Capital Markets

  • September 09, 2024

    Catching Up With Delaware's Chancery Court

    Delaware's Court of Chancery made some expensive decisions last week, ranging from a $130 million stockholder award and a freeze on $450 million in equity financing to a whopping $1 billion bill for fraud and breach of contract damages. New cases aimed at Virgin Galactic, settlements pulled in Hemisphere Media Group Inc. and court hearings involving Apollo Global Management heated up. In case you missed it, here's the roundup of news from Delaware's Court of Chancery.

  • September 06, 2024

    Covington Owes $100M For Malpractice, Ex-Client Claims

    A blockchain entrepreneur and attorney is seeking at least $100 million from Covington, claiming in a legal malpractice suit filed Friday in New York state court that he could have avoided years of fighting a federal extortion case if firm partners hadn't advised against handing prosecutors "clearly exculpatory evidence."

  • September 06, 2024

    ZoomInfo Sued By Investor Over Post-Lockdown Biz Pressure

    Software company ZoomInfo Technologies Inc. has been hit with an investor proposed class action in Washington federal court alleging it hurt investors and its own reputation as it took desperate measures to maintain an early-pandemic customer boom and ultimately wrote down $33 million because of improperly recognized revenue.

  • September 06, 2024

    Earthlink Investors Accept $85M Deal To End Merger Suit

    Earthlink investors who say they were duped into approving a $1.1 billion merger with failing telecommunications company Windstream Holdings Inc. told an Arkansas federal judge Friday that they've reached an $85 million deal to end the lawsuit two months before the case was scheduled to go to trial.

  • September 06, 2024

    SEC Wins Suit Against Trader Who Reaped 'Maker-Taker' Fees

    The U.S. Securities and Exchange Commission on Friday won summary judgment against a stock trader it accused of illegal wash trading when he traded to profit off so-called maker-taker fees paid out by major exchanges, with a New Jersey federal judge ruling that there are no issues of material fact in the suit, among other things.

  • September 06, 2024

    7th Circ. Backs Bulk Of CFTC's Fraud Claim Win Against CEO

    The Seventh Circuit has largely upheld a win for the Commodity Futures Trading Commission, finding that the head of a Chicago-based brokerage conducted a multimillion-dollar options fraud scheme, but remanded on two claims related to whether the company was required to register as a commodity trading adviser.

  • September 06, 2024

    Crypto Project Finds Shkreli's Wu-Tang Claims 'Dubious'

    The crypto project suing Martin Shkreli for allegedly harming the value of a one-of-a-kind Wu-Tang Clan album on Friday urged a federal judge to ensure Shkreli "fully" complies with an order directing him to surrender all copies of the album after the project found his recent submission lacking.

  • September 06, 2024

    Fed's Barr To Give Sneak Peek Of Revised Basel III Plan

    The Federal Reserve's vice chair for supervision will preview revisions to a scaled-back version of the controversial Basel III endgame plan to toughen big-bank capital requirements at a Brookings Institution event on Tuesday.

  • September 06, 2024

    CFTC Loses Court Battle Over Election Betting Contracts

    A Washington, D.C., federal judge ruled against the U.S. Commodity Futures Trading Commission on Friday in a case that challenged an agency ban on the use of the derivatives markets to place bets on the outcome of U.S. elections, granting victory to trading platform KalshiEx LLC. 

  • September 06, 2024

    YouTuber Says Logan Paul Filed Defamation Claims Too Soon

    YouTuber Coffeezilla has told a Texas federal judge that social media entertainer Logan Paul's defamation suit shouldn't move forward since Paul never asked the video creator to correct or rework the investigative series that Paul claims defamed him as a scammer.

  • September 06, 2024

    Morgan Stanley Fined $2M Over First Republic Exec's Trades

    Massachusetts' top securities cop on Friday imposed a fine of $2 million on Morgan Stanley for failing to ensure that a New Republic Bank chairman hadn't relied on insider information when he dumped millions of dollars of the bank's stock in the days and months before its collapse.

  • September 06, 2024

    Renewable Energy Biz Goes Public Via $386M SPAC Merger

    Renewable energy company EEW Renewables Ltd., advised by Seward & Kissel LLP, on Friday announced plans to go public by merging with Ellenoff Grossman & Schole LLP-led special purpose acquisition company Compass Digital Acquisition Corp. in a deal with a pro forma combined enterprise value of $386 million.

  • September 06, 2024

    Goodwin-Led Cancer Biotech Eyes Roughly $200M IPO

    Drug developer Bicara Therapeutics Inc., advised by Goodwin Proctor LLP, announced on Friday plans to raise around $200 million in its initial public offering, with the proceeds going toward developing bifunctional antibodies designed to treat solid tumors.

  • September 06, 2024

    EU Gears Up For New Commission With A Plea: More Women

    European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.

  • September 06, 2024

    City Task Force Calls For Shake-Up Of UK Capital Markets

    The U.K. must encourage risk-taking in its capital markets in order to remain competitive in the global stage and help fund £1 trillion ($1.32 trillion) of fresh investment needed to hit economic targets, a task force of City heavyweights said on Friday.

  • September 05, 2024

    Coinbase, Execs Must Face Investor Suit Over Business Risks

    A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.

  • September 05, 2024

    CFTC Says Ex-Commish's Signature Was Forged For $1.5M Scam

    The Commodity Futures Trading Commission has sued the operator of an unlicensed commodity pool for allegedly targeting dozens of Spanish-speaking immigrants in a $1.5 million Ponzi-like scheme that used a fictitious license containing a counterfeit CFTC seal and a forged commissioner signature to falsely promise investors guaranteed monthly returns.

  • September 05, 2024

    Texas Bank Ordered To Boost AML Compliance For Crypto Biz

    The Federal Reserve has told a Texas institution to shore up "significant deficiencies" in its risk management and anti-money laundering procedures as they relate to crypto customers, among other concerns.

  • September 05, 2024

    Biden To Block US Steel-Nippon, And More Deal Rumors

    President Joe Biden is reportedly preparing to block the $14.9 billion merger of U.S. Steel and Nippon Steel, Blackstone and Vista Equity Partners may team up to buy Smartsheet, and Springer Nature is planning an initial public offering. Here, Law360 breaks down these and other notable deal rumors reported over the past week.

  • September 05, 2024

    Ga. Investment Adviser To Pay $335K To End SEC Suit

    Atlanta-based West Mountain LLC and its director, Paul Alar, will pay $335,000 and take other steps to resolve a U.S. Securities and Exchange Commission complaint alleging they fraudulently overvalued assets and collected inflated fees.

  • September 05, 2024

    7th Circ. Doubts JPMorgan Traders' Spoofing Appeal

    The Seventh Circuit seemed skeptical Thursday about three former JPMorgan traders' assertion that evidentiary issues surrounding their underlying spoofing trials warrant unwinding their convictions for manipulating the market with fake orders for precious metals.

  • September 05, 2024

    2nd Circ. Chilly To Mortgage-Backed Securities ERISA Suit

    The Second Circuit appeared unlikely Thursday to revive a union pension fund's suit looking to hold Wells Fargo and Ocwen Financial Corp. liable for losses on mortgage-backed securities, with two judges signaling the risky loans the fund sued over might not be covered by federal benefits law.

  • September 05, 2024

    'Flimsy Attack' In $102M Award Suit Falls Flat, Court Hears

    Liberian entities fighting to enforce a $102 million arbitral award issued in a dispute over control of a $700 million liquefied petroleum gas shipping joint venture have criticized the award debtor's "flimsy attack" on the arbitrator's impartiality in a filing to a New York federal judge.

  • September 05, 2024

    Latham-Led Topgolf Plans Spinoff Into 2 Separate Cos.

    Topgolf Callaway Brands Corp., advised by Latham & Watkins LLP, has announced plans to spin off its golf entertainment business Topgolf into its own publicly traded company, creating two separate golf-focused businesses.

  • September 12, 2024

    Bird & Bird Recruits M&A Partner In Frankfurt Amid Growth

    Bird & Bird LLP has hired a business expert as a partner in Frankfurt as the firm bolsters its growing corporate practice internationally, with a keen eye on its new office in Japan.

Expert Analysis

  • Evolving Regulatory Oversight For AI And Asset Management

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    Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.

  • Series

    A Day In The In-House Life: Block CLO Talks Problem-Solving

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    Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

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    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • Opinion

    After Jarkesy, IRS Must Course-Correct On Captive Insurance

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    The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.

  • Dissecting Treasury's Call For Input On AI In Financial Sector

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    The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.

  • Series

    Being A Luthier Makes Me A Better Lawyer

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    When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • 3 Areas Of Enforcement Risk Facing The EV Industry

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    Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.

  • Ambiguity Ruling Highlights Deference To Arbitral Process

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    A New York federal court’s recent ruling in Eletson v. Levona, which remanded an arbitral award for clarification, reflects that the ambiguity exception’s analysis is not static and may be applied even in cases where the award, when issued, was unambiguous, says arbitrator Myrna Barakat Friedman.

  • American Airlines ESG Ruling Could Alter ERISA Landscape

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    The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.

  • Cyber Incident Response Checklist For SEC Compliance

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    In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.

  • Opinion

    Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

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