Capital Markets

  • May 8, 2018

    Titan Of The Plaintiffs Bar: Cohen Milstein's Steven Toll

    Cohen Milstein Sellers & Toll PLLC’s Steven Toll racked up a series of multimillion-dollar settlements in 2017, including a $175 million shareholder deal with BP over the Deepwater Horizon spill and $165 million in a mortgage-backed securities class action, landing him among Law360's 2018 Titans of the Plaintiffs Bar.

  • May 8, 2018

    UK Reinsurer Could Issue £100M In 1st ILS Under New Rules

    The U.K.’s state-backed terrorism reinsurer could issue a £100 million ($135 million) round of insurance-linked securities in 2019, a senior executive told Law360 on Tuesday, in a major test of new regulations devised to help Britain crack the lucrative trade.

  • May 7, 2018

    DOL Declines To Scrap Fiduciary Rule Despite Invalidation

    The U.S. Department of Labor announced on Monday that financial advisers are free to continue relying on its now-invalidated, Obama-era fiduciary rule for the time being, though they won't be penalized if they stop.

  • May 7, 2018

    Forex Fraudster Can't Stay CFTC Suit During Criminal Appeal

    A New York federal judge on Monday refused to pause the U.S. Commodity Futures Trading Commission's suit while a Long Island man imprisoned for running a foreign exchange scheme pursues a criminal appeal.

  • May 7, 2018

    SEC Republican Commissioner Michael Piwowar To Step Down

    Michael Piwowar, a Republican member of the five-person U.S. Securities and Exchange Commission, said Monday he will step down in July or earlier if his replacement is appointed and sworn in before then.

  • May 7, 2018

    Venture-Backed Tech Co. Pluralsight Launches $228M IPO

    Technology skills developer Pluralsight Inc. on Monday launched an estimated $227.7 million initial public offering, making it the latest so-called unicorn to go public in an IPO market that has become more receptive to venture-backed startups.

  • May 7, 2018

    Puerto Rico Finance Monitor Can't Duck Journos' Bid For Docs

    A Puerto Rico district court has ruled that the island’s federally appointed oversight board must turn over internal documents to journalists, a move that severely undermines the board’s claims of broad constitutional immunity and could open the door to future lawsuits against it.

  • May 7, 2018

    Ashurst Steers $4.1B Bond Deal For Record Real Estate Buy

    Ashurst represented investor consortium CHMT Peaceful Development Asia Property Ltd. in connection with its $4.1 billion issuance of bonds to finance the entity's recent acquisition of a Hong Kong tower for HK$40.2 billion ($5.1 billion), an amount Ashurst said Monday was the most ever paid for a single building.

  • May 7, 2018

    7th Circ. Says SEC Lacks Jurisdiction In Exchanges' Fee Fight

    The Seventh Circuit sided with the U.S. Securities and Exchange Commission on Monday in an appeal over unwarranted trading fees involving so-called market makers and exchanges, finding the agency doesn’t have jurisdiction over private-party petitions for damages involving alleged rule violations.

  • May 7, 2018

    Clifford Chance, Davis Polk Lead Good Doctor's $1.1B IPO

    Clifford Chance LLP and Davis Polk & Wardwell LLP played lead roles in advising online health care platform Ping An Good Doctor And Technology Co. Ltd.'s HK$8.8 billion ($1.1 billion) initial public offering on the Hong Kong Stock Exchange, the firms have announced.

  • May 7, 2018

    CFTC Pick Reports Earning Almost $1.2M At WilmerHale

    The co-chair of WilmerHale's futures and derivatives practice who was tapped for a spot in the U.S. Commodity Futures Trading Commission has filed a report with the U.S. Office of Government Ethics revealing he earned nearly $1.2 million at the law firm in 2017 and the first few months of this year.

  • May 7, 2018

    Dechert Beefs Up Finance Team With Ex-Kirkland Atty

    Dechert LLP said it has hired a former Kirkland & Ellis LLP partner whose practice areas include commercial real estate finance, asset-backed securities and derivatives, and fintech, further bolstering its global finance team.

  • May 7, 2018

    UK Forex Traders Must Face Rate-Rigging Charges In US

    Three London-based traders can't duck criminal charges in New York for allegedly scheming to manipulate foreign exchange benchmarks, a Manhattan federal judge said Friday, finding federal prosecutors had adequately tied the traders' activity to the U.S.

  • May 4, 2018

    Law360 Reveals Titans Of The Plaintiffs Bar

    They’ve gone up against big-name companies while advocating for plaintiffs ranging from grieving family members to shareholders and consumers in some of the biggest and most well-known cases of the past year.

  • May 4, 2018

    SEC Sues Over $3.8M In Insider Trades On Smithfield Merger

    The U.S. Securities and Exchange Commission accused a Thai national of using insider knowledge of Smithfield Foods Inc.'s 2013 sale to a Chinese food company to reap $3.8 million in trading profits in a complaint filed in Illinois federal court Friday.

  • May 4, 2018

    Pa. Broker Gets 5 Years For $2M Ponzi Scheme

    A Pennsylvania broker received a roughly five-year sentence at the low end of federal guidelines on Thursday after federal prosecutors and the U.S. Securities and Exchange Commission accused him in separate criminal and civil suits of running a $2 million Ponzi scheme for 25 years whose victims included the retired and elderly.

  • May 4, 2018

    5 Firms To Steer IPOs Exceeding $3.9B, Led By Axa Unit

    Five firms will guide initial public offerings projected to surpass $3.9 billion during the week of May 7, led by Axa Equitable Holdings Inc., the U.S. division of French insurance and asset management firm Axa SA, which could price the biggest U.S. IPO since 2014.

  • May 4, 2018

    5th Circ. Affirms Stanford Ponzi Victims' FINRA Loss

    The Fifth Circuit on Friday affirmed a lower court’s ruling confirming a Financial Industry Regulatory Authority arbitral panel’s award that cleared financial services provider Pershing LLC of liability for $80 million in damages sustained by victims of R. Allen Stanford’s Ponzi scheme.

  • May 4, 2018

    2nd Circ. Won't Revive Market Manipulation Suit Against Total

    The Second Circuit on Friday upheld the dismissal of a proposed class action claiming commodities traders were harmed by a Total SA unit’s alleged manipulation of U.S. natural gas markets, though unlike the lower court, the appeals court said the traders had standing to bring their suit.

  • May 4, 2018

    7th Circ. Axes Fannie Mae, Freddie Mac Shareholder Suit

    Two Fannie Mae and Freddie Mac shareholders who accused the Federal Housing Finance Agency and the U.S. Department of the Treasury of siphoning the companies’ profits into government coffers can’t revive their claims, the Seventh Circuit said on Thursday, finding that the two agencies had the statutory authority to do so.

Expert Analysis

  • Tax Reform’s Impact On Private Equity

    Sean Clancy

    The Tax Cuts and Jobs Act significantly changed income tax laws for individuals and business entities. Attorneys at Nixon Peabody LLP map out the provisions that will impact the private equity industry, including managers, investors and portfolio companies.

  • Rebuttal

    Crypto Developments Are Indeed Alarming

    John Reed Stark

    A recent rebuttal to our earlier Law360 guest columns asserts that cryptocurrency financiers are at no greater risk today than they have been over the last few years. But rarely in its 84-year history has the U.S. Securities and Exchange Commission been so explicit and so recurring in the public expression of its warnings and rebukes, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.

  • How Senate Bill Would Change Compliance For Midsize Banks

    Christopher Allen

    The U.S. Senate last month passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which makes modest reforms to the Dodd-Frank Act. Here, attorneys with Arnold & Porter look at the bill's notable provisions for community and midsized banks and the prospects for enactment.

  • The SEC Cyber Unit's First 6 Months, And What’s Ahead

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    The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • The Justices' Divergent Views On Class Action Tolling

    Steven Molo

    China Agritech v. Resh is an important U.S. Supreme Court case that will have significant repercussions for class actions of all kinds. During oral arguments, many of the justices' questions focused on the plaintiff diligence prerequisite for equitable tolling, say Steven Molo and Michelle Parthum of MoloLamken.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Rebuttal

    Crypto Developments Are Noteworthy, But Not Alarming

    Sarah Auchterlonie

    A recent Law360 guest article series highlighting three regulatory developments cautions cryptocurrency exchanges to be “prepared for relentless U.S. regulatory oversight,” but the specter of financial regulation should not be as frightening as the articles suggest, say Sarah Auchterlonie and Emily Garnett of Brownstein Hyatt Farber Schreck LLP.

  • Opinion

    Roman J. Israel, Esquire, Meet Donald J. Trump, POTUS

    Kevin Curnin

    Despite the Trump administration's desire to shut down the Legal Services Corp., thankfully the budget that Congress passed and the president signed into law last week has restored $410 million of funding to the legal aid organization. An unlikely brief for preserving LSC may be found in the quirky Denzel Washington film "Roman J. Israel, Esq.," says Kevin Curnin, immediate past president of the Association of Pro Bono Counsel.

  • Series

    After Cyan: A 'Problem' That Does Not Exist

    Adam Pulver

    Contrary to the hyperbole advanced by the defense bar, state courts are not flooded with frivolous securities lawsuits. And if there is a spike after the U.S. Supreme Court’s decision in Cyan v. Beaver County, there are likely other factors to blame, says Adam Pulver of the Public Citizen Litigation Group.

  • Opinion

    We Need A Cybersecurity Framework For Law Firms

    Shaun Jamison

    In order to enable lawyers to best meet cybersecurity challenges, state bars should pass rules that adopt a cybersecurity framework to be developed by a national committee, says Shaun Jamison, associate dean of faculty and professor at Purdue University's Concord Law School.