Capital Markets

  • November 29, 2017

    New Jersey REIT Reverse Mortgage Pulls $100M IPO

    Reverse Mortgage Investment Trust Inc., a New Jersey-based real estate investment trust that originates and services reverse mortgage loans, on Wednesday withdrew an estimated $100 million initial public offering that it filed in 2014, making it the latest issuer to delay or cancel an IPO. 

  • November 28, 2017

    Justices Push Back Against Wider Whistleblower Definition

    Several U.S. Supreme Court justices seemed inclined Tuesday to hew to a narrow definition of the term "whistleblower," an interpretation that could significantly limit the reach of anti-retaliation measures meant to protect whistleblowers under the Dodd-Frank Act.

  • November 28, 2017

    Justices Grapple With ‘Gibberish’ In State Securities Case

    The U.S. Supreme Court on Tuesday appeared to struggle with a question about whether Congress had intended to bar state courts from hearing certain types of securities class actions brought under federal law, leading two of the court’s conservative justices to bemoan the “gibberish” of the statutory language they were being asked to interpret.

  • November 28, 2017

    SEC Chair Says He Is Bracing For MiFID II Impact

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday said dealing with the looming overhaul of European securities regulations — the new Markets in Financial Instruments Directive — has come to dominate his work lately, and that managing the stateside impact of the changes could prove more important than other items on his regulatory agenda for next year.

  • November 28, 2017

    PE-Backed Consumer Lender Curo Launches $100M IPO

    Curo Group Holdings Corp., a private equity-backed lender targeting consumers who lack access to traditional credit, launched an estimated $100 million initial public offering on Tuesday, marking the fifth company to move forward on IPO plans this week.

  • November 28, 2017

    Ga. Exec Barred From Helming Public Cos. In Fraud Suit Deal

    A Georgia executive accused of defrauding investors in what was supposed to be a project to build a massive movie studio near Savannah has been barred from serving as an officer or director of a public company for five years as part of deals resolving the U.S. Securities and Exchange Commission’s claims against him and his company.

  • November 28, 2017

    PE-Backed Medpace Unveils 4M-Share Secondary Offering

    Private equity-backed contract research organization Medpace Holdings Inc. has proposed a secondary offering that would enable majority shareholder Cinven Capital Management to unload 4 million shares, potentially raising about $138.1 million based on the recent stock price.

  • November 28, 2017

    Deals Rumor Mill: Siemens Healthineers, Uber, Albea

    Siemens is leaning toward Frankfurt, Germany, for the initial public offering of its multibillion-dollar medical equipment business, SoftBank is leading a group of investors that will try to buy a sizable stake in Uber, and Sun Capital has received multiple offers for French packaging company Albea.

  • November 28, 2017

    Sinclair To Borrow $3.7B To Fund Tribune Acquisition

    Sinclair Broadcast Group Inc. said Monday it intends to borrow more than $3.7 billion to help fund its acquisition of Tribune Media Co., a contested deal that would create a media giant and is currently under review by the Federal Communications Commission.

  • November 27, 2017

    Top EU Court To Review ECB's Quantitative Easing Program

    The European Union's highest court will get another chance to review the legality of the European Central Bank's bond purchasing programs after Germany's top court again sought guidance on a challenge to the bloc's quantitative easing decisions.

  • November 27, 2017

    Justices To Weigh Curbing State Securities Class Actions

    The U.S. Supreme Court on Tuesday will consider whether federal law bars state courts from hearing certain securities class actions, but the business community’s hopes of restricting such access may hinge on convincing the most conservative justices to look past their preferred way of interpreting the law, lawyers said.

  • November 27, 2017

    RYB Faces Stock-Drop Suit Over Child Abuse Scandal

    Beijing-based educational services provider RYB Education Inc. was hit with a proposed investor class action in New York federal court on Monday, days after China's state-run news agency, Xinhua, reported that Beijing police are looking into allegations of child abuse at a kindergarten run by the company.

  • November 27, 2017

    Platform Specialty Closes $550M Senior Notes Offering

    Platform Specialty Products Corp. said Monday it has closed a $550 million senior note offering, with the proceeds to be used to redeem a November 2015 note offer following the specialty chemicals company’s announcement earlier this year that it will separate into two public companies.

  • November 27, 2017

    Globalworth Real Estate Plans To Raise $357M

    Globalworth Real Estate Investments Ltd. is planning to raise roughly €300 million ($357 million) through the sale of new ordinary shares, according to an announcement from the company on Monday.

  • November 27, 2017

    3 Life Sciences Cos., 1 Bank Launch IPOs Totaling $481M

    Three venture-backed life sciences companies and a California bank launched initial public offerings on Monday that could raise a combined $481 million, setting the stage for an upturn in deals following a Thanksgiving pause.

  • November 27, 2017

    Whistleblower Case Could Widen Into A Chevron Challenge

    Oral arguments set for Tuesday at the U.S. Supreme Court in a case focusing on the reach of whistleblower protections under the Dodd-Frank Act could also veer into the broader question of how much leeway regulatory agencies have in interpreting federal statutes.

  • November 27, 2017

    Deals Rumor Mill: Springer Nature, Ping An, Bezeq

    An educational publishing company could be valued at €5 billion ($5.95 billion) in its IPO, the flotation of a Chinese online health care and medical platform could raise as much as $1 billion, and at least four suitors are vying for a controlling stake in Bezeq Israel Telecom.

  • November 27, 2017

    Forex Broker Denied 2nd Chance At Tossing Chancery Suit

    A Delaware Chancery Court judge denied an attempt by the directors of foreign exchange broker FXCM Inc. to have their motion to dismiss a derivative suit reargued, saying Monday his earlier decision keeping some shareholder claims alive due to a perceived lack of independence of the board was not a misapplication of the law.

  • November 27, 2017

    Platinum Execs Charged In $1B Fraud Get 2018 Trial Date

    A Brooklyn federal judge on Monday set an October 2018 start date for the estimated two-month trial of Mark Nordlicht, the co-founder of hedge fund Platinum Partners, and six others accused of a $1 billion fraud.

  • November 27, 2017

    UK Real Estate Group Shelves IPO For Private Funding

    Real estate investor M7 Multi-Let REIT PLC said Friday it canceled plans for an estimated $400 million initial public offering on the London Stock Exchange and has opted instead to raise money privately, marking the latest of several pulled listings in the United Kingdom.

Expert Analysis

  • Revisiting The $50B Threshold For Stricter Bank Regs

    Satish Kini

    If the Dodd-Frank Act’s $50 billion asset threshold that triggers enhanced prudential standards for banks is revised, the federal banking agencies separately may feel compelled to revisit a range of other regulations and guidance that have used the $50 billion asset line, say attorneys with Debevoise & Plimpton LLP.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • SEC's Disclosure Proposal Is A Step In The Right Direction

    Nicolas Grabar

    Recently proposed changes to the U.S. Securities and Exchange Commission’s disclosure requirements could signal a trend to emphasize quality over quantity and principles-based rather than prescriptive rules, which would benefit U.S. public companies and investors alike, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • AML For Broker-Dealers: Takeaways From SEC Enforcement

    Jesse Morton

    The U.S. Securities and Exchange Commission recently started regularly using Rule 17a-8 under the Securities and Exchange Act as a tool to enforce anti-money laundering deficiencies with broker-dealers. These enforcement actions offer a number of key takeaways that may help broker-dealers enhance their AML compliance program, says Jesse Morton of Stout Risius Ross LLC.

  • The Evolution Of Regulators’ Views On Bitcoin ETFs

    Daniel Nathan

    Bitcoin has taken two significant steps toward legitimacy since the Winklevoss and SolidX exchange-traded fund applications were rejected by the U.S. Securities and Exchange Commission earlier this year. As bitcoin trading proliferates, it is likely that the SEC will change its stance and approve a bitcoin ETF, say attorneys with Morvillo LLP.

  • Financial Crisis Anniversary

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.

  • A Look At The New Qualified Financial Contracts Rule

    Rashmi Seth

    New regulations approved by the Federal Reserve and the Federal Deposit Insurance Corp. will fundamentally change the playing field for end users or buy-side counterparties that engage in certain types of financial agreements with the world’s largest financial institutions. Here, attorneys with Arnold & Porter Kaye Scholer LLP break down the issues that parties to qualified financial contracts should consider as the rules go into effect.

  • SEC Stakes Claim As Digital Currency Regulator

    Robert Khuzami

    The U.S. Securities and Exchange Commission's recent enforcement action against Maksim Zaslavskiy and his two companies firmly establishes the commission’s assertion of authority over digital currencies. But it is important to note that the SEC’s recent foray into digital currencies is not the first assertion of regulatory authority in this arena, say attorneys with Kirkland & Ellis LLP.

  • Lucia And The (Un)Constitutionality Of SEC Judges

    Thomas Potter III

    With a clear circuit split, unavoidable constitutional issues and both sides seeking review, it’s probable that the U.S. Supreme Court will take up the case of Raymond J. Lucia, which challenges the U.S. Securities and Exchange Commission's administrative proceedings. The court's decision, even if narrow, may resonate throughout the administrative state, says Thomas Potter III of Burr & Forman LLP.

  • CalPERS Suit Marks Another Loss For Multiclass Stock Plans

    Blair Nicholas_300.jpg

    The recent case of California Public Employees' Retirement System v. IAC/InterActiveCorp illustrates how institutional investors can use litigation to successfully protect their voting rights. Combined with recent pushback from the S&P, this case should make founders considering nonvoting stock issuances think twice, say attorneys with Bernstein Litowitz Berger & Grossmann LLP.