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Capital Markets
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May 07, 2025
Judge Certifies Class In Wheat Futures Manipulation Case
An Illinois federal judge Wednesday certified a class of traders who held positions in certain wheat futures contracts in a class action accusing agribusiness The Andersons Inc. of manipulating its wheat futures and options price, saying, "most importantly, the efficiencies of adjudicating this matter as a class action are overwhelming."
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May 07, 2025
Sidley-Led Insurer Aspen Leads 2 IPOs Raising $508M Total
Private equity-backed specialty insurer Aspen Insurance Holdings Ltd., represented by Sidley Austin LLP, on Wednesday raised $397.5 million after pricing an upsized initial public offering, leading one of two insurance listings that netted $507.5 million combined as more companies tiptoe back into the IPO market.
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May 07, 2025
OCC Affirms Banks' Crypto Custody, Execution Capabilities
The Office of the Comptroller of the Currency on Wednesday made clear that banks can buy and sell crypto on behalf of their customers and outsource custody services to third parties, reaffirming a stance the regulator first took in 2020.
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May 07, 2025
Del. Justices Deny Bid To Revive Carvana Insider Trading Suit
Delaware's Supreme Court rejected a bid by Carvana stockholders to revive insider trading claims against the father of the company's CEO, alleging the senior businessman controlled the online car retailer and used inside information when selling $3.7 billion in shares.
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May 07, 2025
Walgreens Wants 'Far-Fetched' Shareholder Suit Tossed
Walgreens contends that a proposed class action alleging it inflated share prices by concealing the lack of viability of its pharmacy division and primary clinic investment must be dismissed because it lacks factual allegations to back its claim that Walgreens made any misstatements to shareholders about its financial outlook, let alone with fraudulent intent.
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May 07, 2025
FSOC Rethink Of SIFI Labeling 'Is On Agenda,' Bessent Says
U.S. Treasury Secretary Scott Bessent signaled at a U.S. House hearing on Wednesday that the Financial Stability Oversight Council may seek again to curb its power to single out large asset managers and other nonbank financial firms for heightened regulation.
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May 07, 2025
AI-Focused SPAC Raises $125M As Blank-Check Filings Surge
Dune Acquisition Corp. II, a special purpose acquisition company targeting artificial intelligence and various technologies, began trading Wednesday after raising $125 million, the latest SPAC to join the market as three more such vehicles filed IPOs in recent days.
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May 07, 2025
Winston & Strawn M&A Partner Joins King & Spalding In NY
King & Spalding LLP has added a former Winston & Strawn LLP mergers and acquisitions partner to its corporate practice group in New York, the firm said.
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May 07, 2025
Geely Lobs Offer To Take Chinese EV Maker Zeekr Private
Chinese carmaker Geely Automobile Holdings Ltd. on Wednesday announced it has submitted a non-binding proposal to take Chinese electric-vehicle maker Zeekr private by acquiring the remaining shares it does not already own.
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May 06, 2025
Dems Exit Hearing After Calling For Crypto Conflict Limits
House Democrats continued to call for coming digital asset legislation to limit potential conflicts of interest in light of the Trump family's crypto ventures at a Tuesday joint hearing between the financial services and agriculture committees that saw some members walk out in opposition.
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May 06, 2025
PennyMac Wins Quick 9th Circ. Appeal Of Libor-Rate Ruling
A California federal judge on Monday allowed PennyMac entities to pursue their quick appeal in a proposed class action alleging they illegally imposed a lower fixed interest rate instead of a variable rate on preferred-stock dividends, asking the Ninth Circuit to clarify whether the Libor Act bars such fixed rates.
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May 06, 2025
VIX Note Investors Can't Revise Revived Suit, Judge Finds
Investors who claimed Credit Suisse manipulated the market for a certain exchange-traded note it issued can't revise their suit to add claims about the bank's lending practices and internal calculations, a New York federal judge has determined.
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May 06, 2025
DC Circ. Sides With BofA In COVID Market Loss 'Uphill Battle'
The D.C. Circuit on Tuesday refused to revive a Bank of America client's suit claiming the bank should've tried to stop him from dumping his investments when the market tanked at the beginning of the pandemic, finding the bank is shielded by an investment contract and calling his claims an "uphill battle."
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May 06, 2025
Reed Smith Must Turn Over Docs In $102M Fraud Fight
A New York federal judge on Tuesday determined that since enough evidence existed to show international shipping group Eletson Holdings may have committed fraud in an arbitration over a deal with another entity, Levona Holdings Ltd., the Reed Smith LLP attorneys who represented Eletson at the arbitration must hand over related documents.
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May 06, 2025
SEC Panel Says Easier Trading Would Rev Up 'Reg A'
A small business-focused committee advising the Securities and Exchange Commission expressed renewed support on Tuesday for easing secondary trading in connection with Regulation A, hoping to broaden the appeal of this lightly used alternative to an initial public offering.
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May 06, 2025
SEC Asks High Court To Skip $22.7M Disgorgement Case
The U.S. Securities and Exchange Commission responded to an investment advisory firm's request for the U.S. Supreme Court to review a First Circuit ruling upholding an order for the firm to pay $22.7 million in disgorgement, arguing that investor losses are not necessary for disgorgement orders.
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May 06, 2025
Morgan Stanley Says SEC Has Closed Cash Sweep Probe
The U.S. Securities and Exchange Commission has ended an investigation into Morgan Stanley's cash sweep program without recommending an enforcement action, the bank told investors.
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May 06, 2025
Treasury Bans Burmese Militia Group From US Business Deals
The U.S. Department of the Treasury sanctioned Burmese militia group the Karen National Army, its leader Saw Chit Thu and his sons Saw Htoo Eh Moo and Saw Chit Chit, banning them from doing business with any American entity or individuals.
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May 06, 2025
SafeMoon CEO Tells Jury Founder To Blame For Investor Fib
Counsel for a U.S. Army veteran in Utah who served as CEO of SafeMoon told a Brooklyn, New York, federal jury Tuesday that he did not conspire to loot the crypto company's assets, implying its fugitive founder is to blame for a key misrepresentation.
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May 06, 2025
Sidley Adds WilmerHale's Ex-Corp. Chair As Partner In Boston
Sidley Austin LLP has hired two partners from WilmerHale for its emerging companies and venture capital group and capital markets practice.
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May 06, 2025
Senate Panel Advances Bowman For Fed Supervision Chief
The U.S. Senate Banking Committee on Tuesday endorsed President Donald Trump's selection of Federal Reserve Gov. Michelle Bowman to be the top bank regulatory official at the central bank, advancing her as part of his latest slate of financial nominees.
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May 05, 2025
CFTC Drops DC Circ. Appeal Over Kalshi's Election Contracts
The U.S. Commodity Futures Trading Commission moved Monday to voluntarily drop its D.C. Circuit challenge over trading platform Kalshi's election contracts, which allow users to trade on the outcome of U.S. elections.
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May 05, 2025
House GOP Eyes Expanded CFTC Oversight Of Crypto
House Republicans indicated Monday that they want the U.S. Commodity Futures Trading Commission to play a key role in overseeing digital asset markets, a draft proposal that followed weekend pushback from Democratic senators opposed to other crypto legislation targeting so-called stablecoins.
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May 05, 2025
Skadden-Led Crypto Platform EToro Eyes $480M IPO
Crypto-friendly trading platform eToro Group Ltd. on Monday launched plans for an initial public offering that could raise $480 million for the company and its shareholders, marking another sign that the IPO market's recent cold spell is beginning to thaw.
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May 05, 2025
Crypto Exec Says Feds Failed To Disclose Key Evidence
An indicted co-founder of crypto mixing service Samourai Wallet told a New York federal judge on Monday about prosecutors' alleged "shocking" failure to disclose evidence that calls into question the criminal charges brought against him and asked for a hearing into the alleged slip-up.
Expert Analysis
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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Why A Rare SEC Dismissal May Not Reflect A New Approach
While the U.S. Securities and Exchange Commission's pending dismissal of its case against Silver Point is remarkable to the extent that it reflects a novel repudiation of a decision made during the prior commission, a deeper look suggests it may not represent a shift in policy approach, say attorneys at Weil.
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Deficiency Trends In National Futures Association Exams
A recent notice from the National Futures Association outlining the most common deficiencies uncovered during exams gives member firms an opportunity to review prior guidance, particularly regarding the hot topic of implementing procedures governing the use of outsourced service providers, say attorneys at Akin.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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What's Potentially In Store For CFTC Under New Leadership
Under the leadership of acting U.S. Commodity Futures Trading Commission Chairman Caroline Pham, and with the nomination of former commissioner Brian Quintenz to serve as permanent chair, the commission is set to widely embrace digital assets and event contracts, say attorneys at Davis Wright.
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Examining Trump Meme Coin And SEC's Crypto Changes
While the previous U.S. Securities and Exchange Commission tended to view most crypto-assets as securities, the tide is rapidly changing, and hopefully the long-needed reevaluation of this regulatory framework is not tarnished by an arguable conflict of interest due to President Donald Trump's affiliation with the $Trump meme coin, say attorneys at Thompson Coburn.
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Why Acquirers Should Reevaluate Federal Contract Risk
Long thought of as a stable investment, the scale with which the Trump administration is attempting to eliminate federal contracts is unprecedented, and acquirer considerations should include the size and scope of all active and pending government contracts of target companies, say attorneys at Winston & Strawn.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.
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30 Years Later: How PSLRA Has Improved Securities Litigation
In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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Texas Banking Dept. Memo Demystifies Crypto Classifications
A recent memorandum from the Texas Department of Banking provides clarity with respect to the classification of both stablecoins and nonstablecoin virtual currencies under the state's Money Services Modernization Act, flagging for firms that stablecoins may be scrutinized more closely as money transmission, say attorneys at Lowenstein Sandler.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.