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Capital Markets

  • September 5, 2018

    CFTC Offers Alternative To Its International 'Overreach'

    The chairman of the top U.S. derivatives regulator wants to stop a yearslong practice of agency “overreach” with regard to the global swaps market, calling the Obama-era guidelines outdated now that other countries have established their own rules.

  • September 5, 2018

    Feds Ask 2nd Circ. To Revive Ex-Nomura Trader's Conviction

    Prosecutors asked the Second Circuit to reinstate a former Nomura Securities International Inc. bond trader's conviction, saying on Tuesday a Connecticut federal judge wrongly granted him a new trial by equating the case with the one against Jesse Litvak, another trader freed over misleading evidence.

  • September 5, 2018

    Senate Confirms Ex-Milbank Atty As SEC Commissioner

    The U.S. Senate on Wednesday confirmed a former Milbank Tweed Hadley & McCloy LLP corporate and securities law attorney nominated by President Donald Trump to a five-year term on the U.S. Securities and Exchange Commission by a vote of 85-14.

  • September 5, 2018

    'Toss-Up' If Ex-Goldman Banker Will Cop To Insider Trading

    Counsel for a former San Francisco-based Goldman Sachs investment banker accused of scheming with a South Korean friend to execute hundreds of illegal trades told a New York federal judge Wednesday his client may resolve the charges with a plea prior to a scheduled February trial.

  • September 5, 2018

    2nd Circ. Declines Class Cert. Review In $50B Libor Fight

    The Second Circuit on Tuesday declined a request by Bank of America Corp. and JPMorgan Chase to scrutinize Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by London Interbank Offered Rate rigging.

  • September 5, 2018

    Class Cert. Denied In $173M IPO Suit Amid Settlement Talks

    A New York federal judge on Tuesday denied a CPI Card Group Inc. investor's bid for class certification in a suit over the chip-enabled payment card’s $172.5 million initial public stock offering, a move that came less than a week after the two parties said they had reached an agreement in principle to settle the case.

  • September 5, 2018

    Chinese News Aggregator Sets Price Range For IPO

    Qutoutiao Inc. has set a price range for its upcoming initial public offering that the Simpson Thacher & Bartlett LLP-led Chinese news aggregator said could raise as much as $165.6 million, one of two companies to formally launch IPOs this week.

  • September 4, 2018

    Morgan Keegan To Pay Fairfax $20M Over Stock Price Claims

    Fairfax Financial Holdings Ltd. announced Tuesday that for $20 million it agreed to resolve claims it filed against Morgan Keegan & Co. in long-running litigation over an alleged stock market manipulation scheme to lower its share price, while noting its claims against other defendants remain.

  • September 4, 2018

    Momentive, Bondholders Spar Over Interest Rate At Trial's End

    Bankrupt silicone maker Momentive Performance Materials and two creditor groups on Tuesday finished their arguments in a New York bankruptcy court in a trial over whether there was a market for the cramdown notes the company issued in 2014.

  • September 4, 2018

    Keep Sale In $1.2B Venezuela Award Row Paused, Court Hears

    Things began heating up even more in Delaware federal court on Friday as bondholders and other interested parties sought to maintain a pause on the sale of Citgo Petroleum Corp.'s parent company, a means for Crystallex International Corp. to enforce its $1.2 billion judgment against Venezuela.

  • September 4, 2018

    Forex Traders Seek Details On DOJ Talks With Foreign Gov'ts

    Three London-based foreign currency exchange traders due to stand trial next month on antitrust charges for allegedly colluding to manipulate benchmark rates argued on Tuesday that prosecutors should turn over communications between the U.S. Department of Justice and foreign governments regarding potential charges against a cooperating witness.

  • September 4, 2018

    2 Investors Drop Claims In Volatility Index MDL In Ill.

    Two investors voluntarily dismissed themselves Friday from multidistrict litigation in Illinois federal court alleging manipulation of the Chicago Board Options Exchange's volatility index, or VIX.

  • September 4, 2018

    Greenberg Adds Capital Markets, M&A Ace In Denver

    Greenberg Traurig LLP has hired an attorney who previously worked on high-value deals at BakerHostetler and Kirkland & Ellis LLP, including the initial public offering of a specialty retailer that raised $128 million and a $655 million recapitalization of a shipping company, to join its growing corporate practice as a shareholder in Denver.

  • September 4, 2018

    Steel Dynamics Orders New $750M Share Repurchase

    Steel Dynamics Inc. said Tuesday that the Indiana-headquartered steel producer will repurchase up to $750 million worth of company shares, building off of recent successes from a prior repurchase round launched two years ago.

  • September 4, 2018

    2nd Circ. No Lock To Review Class Cert. In $50B Libor Fight

    Megabanks Bank of America and JPMorgan Chase asked the Second Circuit on Tuesday to examine Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by Libor rigging, but one appellate judge seemed reluctant to take the case out of the hands of the judge who crafted the complex decision.

  • September 4, 2018

    Comment Period Extended For Volcker Rule Changes

    Five federal financial regulatory agencies agreed on Tuesday to extend the comment period for a proposed amendment to simplify the Volcker Rule, which restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity funds.

  • August 31, 2018

    Nutter Adds 3rd Hinckley Allen Partner To Boston Team

    Nutter McClennen & Fish LLP has added three partners from rival Boston firm Hinckley Allen & Snyder LLP in under a year as it continues to expand its corporate and transactions department, with the latest hire coming aboard in the second half of August.

  • August 31, 2018

    $3.5B Forex Deal Was Legit, Ex-HSBC Exec Tells 2nd Circ.

    Former HSBC foreign currency exchange executive Mark Johnson on Thursday asked the Second Circuit to overturn his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, accusing the government of wrongly criminalizing an arm's-length transaction between two sophisticated parties.

  • August 31, 2018

    Dealmakers Expect 'Crowded' IPO Calendar After Labor Day

    As summer break fades into the rearview mirror, capital markets attorneys are looking ahead to a busy slate of initial public offerings in the coming days and weeks, eager to restart deals amid a robust outlook for IPOs.

  • August 31, 2018

    Snap Investors Suing Over IPO Statements Seek Cert.

    Investors accusing Snapchat parent Snap Inc. of misrepresenting user growth and engagement in documents that were related to its initial public offering asked a California federal court on Thursday for class certification.

Expert Analysis

  • Dodd-Frank Reform Brings Flexibility For Stock Compensation

    Stuart Gelfond

    In addition to reforming certain aspects of the Dodd-Frank Act, the recently signed Economic Growth, Regulatory Relief, and Consumer Protection Act also provides relief for issuers of stock-based compensation from certain disclosure burdens of the federal securities laws. Attorneys with Fried Frank Harris Shriver & Jacobson LLP look at how this new flexibility can benefit private companies.

  • Suddenly, ALJs Become Political Appointees

    Brian Casey

    Less than three weeks after the U.S. Supreme Court decided Lucia v. Securities and Exchange Commission, President Donald Trump signed an executive order applying the court’s rationale in Lucia to the hiring — and firing — of all administrative law judges in the federal government, making them entirely beholden to the heads of their agencies or the president for their jobs, says Brian Casey of Barnes & Thornburg LLP.

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • Lorenzo V. SEC: Will High Court Further Curtail Rule 10b-5?

    Roger Cooper

    In Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court will consider whether a misstatement claim that does not meet the elements set forth in the court’s 2011 Janus decision can be repackaged and pursued as a fraudulent scheme claim under Rule 10b-5. A number of possible outcomes present themselves, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • California Decision Distorts Bank Liability Under FIRREA

    Ben Singer

    A California federal judge recently concluded in United States v. Bogucki that any action by a bank employee that incurs potential liability for the bank triggers the Financial Institutions Reform, Recovery, and Enforcement Act. This renders unwieldy the scope of banks’ potential FIRREA exposure, says Ben Singer of O'Melveny & Myers LLP.

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • You're Hired! What Kavanaugh’s Nomination Means For SEC

    Brian Rubin

    A newly constituted U.S. Supreme Court, with the added intellectual firepower of Judge Brett Kavanaugh, could ultimately strike down many U.S. Securities and Exchange Commission rules and overturn enforcement actions through the dismantling of the Chevron doctrine, say attorneys with Eversheds Sutherland.

  • Recent Trends In Structuring CRE-CLOs

    Jason Schwartz

    Commercial real estate collateralized loan obligations are growing in popularity as a way to securitize mortgage loans. With careful tax planning, CRE-CLO structures can be powerful tools for securitizing pools of assets that are inappropriate for acquisition by a real estate mortgage investment conduit, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.