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Capital Markets

  • May 31, 2018

    FDIC, OCC Back Volcker Rule Reform Proposal

    The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have signed off on the package of proposed changes to the Volcker rule that were unveiled earlier this week by the Federal Reserve.

  • May 31, 2018

    JPML Eyes Sending VIX Suits To Ill. Despite Judge Shortage

    The Judicial Panel on Multidistrict Litigation seemed unmoved Thursday by a request from investors alleging an unlawful manipulation of the Chicago Board Options Exchange's volatility index to consolidate similar suits in New York rather than Illinois given the number of bench vacancies on Chicago federal court.

  • May 31, 2018

    Nine West Creditors Seek Probe Of Sycamore's $2.2B Buyout

    Unsecured creditors of Nine West Holdings Inc. filed bankruptcy court papers asking to launch an investigation into Sycamore Partners' 2014 takeover of the women’s shoe and apparel company, suggesting the $2.2 billion transaction may have enriched the private equity firm at the debtors’ expense.

  • May 31, 2018

    1 Firm Leaps Ahead In May As IPO Market Gathers Steam

    Latham & Watkins LLP steered eight initial public offerings in May, when counting representation of issuers and underwriters, more than any other firm in what was the busiest month for deals since January, and the pace shows no signs of softening in June.

  • May 31, 2018

    Deals Rumor Mill: Uber, Abraaj, European Medical Center

    Warren Buffett reportedly tried to invest $3 billion in Uber, Colony NorthStar has abandoned talks to buy a large stake in Emirati private equity firm Abraaj’s fund management unit, and European Medical Center is getting ready for a potential stock market listing.

  • May 31, 2018

    Blockchain Startup Paxos Wraps Up $65M Financing Round

    New York-based financial technology firm Paxos has capped off a round of fundraising intended to expand its operations at $65 million, the company announced Thursday, saying its total capital has now climbed to $93 million.

  • May 31, 2018

    Navillus Ch. 11 Plan Hinges On $176M Appeal In Union Fight

    Construction heavyweight Navillus Tile Inc. has unveiled a Chapter 11 restructuring plan premised almost entirely on winning a pending appeal in the Second Circuit, as the contractor seeks to fend off $176 million in union claims tied to the disastrous district court ruling that pushed Navillus into bankruptcy in the first place.

  • May 31, 2018

    Forex Dealer Knocks CFTC’s Call For $103M In Fraud Suit

    An Illinois man who went to prison and forfeited several million dollars for a fraudulent foreign exchange trading scheme panned an attempt Wednesday by the U.S. Commodity Futures Trading Commission to pile on an extra $103 million in disgorgement and penalties in a related civil suit, telling an Alabama federal judge the calculations are flawed.

  • May 30, 2018

    Fed Rolls Out Proposed Changes To Volcker Rule

    Banks could get some relief from the Volcker rule under a package of proposals unveiled by the Federal Reserve on Wednesday, kicking off the next phase of an interagency effort to pare back a key set of post-crisis restrictions on bank risk-taking that critics warn could threaten financial stability.

  • May 30, 2018

    3 Firms Accused Of Misconduct In Billable Hours Probe

    A special master appointed in a billing probe found misconduct on the part of the attorneys who led a $300 million class action settlement with State Street Corp. and recommended that a significant chunk of a $75 million fee award be returned, according to details revealed during a contentious hearing Wednesday in a Massachusetts courtroom.

  • May 30, 2018

    Relativity Media Lender Seeks To Dispel Ch. 11 Concerns

    The joint venture seeking to take over Relativity Media LLC sought Wednesday to assuage any fears that the bankrupt film studio’s Chapter 11 case is being run without consideration for other creditors, promising to engage openly with other parties and continue providing funding for the beleaguered company.

  • May 30, 2018

    Investors Spar For Lead In Mass. Bioscience Class Action

    One investor backed by Glancy Prongay & Murray LLP is competing with another represented by Levi & Korsinsky LLP in separate bids filed in Massachusetts federal court Tuesday to be named lead plaintiff in a proposed class action accusing a bioscience company of withholding information about the toxicity of its signature muscular dystrophy treatment ahead of its initial public offering.

  • May 30, 2018

    Dodd-Frank Rollback Also Expands Reg A+ Benefits

    The recent Dodd-Frank rollback, aimed mostly at curbing financial regulations, also relaxed certain capital-raising rules, including a restriction that bars public reporting companies from using so-called Reg A+ offerings, a change that experts said Wednesday could make it easier for small companies to raise money.

  • May 30, 2018

    BNP Paribas' $90M Forex Rigging Plea Deal OK'd

    A New York federal judge on Wednesday signed off on a plea deal in which BNP Paribas USA Inc. agreed to pay a $90 million fine for engaging in a foreign currency exchange rigging scheme, despite initially voicing concern about the agreement’s terms.

  • May 30, 2018

    PE-Backed Lansdcaper, Chinese Used-Car Platform File IPOs

    A private equity-backed landscaping company and a Chinese online used-car platform filed initial public offerings this week that could raise $1 billion combined, adding to the near-term IPO pipeline.

  • May 30, 2018

    Milbank Tweed Adds Dechert Structured Finance Atty

    Milbank Tweed Hadley & McCloy LLP has picked up a Dechert LLP partner for its structured finance and securitization group who specializes in collateralized loan obligations and is an expert on risk retention rules in the U.S. and the European Union, the firm announced last week.

  • May 30, 2018

    $409M ISDAfix Settlements OK'd With Atty Fees Undetermined

    A Manhattan federal judge gave final approval on Wednesday to $408.5 million in settlements with 10 banks accused of manipulating the global swaps and options benchmark ISDAfix, but the parties agreed to hold off on deciding how much of that would go to the lawyers.

  • May 30, 2018

    Nomura RMBS Trader Disputes Materiality Of SEC Fraud Suit

    A former Nomura Securities International trader told a Manhattan federal judge Wednesday that the U.S. Securities and Exchange Commission’s fraud case against him boils down to two alleged fibs representing a minuscule amount of money that is not material compared to the value of the multimillion-dollar mortgage bundles he sold.

  • May 30, 2018

    Barclays, HP Grapple With Fraud Payout After DOJ Declination

    The U.S. Department of Justice has given Barclays more time to negotiate with Hewlett-Packard Corp. over how much the bank should pay in restitution for a foreign currency exchange fraud on HP that the DOJ declined to prosecute, according to a document made public Wednesday.

  • May 30, 2018

    DOJ Won't Interview Ex-UK Official For Libor Trial

    The U.S. Department of Justice said Wednesday that it was dropping its contested attempt to interview a former British banking official ahead of a criminal fraud trial of two former Deutsche Bank traders accused of trying to rig the London Interbank Offered Rate, saying it had alternative evidence to prove the scheme. 

Expert Analysis

  • Opinion

    Attorney-Client Privilege Is Alive And Well

    Genie Harrison

    The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.

  • Roundup

    Dissolving Practice

    Dissolving Practice

    In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • What To Expect From The 2nd Criminal Spoofing Trial

    Jeffrey Brown

    Andre Flotron's upcoming criminal trial and the corresponding civil complaint demonstrate that regulators have the appetite to bring spoofing cases based largely on patterns observed in trade data. This data may be supplemented by the allegedly incriminating testimony of witnesses, say attorneys with Dechert LLP.

  • Series

    Dissolving Practice: Partner Agreement Clauses That Can Help

    ​​​​​Leslie Corwin

    Given the competing public policies of protecting clients’ right to counsel of their choice, lawyer mobility, and the fiduciary duty partners owe to a dissolved firm, it behooves law firms to carefully review their partnership agreements to make sure they adequately spell out what happens in the unfortunate event that the law firm chooses to wind down, say ​​​​​Leslie Corwin and Rachel Sims of Blank Rome LLP.

  • Series

    Dissolving Practice: The Unfinished Business Doctrine

    Thomas Rutledge

    There has been, of late, significant dispute as to the application of the unfinished business doctrine, particularly with respect to hourly rate matters of now-dissolved large law firms. And the California Supreme Court’s recent decision in Heller Ehrman, like others as to similar points, is highly questionable, says Thomas Rutledge of Stoll Keenon Ogden PLLC.

  • Senate Regulatory Relief Bill Would Benefit Community Banks

    Joan Guilfoyle

    The Dodd-Frank rollback bill recently passed by the Senate is not as sweeping as the House’s Financial Choice Act, but for community bankers, there are a number of provisions to like, says Joan Guilfoyle of Jones Walker LLP.

  • Antiquated FINRA Rules Stifle Small Co. Capital Formation

    Laura Anthony

    If OTC Markets' recently suggested changes to two Financial Industry Regulatory Authority over-the-counter rules are implemented, more small companies would access the public markets, better information would be made available to investors and the marketplace, and secondary market liquidity would improve, says Laura Anthony of Legal & Compliance LLC.

  • New SEC Case Bucks The Valuation Trend

    Jesse Morton

    The U.S. Securities and Exchange Commission investigation into Deer Park Road Management’s alleged practice of undervaluing assets has many wondering why the investment manager would want to undervalue its assets. In fact, there are several incentives for a fund manager to do so, say Jesse Morton and Matt Rogers of Stout Risius Ross LLC.

  • 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.