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Capital Markets
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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.
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May 10, 2024
FINRA Fines Merrill Lynch $825K Over Supervisory Failures
Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.
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May 10, 2024
Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes
Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.
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May 10, 2024
5th Circ. Upholds SEC Proxy Rule On ESG Disclosures
The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.
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May 10, 2024
Financial Tech Co. Wants New Trial In $7.8M Breach Suit
A financial technology company ordered to pay more than $7.8 million to an Atlanta-area capital recruiting firm for violating an agreement to pay the recruiter to connect it with investors has asked a Georgia federal judge for either a new trial or judgment as a matter of law.
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May 10, 2024
Digital Platform Xtribe To Go Public Via $141M SPAC Merger
Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.
Expert Analysis
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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Unpacking PCAOB's Sanctions Against China-Based Auditors
Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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Adjusting Deals To Reflect Shifts In The CRE Market
As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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Opinion
Conflicts Abound When Activist Short-Sellers Publish Reports
The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.