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Capital Markets
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February 07, 2024
Matterport Stockholders Say Officials Wrongly Cashed $225M
Shareholders of 3D model maker Matterport Inc. accused top company officials in Delaware Chancery Court of self-dealing by paying themselves performance rewards following a 2021 merger, even though the company hadn't met benchmarks to allow them to cash out $225 million in shares.
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February 07, 2024
CoinDeal Fraud Promoters Ordered To Repay Profits
An Illinois federal judge on Wednesday granted the U.S. Securities and Exchange Commission final judgment against two women it accused of advancing the CoinDeal investment fraud scheme, requiring them to disgorge more than $840,000 in restitution and fines.
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February 07, 2024
With PE Exits Set To Surge, Buyers Must Act Quickly, Wisely
Private equity exits are expected to rebound this year after a decade low in 2023, as investment time horizons expire and investors demand returns, but strategic buyers will need to act quickly and keep a finger on the market's pulse as competition heats up.
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February 07, 2024
REIT Raises $672M IPO At Low End While Insurer Pulls Plans
Senior housing real estate investment trust American Healthcare REIT Inc. rose in debut trading Wednesday after pricing a $672 million initial public offering at the bottom of its range, while insurer The Fortegra Group Inc. canceled its offering given market conditions, revealing mixed signals about the nascent IPO recovery.
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February 07, 2024
Bybit Wants $953M FTX Suit Axed For 'Threadbare' US Ties
Cryptocurrency exchange Bybit Fintech Ltd. has urged a Delaware bankruptcy judge to throw out an FTX lawsuit that aims to recover $953 million that Bybit and affiliates allegedly raced to withdraw before FTX collapsed, arguing that the case has "no connection" to the U.S. and even if it did, FTX's claims all fail.
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February 07, 2024
NBA, McCarter & English Roped Into Voyager Crypto Fight
The fallout from the collapse of Voyager Digital Holdings Inc. has widened as investors in the bankrupt cryptocurrency exchange filed a proposed class action against the NBA and the law firm McCarter & English for their roles in boosting the company before its implosion.
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February 06, 2024
Feds Say Mukasey Repping SBF, Mashinsky Possible Conflict
Prosecutors alerted a New York federal judge Tuesday about a possible conflict stemming from Sam Bankman-Fried's recent hiring of Marc Mukasey, who also represents Celsius founder Alex Mashinsky in his criminal proceedings, noting Celsius lent money to Alameda Research, which repaid some of the loans using FTX's customer funds.
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February 06, 2024
Exxon Wants Investor Climate Proposal Blocked For Good
ExxonMobil Corp. wants a Texas federal court to ensure that a climate-focused investment firm and an advocacy group won't bring forward a shareholder proposal on emissions reductions this year, even though the groups withdrew the proposal last week.
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February 06, 2024
DCG Slams Genesis Ch. 11 Plan As Favoring Some Creditors
Crypto conglomerate Digital Currency Group has told a New York bankruptcy judge that the Chapter 11 plan of its lender subsidiary Genesis Global Holdco shouldn't move forward because it overpays certain creditor classes, favoring them over equity holders like DCG.
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February 06, 2024
Investment Report Shows Cost Of Delaying Climate Action
Insurers could face billions of dollars in losses if they continue with their current courses of investments that contribute to climate change, according to a new analysis by insurance regulators from California, Oregon and Washington.
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February 06, 2024
Mast Capital Snags $600M Construction Loan For Miami Tower
Florida real estate development and investment firm Mast Capital said Tuesday it has secured a $600 million loan for the construction of Cipriani Residences Miami, a condominium tower to be built in the city's Brickell neighborhood.
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February 06, 2024
Disney Investors Say Co. Can't Exit Accounting Practices Suit
Disney investors argued that providing misleading information about product performance is not a mere "business strategy," pushing back Monday on the company's attempt to escape the suit alleging Disney participated in a fraudulent accounting scheme to keep stock prices inflated as its streaming service Disney+ underperformed.
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February 06, 2024
AI Image Co. Hit With $14.1M Verdict Over Lowball Buyout
A California federal jury returned a $14.1 million verdict Monday in favor of investors alleging AI-imaging software company ArcSoft and its billionaire CEO duped them into selling their shares for less than they were worth by hiding information about the business's success, its move to China and its eventual IPO.
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February 06, 2024
Fed Lifts Actions Against BNP Paribas, Tiny FTX-Linked Bank
The Federal Reserve Board has ended enforcement actions it brought against Washington-based Farmington State Bank and France's BNP Paribas, the regulator announced Tuesday.
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February 06, 2024
Ex-Pemex Exec Tells Jury Of Vitol Bribes For $200M Gas Deal
A former executive of a unit of Mexico's state-owned oil and gas company on Tuesday told a Brooklyn federal jury of how he and a colleague agreed to accept hundreds of thousands of dollars in bribes from Vitol Group, in exchange for confidential information to help the Geneva-based energy-trading giant win a $200 million gas contract.
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February 06, 2024
2nd Circ. Won't Nix Award In Telecom Shareholder Fight
The Second Circuit affirmed an arbitration award ordering the sale of a Latin American telecommunications tower after telling the contesting shareholders during oral argument it sounded like they had "buyer's remorse" about choosing arbitration.
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February 06, 2024
Energy Firm Sued By Investors After $5M SEC Fraud Fine
United Arab Emirates-based Brooge Energy Ltd. has been hit with a proposed class action, alleging it lied to the U.S. Securities and Exchange Commission and the public during the agency's investigation into the company's faulty accounting practices, which resulted in a $5 million fine last year.
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February 06, 2024
Yellen Stays Mum On Bank Capital Hikes Amid House Grilling
U.S. Treasury Secretary Janet Yellen played her cards close to the vest at a House hearing on Tuesday as lawmakers pressed her to weigh in on federal banking regulators' so-called Basel III endgame proposal, a plan she repeatedly declined to criticize — or even endorse.
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February 06, 2024
Judge Says $1.4M Brokerage Employment Case Stays In Court
Holding that an employment contract's FINRA arbitration provisions don't block state courts from considering prejudgment remedy requests, a Connecticut state court judge has agreed to proceed with a $1.4 million placeholder application against a former employee of a brokerage who is accused of siphoning business from the firm.
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February 06, 2024
SEC Expands Dealer Rule To Proprietary Traders, Private Funds
A divided U.S. Securities and Exchange Commission passed a pair of rules Tuesday that now include proprietary trading firms and some hedge funds in its definition of securities dealers, expanding the agency's oversight authority that one dissenting commissioner called "another salvo in the commission's war on private funds."
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February 06, 2024
Blackwells Starts Disney Proxy Fight, Blasts Fellow Activist
Activist investor Blackwells Capital officially launched its proxy fight with Disney on Tuesday, urging the entertainment behemoth's shareholders to vote for its three board nominees and opposing the two offered up by fellow activist Trian Fund Management.
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February 06, 2024
Legato Merger's Third SPAC Prices $175M Offering
Legato Merger Corp. III, a special-purpose acquisition company targeting infrastructure and construction-related industries, was slated to begin trading Tuesday after raising $175 million in an initial public offering, represented by Graubard Miller and underwriters' counsel Loeb & Loeb LLP.
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February 06, 2024
Deal Reached To Fund E-Bike Co.'s Ch. 11 Admin Expenses
An e-bike rental company and creditors have struck a budget agreement for administrative expenses after the company urged a Florida federal court to give final approval for $25.1 million in debtor-in-possession financing to fund operations through its Chapter 11 bankruptcy proceedings.
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February 05, 2024
SEC's SolarWinds Suit May Chill Disclosures, Ex-Officials Say
A group of 21 former government officials from both Democratic and Republican administrations has urged a New York federal court to consider the possible chilling effects of public-private information sharing on cyber incidents in the U.S. Securities and Exchange Commission's case against SolarWinds.
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February 05, 2024
Crypto Mining Co. Execs Sued Over Pre-IPO Pledges
A shareholder of cryptocurrency mining company Stronghold Digital Mining Inc. has sued the company's top brass in New York federal court, accusing them of misleading shareholders about the capacity of Stronghold's bitcoin mining operations in the run-up to its $132.5 million initial public offering.
Expert Analysis
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Blockchain Utopia Dream Fades Following Gemini Fraud Suit
Cryptocurrency exchange Gemini’s recent filing of a fraud suit against Digital Currency Group, coupled with industrywide bankruptcy complications and regulatory scandals, may signal the end of the dream of a utopian, decentralized financial future, says Christopher Ott at Loeb & Loeb.
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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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Ripple Ruling Is A Critical Win For Crypto Industry
A New York federal court's recent ruling in U.S. Securities and Exchange Commission v. Ripple Labs — that cryptocurrencies are not inherently securities when sold on public exchanges — deals a massive blow to the SEC's efforts to regulate digital assets and forms a solid basis for the programmatic sale of tokens, say Eric Martin and Ashley Spechler at BCLP.
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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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CFTC, Private Sector Actions May Aid Carbon Market Integrity
Recent announcements from the U.S. Commodity Futures Trading Commission on voluntary carbon market enforcement efforts, together with market-led initiatives to promote integrity, should help market participants align with evolving best practices and fully integrate jurisdiction-specific legal advice into their climate and carbon management strategies, say lawyers at Kirkland.
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3 Alternatives To CRE Collateralized Loan Obligations
With current commercial real estate market conditions pushing issuers away from collateralized loan obligations, several Freddie Mac offerings should be considered as alternative exit strategies for mortgage loans secured by multifamily properties, say attorneys at Mayer Brown.
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Broker-Dealers Must Prepare For Daily Calculation Rules
The U.S. Securities and Exchange Commission's proposed amendments to require broker-dealers to perform computations of cash owed more frequently are relatively straightforward and tame compared to the SEC's otherwise aggressive rulemaking agenda, but could still necessitate significant systems upgrades for some firms, says Ignacio Sandoval at Morgan Lewis.
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Proposals By Fed's Barr Could Mean Big Changes For Banks
The changes to bank capital requirements proposed in a recent speech by Federal Reserve Vice Chair for Supervision Michael Barr would have a significant impact on the banking industry if adopted as proposed, with some banks affected more than others depending on their business models and operations, say attorneys at Simpson Thacher.
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Cos. Need To Pay Attention To NY's LLC Transparency Act
Though businesses are already gearing up to comply with the new requirements of the federal Corporate Transparency Act, they must also keep an eye on New York state's pending LLC Transparency Act, which largely tracks the CTA but contains notable differences, say attorneys at Pillsbury.
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OpenSea Verdict Backs DOJ Digital Asset Insider Trading View
The recent conviction of a former OpenSea manager in New York federal court confirms, for the first time, that the U.S. Department of Justice can prosecute insider trading activity involving digital assets under the traditional fraud statutes, irrespective of how an asset is legally classified, say attorneys at BakerHostetler.
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Level Up Lawyers' Business Development With Gamification
With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.
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CFTC Actions Signal Its Lead Role In Carbon Offsets Policing
The Commodity Futures Trading Commission recently invited whistleblowers to report manipulation in voluntary carbon offset markets, announced a new voluntary carbon markets convening, and created an environmental fraud task force — thereby signaling to companies that it is now the key regulator of voluntary carbon offsets, say Levi McAllister and Pamela Wu at Morgan Lewis.
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Mallory Ruling Leaves Personal Jurisdiction Deeply Unsettled
In Mallory v. Norfolk Southern Railway, a closely divided U.S. Supreme Court recently rolled back key aspects of its 2017 opinion in Daimler AG v. Bauman that limited personal jurisdiction, leaving as many questions for businesses as it answers, say John Cerreta and James Rotondo at Day Pitney.
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NY, NJ Regs Give Clarity To Cannabis Investors, Ancillaries
Proposed laws and regulations in New York and New Jersey would clarify some previously murky legal waters, thus expanding the ability of investors, lenders and ancillary service providers to work with marijuana business in these states, say David Waxman and Heidi Urness at McGlinchey Stafford.
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Despite Economic Ambiguity, Restructuring Still Strong In '23
Although the economy refuses to conform to any predictable script and public perception is middling at best, there's nothing confusing about restructuring activity in 2023, and it seems that restructurings will remain elevated at least through the end of the year and likely longer, says Michael Eisenband at FTI Consulting.