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Capital Markets
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April 29, 2024
Venezuela Says It Has Proof Of Special Master Improprieties
Venezuela has asked a Delaware federal judge to disqualify the special master overseeing the sale of Citgo Petroleum Corp.'s parent company to repay billions of dollars in Venezuelan debt, saying it now has proof he engaged in improper advocacy before the Biden administration.
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April 29, 2024
Viking Upsizes IPO To $1.2B As More Companies Enter Fray
Cruise operator Viking Holdings Ltd. on Monday upsized its expected initial public offering to about $1.2 billion, by increasing the number of shares that existing stockholders plan to sell, as more companies join an expanding IPO pipeline.
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April 29, 2024
Orrick Adds Morgan Lewis Securities Regulatory Atty In DC
Orrick Herrington & Sutcliffe LLP has hired a longtime Morgan Lewis & Bockius LLP partner who focuses his practice on helping clients understand a myriad of securities regulations and financial laws, the firm announced Monday.
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April 29, 2024
L'Occitane Chair Bids $6.4B To Take Cosmetics Brand Private
L'Occitane International SA said Monday that its billionaire executive director and chair is leading an offer to purchase all the company's shares he does not already own, in a take-private transaction that would value the company at about €6 billion ($6.4 billion) on an equity basis.
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April 29, 2024
Proskauer Brings On WndrCo GC As NY Private Funds Partner
Proskauer Rose LLP said Monday that it has added a former general counsel and general partner of venture capital firm WndrCo as a private funds partner in New York.
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April 29, 2024
Justices Won't Hear Musk's Case Against SEC Gag Order
The U.S. Supreme Court on Monday said it will not review the terms of a settlement Elon Musk entered into with the U.S. Securities and Exchange Commission six years ago, keeping intact a Second Circuit decision that upheld the terms of a deal that said the Tesla CEO must receive preauthorization before making certain social media posts about the car manufacturer.
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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
Binance Can Arbitrate Suit Over Terra Stablecoin Collapse
A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.
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April 26, 2024
CFTC Receives Competing Visions For AI's Regulatory Future
Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.
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April 26, 2024
Crypto Mining Co. Execs Face Suit Over Merger Shortcomings
Executives and directors of crypto mining company Hut 8 have been hit with a shareholder derivative suit claiming they failed to disclose the severe financial and operational issues of a company Hut 8 merged with last year, later revealed in a short-seller's report.
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April 26, 2024
Crypto Atty's Senate Bid Takes Detour For SEC-Coinbase Suit
The pro-cryptocurrency attorney vying to unseat Sen. Elizabeth Warren of Massachusetts added to his pro bono work in the digital asset space on Friday by taking up the mantle for Coinbase users in the crypto exchange's ongoing battle with the U.S. Securities and Exchange Commission.
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April 26, 2024
Soccer Star Says Binance Is Target Of $1B Fla. Suit, Not Him
Portuguese soccer star Cristiano Ronaldo has urged a Florida federal judge to dismiss a $1 billion proposed class action lawsuit against him over promoting Binance.US, saying the embattled cryptocurrency exchange is listed as the target of the suit — in an "apparent Freudian slip" — instead of him.
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April 26, 2024
Willkie Attys Turned An SEC 'Twist' Into A Win For A Client
Attorneys from Willkie Farr & Gallagher LLP knew they were up against the clock after the U.S. Securities and Exchange Commission launched an investigation into their client Rumble Inc. last year. What they didn't expect, however, was the "big shocking twist" that would send their race against time into overdrive.
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April 26, 2024
Republic First Bank Fails In Biggest Bust Since 2023 Turmoil
Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.
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April 26, 2024
Truist Unit Survives Early Dismissal Bid In NC Poaching Suit
Truist Financial Corp. and its real estate finance arm can move forward with the bulk of their suit accusing three former executives of absconding for a competitor with several dozen colleagues in tow, after North Carolina's business court judge largely denied the defendants an early exit.
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April 26, 2024
TETRA Tech Shareholder Sues In Del. To Stop Poison Pill
A TETRA Technologies Inc. investor has filed a proposed class action in Delaware's Court of Chancery accusing the company of adopting a poison pill as a prohibited anti-takeover weapon rather than an allowable shield for $411 million in tax-advantaged net operating losses.
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April 26, 2024
Locke Lord Strikes $12M Deal To End Claims Over Gas Fraud
Locke Lord LLP will likely pony up $12.5 million to settle claims it stood by as its clients carried out a fraudulent $122 million oil and gas scheme, with a Texas federal magistrate judge recommending approval of the settlement at a hearing in Fort Worth.
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April 26, 2024
Therapy Co. SPAC Investors To Settle Del., Ill. Merger Suits
An attorney for a blank-check company that took ATI Physical Therapy Inc. public told Delaware's Court of Chancery it has agreed to settle two proposed stockholder class actions in conjunction with pending federal class and derivative suits in the Northern District of Illinois.
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April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
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April 25, 2024
Tesla Says Investors May Want To Influence Shareholder Vote
Tesla on Thursday questioned the motives of investors who want billions of dollars in company stock put into a trust, saying that their push to hasten the court's decision in their suit over Elon Musk's compensation plan raises concerns that they want to "elicit commentary" ahead of a shareholder meeting.
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April 25, 2024
Crypto Co. DCG Hires 1st Legal Chief Amid New York AG Fight
The head of cryptocurrency conglomerate Digital Currency Group on Thursday said the firm has appointed its first chief legal officer, hiring the former top lawyer of payment management firm Billtrust as DCG fights a lawsuit by New York's attorney general and other disputes.
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April 25, 2024
FDIC Tables Plans To Scrutinize Big 'Passive' Bank Investors
Federal Deposit Insurance Corp. leaders on Thursday debated two competing proposals intended to address concerns about asset managers and other investors amassing outsized influence over banks whose shares they own, ultimately taking the rare step of tabling the measures as neither garnered majority support.
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April 25, 2024
Crypto Co. Sues 'Crusading' Gensler Over SEC's Ether Stance
Cryptocurrency software company Consensys Software Inc. sued the U.S. Securities and Exchange Commission on Thursday in Texas federal court over the agency's treatment of the Ethereum network's ether token as a security after the company received a so-called Wells notice that agency staff intends to recommend an enforcement action over its products.
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April 25, 2024
Rubrik Leads Trio Of IPOs That Buoy Recovering Market
Three companies debuted trading Thursday following initial public offerings that raised nearly $1.4 billion combined under guidance from six total law firms, including two offerings that priced above range by data security firm Rubrik and aerospace company Loar, providing fresh energy for a strengthening IPO market.
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April 25, 2024
Chancery Seeks More Info About Bond In Truth Social Case
A Delaware vice chancellor said Thursday she needs more information from the sponsor of the blank-check company that took Donald Trump's Truth Social public about a bond it requested during litigation with some of the company's stockholders.
Expert Analysis
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Black-Led VC Fund Case Could Hinge On Nature Of Grants
Organizations whose missions involve any manner of race-conscious funding should closely monitor arguments this week in American Alliance v. Fearless Fund, a case filed against a grant program that seeks to address the gap in venture capital funding for Black women-led businesses, which will examine whether grants are charitable under Civil Rights Act Section 1981 liability, say Kali Schellenberg and John Stapleton at LeVan Stapleton, and Kenneth Trujillo at Chamberlain Hrdlicka.
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Ex-OpenSea Staffer Case May Clarify When Info Is Property
In considering the appeal of a former OpenSea manager’s wire fraud conviction in U.S. v. Chastain, the Second Circuit may soon provide guidance about whether economic information is traditional property in certain insider trading prosecutions — a theory of fraud that the U.S. Supreme Court has repeatedly narrowed, say attorneys at Debevoise.
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Takeaways From SEC's Aggressive Cybersecurity Moves
The U.S. Securities and Exchange Commission's intensifying policy on cybersecurity and securities violations in the wake of a data breach — like its enforcement action against SolarWinds and its security officer — has emboldened shareholders to file related suits, creating a heightened threat to public companies, say attorneys at Baker McKenzie.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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How Merck Settlement Can Inform Cyberinsurance Approach
This month's settlement in Merck v. ACE spotlights how cyber exclusions have evolved since the significant decision in the case — allowing for insurance coverage despite the presence of a policy war exclusion — and where else corporate risk managers may look for coverage in case of a cyberattack, say attorneys at McGuireWoods.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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Unpacking PCAOB's Sanctions Against China-Based Auditors
Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.