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Capital Markets

  • September 11, 2018

    Digital Token Seller Can't Slip Securities Fraud Charges

    A Brooklyn federal judge on Tuesday rejected an alleged fraudster's argument that he couldn't be charged with securities fraud because the digital tokens he sold were not securities, saying only a jury can resolve that question and clearing the way for prosecutors to press forward to trial.

  • September 11, 2018

    Skadden, Levi & Korsinsky Named Busiest Securities Firms

    This year is on track to be one of the busiest for federal securities litigation, with Levi & Korsinsky LLP filing the most federal securities cases during a recent 18-month period and Skadden Arps Slate Meagher & Flom LLP topping the list on the defense side, according to a report released Tuesday.

  • September 10, 2018

    Israeli Sales Exec. Can't Dodge Binary Options Fraud Case

    A Maryland federal judge on Monday denied a bid to dismiss an indictment accusing the CEO of an Israeli sales and marketing company of participating in a conspiracy to defraud U.S.-based investors in “binary options,” saying the government adequately stated its claims and is not improperly prosecuting extraterritorial conduct.

  • September 10, 2018

    Can BigLaw Avoid Another Associate Purge?

    The legal industry has shown some caution in rebuilding its pool of associates after the dramatic layoffs of thousands during the last recession. But have firms done enough to survive the next?

  • September 10, 2018

    SEC Accuses 2 Brokers Of $4.6M Excessive Trading Frauds

    The U.S. Securities and Exchange Commission filed separate lawsuits in New York federal court on Friday against two broker-dealers who allegedly took in a combined $4.6 million through fraudulent schemes involving excessive, high-frequency trading.

  • September 10, 2018

    Deals Rumor Mill: Volvo Cars, EQT Partners, SABIC

    Volvo Cars has reportedly put its plans to go public in Stockholm on hold indefinitely, EQT Partners is mulling going public, and the Public Investment Fund of Saudi Arabia has tapped Bank of America Merrill Lynch, Goldman Sachs and M. Klein & Co. related to a SABIC stake sale.

  • September 10, 2018

    Forex Group Backs Ex-HSBC Exec, Says $3.5B Deal Was Fair

    A leading foreign currency exchange trade group has come out in support of former HSBC executive Mark Johnson's bid to overturn his conviction for defrauding Cairn Energy PLC in a $3.5 billion transaction, calling it an industry-standard deal that the banker had no reason to believe was illicit.

  • September 10, 2018

    Texas Oil Co., Okla. Bank Launch IPOs Of $170M

    Remora Royalties Inc., which owns mineral and royalty interests in oil and gas properties, and Oklahoma-based Bank7 Corp. on Monday launched initial public offerings estimated to raise a combined $170 million, adding to a packed calendar of IPOs scheduled to price next week.

  • September 10, 2018

    SEC Settles With Ex-Nomura RMBS Trading Head

    The U.S. Securities and Exchange Commission on Friday told a New York federal judge it had reached a settlement with a former managing director of Nomura Securities International Inc., resolving allegations that he had participated in a $7 million residential mortgage-backed securities fraud.

  • September 10, 2018

    NY Approves USD-Linked 'Stablecoin' For Digital Exchange

    The New York State Department of Financial Services on Monday said it has authorized digital asset exchange services Gemini Trust Co. LLC and Paxos Trust Co. LLC to offer a price-stable cryptocurrency that is linked to the U.S. dollar.

  • September 10, 2018

    Litigation Funder Vannin Capital Plans $91M IPO

    Litigation funder Vannin Capital on Monday unveiled plans to float on the London Stock Exchange in a £70 million ($91.2 million) initial public offering, the same day it announced that a former Allen & Overy LLP senior partner has joined the firm as its newest chairman.

  • September 10, 2018

    ISDA Calls For Reforms To Derivatives Clearing Mandates

    The International Swaps and Derivatives Association urged global regulators on Monday to introduce more flexibility to clearing rules and improve the capacity of the market as part of their efforts to incentivize the central clearing of over-the-counter derivatives.

  • September 7, 2018

    Measuring The Recession’s Toll On The Legal Industry

    For starting attorneys, the financial crisis casts a long shadow, even though the worst is past. Here’s our breakdown of the data showing its impact and where the industry’s headed.

  • September 7, 2018

    Too Small To Fail?

    It’s been almost 10 years since Lehman Brothers collapsed — kicking off a global recession and putting two Skadden partners on a path to building a firm that would weather the storm. Here's how upstarts and their larger rivals are positioning themselves for the next downturn.

  • September 7, 2018

    Ex-Teva Head Accused Of Role In $27M Pump-And-Dump Scheme

    A former chairman of Teva Pharmaceutical Industries Ltd. as well as a blockchain company's CEO and its biggest investor were sued by the U.S. Securities and Exchange Commission in New York federal court on allegations they masterminded a $27 million pump-and-dump scheme.

  • September 7, 2018

    Experts See Costs Of 'Tick-Size' Pilot Outweighing Benefits

    The U.S. Securities and Exchange Commission’s two-year pilot program that increased the minimum trading increments of certain stocks to nickels from pennies could cost investors an estimated $350 million, but is widely seen as having little if any positive impact on trades of smaller companies.

  • September 7, 2018

    CFPB Moves Toward Revising 'Disclosure Sandbox' Policy

    The U.S. Consumer Financial Protection Bureau said on Friday that it intends to submit a proposed policy revision in Monday’s Federal Register regarding the "disclosure sandbox," a subsection of the Dodd-Frank reforms that allows corporations to try out new disclosure policies regarding consumer financial products and services in order to streamline existing disclosure policies.

  • September 7, 2018

    Pipe Giant Tops 3 IPO Launches Surpassing $1B Combined

    Pipe giant Zekelman Industries Inc. set pricing terms for an initial public offering estimated to raise $752 million on Friday, representing the largest deal among three companies that formally launched IPOs expected to surpass $1 billion in combined proceeds.

  • September 7, 2018

    Norwegian Oil Co. Gears Up For IPO, $13M Private Placement

    Okea AS, a Norwegian oil and gas production and development company, said Friday it is planning an initial public offering within 12 months and is contemplating a NOK110 million ($13 million) private placement of new shares.

  • September 7, 2018

    2 Blank-Check IPOs Raise $975M To Pursue Acquisitions

    Churchill Capital Corp. priced an upsized $600 million initial public offering on Thursday to help fund a potential acquisition of a data or analytics business, topping another blank-check company that priced its own $375 million IPO this week, bringing the combined total of the deals to $975 million.

Expert Analysis

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • 2 Strikes And You’re Out: The Litvak Saga Comes To An End

    Joon Kim

    The U.S. Attorney’s Office for the District of Connecticut, following reversals of two prior convictions, has moved to dismiss its remaining securities fraud claim against bond trader Jesse Litvak. While it can be difficult to prove misstatements are material as a matter of law, the government's move is certainly not a death knell for similarly grounded fraud charges, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    Clerking For Ginsburg: 4 RBG Lessons On Having It All

    Rachel Wainer Apter

    Justice Ruth Bader Ginsburg is everything she is cracked up to be​ — f​eminist icon​, brilliant jurist​, fierce dissenter. She is also an incredible boss, mentor and friend.​ ​Her advice has shaped how I have tried to balance building a career and ​raising children, says Rachel Wainer Apter, counsel to the New Jersey attorney general.

  • Jobs Act 3.0 May End Dodd-Frank Repeal Efforts

    Lai King Lam

    If Jobs Act 3.0 is signed into law, it will reflect the GOP’s pivot away from the wholesale repeal of Dodd-Frank and its embrace of a piecemeal strategy to chip away at the 2010 law. Though capital formation is the headliner of Jobs Act 3.0, this bill does contain a few Dodd-Frank reform measures that have been overlooked in most news coverage but are worth highlighting, says Lai King Lam of McGuireWoods Consulting LLC.

  • Series

    Clerking For Ginsburg: How To Play The Long Game

    Arun Subramanian

    One of us was a clerk when Justice Ruth Bader Ginsburg read her Ledbetter dissent from the bench, inviting Congress to act, and the other clerked a few years later, when RBG's prominently displayed copy of the Lilly Ledbetter Fair Pay Act served as a daily reminder that dissents are not just for show, say Arun Subramanian and Mark Musico of Susman Godfrey LLP.

  • Inside The Latest Congressional Hearing On Crypto

    Todd Friedman

    Following a July hearing by the House Committee on Agriculture on the regulation of cryptocurrencies and blockchain technology, Todd Friedman of Silver Miller recaps the views of various stakeholders — from the former head of JPMorgan's blockchain program to a former chairman of the U.S. Commodity Futures Trading Commission.

  • Series

    Clerking For Ginsburg: In Pursuit Of Precision

    Trevor Morrison

    As clerks for Justice Ruth Bader Ginsburg, we learned early on that, when preparing a memorandum or draft opinion, it was essential to present any opposing argument in its strongest possible light. There is a lesson here for today's public debates, says Trevor Morrison, dean of NYU Law School.

  • Opinion

    Judges Shouldn't Force Attorneys On Absent Class Members

    J.B. Heaton

    U.S. District Judge Manish Shah of the Northern District of Illinois recently said he will consider lead firms’ willingness to put young and diverse attorneys in positions to take substantive roles in the multidistrict litigation he is overseeing. This is an improper use of judicial power, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • How Kavanaugh’s Nomination Affects Financial Institutions

    Lewis Wiener

    The confirmation of Judge Brett Kavanaugh to the U.S. Supreme Court will likely result in further solidification of the current administration's limited regulatory approach and represent a more pronounced shift toward supporting the decisions of financial institutions in conducting business, say attorneys with Eversheds Sutherland.

  • Series

    Clerking For Ginsburg: My RBG Guide To Judging

    Goodwin Liu

    I clerked for Justice Ruth Bader Ginsburg before the days of RBG bobbleheads and “You Can’t Spell Truth Without Ruth” T-shirts. I had no idea I would become a judge, and I feel lucky every day that I had the chance to learn from her, says California Supreme Court Justice Goodwin Liu.