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Capital Markets
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March 14, 2024
SEC Asks 5th Circ. To Hold Off On Climate Reg Ruling
The U.S. Securities and Exchange Commission said it was too early for the Fifth Circuit to delay the implementation of freshly adopted emissions reporting requirements given that those requirements don't go into effect for another two years, offering the first glimpse of possible defenses it could use as it attempts to fend off lawsuits challenging the rules.
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March 14, 2024
Ex-AutoZone CEO Sued Over $1M In 'Short-Swing' Profits
Car parts retailer AutoZone Inc. and its former CEO face an investor suit seeking to recover "short-swing" trading profits on behalf of the company that the onetime executive should allegedly be required to hand over.
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March 14, 2024
Food Delivery App Can't Beat Investor Suit Over SPAC Deal
A New York federal judge has trimmed a suit against Grab Holdings Ltd., a company that operates mobile food delivery and ride-hailing services, but retained allegations that several sections of a proxy statement Grab filed with a special-purpose acquisition company were false and misleading.
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March 14, 2024
PE-Backed Latin American Healthcare Firm Prices $420M IPO
Private equity-backed Latin American hospital operator Auna SA on Thursday set a price range on an estimated $420 million U.S. initial public offering, with plans to use the proceeds to repay debt and financing agreements.
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March 14, 2024
FINRA Ordered Less Restitution, More In Fines In 2023
The Financial Industry Regulatory Authority brought fewer disciplinary actions and ordered less restitution in 2023 compared to 2022, but doled out a higher amount of fines, largely because of one major fine against Bank of America's securities unit, according to a new report by Eversheds Sutherland.
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March 14, 2024
Deals Rumor Mill: Trump-Musk, Icahn-Illumina, Paramount
Donald Trump asked Elon Musk to buy Truth Social, Carl Icahn drops latest Illumina board Challenge but presses on with lawsuit, and PE firm Apollo is still eyeing Paramount. Here, Law360 breaks down the notable deal rumors from the past week.
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March 14, 2024
Bankman-Fried Taps New Firm For SEC, CFTC Defense
Convicted FTX founder Sam Bankman-Fried has swapped his Cohen & Gresser LLP counsel for attorneys at Montgomery McCracken Walker & Rhoades LLP in his stayed civil cases.
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March 14, 2024
Katten Adds Ex-Paul Hastings Securities Litigation Co-Chair
Katten Muchin Rosenman LLP announced Thursday that it has hired a longtime Paul Hastings LLP attorney who was global co-chair of his former firm's securities litigation practice for its New York office.
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March 14, 2024
JPMorgan Fined Nearly $350M Over Trade Surveillance
Federal regulators said Thursday that they have ordered JPMorgan Chase & Co. to pay nearly $350 million in fines as part of enforcement actions tied to alleged deficiencies in the bank's program for monitoring employee and client trading activities.
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March 13, 2024
Sierra Club Joins Fray With SEC Climate Rule Suit
The Sierra Club is the latest organization to sue the U.S. Securities and Exchange Commission over its newly passed greenhouse gas reporting requirements, with the environmentalists saying Wednesday that the finalized rules failed to fully shield investors from the risks of climate change.
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March 13, 2024
Ex-SEC Economists Urge 5th Circ. To Fix Short-Selling Rules
A group of former chief economists at the U.S. Securities and Exchange Commission are supporting a request that the Fifth Circuit intervene and "correct" a pair of recent agency rules intended to bring transparency to the short-selling market, arguing that contradictions in the rules threaten to undermine public confidence in the regulator.
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March 13, 2024
Robinhood Says Investors Shouldn't Get Discovery Extension
Trading platform Robinhood has told a Florida federal court that it should not be required to produce documents requested by investors in their "eleventh hour" motion to extend discovery in a suit alleging investors were damaged when Robinhood suspended purchases of so-called meme stocks to avoid a purported liquidity problem.
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March 13, 2024
SEC Admits Errors In Marcum CPA's Administrative Case
The U.S. Securities and Exchange Commission has miscalculated its administrative case against a certified public accountant and Marcum LLP partner who allegedly failed to properly supervise audits, reducing the number he is accused of mishandling.
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March 13, 2024
Pharma Co. CEO Partly Beats Investor Suit Over Kidney Drug
A California federal judge has tossed for good some claims against Tricida Inc. CEO Gerrit Klaerner in a suit alleging he and the company misled inventors about the ability of Tricida's new kidney disease drug to gain regulatory approval, saying that many of Klaerner's challenged statements are opinions and that he didn't act with knowledge of wrongdoing.
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March 13, 2024
Genesis, Gemini Can't Ax SEC Suit Over Crypto Loan Program
A New York federal judge refused Wednesday to toss the U.S. Securities and Exchange Commission's allegations that crypto exchange Gemini Trust Co. and bankrupt crypto lender Genesis Global Capital LLC violated securities laws by running the now-defunct investment program Gemini Earn that sold alleged unregistered securities.
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March 13, 2024
Juul Investor Tells Chancery: 'We Were Trying To Help'
A director of Juul Labs Inc. denied on Wednesday that he kept the company out of bankruptcy in 2022 to profit from his own investments, telling Delaware's Chancery Court that he helped Juul refinance and backstopped millions worth of settlements because he wanted the e-cigarette company to succeed.
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March 13, 2024
4 Firms Steer PE-Backed Galderma's Plans For $2.3B IPO
Private equity-backed skincare firm Galderma S.A. on Wednesday set a price range on an estimated $2.3 billion initial public offering on the Swiss Stock Exchange, guided by four law firms, marking the latest sign of rebound for European IPOs.
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March 13, 2024
Womble Bond Adds Parker Hudson Corporate Pros In Atlanta
Womble Bond Dickinson has strengthened its corporate capabilities by adding two former Parker Hudson Rainer & Dobbs LLP attorneys in Atlanta, including a former Womble Bond partner who is returning to the firm.
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March 13, 2024
40-Nation Noncompete Must Be Nixed, Conn. Trader Says
A Connecticut trader who quit his job at Rowayton-based Graham Capital Management LP is seeking a quick win on arguments that his two-year noncompete agreement, which he says bans him from working in more than 40 nations worldwide, is too broad to be enforced under Nutmeg State law.
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March 13, 2024
Split 2nd Circ. Frees Ex-Apollo Exec From SEC Fraud Fine
A split Second Circuit panel on Wednesday released a former Apollo Management senior partner from a $240,000 civil penalty in a U.S. Securities and Exchange Commission suit alleging he used phony expense reports to fund a lavish lifestyle, saying there was no way for him to know that his customers would ultimately be charged.
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March 13, 2024
EB-5 Suit Says Hotel Project Tricked Non-English Speakers
A real estate investment company is facing a proposed class action in California federal court alleging it took advantage of immigrant investors' limited English by fraudulently making them agree that the company and an Embassy Suites project could keep their investments indefinitely.
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March 20, 2024
King & Spalding Hires Paul Hastings Finance Pro
King & Spalding LLP has appointed Paul Hastings LLP finance expert Peter Schwartz as partner in its London office in a bid to boost its European corporate practice.
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March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
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March 12, 2024
Pilates Giant Xponential Hid Studio Closures, Investor Says
Executives and directors of fitness brand franchiser Xponential were hit with a shareholder derivative suit alleging the company was damaged when media reports uncovered that Xponential had concealed from investors that dozens of its fitness studios had permanently closed and most of its brands were operating at a monthly net loss.
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March 12, 2024
Wells Fargo Shortchanges Its Fake-Account Victims, Suit Says
Wells Fargo has been hit with another proposed class action alleging that the bank engaged in a "deceptive campaign" by sending letters designed to give the appearance of correcting its practice of opening fake customer accounts and enrolling them in products without their consent, but offering no substantial reparations.
Expert Analysis
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Opinion
Regulators Must Avert Overreach When Targeting AI
As financial regulators pursue artificial intelligence policy and related regulation, they should be wary of counterproductive interventions, which may stymie technology that could enhance forecasts and better reach the historically underrepresented, says Jack Solowey at the Cato Institute.
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ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
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How Del. Cos. Weighed Officer Exculpation This Proxy Season
One year after the Delaware General Corporation Law was amended to permit state corporations to exculpate covered officers, results from the 2023 proxy season show that companies are increasingly adopting the practice, despite some hurdles such as the need for supermajority approval, say attorneys at Weil.
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2 High Court Cases Could Upend Administrative Law Bedrock
Next term, the U.S. Supreme Court will be deciding two cases likely to change the nature and shape of agency-facing litigation in perpetuity, and while one will clarify or overturn Chevron, far more is at stake in the other, say Dan Wolff and Henry Leung at Crowell & Moring.
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With Equity Markets Down, Venture Lending Provides Solution
Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.
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Future Of NFTs Uncertain As SEC Takes Hawkish Approach
The U.S. Securities and Exchange Commission's recent and first non-fungible token enforcement action against Impact Theory raises questions about the future of digital assets and the SEC's broad interpretation of securities law, and there will be no safe space for digital assets until courts or Congress clarify the issue, says Alex More at Carrington Coleman.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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5 Takeaways From SEC's First Marketing Rule Action
The U.S. Securities and Exchange Commission's recent settlement — the first under the amended marketing rule — with Titan Global on charges that the fintech company misled investors shows investment advisers that they should expect close scrutiny of marketing materials and that their questions will only be answered through SEC enforcement, say attorneys at Mayer Brown.
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SEC's New Rules Likely Will Affect Cyber, D&O Insurance
The U.S. Securities and Exchange Commission recently adopted cybersecurity incident disclosure rules that could create new challenges that affect how public companies assess the risk of securities, corporate governance and cyber-related lawsuits, which may implicate novel insurance coverage issues, say attorneys at Reed Smith.
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If Binance Criminally Charged, Crypto Exchanges May Exit US
Unlike recent government enforcement actions against Ripple Labs and Terraform, which were isolated to those companies, should the U.S. Department of Justice pursue criminal charges against industry go-to crypto exchange Binance, it could mean exchanges deciding to stop servicing the U.S., says Andrew St. Laurent at Harris St. Laurent.
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2nd Circ. Ruling Is Good For Syndicated Lending Stability
The Second Circuit’s recent Kirschner v. J.P. Morgan Chase decision reaffirms the long-held market practice that syndicated loans are not securities, representing a positive development for the continued strength of the syndicated lending market, and demonstrating the importance of structuring loan terms to avoid mischaracterization, say attorneys at Latham.
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The Basics Of Being A Knowledge Management Attorney
Excerpt from Practical Guidance
Michael Lehet at Ogletree Deakins discusses the role of knowledge management attorneys at law firms, the common tasks they perform and practical tips for lawyers who may be considering becoming one.
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How Focus On Congruency Affects Corporate Political Activity
Congruency — whether the contributions made by a company-sponsored political action committee align with the corporation's public statements on issues of social responsibility — is undoubtedly the next frontier in the battle over corporate political activity, despite the limited success of shareholder proposals on the issue, says Carol Laham at Wiley.
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Examining PayPal's Venture Into The Stablecoin Market
PayPal’s recent release of a stablecoin pegged to the U.S. dollar may represent a groundbreaking innovation or could fail as others have before it, and policymakers in the U.K. and the EU will be watching the impact of this new crypto token with a keen eye, say Ben Lee and Dion Seymour at Andersen.
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Takeaways For Banks From Feds' Basel-Adoption Proposal
Attorneys at Debevoise highlight the most notable aspects of both the long-awaited proposal setting forth the banking agencies' approach to implementing the Basel Committee on Banking Supervision's 2017 revisions to the Basel III framework and a proposal related to the capital surcharge for the largest U.S. global systemically important bank holding companies.