal court on Tuesday alleging that the sole officer of a Boca Raton-based company defrauded three customers out of $870,000 in illegal, off-exchange retail commodity transactions for precious metals that they never received.
The U.S. Securities and Exchange Commission on Tuesday said brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. will pay nearly $16 million to settle allegations its employees knowingly overcharged customers who purchased residential mortgage-backed securities.
Abraaj is accused of owing a private debt specialist roughly $300 million, KKR and Blackstone landed a spot in a second bidding round for a minority stake in Sportradar AG, and smartphone maker Xiaomi aims to raise $5 billion from mainland Chinese investors.
State securities agencies are increasingly regulating the cryptocurrency space through administrative proceedings and summary cease-and-desist orders. But the uncertainties and ambiguities in current cryptocurrency regulation mean that multistate action — even if coordinated — will create a real risk of splintered authority, says Jason Gottlieb of Morrison Cohen LLP.
Financial sponsors and investors are seeking alternative investment products through which they can access the capital markets, and the private business development company is one such product that has recently been successful at raising capital. Here, Cynthia Krus and Kristin Hespos Burns of Eversheds Sutherland explain how private BDCs are formed and why they are desirable.
Recently, we have been involved in several registered Securities Act transactions in which the deal team considered posting slides to an electronic roadshow platform without a recorded voice-over from the issuer’s management. When confronted with this choice, members of the deal team are well-advised to think through the consequences, say attorneys with Hunton Andrews Kurth LLP.
In a recent letter to a member of Congress, U.S. Securities and Exchange Commission Chairman Jay Clayton said that he hasn't decided whether mandatory arbitration of shareholder disputes is appropriate, and that exploring the idea is not a priority for him. However, I believe the issue is going to require commission action sooner rather than later, says Kevin LaCroix of RT ProExec.
The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.
Last week, the U.S. Securities and Exchange Commission issued compliance and disclosure interpretations on a broad range of proxy topics. Here, attorneys with Mayer Brown LLP review the substantive and technical changes from earlier guidance and offer some practical considerations.
On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.
Spotify made a big splash last month by debuting on the New York Stock Exchange without an initial public offering — an often-used going-public method on the OTC Markets that may now gain popularity on national exchanges as well. However, there are some fundamental differences between the direct listing processes for OTC Markets and for an exchange, says Laura Anthony of Legal & Compliance LLC.
In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.
The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.