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Capital Markets
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April 30, 2025
Activant Unit Seeks $7.5M Fee After $37M Bolt Suit Win
An Activant Capital Group fund has petitioned Delaware's Court of Chancery to approve a $7.5 million company-paid corporate benefit fee, citing a successful battle for cancellation of more than $37 million in Bolt Financial Group shares held by a controller who defaulted on a more-than $30 million company-guaranteed loan.
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April 30, 2025
Winston & Strawn Guides $450M Loan For Miami Stadium Plan
The developers of a $1 billion Miami soccer stadium project under construction have secured a $450 million mortgage from JPMorgan Chase Bank in a transaction advised by Winston & Strawn LLP.
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April 30, 2025
Coinbase Urges Justices To Take User's IRS Data Seizure Suit
Crypto exchange Coinbase on Wednesday urged the U.S. Supreme Court to firm up privacy rights around digital information stored with third parties, backing a petition by a Coinbase user who's challenging the Internal Revenue Service's seizure of his account records.
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April 30, 2025
Feds Barred From Reviving 'Unlawful' Tornado Cash Sanctions
A Texas federal judge has permanently barred the U.S. Department of the Treasury from enforcing its now-dissolved sanctions on crypto mixer Tornado Cash after the advocates who challenged the designation argued the government's removal of the sanctions wasn't enough.
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April 30, 2025
Kirkland, Latham Lead Chinese Online Insurer's $30M US IPO
Shares of Chinese online insurance distributor Yuanbao Inc. rallied in debut trading Wednesday after it priced a $30 million initial public offering at the top of its range, represented by Kirkland & Ellis LLP and underwriters' counsel Latham & Watkins LLP, as more companies test a shaky U.S. IPO market.
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April 30, 2025
Extradited Fund Manager Admits To $3.4M Fraud Scheme
The former manager of a Connecticut investment fund, who spent almost a year in custody in South America, pled guilty to wire fraud and money laundering charges in a scheme prosecutors say swindled $3.4 million from investors who thought he was running a conservative hedge fund with consistent returns.
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April 29, 2025
GOP Plan To Shutter Audit Watchdog Could Strain SEC
Congressional Republicans are renewing the push to get rid of a financial regulator that conservatives have complained is costly and lacks proper oversight, but some former staffers at the Public Company Accounting Oversight Board wonder whether the U.S. Securities and Exchange Commission has the manpower or expertise to take over the board's duties.
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April 29, 2025
SEC Sues Over Cannabis Co. Stock Manipulation Scheme
A trio of Arizona men face U.S. Securities and Exchange Commission allegations they manipulated trading prices for a purported cannabis industry penny stock issuer, generating proceeds of nearly $21 million as they worked to pump up its shares.
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April 29, 2025
SEC Abandons Investigation Into PayPal's Dollar Stablecoin
The U.S. Securities and Exchange Commission has dropped its investigation into PayPal's dollar-pegged stablecoin "without enforcement action," PayPal said in a disclosure filed Tuesday, the latest cryptocurrency probe abandoned by the agency under President Donald Trump's administration.
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April 29, 2025
Adviser Renews Bid To Toss SEC Suit Over Liquidity Rule
Pinnacle Advisors LLC has again urged a New York federal judge to toss a U.S. Securities and Exchange Commission suit accusing the wealth management firm of exceeding its allowed allotment of illiquid investments, standing by its arguments that the so-called liquidity rule was wrongly promulgated.
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April 29, 2025
Kim Kardashian, Celebs Challenge Crypto Buyers' Cert. Bid
The co-founder of the EthereumMax crypto token and celebrities who allegedly promoted the offering told a California federal judge that a group of spurned buyers should not be able to certify their class action since they have not provided a way to determine how many transactions would fall in each category.
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April 29, 2025
Perkins Coie Leads 2 SPAC Listings Raising $300M Combined
Two special-purpose acquisition companies, under similar leadership teams and represented by Perkins Coie LLP, began trading Tuesday after pricing initial public offerings that raised a combined $300 million.
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April 29, 2025
2 Insurance Firms Join Frozen IPO Pipeline Seeking $440M
Two insurance companies joined the roster of candidates for initial public offerings on Tuesday by launching plans to raise about $440 million combined under guidance from six law firms, potentially unlocking a stalled pipeline.
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April 29, 2025
Celsius Founder Should Get 20 Years For Fraud, Feds Say
Prosecutors have urged a federal judge in Manhattan to sentence the founder of defunct cryptocurrency platform Celsius to 20 years in prison, arguing he ran a "yearslong campaign of lies and self-dealing" that caused billions of dollars in losses to thousands of customers.
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April 29, 2025
Schulte Roth Adds Finance Pro From Linklaters In NY
Schulte Roth & Zabel LLP announced Monday that it had brought a finance partner from Linklaters to its New York office, calling the hire "a significant step forward in the firm's ongoing strategy to expand its capabilities on both the arranger and manager sides" of the collateralized loan obligations market.
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April 28, 2025
NJ Can't Take Action Over Kalshi's Sports Contracts, For Now
A New Jersey federal judge on Monday barred the state's gambling regulators from taking action over Kalshi's sports event contracts for the time being, after he found that the contracts appear to fall within the "exclusive jurisdiction" of the U.S. Commodity Futures Trading Commission.
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April 28, 2025
SEC Defends Witholding Info On Text Message Sweeps
The U.S. Securities and Exchange Commission pushed back Monday against the American Securities Association's bid for spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, telling a Florida federal judge that its spreadsheet withholdings under the Freedom of Information Act are fully legal.
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April 28, 2025
Tax Services Provider Andersen Files Confidential IPO Plans
Tax and legal services provider Andersen Group Inc. said Monday it confidentially filed for an initial public offering, marking a first step toward going public amid market volatility that has largely frozen IPOs in recent weeks.
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April 28, 2025
Wells Fargo Says Atty Is To Blame For SEC's EB-5 Fraud Suit
An immigration attorney claiming a Wells Fargo adviser led her astray has no one to blame but herself for being sued by the U.S. Securities and Exchange Commission for EB-5 investment fraud, the company told a Nevada federal court.
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April 28, 2025
Nasdaq Presses SEC To Enact Clearer Digital Asset Rules
Nasdaq is urging the U.S. Securities and Exchange Commission and its sister agency that regulates derivatives to adopt clearer rules governing digital assets, calling for a system that classifies such products into four categories.
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April 28, 2025
Defense-Focused SPAC Kochav Files $220M IPO
Defense- and aerospace-focused special purpose acquisition company Kochav Defense Acquisition has revealed plans to raise up to $220 million in an initial public offering, looking to list on the Nasdaq under the ticker symbol KCHVU.
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April 28, 2025
Chancery Tosses Palantir Suit Targeting Direct Sale Gains
Observing that corporate insiders can't be penalized for profiting from public information, a Delaware vice chancellor has thrown out a derivative suit filed by Palantir Technologies stockholders accusing the private company's directors and officers of unfairly profiting from direct-to-market stock sales without taking the company public.
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April 25, 2025
FINRA Urges Justices To Reject Constitutional Challenge
The Financial Industry Regulatory Authority on Friday called on the U.S. Supreme Court to turn away a case claiming that the regulator's in-house disciplinary process is unconstitutional, saying that there is no circuit split at issue and that the petition is "plagued with vehicle problems."
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April 25, 2025
Judge Orders Atlas Co. To Arbitrate $3.1M Fraud Suit
A Colorado federal judge on Thursday ordered an Australian online atlas startup to arbitrate its $3.14 million dispute with a consultant it hired for guidance while looking to gain access to U.S. capital markets, ruling that an arbitration clause in the underlying contract was applicable despite the company's fraud allegations.
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April 25, 2025
Judge Keeps Boeing Fraud Case In Chicago
An Illinois federal judge said Friday that equity funds accusing Boeing of defrauding investors by downplaying the 737 Max jets' safety flaws after a pair of deadly crashes in 2018 and 2019 must continue to litigate their claims in Chicago instead of having them heard in Virginia.
Expert Analysis
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Musk Pay Fight Shows Investor Approval Isn't Universal Cure
The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.
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2024 IPO Market Trends, And What To Expect Next Year
The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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5 Notable Anti-Money Laundering Actions From 2024
Regulators' renewed interest in anti-money laundering programs in 2024 led to numerous enforcement actions and individual prosecutions in industries like banking, cryptocurrency and gaming, including the blockbuster TD Bank settlement and investigations of casinos in Nevada, says Michael Beckwith at Dickinson Wright.
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Alpine Ruling Previews Challenges To FINRA Authority
While the D.C. Circuit's holding that the Financial Industry Regulatory Authority can't expel member firm Alpine prior to U.S. Securities and Exchange Commission review was relatively narrow, it foreshadows possibly broader constitutional challenges to FINRA's enforcement and other nongovernmental disciplinary programs, say attorneys at Stradley Ronon.
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Series
Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.