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Capital Markets
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April 18, 2025
DOJ To Move Ahead In SafeMoon Case Despite Crypto Memo
Prosecutors told a federal judge in Brooklyn on Friday that they plan to proceed with an investor fraud case against the CEO of crypto firm SafeMoon, having reviewed a Justice Department directive not to pursue certain charges related to digital assets.
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April 17, 2025
Judge Warns Rocket Cos. Investor: Seek Cert. At 'Own Peril'
A Michigan federal judge on Thursday said a pension fund trying to take over as lead plaintiff in a suit against mortgage business Rocket Companies Inc. does not need the court's permission to file a renewed class certification motion, but it "does so at its own peril."
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April 17, 2025
Polymarket Operator To Pay Fine Over Binary Options Claims
The Ontario Securities Commission said Thursday that the operators of prediction market platform Polymarket have agreed to a 200,000 Canadian dollar ($144,456) penalty over allegations it served Ontario customers despite the jurisdiction's ban on binary options.
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April 17, 2025
Feds Say Estonians Won't Be Deported Before Fraud Sentence
Prosecutors told a Washington federal judge Thursday that they had secured approval for "deferred action" from the Department of Homeland Security on potential immigration proceedings against two Estonian men awaiting sentencing for a cryptocurrency fraud scheme.
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April 17, 2025
K&L Gates Bungled Crypto Co.'s Bankruptcy Claim, Suit Says
Gryphon Digital Mining has sued its former counsel K&L Gates LLP, claiming it dropped the ball on a bankruptcy filing that cost the company millions of dollars and complicated another legal case, all while allegedly overbilling the crypto mining firm by $1 million for related matters.
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April 17, 2025
Crypto Casino Owner Gambled With Investor Funds, Feds Say
The founder of a purported cryptocurrency casino was criminally charged with stealing millions of dollars from investors and gambling the funds away at a different online gambling platform and in the stock market.
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April 17, 2025
QXO Prices $500M Offering Connected To $11B Beacon Buy
Building products distribution company QXO Inc. announced the pricing of a stock offering, with plans to raise $500 million, which will be used to finance a portion of its pending $11 billion acquisition of Beacon Roofing Supply Inc.
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April 17, 2025
OpenAI Eyes Windsurf, Activist Targets HP, And More Rumors
OpenAI is preparing to bid about $3 billion to acquire coding developer Windsurf, activist fund Elliot Investment Management has purchased a major stake in Hewlett Packard with an eye toward pushing changes at the information technology giant, and private equity giant KKR is considering selling Atlantic Aviation for $10 billion.
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April 17, 2025
Hidden Road Nabs Broker-Dealer Approval After Ripple Deal
Prime brokerage platform Hidden Road announced Thursday that it's received a broker-dealer license from the Financial Industry Regulatory Authority, hot on the heels of a deal that will see Ripple Labs acquire the firm for $1.25 billion.
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April 17, 2025
7-Eleven Parent Floats Refreshed Board With 4 New Nominees
Japan's Seven & i Holdings Co. on Thursday proposed a refreshed slate of directors and reaffirmed its commitment to pursuing both internal reforms and a potential acquisition by Canada's Alimentation Couche-Tard.
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April 17, 2025
Zenas BioPharma Faces Investor Suit Over Post-IPO Plunge
Autoimmune disease therapeutics company Zenas BioPharma Inc. was hit with a proposed shareholder class action alleging that its registration statement for its September 2024 initial public offering overstated the amount of time that the company could fund its operations using existing cash and expected net proceeds from the offering.
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April 17, 2025
Chinese Tea Chain Prices $411M US IPO Amid Trade Tension
Chinese teahouse company Chagee Holdings Ltd., represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, on Thursday priced a $411 million initial public offering at the top of its range despite U.S.-China trade tensions.
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April 17, 2025
Haynes Boone Atty Joins Mintz Capital Markets Team
Mintz Levin Cohn Ferris Glovsky and Popeo PC said Tuesday that its New York office has welcomed a corporate attorney from Haynes Boone who advises investment banks and private issuers on equity securities offerings and strategic investments.
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April 16, 2025
Red State AGs' SEC Suit Paused Amid Crypto Policy Shift
A Kentucky federal judge on Wednesday paused a suit from a coalition of Republican attorneys general challenging the U.S. Securities and Exchange Commission's crypto enforcement strategy as the regulator retools its approach to digital asset policy.
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April 16, 2025
Carvana Stockholders Urge Revival Of Insider Trading Suit
Stockholder attorneys who saw unjust enrichment and fiduciary breach claims against Carvana Inc.'s directors, officers and controller scuttled in Delaware's Court of Chancery last year urged the state's justices Wednesday to revive claims against its controller, who allegedly relied on inside information while selling $3.7 billion of shares.
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April 16, 2025
Venture Global Faces Investor Suit Over Post-IPO Slump
Liquefied natural gas exporter Venture Global Inc. has been hit with a class action in Virginia federal court from an investor who claims that the company's registration statements from its $1.8 billion initial public offering earlier this year contained false and misleading statements about Venture's production levels and the costs of some of its projects.
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April 16, 2025
Pot Co. Says Board Member Should Stay In 'Neobank' Suit
Cannabis company Killa Bees Distribution LLC is objecting to an Oregon magistrate judge's recommendation that the court dismiss its claims against a board member for a defunct "neobank" set up to handle banking for cannabis companies, saying the conclusion is "legally and factually flawed."
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April 16, 2025
Consumer-Focused SPAC Details $150M IPO Plans
Blank check company Vendome Acquisition Corp. I has filed plans to raise up to $150 million in an initial public offering with the goal of acquiring a business in the consumer sector.
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April 16, 2025
Reed Smith Wins Stay Order In Eletson Shipping Feud
For now, Reed Smith will not be compelled to turn over a client file to the new owners of reorganized international shipping group Eletson, following a temporary stay issued by the Second Circuit amid the BigLaw firm's fight to continue representing the company's prebankruptcy shareholders.
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April 16, 2025
Disbarred Atty Gets 2½ Years For Investment Scheme
A New Jersey federal judge sentenced a disbarred attorney to 2½ years in prison after he admitted to misleading would-be investors in his financial services company with false promises before using their money for his personal expenses.
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April 15, 2025
Securities Org. Says SEC Must Hand Over Texting Sweep Data
The American Securities Association has urged a Florida federal court to order the U.S. Securities and Exchange Commission to turn over spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, arguing the SEC's "ever-changing excuses" cannot shield it from Freedom of Information Act requirements.
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April 15, 2025
Atty Sues After His Dog-Themed Meme Coin Gets Hacked
A former BigLaw attorney who created a meme coin in honor of his pet dachshund has sued the crypto wallet provider he used to hold his tokens over "catastrophic security failures and deliberate regulatory evasion" that allegedly allowed a hacker to steal half a million dollars' worth of his meme coin and tank the value of the project in the process.
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April 15, 2025
No Appeal For Green Energy Co. CEO In $40M Investor Suit
The CEO of a company purportedly funded by a green energy outfit can't appeal a judge's determination in a proposed investor class action that found the executive is subject to the Tennessee federal court's jurisdiction, saying he failed to meet the requirements for such an appeal.
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April 15, 2025
Ex-AutoZone CEO Beats Investor's 'Short Swing' Profits Suit
AutoZone's former CEO has beaten an investor's suit accusing him of making $1 million in short-swing profits trading in the company shares at the expense of the company, with the judge ruling the transactions were exempt from certain insider trading rules.
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April 15, 2025
Cloud Startup Figma Confidentially Files IPO Amid Volatility
Cloud-based design platform Figma Inc. said Tuesday it confidentially filed for an initial public offering, marking a first step toward going public during tense times for equity markets and coming more than one year after a failed merger with Adobe.
Expert Analysis
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2024 Election Results May Prove Fortuitous For Family Offices
Thanks to the decisive Republican victories in the 2024 elections, family offices have a unique opportunity for accelerated growth and influence, particularly through the benefits afforded by patient capital, says Edward Taibi at Olshan Frome.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Musk Pay Fight Shows Investor Approval Isn't Universal Cure
The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.
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2024 IPO Market Trends, And What To Expect Next Year
The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.