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Capital Markets
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April 24, 2024
Investors Say Macquarie No Magic Bullet For Citi In Fraud Suit
Citigroup investors fighting for another chance to sue the bank over allegations that it concealed risk management failures that led to a $400 million regulatory fine told a New York federal judge Tuesday that the U.S. Supreme Court's recent decision to limit corporate disclosure lawsuits is not terminal to their case.
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April 24, 2024
Boston Pension Doubles Down On Bid To Lead NYCB Suit
Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP stood firm on their bid to lead a proposed securities class action against New York Community Bancorp, saying their chief rival for lead status bought their shares too late and is too sketchy to be a potential plaintiff.
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April 24, 2024
Seyfarth Picks Up BCLP Corporate Finance Pro In Atlanta
Seyfarth Shaw LLP is expanding its corporate team with a Bryan Cave Leighton Paisner LLP finance specialist as a partner in its Atlanta office, the firm said Wednesday.
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April 24, 2024
Private Equity Lag Continues To Stunt M&A Growth
Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.
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April 24, 2024
Faegre Drinker Adds Perkins Coie Investment Partner In DC
Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.
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April 24, 2024
Feds Nab Latest OneCoin Plea On $35M Laundering Charge
An eighth defendant has been charged by federal prosecutors over the global OneCoin cryptocurrency scam and has pled guilty to laundering about $35 million in illicit proceeds through bank accounts he controlled in China and Hong Kong.
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April 24, 2024
NY Medical Clinic Investor Sues In Del. To Inspect Corp. Books
A shareholder of Juno Care Systems Inc. sued in Delaware's Court of Chancery on Wednesday for books and records, saying it needed them to investigate whether the board and officers of the medical clinic operator had breached their fiduciary duties to shareholders or wasted corporate assets.
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April 23, 2024
Globetrotters Say SBA's 'Bureaucratic Hell' Cost COVID Grant
The Harlem Globetrotters on Monday renewed their yearslong fight with the U.S. Small Business Administration over a $10 million COVID-19 relief grant, filing a new suit in D.C. federal court accusing the SBA of leaving the team in "bureaucratic hell" rather than forking over the money it's entitled to.
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April 23, 2024
SEC Critics Preview Future Challenges To Agency Action
The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.
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April 23, 2024
CFTC Formalizes Policy On Uncleared Swaps Recordkeeping
The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.
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April 23, 2024
Ripple Labs Says Its SEC Fine Should Be No More Than $10M
Blockchain firm Ripple Labs told a Manhattan federal judge that the U.S. Securities and Exchange Commission's $2 billion remedies request over the firm's registration violation is proof of its "administrative overreach," and says it shouldn't be forced to pay more than $10 million over a finding related to its sales of cryptocurrency XRP.
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April 23, 2024
Seller Fights Lender Over First Dibs On $3 Million Property
A lender that took possession of a $3 million property in Haslet, Texas, seems to have negotiated the sale of the tract to an unaffiliated party, Texas appeals court justices said during oral arguments in Fort Worth on Tuesday, in a fight over whether the original seller gets right of first refusal after the land went into foreclosure.
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April 23, 2024
EV Co.'s SPAC Suit Gets Final OK For $1.9M Settlement
Lightning eMotors Inc., which made electric commercial vehicles and has announced liquidation of its assets, has received final approval for a $1.85 million settlement of shareholder derivative claims against its brass alleging they hid supply chain issues that would keep it from scaling after going public via merger with a special purpose acquisition company.
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April 23, 2024
Goosehead Insurance Investor Looks To Pause Chancery Deal
A stockholder of Goosehead Insurance Inc. who struck a settlement last year with the Texas-based company to end his proposed class action over disproportionate insider control asked Delaware's Court of Chancery on Tuesday to put the deal on hold until another case involving investment bank Moelis & Co. plays out.
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April 23, 2024
Trump's Stake In Truth Social Swells An Additional $1.2B
The value of Donald Trump's stake in his newly public social media company soared by nearly $1.2 billion on Tuesday as the former president became eligible to receive bonus shares that were conditioned on the company's stock performance.
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April 23, 2024
Crypto Industry Groups Sue SEC Over Dealer Definition
Two crypto industry groups on Tuesday jointly sued the U.S. Securities and Exchange Commission to overturn the regulator's expanded dealer definition, claiming the regulator sidestepped a fair rulemaking process when it declined to address the myriad issues industry participants pointed out during the shortened comment process.
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April 23, 2024
Del. Chancery To Rethink Fast-Track Of Truth Social Suit
The judge taking over a Delaware Chancery Court lawsuit that two former "Apprentice" contestants brought against former President Donald Trump's social media company before the Truth Social platform went public will decide at the end of the month whether the suit still needs to be fast-tracked.
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April 23, 2024
Feds Want About 3 Years In Prison For LA Bank Embezzler
The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.
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April 23, 2024
PE Giant Faces Sanctions Bid For Mexico Corruption Claim
Advent International Corp. and its counsel at Ropes & Gray and Quinn Emanuel allegedly fabricated claims that a Mexican corporation's lawyers corruptly influenced prosecutors and judges in the country to freeze the private equity firm's assets and issue arrest warrants for executives, according to a filing in Massachusetts federal court.
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April 23, 2024
DOL's Final Investment Advice Regs Expand ERISA's Reach
The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.
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April 22, 2024
PacWest Wants Suit Over Alleged Rate Hike Exposure Axed
PacWest Bancorp has urged a California federal judge to toss a proposed class action from an investor who alleges the California regional bank ignored warning signs posed by last year's collapse of Silicon Valley Bank, saying the fact that it did not anticipate the "unprecedented turmoil in the banking industry" is not a violation of federal securities laws.
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April 22, 2024
NY's 'Buy-Now, Pay-Later' Oversight Bill Delayed But Not Dead
A New York state proposal to start licensing and supervising buy-now, pay-later providers didn't make the final cut in lawmakers' just-approved $237 billion budget, but a version being advanced through standalone legislation could still make it into law.
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April 22, 2024
CFTC Says Gemini Can't Pin Misstatements On 'Intermediary'
The U.S. Commodity Futures Trading Commission has told a New York federal court that cryptocurrency exchange Gemini Trust Co. LLC is seeking to "shirk responsibility" for misleading the agency's staff about the risks of a proposed bitcoin futures contract.
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April 22, 2024
Real Estate Investment Cos. Owe SEC $8.4M For $17.5M Fraud
A pair of companies allegedly used in service of a fraudulent real estate investment scheme will pay over $8.4 million to end claims they were part of the $17.5 million ploy that took in more than 150 would-be investors with claims that the securities involved were "recession-proof."
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April 22, 2024
Exec In Insider Trading Case Says Feds Denied Him Counsel
The former CEO at the center of a novel insider trading case is asking that the California jury deciding his fate not be allowed to hear evidence obtained during a pre-indictment interrogation, arguing he was denied access to an attorney despite insisting on speaking to counsel at least a dozen times.
Expert Analysis
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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Volume-Based Transaction Pricing Proposal Raises Questions
A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.
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What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
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SEC, NY Cybersecurity Rules Create Complexity For Insurers
Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Top 10 Whistleblowing And Retaliation Events Of 2023
The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.
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Understanding Advance Notice Bylaws Is Key For All Parties
Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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A Review Of 2023's Most Notable Securities Litigation
There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.
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ESG Investing Caught In Culture War Crosshairs In 2023
As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.