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Capital Markets
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April 15, 2025
Ares Nabs Stake In Legal Asset-Focused PE Fund For $203M
Litigation funder Omni Bridgeway, advised by DLA Piper, on Tuesday announced that major private equity firm Ares Management Corp., led by Clifford Chance LLP, has acquired a majority stake in its ninth continuation fund for approximately AU$320 million ($203 million) in cash.
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April 15, 2025
Cooley Advises Cell Therapy Biz On London Market Exit
MaxCyte Inc. said Tuesday that it plans to quit the junior Alternative Investment Market in London — but will continue to list on the Nasdaq in New York where a large chunk of the cell therapy engineer's shares are traded.
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April 14, 2025
SEC Won't Revisit WhatsApp Settlements With 16 Firms
A divided U.S. Securities and Exchange Commission refused Monday to redo settlements it inked with 16 financial firms over their failure to keep records of so-called off-channel communications, finding the "settlor's remorse" the firms are suffering because others received better terms is not reason enough to modify their deals.
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April 14, 2025
Coinbase Wants 3rd Circ. To Look At Share Traceability Ruling
Coinbase has asked a New Jersey federal judge to let the Third Circuit immediately review the court's decision to allow an investor class action to proceed, saying it runs contrary to Fifth and Ninth circuit rulings concerning the traceability of share purchases, particularly in companies like Coinbase that went public via a so-called direct listing.
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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.
Expert Analysis
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How Cos. Can Prepare Now For SEC E-Filing System Changes
The U.S. Securities and Exchange Commission's amendments to the Electronic Data Gathering, Analysis and Retrieval system are designed to improve access to and management of EDGAR accounts, and with the March 24 effective date fast approaching, and the transition requiring significant coordination, companies should begin planning now, say attorneys at Debevoise.
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The Tides Are Changing For Fair Access Banking Laws
The landscape of fair access banking laws, which seek to prevent banks from denying services based on individuals' ideological beliefs, has shifted in the last few years, but a new presidential administration provides renewed momentum for advancing such legislation against the backdrop of state efforts, say attorneys at Latham.
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Imagine The Possibilities Of Openly Autistic Lawyering
Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.
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Kiromic SEC Order Shows Importance Of Self-Reporting
The U.S. Securities and Exchange Commission's recently filed settled charges against Kiromic BioPharma illustrate the critical intersection between U.S. Food and Drug Administration regulatory processes and investor disclosures under the securities laws, and showcase how responding promptly to internal whistleblower reports may reap benefits, say attorneys at Arnold & Porter.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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Understanding Risks Of Celebrities 'Hawking' Crypto Tokens
Prominent social media personality Haliey Welch was recently sued over the promotion and sale of the Hawk Tuah cryptocurrency memecoin, underscoring the importance of public figures conducting due diligence to verify they aren't endorsing a token that is in fact a security, say attorneys at Sheppard Mullin.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands
A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Assessing Gary Gensler's Legacy At The SEC
Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.
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Calif. Cannabis Decision Deepens Commerce Clause Divide
In Peridot Tree v. Sacramento, the Eastern District of California joined a growing minority of courts that have found the dormant commerce clause inapplicable to state-regulated marijuana, and the Ninth Circuit will soon provide important guidance on this issue, say attorneys at Perkins Coie.
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Takeaways From DOJ Fraud Section's 2024 Year In Review
Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.
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Recent Suits Show Antitrust Agencies' Focus On HSR Review
The U.S. Department of Justice's suit this month against KKR for inaccurate and incomplete premerger filings, along with other recent cases, highlights the agency's increasing scrutiny of Hart-Scott-Rodino Act compliance for private equity firms, say attorneys at Willkie.