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Capital Markets
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October 07, 2024
5th Circ. Casts Doubt On SEC's Updated Short-Selling Rules
A Fifth Circuit panel on Monday appeared skeptical of the U.S. Securities and Exchange Commission's arguments for maintaining two regulations aiming to bolster transparency around short selling in the marketplace, with one judge asking whether the agency was "having cake and eating it too," by claiming that the rules were not interconnected in a way that was fatally flawed.
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October 07, 2024
Biotech, Medical Device Firms Prep Three IPOs Totaling $376M
Two venture-backed biotechnology startups and a medical device maker launched plans on Monday for three initial public offerings projected to raise about $376 million combined, adding to a busy schedule of IPOs this week.
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October 07, 2024
FTX Gets OK For Ch. 11 Plan After Objections Overruled
A Delaware bankruptcy judge said he would confirm the Chapter 11 reorganization plan of FTX Trading Ltd. after overruling several objections Monday, beginning a process of distributing billions of dollars to customers less than two years after the cryptocurrency exchange collapsed.
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October 07, 2024
Justices Won't Hear Commerzbank RMBS Fight With US Bank
The U.S. Supreme Court on Monday turned down a bid by Commerzbank AG to revive more of its claims against U.S. Bank NA in a long-running lawsuit over pre-2008 residential mortgage-backed securities trusts, declining to review a recent Second Circuit decision in the case.
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October 07, 2024
Title Co. Denied Early Win In $13M Hotel Investment Fight
A California federal judge declined to grant a title company an early win in a lawsuit brought by an investor accusing it of improperly releasing the investor's $13 million contribution to a 17-hotel deal, finding that a dispute remained over multiple factual issues.
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October 07, 2024
Trio Of 1st Circ. Criminal Cases Turned Away By Top Court
The U.S. Supreme Court on Monday declined to review three white collar cases on appeal from the First Circuit, including challenges to a cryptocurrency founder's conviction for investor theft and an Illinois attorney's fraud and money laundering conspiracy verdict.
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October 07, 2024
Coinbase Says Ripple Appeal Supports Its Own 2nd Circ. Bid
Cryptocurrency exchange Coinbase told a New York federal judge that the Second Circuit would be best served by reviewing the firm's bid to toss the U.S. Securities and Exchange Commission's enforcement suit against it now that the SEC has appealed a judgment with similar legal questions in its case against Ripple Labs.
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October 07, 2024
Feds Seek Tape, Allege Witness Tampering In WeWork Case
Prosecutors asked Sunday to subpoena a recording of an incident in which they say a former investment firm CEO who is accused of making a fraudulent offer for WeWork shares had improper contact with a witness expected to testify at the ex-CEO's upcoming trial.
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October 07, 2024
Alta Fox Latest Activist To Take Aim At Forward Air Corp.
Forward Air Corp. shareholder Alta Fox in a Monday letter blasted the "disastrous record of ignoring shareholders' views" by the asset-light transportation services provider and demanded immediate change, marking the second activist investor to take aim at the company in recent months.
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October 07, 2024
Winston & Strawn Adds Digital Assets Pro From K&L Gates
Winston & Strawn LLP has hired as a partner for its transactions department and as a member of its digital assets and blockchain technology group an attorney who formerly worked at K&L Gates LLP and co-chaired its digital assets industry group.
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October 07, 2024
High Court Turns Away Case On Shareholder Opt-Out Rights
The U.S. Supreme Court on Monday turned away a petition brought by an AMC Entertainment Holdings Inc. shareholder who asked the court to weigh in on whether a Delaware Court of Chancery judge violated her due process rights by blocking her from opting out of a settlement over the movie chain's controversial reverse stock split.
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October 04, 2024
Top 5 Supreme Court Cases To Watch This Fall
The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.
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October 04, 2024
Milbank LLP Lands Departing SEC Enforcement Chief Grewal
Departing U.S. Securities and Exchange Commission enforcement director Gurbir Grewal will land at Milbank LLP in New York after he leaves the agency later this month, joining the law firm's litigation and arbitration group, according to a person familiar with the matter.
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October 04, 2024
Real Estate Execs Accused Of NYC Deed Theft Scheme
Three real estate executives have been arrested in connection with a purported $500,000 deed theft scheme that preyed upon a vulnerable home owner in the Bronx, according to the Office of the New York State Attorney General.
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October 04, 2024
SEC Suit Over Fund Adviser's $1B Loss Teed Up For Trial
An Illinois federal judge has declined to grant the U.S. Securities and Exchange Commission a win in its suit accusing a now-defunct Chicago investment adviser of mismanaging $1 billion in assets, finding that a jury will need to consider many of the suit's claims around whether investors were misled about the firm's trading strategy and risk management practices.
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October 04, 2024
G7 Antitrust Chiefs Vow To Scope Collusion In AI Tech Sector
U.S. and international antitrust regulators said Friday they intend to scrutinize any anticompetitive practice in the market for artificial intelligence technologies or any use of the emerging tech to circumvent competition.
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October 04, 2024
Thrivent Unit Pays SEC Fine Over Alleged Reg BI Lapses
Thrivent Investment Management Inc. has settled the U.S. Securities and Exchange Commission's allegations that it violated Regulation Best Interest when recommending certain investments to customers enrolled in college savings plans when lower-priced options were available.
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October 04, 2024
SEC Should Take Over Market Database, Investor Group Says
An investor-side trade association is pushing the U.S. Securities and Exchange Commission to take control of a controversial market surveillance tool out of the hands of the nation's stock exchanges, saying in a recent rulemaking petition that a failure to do so could be "catastrophic" if either the government or the courts decide to shut down the database.
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October 04, 2024
Credit Suisse Investors Joust Over Bids To Be Class Leader
A Credit Suisse investor in a class action alleging the bank misled investors about its condition in the run-up to its collapse and takeover by UBS has asked a New York federal judge to toss the current lead plaintiff in favor of himself, while the current lead plaintiff shot back with an opposition.
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October 04, 2024
Coinbase To Limit Stablecoins That Don't Meet New EU Rules
Crypto exchange Coinbase said Friday that it plans to delist certain stable-value tokens for users in the European Union if the tokens don't meet soon-to-be-effective guidelines under the jurisdiction's crypto regime.
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October 04, 2024
Tempur Sealy, Mattress Firm Sue To Block FTC Merger Case
Tempur Sealy International Inc. and Mattress Firm Group Inc. told a Texas federal court on Friday that the Federal Trade Commission's in-house process violates the Constitution, so the agency's case challenging their planned $4 billion merger should be blocked.
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October 04, 2024
4 Benefits Appellate Arguments To Watch In October
The Fourth Circuit will consider a drugmaker's challenge to a West Virginia state law restricting access to the abortion drug mifepristone and Ohio pension funds are seeking to revive an investor class action at the Second Circuit, while the First and Ninth Circuits will take up executive compensation disputes. Here are four appellate arguments in October involving employee benefits that attorneys may want to keep on their radar.
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October 04, 2024
Chinese Courier, GOP-Focused Bank Ink IPOs Totaling $107M
Chinese courier service BingEx Ltd. and online bank Chain Bridge Bancorp Inc. began trading Friday after pricing initial public offerings that raised a combined $107 million, guided primarily by four firms, and extending a busy autumn for IPOs.
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October 04, 2024
SPAC Scraps $238M Merger Plan With Debt Servicer
Special purpose acquisition company Everest Consolidator Acquisition Corp. has canceled its merger plans with consumer debt service Unifund Financial Technologies, saying there were breaches in the merger agreement that made closing impossible.
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October 04, 2024
Mayer Brown Gains NY Corporate Atty From Freshfields
Mayer Brown LLP announced this week that its corporate and securities group has added a New York-based attorney from Freshfields.
Expert Analysis
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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Equity Rights Offering Considerations As Maturity Cliff Looms
Current market uncertainties make an equity rights offering — involving affiliate backstop investors — a cost-effective, capital-raising transaction for distressed companies looking to manage their leverage ahead of the impending maturity of a substantial number of COVID-era debt issuances, say attorneys at Winston & Strawn.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.