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Capital Markets

  • November 21, 2018

    Ex-Wells Fargo Forex Trader Can Be Deposed In Rigging Suit

    A former Wells Fargo trader will be deposed in a putative investor class action accusing several other big banks of rigging the foreign exchange market, despite the trader’s claims that he has no knowledge about the alleged activity at the heart of the suit, a New York federal judge ordered on Tuesday.

  • November 21, 2018

    Judge Asks For JPMorgan Response In Silver Trading Suit

    A New York federal judge Tuesday ordered JPMorgan Chase & Co. to provide its view of a request from traders accusing the bank of manipulating the silver futures market to re-depose three bank employees following a plea agreement and the government's bid to pause the case.

  • November 21, 2018

    Taiwanese Biotech Tops 3 IPOs Totaling $46M In Short Week

    A Taiwanese biotechnology company raised nearly $22 million after pricing a downsized U.S. initial public offering on Wednesday, represented by Cooley LLP and K&L Gates LLP, concluding an abbreviated Thanksgiving week that generated three small IPOs that raised $46 million total.

  • November 21, 2018

    Greenberg Traurig Leads 2 Blank-Check IPOs Totaling $300M

    A pair of blank-check companies guided by Greenberg Traurig LLP recently unveiled plans for initial public offerings, with each looking to raise $150 million to take over a yet-to-be determined business.

  • November 21, 2018

    US Bank Wants Out Of Trust Insurer’s Settlement Suit

    U.S. Bank National Association urged a New York federal court Tuesday to dismiss a suit over a “paltry” settlement the bank reached as trustee of mortgage-backed securities that were allegedly backed by bad Countrywide loans, saying any injury hinges on court approval of the deal.

  • November 21, 2018

    Deals Rumor Mill: Carlyle, Lumenis, Babytree Group

    Carlyle hopes to raise €1.3 billion for its fourth European technology fund, Xio Group plans to sell Israeli medical device maker Lumenis, and Alibaba-backed online parenting firm Babytree Group priced its initial public offering at the low end of its previously announced range.

  • November 20, 2018

    Revised Puerto Rico Sales Tax Plan Cleared For Creditor Vote

    A plan to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, will go to a creditor vote, the judge presiding over the U.S. territory’s bankruptcy-like proceedings ruled Tuesday, putting the agency on track to confirm its debt adjustment scheme by mid-January.

  • November 20, 2018

    $25.8M Ordered Returned To Defrauded Chinese Investors

    A California federal judge ordered a group of companies and two individuals Monday to pay back a total of $25.8 million the U.S. Securities and Exchange Commission said they fraudulently raised from Chinese investors looking to get green cards through the EB-5 visa program.

  • November 20, 2018

    OCC Says NY Still Jumping The Gun On Fintech Charter Suit

    No one has yet applied for or received a fintech charter from the Office of the Comptroller of the Currency, and that undercuts the latest attempt by New York’s financial services regulator to block the charter in court, counsel for the office told a Manhattan federal judge.

  • November 20, 2018

    Firm's Antitrust Claims Survive In Interest Rate Swaps MDL

    A New York federal judge on Tuesday denied a bid to dismiss fintech firm trueEX LLC’s antitrust claims against 11 banks that allegedly boycotted the firm’s interest rate swaps platform and funneled business to an exchange that they operated, finding the allegations mirrored others in the multidistrict litigation that were allowed to pass through.

  • November 20, 2018

    KKR, Bain Set Up $20M Fund For Workers Toys R Us Let Go

    Private equity giants KKR & Co. Inc. and Bain Capital LP announced Tuesday they have established a $20 million fund to provide severance pay for some of the more than 30,000 former employees of the bankrupt Toys R Us chain.

  • November 20, 2018

    David’s Bridal Gets Nod For $185M DIP In Del. Ch. 11

    A Delaware bankruptcy judge on Tuesday gave her nod to David's Bridal Inc.’s $185 million in post-petition financing in the bridal retail giant's prepackaged Chapter 11, which the company said was necessary to keep operations going as it heads into the busy season for dress orders.

  • November 20, 2018

    Cboe Says It Shouldn't Be Liable For VIX Manipulation

    Cboe Global Markets Inc. urged an Illinois federal court Monday to dismiss it from multidistrict litigation over alleged manipulation of the Chicago Board Options Exchange's volatility index, known as VIX, saying the role of overseeing exchanges falls to federal regulators.

  • November 20, 2018

    Latham Leads PE-Backed Canadian Casino Operator's IPO

    Private-equity backed Gateway Casinos & Entertainment Limited on Tuesday filed a preliminary $100 million initial public offering that will enable existing shareholders to trim their stakes in the western Canadian casino operator, which is represented by Latham & Watkins LLP.

  • November 20, 2018

    Minority Investor Fights Crypto 'Miners' Purchasers' Cert. Bid

    The last remaining defendant in a suit accusing GAW Miners LLC and ZenMiner LLC of defrauding thousands of customers nationwide through a Ponzi scheme involving the sale of "miners" of virtual currency has told a Connecticut federal judge the case is "riddled" with issues that preclude class certification.

  • November 20, 2018

    Altice Slammed With Stock-Drop Suit After $2.2B IPO

    A putative class of investors filed a complaint in New York federal court on Monday alleging that cable television provider Altice USA Inc. misled them in the lead-up to the company’s $2.2 billion initial public offering before the stock plunged 43 percent.

  • November 19, 2018

    High Court Won't Review 9th Circ. BofA Preemption Ruling

    The U.S. Supreme Court declined Monday to review a Ninth Circuit ruling that held a California state mortgage escrow interest law is not preempted by the National Bank Act, turning back Bank of America’s bid to overturn a decision that it said will create “significant uncertainty” about whether other state laws apply to national banks.

  • November 19, 2018

    Spoofing Is Not Fraud, Ex-Merrill Lynch Traders Say

    Two former Merrill Lynch traders who were indicted this summer on allegations that they ran a yearslong scheme to "spoof" the precious metals futures market told an Illinois federal judge on Friday that the government’s case rests on the “fallacy” that spoofing is a form of fraud.

  • November 19, 2018

    SEC's Whistleblower Program Hits Its Stride In 2018

    The momentum behind the U.S. Securities and Exchange Commission's whistleblower program continued to build in 2018, culminating in the agency handing out more awards this year than all other years of the program combined.

  • November 19, 2018

    Sears Gets Go-Ahead For $90M Internal Debt Sale

    A New York bankruptcy court judge on Monday gave Sears permission to sell $900 million in internal debt after the retail giant and an objecting creditor said they had settled their differences about the proposal.

Expert Analysis

  • Do VPNs Spell Market Manipulation For Crypto Exchanges?

    Richard Malish

    Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • What New Bank Charters Mean For Fintech

    Mark Nuccio

    The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.

  • Kavanaugh Cannot Be Compelled To Recuse Himself

    Donald Scarinci

    Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Identifying Investment Contracts, From Chinchillas To Crypto

    Rikard Lundberg

    Because of the broad reach of the Howey test, investment contracts can arise in essentially any circumstance. Three recent enforcement actions illustrate the pitfalls of failing to identify an investment venture as involving the sale of securities, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • Can Defrauded Crypto Investors Hope To Recover Anything?

    Brett Theisen

    While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.

  • Opinion

    Skip The New 'Civility Courses' And Think Like A Lawyer

    Alex Dimitrief

    As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.

  • A New Normal In Commodity Derivatives Enforcement Actions

    Brian Daly

    The U.S. Commodity Futures Trading Commission last year outlined a new enforcement initiative that focused on cooperation with other state, federal and international authorities. The fruits of this initiative became evident in the last three weeks of the CFTC’s 2018 fiscal year, say Brian Daly and Jacob Preiserowicz of Schulte Roth & Zabel LLP.