Capital Markets

  • May 07, 2024

    6th Circ. Considers Rebooting Crypto Reporting Challenge

    Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.   

  • May 07, 2024

    Truth Social Investor Grilled By Feds At Insider Trading Trial

    A Florida investment pro on trial for allegedly exploiting confidential plans to take Truth Social public in a $23 million insider trading case was challenged Tuesday by prosecutors on the timing of trades and communications before the "special" media deal.

  • May 07, 2024

    Alight Inks Deal With Activist Starboard For 2 New Directors

    Alight Inc., a cloud-based human capital and technology services provider, said Tuesday it has agreed to appoint two new independent directors to its board through an agreement with activist investor Starboard Value LP. 

  • May 07, 2024

    Fenwick-Led Cloud Security Co. Raises $1B At $12B Valuation

    New York-headquartered cloud security company Wiz, advised by Fenwick & West LLP, announced on Tuesday that it hit a $12 billion valuation after securing $1 billion in its latest fundraising round.

  • May 07, 2024

    FDIC Review Flags 'Patriarchal' Workplace, Chief's 'Temper'

    The Federal Deposit Insurance Corp.'s workplace culture has suffered "far too long" from sexual harassment, discrimination and other abuses that higher-ups failed to adequately address, according to a report released Tuesday that is drawing renewed calls for FDIC Chairman Martin Gruenberg's exit.

  • May 06, 2024

    Coinbase Operates As Unregistered Broker, Investors Say

    Coinbase and its CEO have been hit with a proposed class action in California federal court alleging the crypto exchange "has been a part of a shadowy crypto ecosystem operating just outside of the law since formed over 10 years ago."

  • May 06, 2024

    2nd Circ. Hints At Reviving Suit Against 'Insider' Hedge Fund

    The Second Circuit on Monday appeared ready to revive a derivative lawsuit against a hedge fund alleged to have profited from its status as a corporate insider of 1-800-Flowers, with a majority of the court casting doubt on the fund's argument that a recent U.S. Supreme Court decision defeats the case on standing.

  • May 06, 2024

    Chancery Dismisses Officers From Game Co. Investor Suit

    The CEO and president of Israel-headquartered mobile game developer Playtika Holding Corp. have won a Delaware vice chancellor's reluctant dismissal from a stockholder class challenge to a $600 million company self-tender offer, nearly four months after the same court sent claims against its controlling stockholder toward trial.

  • May 06, 2024

    Alaska Man Gets 2 Years Over 'Bud And Breakfast' Scheme

    An Alaska man has been sentenced to two years in prison and will have to pay more than $580,000 in restitution after duping investors into staking a purported plan to build a marijuana-themed hospitality center referred to as a "Bud and Breakfast."

  • May 06, 2024

    Crypto Platform's Ex-Brass Charged With $783M Fraud

    Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.

  • May 06, 2024

    Amazon Loses Bid To Ship Patent Case From EDTX To Wash.

    An Eastern District of Texas judge has denied Amazon's motion to transfer a two-factor authentication patent suit against it to the Western District of Washington, ruling that the e-commerce giant didn't show that its home base was clearly a more convenient location.

  • May 06, 2024

    SEC's Grewal Says Self-Reporting Best Bet For No Penalties

    Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.

  • May 06, 2024

    SEC Small Biz Panel Urges Relaxed Rules For Crowdfunding

    A U.S. Securities and Exchange Commission advisory committee recommended Monday that regulators raise the threshold at which equity crowdfunding issuers must obtain an independent review of financial statements, hoping to encourage the use of crowdfunding for cash-strapped entrepreneurs.

  • May 06, 2024

    Truth Social Backer 'Absolutely' Denies Insider Rap To Jury

    An investment pro told a Manhattan federal jury Monday that he never tipped Florida speculators to a confidential plan to take former President Donald Trump's media concern Truth Social public, taking the stand to fight insider trading charges against him.

  • May 06, 2024

    Catching Up With Delaware's Chancery Court

    A record $100 million settlement, a fishy Facebook decision, a canceled Amazon delivery and an upended $7.3 billion sale dispute topped the news out of Delaware's Court of Chancery last week. There were also new cases involving Hess, Microsoft and the 2022 World Cup.

  • May 06, 2024

    Cybersecurity Firm Appgate Hits Ch. 11 3 Years After IPO

    Technology firm Appgate Inc. and 11 affiliates filed for Chapter 11 bankruptcy in Delaware Monday with a prepackaged plan to wipe all debt from its books, tap new funding and go private roughly three years after its initial public offering backed by $1 billion in investments.

  • May 06, 2024

    FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules

    The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.

  • May 06, 2024

    Titan Of The Plaintiffs Bar: McKool Smith's Courtney Statfeld

    Courtney Statfeld's dad always tells her, "they never see you coming." The McKool Smith principal is one of few female litigators practicing in the male-dominated field of complex financial products, and she has made a conscious decision over the years to be herself — and to let her work speak for itself.

  • May 06, 2024

    Hedge Fund Asks Legal Tech Co. To Stop Share Issuance

    The activist hedge fund that publicly criticized Dye & Durham Ltd. in an April note penned a new letter on Monday, calling a previously announced share issuance from the legal technology company a "defensive tactic to entrench the board" and a "serious capital allocation mistake."

  • May 06, 2024

    Trump Media Hires Auditor To Replace Firm Accused Of Fraud

    Trump Media and Technology Group Corp. has hired a new auditor, replacing its predecessor firm, which was permanently suspended by securities regulators Friday for alleged "massive fraud" regarding its work with hundreds of clients, according to a filing Monday.

  • May 06, 2024

    SEC Targets Robinhood's Crypto Unit For Possible Lawsuit

    Robinhood Markets Inc. notified investors Monday that the U.S. Securities and Exchange Commission plans to sue its crypto arm for allegedly failing to register as a securities brokerage firm and clearing agency, saying the agency could go as far as demanding that the platform be shut down. 

  • May 04, 2024

    IRS Seeks More Info On Purpose Test In Buyback Tax Regs

    The IRS is seeking more information on fine-tuning a test in proposed rules on the stock buyback tax meant to assess whether the principal purpose of a U.S. subsidiary's funding purchase of its foreign parent's stock is to avoid the tax, an agency attorney said Saturday.  

  • May 03, 2024

    Binance Founder's Sentence Shaped By Plea And Apology

    Binance founder Changpeng Zhao's willingness to cooperate with law enforcement and accept responsibility in court for the crypto exchange's anti-money laundering violations helped the former CEO land a deal with prosecutors that got him a relatively short prison sentence to close out a yearslong investigation.

  • May 03, 2024

    BTC-e Mastermind Cops To Money Laundering Conspiracy

    A Russian national pled guilty Friday to conspiracy to commit money laundering related to his central role in operating the cryptocurrency exchange BTC-e from 2011 to 2017, according to the U.S. Attorney's Office for the Northern District of California.

  • May 03, 2024

    Goldman Settles Decade-Old Metal-Rigging Class Action

    Goldman Sachs Group Inc. has settled a decade-old putative class action claiming the investment bank and others conspired to manipulate platinum and palladium market values, according to a Friday filing with the U.S. Securities and Exchange Commission.

Expert Analysis

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    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.

  • 5 Litigation Funding Trends To Note In 2024

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    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.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • SEC Case May Expand Scope Of Insider Trading Liability

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    The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Year Ahead In Foreign Investment And National Security

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    In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Sale-Leasebacks May Provide A Safe Financing Alternative

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    Amid rising interest rates and unpredictable market conditions, sale-leasebacks can be a useful investment option for both buyers and sellers, though their potential drawbacks demand careful consideration, says Chanel Di Blasi at Crosbie Gliner.

  • 5 Recent Developments Family Offices Are Watching In 2024

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    Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.

  • How State AGs Process And Prioritize Consumer Complaints

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    Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.

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