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Capital Markets
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June 13, 2024
Judge OKs RBS, Lloyds Bank and Others' $1.9M Libor Deal
A New York federal judge has granted preliminary approval to a $1.9 million deal between lender plaintiffs and several large banks, including the Royal Banks of Scotland, Lloyds, and others, over their alleged role in manipulating the London Interbank Offered Rate.
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June 13, 2024
Express Picks Stalking Horse Bidder As Ch. 11 Buyer
A stalking horse bidder offering $136 million in cash for the assets of clothing retailer Express Inc. will be the buyer in the debtor's competitive sale process, after its offer was deemed to be the only qualified bid to acquire the assets as a going-concern.
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June 13, 2024
SEC's Gensler Rethinking AI Advising, Crypto Custody Regs
U.S. Securities and Exchange Commission Chair Gary Gensler told senators Thursday that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback from both supporters and naysayers.
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June 13, 2024
Pryor Cashman Aided Developer Fraud, Owes $5.7M, Cos. Say
New York-based law firm Pryor Cashman LLP has been hit with a $5.7 million lawsuit in state court accusing it of aiding and abetting fraud while representing a real estate developer by allegedly providing false information to another party in a transaction involving a Manhattan property.
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June 13, 2024
Manatt Picks Up Crypto Co. DCG's Legal Head As New Partner
The former top lawyer for Digital Currency Group has departed the cryptocurrency company to join professional services firm Manatt as a financial services partner based in New York, focusing on blockchain, emerging companies and venture capital, the firm announced Thursday.
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June 13, 2024
Deals Rumor Mill: Paramount, Cineworld, Kraken IPO
Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.
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June 13, 2024
Biden Picks CFTC's Goldsmith Romero For FDIC Chair
The White House said Thursday that President Joe Biden will nominate Christy Goldsmith Romero, a Democratic member of the U.S. Commodity Futures Trading Commission, for the top job at the Federal Deposit Insurance Corp.
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June 12, 2024
Oppenheimer, Cybersecurity Co. Settle $12M SPAC Bill Spat
Oppenheimer & Co. and an Israeli cybersecurity company have reached a settlement to end claims that the company refused to pay $12 million in fees for SPAC merger-related services the investment bank provided, according to a New York federal court filing made Wednesday.
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June 12, 2024
'Tiger-Wolf' Trader Cops To Wire Fraud For $700K Scheme
A 26-year-old Charlotte man on Wednesday pled guilty to federal prosecutors' claims that he defrauded over 100 would-be investors in his purported hedge fund, Tiger-Wolf Capital LLC, spending much of their money on his own lavish lifestyle.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
Wells Fargo Accused Of Mismanaging Forfeited 401(k) Funds
A former Wells Fargo employee hit the San Francisco-based bank with a proposed class action in California federal court Tuesday, alleging Wells Fargo and its fiduciaries violated the Employee Retirement Income Security Act by using forfeited retirement funds to reduce its own contributions to other workers' 401(k)s.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
Directors Of Defunct Med Tech SPAC Seek Toss Of Del. Suit
Directors of a special purpose acquisition company that merged with now-defunct medical technology company Better Therapeutics Inc. urged Delaware's Court of Chancery on Wednesday to toss a shareholder's suit about the $15 million de-SPAC merger, saying it wasn't like other problematic SPAC deals.
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June 12, 2024
QuantumScape Shareholders Seek Initial OK For $47.5M Deal
Investors of QuantumScape have asked a California federal judge to give the first green light to a $47.5 million settlement to end their class action suit, which alleged published articles revealed the company made false statements about the quality of its batteries and the tests it used to measure performance.
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June 12, 2024
Forte Biosciences Reaches $2M Deal To End Chancery Suit
Clinical-stage biopharmaceutical company Forte Biosciences has reached a multipart, $2 million concession-plus-cash settlement in Delaware's Court of Chancery with a private investment fund that ran a board proxy contest after its calls to liquidate the business were met with poison pill pushback.
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June 12, 2024
Freshfields Adds Ex-Kirkland, Davis Polk Attys In New York
Freshfields Bruckhaus Deringer LLP bolstered its corporate offerings in New York this week with M&A partner Joshua Ayal and capital markets partner Jacqueline Marino.
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June 12, 2024
Terraform To Settle With SEC For $4.5B After Fraud Trial
Crypto firm Terraform Labs has agreed to a $4.47 billion settlement with the U.S. Securities and Exchange Commission after a Manhattan jury found the firm and its founder Do Kwon liable for fraud in April.
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June 12, 2024
GameStop Raises More Than $2.1B In Share Sale
GameStop Corp. has raised over $2.1 billion as part of a share sale, with plans to use the proceeds for general corporate purposes such as future acquisitions or investments.
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June 12, 2024
Property Investor Special Opportunities Scraps IPO Plans
Special Opportunities REIT said on Wednesday its planned listing on the London Stock Exchange's standard segment has failed after the U.K. property investor was unable to raise the minimum £250 million ($321 million) needed to proceed with the float.
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June 11, 2024
Martin Shkreli Told To Hand Over Wu-Tang Album
A New York federal judge ordered Martin Shkreli on Tuesday to hand over any copies he might have of the Wu-Tang Clan's album he once bought before it was sold off by the federal government to settle a $7.3 million tab from Shkreli's criminal judgment on securities fraud.
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June 11, 2024
2nd Circ. Cites Macquarie In Booting Suit Over Go-Private Deal
The Second Circuit refused to revive a proposed class action accusing a real estate services provider of artificially depressing share prices, applying apparently for the first time the U.S. Supreme Court's Macquarie decision on alleged failures to disclose certain information.
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June 11, 2024
SIFMA, Missouri Seek Early End To Anti-ESG Rules Suit
The Securities Industry and Financial Markets Association and Missouri state officials have filed dueling summary judgment bids in SIFMA's suit over the state's anti-ESG rules for brokers and advisers, with SIFMA claiming the rules violate the First Amendment, and both sides painting the issue as a matter of states' rights versus federal preemption.
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June 11, 2024
Fed's New Internal Trading Policy Full Of Loopholes, Sens. Say
Sens. Elizabeth Warren, D-Mass., and Rick Scott, R-Fla., have called on Federal Reserve Board Chair Jerome Powell to repeal what they say is a "failed approach" to addressing allegedly illicit trading by Fed officials, saying the long-awaited policy is riddled with loopholes, contains weak penalties and requires no transparency for officials who violate the trading rules.
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June 11, 2024
Hedge Fund Anson Settles With SEC Over Cannabis Shorts
The American and Canadian entities overseeing hedge fund Anson Funds agreed on Tuesday to pay $2.25 million to end a U.S. Securities and Exchange Commission investigation into their allegedly hidden relationship with an activist investment firm that shorted a pair of cannabis stocks.
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June 11, 2024
HashiCorp Hit With Investor Suit Over $6.4B Sale To IBM
Software company HashiCorp Inc. and its board members face an investor suit seeking to halt an upcoming shareholder vote on a proposed $6.4 billion acquisition of HashiCorp by tech giant IBM, alleging the deal would unfairly benefit company insiders and hasn't been properly detailed in required filings.
Expert Analysis
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Influencer Considerations As FINRA Initiates Crackdown
To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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4 Takeaways From Biden's Crypto Mining Divestment Order
A May 13 executive order prohibiting the acquisition of real estate by a foreign investor on national security grounds — an enforcement first — shows the importance of understanding how the Committee on Foreign Investment in the United States might profile cross-border transactions, even those that are non-notified, say attorneys at Kirkland.
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.