Capital Markets

  • November 17, 2017

    Treasury Advises FSOC Take 'New Approach' To Nonbanks

    The U.S. Department of the Treasury on Friday called for the Financial Stability Oversight Council to take a “new approach” to safeguarding the financial system, urging the Dodd-Frank Act-created panel to shift away from tagging nonbank financial firms for tougher regulatory scrutiny and instead take an industrywide view that looks at particular products and activities.

  • November 17, 2017

    VC-Backed Stitch Fix Ekes Gain After $120M IPO Prices Low

    Shares of venture-backed e-commerce startup Stitch Fix Inc. barely gained on Friday after pricing a downsized $120 million initial public offering, making it one of five issuers spanning the technology, real estate, banking and life science sectors to debut on public markets.

  • November 17, 2017

    Trader Wants SEC Attys DQ’d Over Alleged Privilege Breach

    A trading firm that the U.S. Securities and Exchange Commission sued for allegedly giving foreign fraudsters access to U.S. markets asked a federal court in Manhattan on Thursday to throw the SEC’s trial team off the case, saying it seems to have had access to privileged attorney-client emails for two whole years.

  • November 17, 2017

    Century Casinos Prices $30M Offering For Racetrack

    Century Casinos Inc. has priced a $30.2 million public offering to fund the construction of a new racetrack in the capital of Alberta, Canada, the company said Friday in a filing with the U.S. Securities and Exchange Commission.

  • November 17, 2017

    Legacy Raises $300M In IPO To Buy Consumer Co.

    Legacy Acquisition Corp., a blank check company led by former Procter & Gamble Co. executives and private equity veterans who aim to acquire a consumer-oriented company, listed shares Friday after raising $300 million through an initial public offering.

  • November 17, 2017

    3 Firms Guided Largest CMBS Loan In October

    Simpson Thacher & Bartlett LLP, Dechert LLP and Orrick Herrington & Sutcliffe LLP scored work on the largest commercial mortgage-backed securities loan in October, and that $955 million deal was one of numerous nine-figure loans that got done during the month.

  • November 16, 2017

    Big Banks Face Wider Treasury Auction-Fixing Suit

    A lawsuit accusing 20 of the biggest Wall Street banks of rigging the $13 trillion market for securities sold by the U.S. Department of the Treasury was expanded late Wednesday night with the filing of an amended complaint that alleges two interrelated conspiracies.

  • November 16, 2017

    You've Been Warned, SEC Head Says Of Cryptocoin Offerings

    Federal regulators have so-called initial coin offerings — cryptocurrency fundraising methods that have ballooned in popularity — squarely in their sights, the head of the U.S. Securities and Exchange Commission said Thursday.

  • November 16, 2017

    NantKwest Investor Sues Insiders Over Restatements

    A NantKwest shareholder filed a derivative suit Thursday against company insiders, saying the board knew the company was misrepresenting tens of millions of dollars in compensation but hid it from shareholders and continued to try to cover it up afterward.

  • November 16, 2017

    House Panel Approves Bill Lifting Reg A+ IPO Limit To $75M

    A House of Representatives panel approved a bill Wednesday that would raise the limit on so-called Reg A+ offerings from $50 million to $75 million, a proposal that some securities attorneys say could broaden the appeal of the novel capital-raising method if it becomes law.

  • November 16, 2017

    Deutsche Bank Takes Hunt For Billionaire Vik To Delaware

    Deutsche Bank extended its hunt to recover roughly $300 million owed from a judgment against Norwegian investor Alexander Vik to Delaware on Thursday, launching a Chancery Court lawsuit alleging that his offshore private equity firm used First State-organized companies to transfer funds beyond the bank’s reach.

  • November 16, 2017

    2 PE-Backed Cos. Unveil Secondary Offerings Worth $1B

    The market for secondary offerings was active Wednesday, with two private equity-backed companies — a window and door manufacturer and an industrial equipment company — announcing the pricing of secondary offerings that, combined, are worth just over $1 billion.

  • November 16, 2017

    $120M Barclays Deal Attys Reduce Fee Request By $8M

    Lawyers who sought 30 percent of a $120 million settlement they struck with Barclays PLC for investors who accused the bank of manipulating the London Interbank Offered Rate told a New York federal judge on Wednesday that they’d accept just 20 percent of the settlement pot for now after she raised questions about the payout.

  • November 16, 2017

    Avenue Capital $6M MagnaChip Fraud Deal Tossed Again

    A California federal judge on Thursday refused for the second time to grant preliminary approval to a $6.2 million deal between MagnaChip Corp.'s majority shareholder Avenue Capital and the semiconductor products maker's common stock investors who sued for an alleged fraud scheme in which Avenue sold its shares at inflated prices.

  • November 16, 2017

    Chinese Fintech Jianpu Raises $180M After IPO Prices Low

    Online financial planning platform Jianpu Technologies Inc. said Thursday it raised $180 million after pricing 22.5 million shares at $8 each — below its projected range of $8.50 to $10.50 — representing the latest Chinese financial technology firm to complete a U.S. IPO.

  • November 16, 2017

    PE-Backed MPM Delays $350M IPO, Citing Adverse Markets

    Private equity-backed silicone producer MPM Holdings Inc. withdrew an estimated $350 million initial public offering late Wednesday, citing adverse market conditions, becoming the second company this week to pull an IPO because of market jitters.

  • November 16, 2017

    Senate Confirms Otting As Comptroller Of The Currency

    The Senate approved Joseph Otting to lead the Office of the Comptroller of the Currency on Thursday, filling a key financial industry regulatory office in President Donald Trump’s administration.

  • November 16, 2017

    EU Regulator Trains Sights On Fund Performance Fees

    Europe’s securities watchdog said Thursday it will probe the performance fees charged by asset managers amid growing concerns that some practices are too secretive, leading to excessively high costs for investors.

  • November 15, 2017

    SEC’s Clayton Tightens Leash On Further Audit Trail Delays

    The chairman of the U.S. Securities and Exchange Commission this week showed he’s not afraid of crossing powerful interests on Wall Street when he denied a last-minute plea by the nation’s stock exchange operators to yet again delay the launch of the consolidated audit trail.

  • November 15, 2017

    Chinese Companies Inject Life Into US IPO Market

    A sudden surge in Chinese initial public offerings is spilling over to the U.S., providing a shot in the arm to the IPO market and keeping deals lawyers who work on China-related offerings busy.

Expert Analysis

  • Insider Trading After Martoma: Benefits Without Friends?

    Nathan Bull

    The Second Circuit's recent Martoma decision potentially expands the category of persons that, upon the disclosure of confidential information without pecuniary or tangible benefit, may constitute tippers or tippees subject to insider trading liability, say attorneys with Cadwalader Wickersham & Taft LLP.

  • What Libor Replacement Will Mean For Derivatives

    Mark Young

    The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Founders Find Leverage In Investors’ Short Memories

    Les Trachtman

    The only rationale for why the capital markets have succumbed to the trendy scheme of dual-class stock is that economist John Kenneth Galbraith was right — when it comes to financial markets, we do have short memories. History is littered with well-meaning founders and chief executives who succumbed to the seduction of wealth and power, says Les Trachtman, CEO of The Trachtman Group.

  • Ransomware Issues Too Often Lost In The Shuffle: Part 2

    John Reed Stark

    Notification responsibilities relating to a ransomware attack can become complicated and may not precisely align with other cybersecurity-related notification obligations and triggers, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • Ransomware Issues Too Often Lost In The Shuffle: Part 1

    John Reed Stark

    The U.S. Department of Justice and the Financial Crimes Enforcement Network are turning the tides on ransomware attackers and enablers who exploit the bitcoin ecosystem to anonymize the payments received by their victims. Anti-money laundering statutes and regulations are their preferred statutory weaponry, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • Blockchain Cos. Must Beware SEC Intervention Risks

    Herbert Kozlov

    The U.S. Securities and Exchange Commission recently suspended trading in securities of three public blockchain-related businesses in a period of just over two weeks, highlighting the fact that the spot market for digital tokens is no longer the “Wild West,” say attorneys with Reed Smith LLP.

  • How Collaboration Is Changing Inside Some Law Firms

    Chris Cartrett

    In our recent survey of business of law professionals, nearly half of respondents said that who they collaborate with, inside their law firm, is different from five years ago, says Chris Cartrett of legal software provider Aderant.

  • OCC Takes The Lead In Establishing Deregulatory Agenda

    V. Gerard Comizio

    Under acting Comptroller Keith A. Noreika, the Office of the Comptroller of the Currency has staked out a position as the first of the federal banking agencies to take substantial steps to implement a new financial deregulatory agenda. However, agency turf battles could begin to slow the pace, say V. Gerard Comizio and Nathan Brownback of Fried Frank Harris Shriver & Jacobson LLP.

  • SEC Continues Efforts To Facilitate Capital Formation

    Leslie Silverman

    The U.S. Securities and Exchange Commission’s recent guidance regarding what financial information companies can omit from draft registration statements they submit confidentially addresses a difficulty that commonly arises in preparing for an initial public offering, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Don't Want To Be The Next Kodak? Embrace Blockchain

    Dario de Martino

    The opportunities presented by blockchain and cryptocurrencies are exciting. But failure to understand these technologies may trigger a Kodak moment, and put successful companies at the mercy of those that quickly pivoted, say Dario de Martino and Spencer Klein of Morrison & Foerster LLP.