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Capital Markets
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May 09, 2025
Wells Fargo Execs Sued In Del. Over 'Sham' Diversity Efforts
A Wells Fargo stockholder launched a derivative suit on Friday in Delaware's Court of Chancery seeking damages from 17 of the banking giant's directors and officers for potentially billions in costs tied to alleged "sham" diversity-focused recruitment and hiring initiatives.
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May 09, 2025
Energy Group Backs States' BlackRock Coal Investments Suit
An energy industry advocacy group backed Texas and several other states' claims that BlackRock Inc. and other investment groups took advantage of their large holdings in publicly traded energy companies to drive up coal prices.
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May 09, 2025
Coinbase Accused Of Charging Hidden Crypto Trading Fees
Crypto traders have accused Coinbase of charging them hidden "spread fees" by deceptively inflating cryptocurrency prices and hiding the fees in the price quotes, in violation of California and New York's consumer protection laws.
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May 09, 2025
3 Firms Build Take-Private Deal Of Outsourcing Biz TaskUs
Outsourced digital services provider TaskUs Inc. on Friday announced plans to go private through a sale to a group that includes the company's co-founders and private equity giant Blackstone, in a transaction guided by Simpson Thacher & Bartlett LLP, Latham & Watkins LLP and Cravath Swaine & Moore LLP.
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May 09, 2025
Renewable Energy SPAC Taps Surging Market For $150M
EGH Acquisition Corp., a special purpose acquisition company targeting energy transition businesses, began trading Friday after raising a $150 million initial public offering, while another SPAC joined the pipeline as new filings continue to rise.
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May 09, 2025
Souter's Clerks Remember Him As Humble, Kind And Caring
Former clerks of retired U.S. Supreme Court Justice David H. Souter are heartbroken over the death of a man many of them remember more for his conscientiousness, humility, kindness and disdain for the spotlight than for his undeniable brilliance as a jurist.
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May 09, 2025
Off The Bench: Latest NIL Deal Fix, More WWE Court Troubles
In this week's Off The Bench, the NCAA tries again to get its multibillion-dollar compensation settlement approved, two sets of accusers draw Vince McMahon's history of misconduct at the WWE into their complaints, and the men's tennis tour was ordered to stop threatening players over joining an antitrust suit.
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May 09, 2025
Hiker And 'Raconteur': Atty Recalls 50-Year Bond With Souter
Behind a towering legal legacy was a man who loved to hike mountains, could recall details of things he read decades ago and was always there for those he cared about, a New Hampshire attorney said as he reflected on a lifelong friendship with U.S. Supreme Court Justice David Souter.
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May 09, 2025
A Look At David Souter's Most Significant Opinions
The retired Justice David Souter defied simple definition, viewed as a staunch conservative until he co-wrote an opinion upholding abortion rights in 1992. He did not hew to partisan lines, but reshaped the civil litigation landscape and took an unexpected stand in an extraordinarily close presidential election.
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May 09, 2025
McKernan Out As Trump's CFPB Pick, In For Treasury Role
President Donald Trump will pull Jonathan McKernan's nomination to run the Consumer Financial Protection Bureau and tap him instead for a top domestic finance job at the U.S. Treasury Department, a White House official confirmed to Law360 on Friday.
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May 09, 2025
Justice Souter Was An Unexpected Force Of Moderation
Justice David Souter, who saw the high court as a moderating force apart from the messiness of politics, subverted the expectations of liberals and conservatives alike during his 19 years on the bench.
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May 09, 2025
Ex-Goldman Banker Leissner Urges Lenient 1MDB Sentence
A former Goldman Sachs partner who pled guilty to his role in the 1MDB scandal and testified at his onetime colleague's trial has asked a Brooklyn federal judge to spare him prison time, saying the reputational harm is punishment enough and that he may be extradited to Malaysia to face charges there.
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May 09, 2025
Retired Supreme Court Justice David Souter Dies At 85
Retired Justice David H. Souter, who served on the U.S. Supreme Court from 1990 to 2009, has died at 85, the court announced Friday.
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May 08, 2025
Celsius Founder Gets 12 Years For Massive Crypto Fraud
The founder and former CEO of defunct Celsius Network on Thursday was sentenced to 12 years in prison for deceiving customers about the crypto lender's profitability and business practices, and falsely inflating the price of the platform's native token, CEL.
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May 08, 2025
OCC Axes Biden-Era Bank Merger Rule In Latest Reversal
The Office of the Comptroller of the Currency moved Thursday to roll back a Biden-era rule intended to dial up its scrutiny of proposed bank mergers, a reversal that comes amid a parallel repeal effort by Republicans in Congress.
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May 08, 2025
Senate Stablecoin Bill Stalls As Dems Pull Support
The Senate's proposal to regulate stablecoins failed a procedural hurdle on Thursday as Democrats pulled their support in hopes to negotiate stronger provisions, while Republican leaders accused holdouts of seeking to deny the Trump administration a bipartisan win around digital assets.
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May 08, 2025
Ex-Binance CEO Says He's Asked Trump Admin For A Pardon
Binance founder Changpeng Zhao said he has applied for a pardon from the Trump administration in the wake of a four-month prison term he served as part of a historic plea deal over the cryptocurrency exchange's anti-money laundering failures.
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May 08, 2025
Oppenheimer Slips Suits Over Fraudster's $110M Ponzi Scheme
A cohort of investors who said they were victims of a $110 million Ponzi scheme run by a former Oppenheimer & Co. Inc. adviser can't hold the investment firm liable for their losses, the Georgia Court of Appeals has said, ruling their losses were "at best, an indirect result" of the firm's alleged efforts to cover up the scheme.
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May 08, 2025
Nevada Can't Escape Sports Contract Suit, Kalshi Says
Online trading platform KalshiEx LLC told a Nevada federal court Thursday that gambling officials cannot dodge a lawsuit challenging their authority to prohibit the company from offering betting on sports and elections, saying the company's success in securing a preliminary injunction satisfies the motion to dismiss standard.
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May 08, 2025
Honest Co. IPO Investors Get Initial OK For $27.5M Settlement
Investors in actress Jessica Alba's "clean lifestyle" brand The Honest Co. Inc. have gotten an initial nod for their $27.5 million deal to end claims the company failed to disclose negative trends ahead of its 2021 initial public offering.
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May 08, 2025
SEC's Peirce Outlines Path To Exempt Tokenized Securities
The U.S. Securities and Exchange Commission's Hester Peirce on Thursday endorsed the creation of "regulatory sandboxes" that would encourage companies to develop trading systems for tokenized securities, enabling them to experiment with new technologies without certain registration requirements that govern stock exchanges.
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May 08, 2025
SafeMoon Fraud Turned Me Into A 'Monster,' Key Witness Says
A former SafeMoon developer told a Brooklyn federal jury Thursday that his "moral compass was skewed" by corruption at the cryptocurrency outfit, as he blamed the company's CEO for allegedly conspiring to loot the company.
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May 08, 2025
Nestle Eyes Potential $5B Water Unit Sale, And Other Reports
Nestle is planning to break off a piece of its business to focus, fittingly, on top-performing brands like Kit Kat and Nescafe, as it weighs a potential sale of its sparkling water-led unit at a $5.6 billion value, according to a Reuters report Thursday.
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May 08, 2025
McDermott Recruits Ex-Kirkland Transactions Ace
An attorney specializing in capital markets transactions and securities has recently moved his practice to McDermott Will & Emery LLP's Chicago office after more than four and a half years with Kirkland & Ellis LLP.
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May 08, 2025
Katten Adds CMBS Pro From Cadwalader
Katten Muchin Rosenman LLP announced that a new partner has joined the firm's structured finance and securitization practice from Cadwalader Wickersham & Taft LLP, noting that she will expand the firm's commercial mortgage-backed securities capabilities.
Expert Analysis
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How Rising Secondary Private Markets Affect Tech Disputes
The rise of secondaries is a natural by-product of growing and evolving private markets and, as such, we can expect their growth will continue, signaling an increase in the use of secondaries in damages as well as litigation revolving around secondaries themselves, says Farooq Javed at The Brattle Group.
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Suggestions For CFTC Enforcement's New Leadership
The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.
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Opinion
NFT Bill Needs Refining To Effectively Regulate Digital Assets
A recent bill in the U.S. House proposing to regulate nonfungible tokens as digital assets would leave key concepts undefined until the U.S. comptroller general completes an after-the-fact study of NFTs, showing it needs more work before it is comprehensive enough to meaningfully protect the market, say attorneys at Duane Morris.
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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What To Expect In Crypto Banking After SEC Nixed Guidance
With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Inside The Uncertainty Surrounding CFPB's Overdraft Rule
The Consumer Financial Protection Bureau's overhaul of overdraft fee regulation hangs in limbo as the industry watches to see whether new leadership will repeal the rule, allow it to stay in place, or wait for congressional action or the courts to drive its demise, say attorneys at Alston & Bird.
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How Private Securities Suits Complement SEC Enforcement
U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.