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Capital Markets
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May 24, 2024
Coinbase Says Crypto Securities Question Is Ripe For Review
Crypto exchange Coinbase again urged a Manhattan federal judge to send to the Second Circuit the question of whether digital assets meet the definition of investment contracts, saying the question could "shape or distort a multitrillion-dollar industry."
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May 24, 2024
Ace Global Nixes $150M Greenhouse Farming Services Merger
Special-purpose acquisition company Ace Global Business Acquisition Ltd. on Friday announced that its planned merger with Chinese LED company LE Worldwide Ltd. has been canceled due to "significant" declines in LE Worldwide's revenues.
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May 24, 2024
CFPB Seeks $20M Penalty For Inaccurate Loan Data
The Consumer Financial Protection Bureau has urged a Florida federal court to hit Freedom Mortgage with a $20 million civil penalty for allegedly submitting error-filled government mortgage loan data.
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May 24, 2024
Investor CriteriaCaixa Buys Construction Biz Stake For €983M
Spanish investor CriteriaCaixa said on Friday that it has purchased a 9.4% stake in construction and infrastructure firm ACS for €983 million ($1.1 billion), boosting its portfolio of investments.
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May 24, 2024
DLA Piper Adds Corporate Ace From Goodwin In Calif.
A finance lawyer with deep expertise has joined DLA Piper from Goodwin Procter LLP in its Palo Alto shop, strengthening its offerings in the Golden State.
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May 23, 2024
SEC Opens Gate To Ether ETFs, But Firms Await Green Light
The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.
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May 23, 2024
Influencer Can't Duck SEC Suit Over Crypto Sale, Promotion
The U.S. Securities and Exchange Commission scored a partial win in a Texas federal court case in which the agency accused an influencer of unlawfully reselling and promoting cryptocurrencies to followers on social media, with a judge finding the tokens were unregistered securities and the promoter could not escape liability in the lawsuit.
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May 23, 2024
Governance In Focus As ESG Gains Ground This Proxy Season
Support for corporate governance and compensation shareholder proposals has reached a five-year high this year, while support for environmental and social proposals has risen slightly after two years of decline, according to a new report.
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May 23, 2024
'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error
The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings.
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May 23, 2024
Investors Lose $600M Mass Claim Over Cyprus Bank Failures
The Republic of Cyprus said Thursday that an international arbitral tribunal has dismissed an unprecedented $600 million mass claim by Greek depositors and bondholders affected by the restructuring of Laiki Bank and Bank of Cyprus.
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May 23, 2024
FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation
The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.
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May 23, 2024
Big Banks Hit With Claims Of Turning Man Into 'Money Mule'
A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.
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May 23, 2024
7th Circ. Unsure VIX-Fix Claims Were Wrongly Tossed
The Seventh Circuit seemed unsure Thursday that two investment companies should be allowed to pursue volatility index manipulation claims against Barclays, Morgan & Stanley Co. and other financial institutions after a lower court found that one lacked standing and the other missed a statutory deadline.
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May 23, 2024
Ex-Fund Manager Settles SEC's $264M Offering Fraud Claims
A former private fund manager has agreed to pay $250,000 to resolve U.S. Securities and Exchange Commission claims he violated securities fraud laws by making promises that funds he handled would invest almost $264 million that they did not actually have on hand in issuers, including two special purpose acquisition vehicles.
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May 23, 2024
Archegos Witness Admits Lying To Exec Charged In Collapse
An Archegos manager who pled guilty to fraud and is cooperating with prosecutors conceded to a Manhattan federal jury Thursday that he fostered an effort to mock his former boss and hide information before the hedge fund's $36 billion collapse.
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May 23, 2024
House Passes Bill To Block Fed-Issued Digital Dollar
The U.S. House of Representatives on Thursday passed a bill that would prohibit the Federal Reserve from issuing a digital dollar in a vote that fell starkly along party lines, with Democrats decrying the bill as fearmongering over privacy concerns and a departure from the previous day's bipartisan passage of a regulatory framework for digital assets.
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May 23, 2024
Virtual Reality Startup's $150M SPAC Merger Is Scrapped
Blank-check company Maquia Capital Acquisition Corp. and virtual reality software provider Immersaid have mutually agreed to cancel their planned merger that would have taken Immersed public at an estimated $150 million valuation.
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May 23, 2024
Wow Such Basic: Justices Back Crypto Fans In Dogecoin Duel
It's up to judges, not arbitrators, to figure out whether contracts between businesses and consumers have subtly superseded earlier agreements to hash out disputes in arbitration rather than litigation, the U.S. Supreme Court ruled Thursday.
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May 22, 2024
American Air Pilots Win Cert. Over 401(k)'s ESG Investments
A Texas federal judge on Wednesday certified a class of pilots accusing American Airlines of packing its $26 billion retirement plan with investments that focused too heavily on environmental, social and governance factors, like climate change, and too little on financial returns.
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May 22, 2024
Investors Say FIS Must Investigate Derivative Suit's Claims
An investor of fintech corporation Fidelity National Information Services has pushed back on the company and its executives' bid to escape a derivative lawsuit over a $46 billion market cap drop resulting from a business spinoff, saying the company must investigate the suit's allegations.
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May 22, 2024
US House Passes Crypto Bill Over SEC, White House Dissent
The U.S. House of Representatives on Wednesday passed a Republican-led framework to regulate digital assets despite pushback from many Democrats, the U.S. Securities and Exchange Commission and the White House, which questioned whether the bill will actually provide the clarity it promises.
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May 22, 2024
Ex-FTX Exec Deserves Up To 7 Years For Fraud, Feds Say
Federal prosecutors have told a New York federal judge they are seeking a five- to seven-year prison sentence for former FTX executive Ryan Salame, arguing that his campaign finance offense "is one of the largest-ever in American history."
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May 22, 2024
Skadden, Latham Lead Specialty Insurer's Upsized $128M IPO
Private equity-backed insurer Bowhead Specialty Holdings Inc. on Wednesday priced an upsized $128 million initial public offering above its planned price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkin LLP, marking the first sizable insurance IPO of 2024.
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May 22, 2024
Binance.US Beats Fla. Regulator's Suspension Order
A Florida state appeals court agreed with Binance.US on Wednesday that the state's financial regulator shouldn't have denied the cryptocurrency exchange the ability to do business in the state after its affiliate and founder pled guilty last year, and that the agency didn't follow proper procedure in blocking Binance's operations.
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May 22, 2024
Paul Hastings Leads Kayne Anderson Unit's $100M IPO
An affiliate of Kayne Anderson Capital Advisors has announced it raised roughly $100 million in an initial public offering, with Paul Hastings LLP advising the company and Ropes & Gray LLP representing the underwriters, joining a handful of similar specialty investment vehicles that have gone public in 2024.
Expert Analysis
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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Calif. Verdict Showcases SEC's New 'Shadow Trading' Theory
Last week's insider trading verdict, delivered against biopharmaceutical executive Matthew Panuwat by a California federal jury, signals open season on a new area of regulatory enforcement enabled by the U.S. Securities and Exchange Commission's shadow trading theory, say Perrie Weiner and Aaron Goodman at Baker McKenzie.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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How American Airlines ESG Case Could Alter ERISA Liability
Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.