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Capital Markets

  • August 31, 2018

    CFTC Tells 9th Circ. Judge Botched Fraud Case Dismissal

    The Commodity Futures Trading Commission lambasted a California district judge on Thursday over his dismissal of a $290 million fraud case against metals brokerage Monex Credit Co., telling the Ninth Circuit that the judge’s ruling ignored Congress’ intentions, clear statutory text and plain-English interpretations.

  • August 31, 2018

    SEC Fines Mass. Investment Co. $1.9M For Ad Misstatements

    Massachusetts Financial Services, a Bay State investment manager, agreed Friday to fork over $1.9 million to settle allegations by the U.S. Securities and Exchange Commission that it touted hypothetical returns from its blended stock research ratings without disclosing that some of their superior performance came from back-testing models.

  • August 31, 2018

    Deals Rumor Mill: Meituan-Dianping, Lyft, Qualtrics

    Meituan-Dianping set a price range for its public offering between HK$60 ($7.64) to HK$72 per share, Lyft Inc. has reportedly hired initial public offering adviser Class V Group LLC, and private equity-backed Qualtrics LLC is gearing up for an initial public offering.

  • August 31, 2018

    Firm Can Get Fees Despite Receivership, Judge Says

    An Illinois federal judge on Friday granted a law firm's bid to collect $20,000 in retainer fees for work performed leading up to and during a hearing in which he ordered a receivership over a real estate investment company accused of running a Ponzi scheme, saying the firm’s request is fair and reasonable.

  • August 31, 2018

    SEC's Post-Lucia Case Rehearings Largely For Show

    By offering to rehear more than 100 cases brought before administrative law judges the U.S. Supreme Court determined were appointed unconstitutionally, the U.S. Securities and Exchange Commission is protecting itself against future challenges without necessarily altering the outcome of most disputes, experts say.

  • August 30, 2018

    Judge Denies Redo Motions By Convicted Wilmington Execs

    A Delaware federal judge on Thursday denied acquittal and new trial motions lodged by four former Wilmington Trust executives found guilty by a jury of securities fraud that stemmed from hundreds of millions of dollars in hidden real estate debt.

  • August 30, 2018

    Fed, FDIC Give 5 Firms More Time To Submit 'Living Wills'

    The Federal Reserve and the Federal Deposit Insurance Corp. said Thursday that they’re pushing back the deadlines for four major foreign banks and one nonbank to file their next round of "living wills" detailing how they can be speedily and safely wound down in the event of a crisis.

  • August 30, 2018

    3 Things You Need To Know About NY's Latest Cyber Regs

    Companies will need to destroy old data, safeguard their information reserves and retrace breaches using digital breadcrumbs as part of new rules taking effect Tuesday in New York state's first-of-its-kind cybersecurity regulation. Here, Law360 breaks down three key issues.

  • August 30, 2018

    Skadden Steers Moody's $278M Buy Of Real Estate Data Co.

    Moody’s Corp. said Thursday that it will scoop up leading U.S. commercial real estate data provider Reis Inc. to expand its analytics capabilities in a $278 million all-cash transaction guided by Skadden Arps Slate Meagher & Flom LLP and Fried Frank Harris Shriver & Jacobson LLP.

  • August 30, 2018

    Gay Dating App Grindr's Chinese Parent Co. Plans IPO

    The parent company of gay dating app Grindr Inc., Beijing Kunlun Wanwei Technology Co. Ltd., said on Thursday that it is contemplating taking the app public via an overseas listing, according to a filing on the Shenzen Stock Exchange.

  • August 30, 2018

    Private Equity Co. Commits $50M To Blockchain Businesses

    Private investment firm PIR Equities said Thursday that it is looking to embrace emerging technologies in its latest investment push, committing $50 million over the next 12 months to blockchain-focused businesses.

  • August 30, 2018

    Clayton's SEC Looks To Streamline Private Offering Rules

    Calling the current system of registration exemptions an "elaborate patchwork," U.S. Securities and Exchange Commission Chairman Jay Clayton said Wednesday that agency officials will develop a proposal to harmonize regulations for the rising number of private offerings not registered with the SEC.

  • August 30, 2018

    Tesla Hit With Stock-Drop Suit Over Privatization Tweets

    A proposed class of investors on Thursday filed suit against Tesla Inc. over tweets from CEO Elon Musk about potentially taking the company private, telling a California federal court that the automaker's stock price dropped precipitously after the U.S. Securities and Exchange Commission announced it was investigating Musk's statements.

  • August 29, 2018

    Insurer Cites Banks' Axed Forex Suit In Bid To Nix ERISA Row

    Great-West Life & Annuity Insurance Co. on Wednesday told the Tenth Circuit that a recent appellate court ruling that several major banks weren’t fiduciaries in an Employee Retirement Income Security Act suit supported the insurer’s win in a class action over how it distributed investment profits to 401(k) plan participants.

  • August 29, 2018

    Singapore, Dubai Regulators Forge Pact To Support Fintech

    Singapore and Dubai regulators on Wednesday signed an agreement to foster development of financial technology companies in both of their jurisdictions, marking the latest of several cross-border agreements among developing nations looking to lure emerging companies.

  • August 29, 2018

    BNP Paribas Fined $90M Over Alleged ISDAfix Rigging

    The U.S. Commodity Futures Trading Commission said Wednesday that BNP Paribas will pay a $90 million civil penalty to settle the agency's allegations that the bank attempted to manipulate the ISDAfix benchmark over a roughly five-year period to benefit its derivatives positions.

  • August 29, 2018

    Cloud-Based Storage Firm Cloudian Nabs $94M In Funding

    Silicon Valley-based data storage and management company Cloudian on Wednesday said its latest funding round took in $94 million from investors, more than doubling its funding total to date as the firm looks to improve its sales and marketing capabilities and grow its engineering team.

  • August 29, 2018

    WilmerHale Partner, Industry Vet Bring CFTC To Full Capacity

    The U.S. Senate confirmed late Tuesday the nominations of WilmerHale partner Dan Berkovitz and government relations consultant Dawn DeBerry Stump to join the Commodity Futures Trading Commission, positioning the derivatives regulator to operate at full capacity for the first time in four years.

  • August 29, 2018

    'World Computer' Project Raises $102M In VC Funding

    Dfinity Foundation, a blockchain-based cloud computing project that aims to become the “decentralized world computer,” said Wednesday that it has raised $102 million in funding from venture capital investors led by Andreessen Horowitz and Polychain Capital.

  • August 29, 2018

    SEC Sues Gambling Co. Exec For Fake IPO Claims, Theft

    The U.S. Securities and Exchange Commission on Tuesday sued a Carlyle Gaming and Entertainment Ltd. executive in New Jersey federal court for allegedly advertising a phony initial public offering and fraudulently misappropriating $3 million in investor funds for his personal use.

Expert Analysis

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • 3 Top E-Discovery Case Law Lessons Of 2018 (So Far)

    Casey Sullivan

    The blockbuster e-discovery cases, with big sanctions and bigger controversies, have been few and far between this year. But that doesn’t mean the legal questions around e-discovery have been answered. Let’s take a closer look at three cases worthy of our attention, says Casey Sullivan, an attorney at discovery technology provider Logikcull.

  • The 1st Judicial Finding That Digital Tokens Are Securities

    Deborah Meshulam

    A Florida magistrate judge's finding last month that tokens issued and sold by technology startup Centra Tech are investment contracts could serve as a road map for the evaluation of token sales in other cases, say attorneys with DLA Piper.

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • What To Expect From The FDIC’s New Chief

    Kristina Whittaker

    A takeaway from the few public statements available so far is that Jelena McWilliams, the Federal Deposit Insurance Corp.'s new chairwoman, has put forth an ambitious, pro-industry agenda that will require coordination among the banking regulators, say Kristina Whittaker and Neil Bloomfield of Moore & Van Allen PLLC.

  • Myths And Facts About Using TAR Across Borders

    John Tredennick

    Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.

  • 3 Key Defense Arguments For Post-Lucia SEC Proceedings

    Andrew Morris

    The U.S. Securities and Exchange Commission’s post-Lucia problems extend beyond the practical challenge of litigating cases for a second time. The U.S. Supreme Court's decision has also set up several concrete defense arguments for respondents in SEC administrative actions, say Andrew Morris and Ben Aiken of Orrick Herrrington & Sutcliffe LLP.

  • A Torrid Pace Of Securities Suit Filings In Year’s 1st Half

    Kevin LaCroix

    A significant number of the securities class actions filed in the first half of 2018 were merger objection lawsuits, but the number of traditional filings alone was well above historical levels. If this pace continues, 2018 filings would approach last year’s elevated total, says Kevin LaCroix of RT ProExec.

  • China Agritech's Positive Implications For Plaintiffs

    Serena Hallowell

    The U.S. Supreme Court’s reasoning in China Agritech v. Resh denies American Pipe tolling to successive class actions, but plaintiffs seeking to bring securities actions need not despair. Several aspects of the decision, and Justice Sonia Sotomayor’s concurrence, confirm plaintiffs’ rights in key areas, say attorneys with Labaton Sucharow LLP.