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Capital Markets
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April 14, 2025
SEC Clears Green Impact Exchange To Enter Market In 2026
The U.S. Securities and Exchange Commission on Monday cleared a proposal by Green Impact Exchange to launch the first sustainability focused national securities exchange, scheduled to begin operating in 2026.
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April 14, 2025
Chinese Fintech Says Investors' IPO Suit Still Misses The Mark
Chinese fintech 9F Inc. pushed back on the third version of a complaint filed by its investors, saying the shareholders still fail to address their lack of standing for its claims that 9F violated securities laws by not disclosing an "illegal arrangement" it allegedly had with an insurance firm.
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April 14, 2025
Crypto Firm DCG Can't Dodge NY AG Suit Over Genesis Woes
Crypto venture capital firm Digital Currency Group must face the bulk of the New York attorney general's claims it defrauded investors by hiding the dire financial condition of its bankrupt lending subsidiary Genesis Global, a New York state judge has ruled.
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April 14, 2025
BigBear AI Faces Suit Over Accounting Of Convertible Notes
Artificial intelligence-driven management solutions company BigBear.ai Holdings Inc. has been hit with a proposed shareholder class action alleging it concealed weaknesses in its internal financial controls, causing it to restate three years of financial filings and adjust the conversion rates of previously issued notes.
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April 14, 2025
Real Estate-Focused SPAC Prepares For $200M IPO
Special purpose acquisition company Timber Road Acquisition Corp. filed documents on Monday that outlined its plans for a $200 million initial public offering in search of merger targets in real estate and consumer industries, with Reed Smith LLP representing the company and Loeb & Loeb LLP as counsel for an underwriter.
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April 14, 2025
Morgan Stanley Raises $2.3B For 3rd Co-Investment Fund
Morgan Stanley Investment Management said Monday it has closed its third dedicated private equity co-investment fund at its hard cap of about $2.3 billion, underscoring investor demand for direct exposure to deals alongside leading buyout firms.
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April 14, 2025
Wilson Sonsini, Kirkland Lead $2.5B Driverless Truck Biz Deal
Wilson Sonsini Goodrich & Rosati PC-steered Kodiak Robotics, a firm valued at $2.5 billion that specializes in driverless truck technology, said Monday it plans to go public later this year by merging with blank-check company Ares Acquisition Corp. II, which is being represented by Kirkland & Ellis LLP.
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April 14, 2025
Estonians Flag 'Disturbing' Deportation Threat In Fraud Case
Two Estonian men who pled guilty in a case alleging they ran a $577 million cryptocurrency fraud scheme told a Washington federal judge they each received emails from the U.S. Department of Homeland Security telling them to leave the country despite being under court order to remain in the U.S.
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April 14, 2025
3 Firms Guide $3.1B KKR Purchase Of S&P, CME Trading Unit
KKR has agreed to acquire post-trade solutions provider OSTTRA from Davis Polk-led S&P Global and Skadden-advised CME Group for $3.1 billion, with Simpson Thacher guiding the private equity giant on the deal, the companies said Monday.
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April 11, 2025
SEC Digs Into Policing Crypto Trading At Roundtable
The U.S. Securities and Exchange Commission's acting chairman said Friday the agency should consider granting temporary regulatory relief for crypto firms while the agency crafts long-term solutions to oversee digital asset markets, one of many ideas discussed during a roundtable on tailoring regulation to crypto trading.
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April 11, 2025
Investors Claim $43M Fraud By Miami Adviser's Firms
More than three dozen investors have sued the companies connected to a former financial adviser in Miami state court over claims of fraud, alleging he squandered nearly $43 million to enrich himself and fund a Ponzi-like scheme.
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April 11, 2025
Tether-Backed Crypto Co. Can't Duck Swan's Trade Secrets Suit
A California federal judge has ruled that an entity backed by cryptocurrency Tether can't escape a trade secrets suit from crypto trading firm Swan Bitcoin, which claims the entity reneged on a commitment to provide financing for a bitcoin mining deal and induced Swan employees to quit and steal the firm's proprietary information.
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April 11, 2025
SEC Taps 2 Agency Staffers For Senior Enforcement Roles
The former director of the U.S. Securities and Exchange Commission's Philadelphia office has been promoted to overseeing the agency's trial team while an adviser to acting SEC Chair Mark Uyeda has been given the role of associate director of enforcement, according to a pair of recent announcements.
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April 11, 2025
Tariff Reprieve Offers Little Comfort For Venture-Backed IPOs
President Donald Trump's move to pause most tariff threats is not reassuring venture-backed startups eyeing public listings, many of which will likely postpone initial public offerings for at least another quarter or until shaky market conditions stabilize, a new report concludes.
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April 11, 2025
GM Execs Want Out Of Cruise Securities Fraud Suit
General Motors executives told a Michigan federal judge that they don't belong in a securities fraud class action targeting GM's self-driving vehicle unit Cruise LLC after the lawsuit's scope was narrowed to focus on Cruise leaders' statements.
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April 11, 2025
Software Co. Freshworks Scores Early Win In IPO Suit
Software company Freshworks Inc. has gotten an early win on proposed investor class action claims that it failed to disclose decelerating revenue and billings growth as it went public in 2021.
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April 11, 2025
SEC, Ripple Put 2nd Circ. Case On Ice To Confirm Resolution
Blockchain firm Ripple Labs and the U.S. Securities and Exchange Commission told the Second Circuit to put their respective appeals on ice as they seek commission approval for an agreement to end the landmark enforcement action.
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April 11, 2025
NFT Owner Admits To Dodging Tax On Crypto Art Sales
A Pennsylvania man pled guilty to filing false tax returns and underreporting his income by $13.1 million after selling 97 nonfungible token artworks, federal prosecutors said Friday.
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April 11, 2025
Did DOJ Bless A Crypto Free-For-All? Think Again, Attys Say
The Justice Department's move to scale back cryptocurrency enforcement and dissolve its crypto fraud investigations unit isn't exactly a "get-out-of-jail-free card" for industry players who commit crimes using digital assets, experts say.
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April 11, 2025
Taxation With Representation: Norton Rose, Ropes & Gray
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime brokerage platform Hidden Road, and Bain Capital takes a stake in Lincoln Financial.
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April 10, 2025
2nd Circ. Says Investor Can't Join $250M Sri Lanka Bond Suit
The Second Circuit on Thursday held that a U.S.-based investor can't intervene in a lawsuit between the Sri Lankan government and Hamilton Reserve Bank over more than $250 million in foreign bonds, finding that the investor failed to show how his property interest in the bonds overlapped with the bank's claims.
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April 10, 2025
Senate Dems Press Fed's Bowman On Political Independence
President Donald Trump's pick for Federal Reserve supervision czar told senators on Thursday that the central bank should have independence to set monetary policy, but she declined to say whether its regulatory policy should be subject to White House review.
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April 10, 2025
Grayscale Settles Bitcoin Rival's Conn. Biz Interference Suit
Cryptocurrency firm Osprey Funds LLC and its larger digital asset management rival Grayscale Investments LLC have agreed to settle a lawsuit over the transition of a Grayscale bitcoin investment trust into an exchange-traded fund, or ETF.
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April 10, 2025
SEC Urged To Look At FINRA's 'Unprecedented' Review Delay
Shareholders of Entrex Carbon Market Inc. have urged the U.S. Securities and Exchange Commission to review what they say is the Financial Industry Regulatory Authority's harmful failure to act on the carbon offset trading platform's requests for a name change and approval of stock splits.
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April 10, 2025
YouTuber Defends Calling Logan Paul Crypto Project A 'Scam'
A YouTuber who called social media personality Logan Paul's failed crypto project a "scam" objected to a magistrate judge's recommendation to keep Paul's defamation claims in play, arguing the word has no objective definition.
Expert Analysis
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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Takeaways From SEC's Mixed Results In '24 Crypto Litigation
Though the U.S. Securities and Exchange Commission's new leadership seems likely to create a more favorable cryptocurrency regulatory environment, it must also confront the consequences of, and lingering questions raised by, the SEC's 2024 policy of investigating and charging cryptocurrency trading platforms for operating unregistered exchanges, say attorneys at Dechert.
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Series
In The CFPB Playbook: A Sprint To The Finish Line
The fourth quarter of 2024 was an impressive demonstration of the Consumer Financial Protection Bureau's ability to regulate, enforce and supervise, even on borrowed time following the election results, and we should expect the current bureau to run nonstop until Jan. 20, say attorneys at Covington.
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Predicting What's Next For SEC By Looking At Past Dissents
While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
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Exploring Venue Strategy For Trump-Era Regulatory Litigation
Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
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What 2024's Noncompete Turmoil Means For Banks In 2025
A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
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New Year, New Risks: 8 Top Cyber Issues For Finance In 2025
As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
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5th Circ.'s Nasdaq Ruling Another Piece In DEI Policy Puzzle
The Fifth Circuit's recent en banc opinion vacating Nasdaq's board diversity listing rule wades into the hotly debated topic of diversity, equity and inclusion initiatives at a time when many public companies are navigating the attention that DEI commitments are drawing from activists and shareholders, say attorneys at Debevoise.
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Series
Playing Esports Makes Me A Better Lawyer
Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
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The 6 Most Significant FCRA Litigation Developments Of 2024
From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.