Capital Markets

  • March 22, 2024

    5 Things To Know As SEC Takes Terraform Fraud Case To Trial

    The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.

  • March 22, 2024

    Galderma Starts Trading In Switzerland After Pricing IPO

    Private equity-backed Swiss skincare company Galderma Group AG began trading publicly Friday after pricing its $2.4 billion initial public offering, marking the next stage of its growth trajectory.

  • March 22, 2024

    Trump Wins Investor Approval Of Truth Social SPAC Deal

    Digital World Acquisition Corp. shareholders on Friday approved a proposal to acquire former President Donald Trump's social media platform, setting in motion long-delayed plans to take Trump's startup public despite unresolved litigation tied to the merger.

  • March 21, 2024

    SEC's 'Shadow Trading' Trial To Test Insider Info Boundaries

    If the U.S. Securities and Exchange Commission can convince jurors hearing its first-ever "shadow trading" case next week to find a former executive in the wrong for buying up a competitor's securities while having insider information about his own company, the floodgates could open to civil and criminal prosecution of other corporate insiders under the novel legal theory, attorneys told Law360.

  • March 21, 2024

    Silvergate Must Face Investor Suit Over FTX Ties, Judge Says

    The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.

  • March 21, 2024

    Sen. Warren Wants SEC To Probe Musk Control Of Tesla Board

    Sen. Elizabeth Warren, D-Mass., urged the U.S. Securities and Exchange Commission on Thursday to investigate whether Tesla's board of directors is independent from CEO Elon Musk, saying recent reports suggest the billionaire controls the board for his personal benefit.

  • March 21, 2024

    UpHealth Claims $110M Win In Glocal Control Fight

    Global digital health company UpHealth Inc. says an arbitral panel has awarded it more than $110 million following a dispute that arose out of its subsidiary's acquisition of Glocal Healthcare Systems in 2020 — even as Glocal decried the award as "one-sided and perverse."

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Directors Of Public Cos. Back Trian CEO Amid Disney Proxy Fight

    Thirteen current and former public company directors, all of whom have worked with Trian Fund Management and CEO Nelson Peltz, sent a letter to The Walt Disney Company's board of directors Thursday highlighting why they believe Peltz would make a good addition to the board amid a heated proxy battle.

  • March 21, 2024

    CFPB Head Sees Flaws In Capital One-Discover Deal Rationale

    The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.

  • March 21, 2024

    8th Circ. Wins SEC Climate Rule Litigation Lottery

    The wave of cases against the U.S. Securities and Exchange Commission's recently finalized climate disclosure rules will be consolidated and proceed in the Eighth Circuit, the U.S. Judicial Panel on Multidistrict Litigation ordered Thursday, after the agency requested a random draw.

  • March 21, 2024

    Shumaker Hires Kass Shuler Atty In Tampa As Partner

    A 13-year Kass Shuler PA attorney and one-time Florida assistant state's attorney, has joined Shumaker Loop & Kendrick LLP in Tampa as a partner, the firm announced Thursday.

  • March 21, 2024

    Deals Rumor Mill: Apollo-Paramount, Britannica IPO, KKR

    Buyout firm Apollo is offering $11 billion to buy Paramount's film studio, Encyclopaedia Britannica is gearing up for an IPO that could value the publisher at $1 billion, and KKR is mulling a sale of learning chain EuroKids International. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • March 21, 2024

    Activist Investor Rips 'Misguided' Strategy Of WisdomTree

    Activist investor ETFS Capital on Thursday urged shareholders of WisdomTree to withhold their votes from the asset management firm's board members at an upcoming shareholder meeting due to the company's "failed diversification strategy" and refusal to initiate a strategic review process.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 21, 2024

    FDIC To Target Deals Creating Cos. With $100B-Plus In Assets

    The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."

  • March 20, 2024

    Insider Trading Charges Kept Intact In Trump Media Co. Suit

    A New York federal judge on Wednesday refused to toss charges against a Florida venture capitalist over allegedly illegally profiting from a secret plan to take Donald Trump's Truth Social company public, finding court precedent for the criminalization of insider trading under securities fraud law.

  • March 20, 2024

    Latham, Davis Polk Guide Reddit's Long-Awaited $748M IPO

    Reddit Inc. on Wednesday priced a $748 million initial public offering at the high end of its intended priced range, represented by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP, completing the first social-media IPO in five years. 

  • March 20, 2024

    Trump SPAC Sues To Force Vote In Favor Of Deal

    The special purpose acquisition company hoping to take Trump Media & Technology Group public sued its largest founding investor in New York state court to force a vote in favor of the deal, the latest legal turmoil to sprout from the SPAC's spat with its former chief executive.

  • March 20, 2024

    Winklevoss-Owned NFT Co. Gets Suit Sent To Arbitration

    A New York federal judge has ordered a suit accusing cryptocurrency exchange Gemini Trust and its NFT-focused subsidiary of selling unregistered securities to be sent to arbitration, rejecting the plaintiff's arguments that his proposed class action belongs in federal court.

  • March 20, 2024

    UK Pension Fraud Fund To Pay Out £416M To Victims By 2026

    The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.

  • March 20, 2024

    French Lab Testing Biz Announces €200M Share Buyback

    Bureau Veritas SA said on Wednesday it will launch a share repurchase program worth up to €200 million ($217 million) this year, as it detailed plans for growing its business and bolstering shareholder returns.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    Bank of Cyprus Eyes €137M Investor Return After ECB Nod

    The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.

  • March 20, 2024

    Dubai Won't Be Top Investor In Nasdaq After $1.6B Share Sale

    Nasdaq Inc. has said that Dubai will lose its spot as top shareholder in the U.S. stock exchange operator after it sells $1.6 billion worth of shares.

Expert Analysis

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Why Public Cos. Should Also Comply With SEC's Names Rule

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    While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.

  • Best Practices For Cos. Navigating US-China Investigations

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    Given recent enforcement trends and the broad jurisdictional reach of U.S. laws, companies with operations in China must enhance their compliance programs in order to balance new corporate enforcement expectations with Chinese data protection and privacy requirements, say attorneys at Paul Hastings.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • How CRE Loans Would Shift Under New Bank Capital Rules

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    Attorneys at MoFo discuss how commercial real estate loans would fare under federal banking agencies' proposed changes to how large banks risk-weight loans, particularly how CRE loans are weighed based on the current standardized framework versus the proposed expanded approach.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • What US Cos. Should Know About ESG Directives In The EU

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    Even if U.S. companies don't fall directly within the scope of the EU's directives requiring corporate reporting on human rights and environmental impacts, which will likely be fully enacted next year, they may still be implicated if they are part of an EU business's value chain, so U.S. companies should undertake proactive steps to gain a competitive advantage, say attorneys at DLA Piper.

  • Series

    Playing In A Rock Cover Band Makes Me A Better Lawyer

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    Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.

  • Grayscale Win Over SEC May Finally Herald Spot Bitcoin ETPs

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    While the U.S. Securities and Exchange Commission has yet to approve any exchange-traded product based on spot bitcoin prices, a recent D.C. Circuit order that the SEC revisit Grayscale Investments’ application to offer shares in such a fund may signify the beginning of the end to the crypto industry's long quest to establish these products, say attorneys at Ropes & Gray.

  • Series

    The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'

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    The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.

  • What ESG Investing Ruling Means For Fiduciaries

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    A Texas federal court’s recent ruling — upholding a U.S. Department of Labor rule allowing retirement plan fiduciaries to consider ESG factors in certain investment decisions — provides welcome clarity for plans governed by the Employee Retirement Income Security Act that have long been buffeted by partisan noise and misinformation, say attorneys at Covington.

  • Unearthing The Lesser-Known 'Buried Facts' Doctrine

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    A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.

  • Opinion

    Newman Suspension Shows Need For Judicial Reform

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    The recent suspension of U.S. Circuit Judge Pauline Newman following her alleged refusal to participate in a disability inquiry reveals the need for judicial misconduct reforms to ensure that judges step down when they can no longer serve effectively, says Aliza Shatzman at The Legal Accountability Project.

  • How 2 Cases Could Undermine The Anti-ESG Movement

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    A decision from a federal court in Texas and another case currently making its way through Missouri federal court signal an emerging judicial recognition of the link between environmental, social and governance considerations and maximizing financial returns, say Amy Roy and Robert Skinner at Ropes & Gray.

  • DeFi Enforcement Is Growing, Despite CFTC Dissonance

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    The U.S. Commodity Futures Trading Commission’s recently settled actions against operators of three decentralized finance protocols appear to be part of an enhanced enforcement push, though commissioners don’t agree on how to promote constructive regulation, say Michael Philipp and Sarah Riddell at Morgan Lewis.

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