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Capital Markets
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May 14, 2024
White & Case-Led Saudi Hospital Giant Prices $764M IPO
White & Case-led Saudi Arabian hospital network Fakeeh Care Group on Tuesday set a price in an oversubscribed initial public offering that is set to raise $764 million, making it the largest Saudi listing this year, guided by three law firms.
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May 14, 2024
Online Education Biz To Go Public Via $135M SPAC Merger
Education technology company and online class provider Classover, led by RPCK Rastegar Panchal LLP, on Tuesday unveiled plans to go public via a merger with special purpose acquisition company Battery Future Acquisition Corp., advised by Graubard Miller and Nelson LLP, in a deal with an estimated value of $135 million.
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May 13, 2024
Tesla Threatened To Fire Holland & Knight, Law Prof Says
Tesla tried to bully a law professor out of filing an amicus brief in investors' suit over Elon Musk's $56 billion compensation plan, in part by threatening to fire the company's longtime outside counsel at Holland & Knight LLP if the professor submitted his brief, according to a filing Monday in Delaware.
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May 13, 2024
CFTC Hits Crypto Firm With First-Ever Registration Claims
A Seychelles-incorporated entity has agreed to pay nearly $1.8 million in penalties and disgorgement to end U.S. Commodity Futures Trading Commission allegations it failed to register as a futures commission merchant in what the CFTC described Monday as a first-of-its-kind action involving digital asset exchanges.
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May 13, 2024
Sens. Slam DOJ's Money Transmitting Biz Interpretation
A pair of U.S. senators say they have "significant concerns" about how the U.S. Department of Justice is interpreting the definition of "money transmission" in two recent criminal actions over crypto mixers, warning that such an interpretation "threatens to criminalize core elements of Bitcoin and other crypto networks."
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May 13, 2024
SEC, FinCEN Propose Money Manager Customer ID Rule
The U.S. Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network on Monday proposed a rule that would require money managers such as hedge funds and private equity firms to document and maintain customer identification programs.
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May 13, 2024
SPAC Investor Says Insiders Overvalued Satellite Co. Deal
An investor has sued a blank-check company and several of its top brass in Delaware Chancery Court, alleging the defendants protected their buy-ins while leaving public investors to suffer losses following a merger with satellite imaging company BlackSky Holdings Inc.
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May 13, 2024
Online Slot Machine Co. Games Global Scraps $254M US IPO
Games Global, a developer of online betting and casino games, pulled its plans for an initial public offering Monday, citing market conditions, just one day before the U.K.-based company expected to raise about $254 million in a U.S. listing.
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May 13, 2024
Chancery Orders Check Of Trump-Tied SPAC Sponsor Deal
Delaware's Court of Chancery refused Monday to impose a settlement on investors behind the sponsor of the company that took former President Donald Trump's Truth Social media company public after they filed and later abandoned a suit to remove the special-purpose acquisition company's managing member.
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May 13, 2024
Judge Says Bold, Italic Font Muddies Allbirds Investor Suit
A California federal judge has tossed for now a proposed class action from Allbirds Inc. investors who claim the sustainable shoe retailer made false and misleading statements in registration documents connected to its initial public offering, saying the complaint doesn't indicate which statements from the company's executives were allegedly misleading.
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May 13, 2024
Binance Says Sullivan & Cromwell, FRA To Serve As Monitors
Crypto exchange Binance said Monday that the federal government has selected a Sullivan & Cromwell LLP partner and a Forensic Risk Alliance founding partner to serve as independent third-party monitors overseeing its compliance with the terms of its $4.3 billion settlement and guilty plea over money laundering, bank fraud and sanctions violations.
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May 13, 2024
Fla. Investor Duped Brokerages In Trading Scheme, SEC Says
A Tampa-area investor was sued Monday by the U.S. Securities and Exchange Commission in Florida federal court over a scheme that involved him opening brokerage accounts with insufficient bank funds and taking advantage of the credit broker-dealer firms offered to trade stocks.
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May 13, 2024
Specialty Insurer, Hotpot Restaurateur Heat Up IPO Plans
Private equity-backed insurer Bowhead Specialty Holdings Inc. and Singaporean hotpot restaurant operator Super Hi International Holdings Ltd. on Monday set price ranges on initial public offerings expected to raise a combined $157 million over the next week or so, guided by four law firms.
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May 13, 2024
White House Bars Real Estate Deal Near Air Force Base
President Joe Biden is ordering a recent purchaser of real estate near an Air Force base in Wyoming to sell portions of the property, based on a public tip and a finding from the Committee on Foreign Investment in the United States that cryptocurrency mining there presents a national security risk.
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May 13, 2024
Cleary Adds In-House Vet To Private Funds Practice In NY
Cleary Gottlieb Steen & Hamilton LLP announced Monday that it added an experienced attorney as a counsel in its New York office who has worked in a variety of executive roles at different hedge funds.
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May 13, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, recycled plastics, questionable denim and dog food all made appearances in Chancery Court dockets last week, along with developments in cases involving Qualcomm, Tesla Inc., and Truth Social. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 13, 2024
Investor Seeks Info On Visa Denied For Money Exchanger Use
A Vietnamese woman challenging U.S. Citizenship and Immigration Services' denial of her EB-5 petition hauled the agency into a D.C. federal court, accusing it of withholding information that may reveal why her use of a money exchanger doomed her petition.
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May 13, 2024
Justices Deny Review Bid From Convicted REIT Execs
The U.S. Supreme Court on Monday declined to hear a bid by four incarcerated executives with Texas real estate investment trust United Development Funding to overturn a Fifth Circuit ruling upholding their convictions in a Ponzi scheme.
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May 13, 2024
Semisubmersible Co. CEO Convicted Of Fraud, Fleeing Law
The CEO of a semisubmersible manufacturer has been convicted by a Hawaii federal jury of financial fraud, witness tampering and attempting to escape law enforcement in one of his company's ocean vessels.
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May 13, 2024
Archegos Boss Blew $36B, But It Was His To Lose, Jury Told
The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.
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May 10, 2024
Rivian's Cert. Oppo Not How 'Real World Works,' Judge Says
A California federal judge told Rivian's attorney Friday that his arguments opposing class certification for investors alleging the carmaker misled them on material costs appeared to say that unless a company practically admits fraud in a disclosure it's not a "corrective" disclosure, but "that is not how the real world works."
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May 10, 2024
SEC Opposes Quick Appeal Of 'Crystal Clear' Coinbase Order
The U.S. Securities and Exchange Commission on Friday urged a Manhattan federal court to reject Coinbase's bid for a Second Circuit review of an order allowing an agency enforcement action to proceed, saying the company's cries of uncertainty over how securities laws apply to crypto assets ignore the "crystal-clear" order it is trying to contest.
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May 10, 2024
EV Startup Says California Settlement Covers Stockholder Suit
Backers of a transaction that took electric vehicle startup Faraday Future Intelligent Electric Inc. public with a $1 billion value in 2021 have asked Delaware's Court of Chancery to block discovery in a stockholder challenge to the deal, citing pending settlement of a similar federal action in California.
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May 10, 2024
Zeekr's US Debut Could Spur More IPOs From China
Electric-vehicle maker Zeekr's robust initial public offering sent an encouraging signal to Chinese companies considering whether to tap U.S. markets after a long lull, despite continued risks stemming from fractured U.S.-China relations, experts said Friday.
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May 10, 2024
Guess? Sued To Stop Founders' Alleged Pending Equity Grab
A pension fund stockholder of Guess? Inc. has sued the company, its founders, and its board in Delaware's Court of Chancery, alleging "a covert attempt to strip the company's public stockholders of their contractual right to equal treatment" in connection with a merger or sale of Guess.
Expert Analysis
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Implications For Digital Assets After SEC Settlement With DAO
The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto
While the U.S. Securities and Exchange Commission's approval last month of 11 applications for spot exchange-traded funds tracking bitcoin is a landmark moment for the crypto-asset industry, investors who are hopeful that the SEC will approve similar crypto-based ETFs may be disappointed, says attorneys at Mintz.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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The Corporate Disclosure Tug-Of-War's Free Speech Issues
The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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Crypto Issues To Watch Amid Evolving Legal Landscape
This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.
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Navigating The Sunset Of Sibor And Other Key Benchmarks
Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.
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FTC AI Inquiry Signals Intensified Focus On Emerging Tech
The Federal Trade Commission's recent inquiry into investments and partnerships between Big Tech companies and artificial intelligence startups appears to be directed at guiding future enforcement decisions in competition, privacy and consumer protection — and three principles discussed at a related tech summit give insight on the agency's approach, say attorneys at Skadden.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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What Are The Pros And Cons Of Selling A Bankruptcy Claim?
As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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CFTC Moves May Boost Interest In Voluntary Carbon Markets
As companies try to reduce their net greenhouse gas emissions, many have been cautious about embracing voluntary carbon credit markets — but recent moves by the U.S. Commodity Futures Trading Commission to regulate this sector may address some of its well-known challenges, say Deborah North and Laura Daugherty at Cleary.
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3 Strategies For Aggressive Judgment Enforcement
As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.