Capital Markets

  • February 07, 2023

    BREAKING: Ex-Coinbase Employee Cops To Novel Insider Trading Case

    A former Coinbase product manager pled guilty Tuesday to buying digital tokens based on confidential information about the exchange's upcoming listings, notching a win for Manhattan federal prosecutors in what's billed as the first-ever cryptocurrency insider trading prosecution.

  • February 06, 2023

    SEC Accused Of Overreach In Coinbase Insider Trading Case

    A former Coinbase product manager and his brother accused the U.S. Securities and Exchange Commission on Monday of trying to regulate the digital assets industry by enforcement and argued that its allegations of crypto insider trading are legally deficient.

  • February 06, 2023

    Bankrupt Lender Genesis To Sell Trading Arm In Restructure

    Bankrupt cryptocurrency lender Genesis agreed Monday to the sale of its sister trading firm, the equitization of a $1.1 billion promissory note it received and the refinancing of loans it's owed by its parent company, Digital Currency Group, as part of an agreement with DCG, certain creditors and crypto exchange Gemini in its Chapter 11 restructuring.

  • February 06, 2023

    Bed Bath & Beyond Plans Offering As Bankruptcy Looms

    U.S. home goods retailer Bed Bath & Beyond said in a Monday securities filing that it plans to raise hundreds of millions of dollars through a sale of stock and warrants to pay off outstanding debt, a move that comes as the once-dominant retailer faces the prospect of bankruptcy.

  • February 06, 2023

    Tribal Org. Says Bank Discriminated Due To Ritual Peyote Use

    A Native American cultural and religious center based in Wisconsin has sued a local bank, accusing it of discrimination for refusing to open a checking account for the organization on the grounds that the members engage in ritual and sacramental use of peyote.

  • February 06, 2023

    Judge Approves $26M Deutsche Bank Deal Over Epstein Ties

    A New York federal judge gave final approval on Monday to a $26.3 million settlement between Deutsche Bank and a class of its investors, resolving claims that the bank caused its share price to drop through dealings with bad actors such as Jeffrey Epstein.

  • February 06, 2023

    FTX Asks Politicians To Return Donations By Month's End

    Bankrupt cryptocurrency exchange FTX Trading Ltd. is reaching out to political figures and groups that received donations from the company's leadership prior to its collapse, demanding recipients return the funds by the end of the month or face legal action.

  • February 06, 2023

    Majic Wheels, OceanTech Slam Brakes On $333M SPAC Deal

    Majic Wheels Corp., a holding company for fintech-related businesses, and special-purpose acquisition company OceanTech Acquisitions I Corp. said Monday they have terminated a merger agreement that would have taken Majic Wheels public at a $333 million value.

  • February 06, 2023

    Pomerantz To Lead Avalara Shareholder Suit Over $8.4B Deal

    A Seattle federal judge on Friday appointed Pomerantz LLP lead counsel in a proposed class action accusing tax software company Avalara Inc. executives of misleading shareholders about its financial health in a bid to convince them to approve Vista Equity Partners' $8.4 billion acquisition of the company.

  • February 06, 2023

    Celsius Shareholders Seek Shield From Customer Claims

    Shareholders of a Celsius Network affiliate Monday argued to a New York bankruptcy judge that the cryptocurrency platform's customer service agreements insulate the affiliate's assets from customer claims in the company's Chapter 11.

  • February 06, 2023

    House Republican Leader Sets Up ESG Working Group

    Republican lawmakers in the House have set their sights on "far left" investment that takes into account environmental, social and governance practices, with the establishment of a working group tasked with examining ways to curb overregulation and hold asset managers and other market players accountable.

  • February 06, 2023

    FTX, Trustee Urged To Negotiate On Ch. 11 Examiner

    Bankrupt cryptocurrency exchange FTX Trading Ltd. and the Office of the U.S. Trustee will discuss resolving the trustee's motion to appoint a Chapter 11 examiner in the company's insolvency case after a Delaware federal judge urged the parties Monday to come to a resolution without court intervention.

  • February 06, 2023

    Robinhood Traders Urge 11th Circ. To Save Meme Stock Suit

    A group of retail investors alleging Robinhood Markets Inc. and its market maker illegally conspired to restrict trades in so-called meme stocks urged the Eleventh Circuit to revive their case, arguing they have enough facts to sketch out a plausible scheme and were wronged in a relevant market.

  • February 06, 2023

    Israeli Renewable Energy Co. Powers Up For $293M IPO

    Israeli wind and solar provider Enlight Renewable Energy Ltd. on Monday set a price range for an estimated $293 million initial public offering scheduled for this week, guided by four law firms, adding life to the IPO pipeline.

  • February 06, 2023

    Catching Up With Delaware's Chancery Court

    Bacardi and Jay-Z finally clinked glasses and resolved their long-running dispute over D'Usse cognac, a 72-year-old rule on judicial appointments got tossed, and three more electric vehicle companies asked the court to retroactively validate shares.

  • February 06, 2023

    Motley Fool Hacker Wants No Prison For Securities Fraud

    A man who admitted to hacking investment site Motley Fool to get unannounced trading picks to execute a multimillion-dollar insider trading scheme asked a New York federal judge for five years' probation, including two years of home detention.

  • February 06, 2023

    Special Master Blasts Citgo's DQ Bid In Auction Case

    A special master organizing a sale for shares in Citgo's Venezuelan parent company to satisfy a $1.2 billion arbitration award slammed the oil giant's bid for his ousting as a transparent effort to attack the auction itself, calling the disqualification motion "nothing more than a retread of the same arguments" already rejected by the Delaware federal court.

  • February 06, 2023

    2 Firms Guide Industrial Headset Maker's $375M SPAC Merger

    Industrial wearable technology solutions company RealWear Inc., advised by Latham & Watkins LLP, and blank check company Cascadia Acquisition Corp., led by Perkins Coie LLP, said on Monday they have agreed to merge in a transaction that would take RealWear public at an estimated value of $375.5 million.

  • February 06, 2023

    FXCM Stockholders Seek Initial OK Of $6.5M Securities Deal

    FXCM investors have asked a New York federal judge to grant the first green light to a $6.5 million settlement they reached with the foreign exchange broker, resolving claims FXCM secretly traded against its own customers.

  • February 06, 2023

    Ex-United Nations Legal Adviser Joins DLA Piper In New York

    A former corporate legal adviser in several United Nations organizations has joined DLA Piper as a New York-based partner and chair of the firm's newly established international development practice.

  • February 06, 2023

    SEC Secures Partial Deal In $6M Stock Manipulation Case

    Roughly a month before facing the U.S. Securities and Exchange Commission in front of a jury, a New Jersey stock trader has agreed to refrain from gaming stock prices and to allow a federal judge to decide whether he'll have to pay back any of his allegedly ill-gotten gains.

  • February 06, 2023

    Receiver Wants Levine Kellogg Ponzi Probe Of Wells Fargo

    The court-appointed receiver in a lawsuit against an attorney shot by FBI agents has asked a Nevada federal judge to let Levine Kellogg Lehman Schneider & Grossman LLP investigate and possibly sue Wells Fargo Bank NA over claims the bank helped run a $449 million Ponzi scheme he allegedly participated in.

  • February 06, 2023

    Capital Markets Group Of The Year: Simpson Thacher

    Simpson Thacher & Bartlett LLP attorneys were behind some of the biggest transactions of the past year, including Dell Technologies' spinoff of its $52 billion stake in cloud technology company VMware and the $43 billion merger of AT&T's WarnerMedia and Discovery Inc., landing the firm a spot on Law360's 2022 Capital Markets Groups of the Year.

  • February 06, 2023

    HyreCar Hires Adviser As It Explores Potential Go-Private Sale

    Los Angeles-based peer-to-peer ride-sharing platform HyreCar Inc. announced Monday that it has brought on a financial adviser while it evaluates potential strategic alternatives, which include a potential go-private sale roughly five years after hitting the public market.

  • February 03, 2023

    YouTuber Logan Paul Slapped With Crypto 'Rug Pull' Suit

    A Texas investor of YouTube star Logan Paul's failed crypto gaming project is suing the influencer and his team for millions of dollars in damages for an alleged "rug pull."

Expert Analysis

  • SEC Case Is A Warning Governance Tokens May Be Securities

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    The U.S. Securities and Exchange Commission's complaint against crypto trader Avraham Eisenberg reinforces its position that most governance tokens are securities, meaning decentralized autonomous organizations should proceed with caution when designing their digital assets, say Arina Shulga and Jeffrey Kelly at Nelson Mullins.

  • A Litigation Move That Could Conserve Discovery Resources

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    Bennett Rawicki at Hilgers Graben proposes the preliminary legal opinion procedure — seeking a court's opinion on a disputed legal standard at the outset, rather than the close, of discovery — as a useful resource-preservation tool for legally complex, discovery-intensive litigation.

  • Litigators Should Approach AI Tools With Caution

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    Artificial intelligence tools like ChatGPT hold potential to streamline various aspects of the litigation process, resulting in improved efficiency and outcomes, but should be carefully double-checked for confidentiality, plagiarism and accuracy concerns, say Zachary Foster and Melanie Kalmanson at Quarles & Brady.

  • SEC's 1st Reg BI Action Spells Enforcement Challenges

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    The pleadings in the U.S. Securities and Exchange Commission's action against Western International Securities highlights three problems for the agency in prosecuting its first Regulation Best Interest case, including that it isn't clear what the regulation actually requires, says Justin Chretien at Carlton Fields.

  • Recession Or Not, Elevated Restructuring Activity Is Coming

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    2023 is set up to be a strong year for corporate distress and reorganization, recession withstanding, but it may not be the blowout year that some are expecting — depending on whether the Fed continues its inflation fight and whether sponsors can go all out to defend investments, says Michael Eisenband at FTI Consulting.

  • 3 Wobbly Defenses From Bankman-Fried's Substack Post

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    In an extraordinarily uncommon move, former FTX CEO Sam Bankman-Fried published on Substack his defenses to multiple civil and criminal cases, but faulty claims of noninvolvement in Alameda Research's day-to-day operations mean there's likely to be a guilty verdict at trial, says Laurel Grass at Leech Tishman.

  • Stock Buyback Excise Tax Guidance A Mixed Bag For SPACs

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    Recent IRS guidance on the new stock repurchase excise tax includes a welcome exception for publicly traded special-purpose acquisition companies but does not exclude redemptions in connection with a de-SPAC transaction, and further guidance is needed to clarify ambiguities around the exception's application, say Olga Bogush and Evgeny Magidenko at ArentFox Schiff.

  • Crypto Coverage After FTX Fall: Accountant And Atty Liability

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    The recent fall of cryptocurrency firm FTX highlights complexities regarding accounting and tax reporting for digital assets, and reveals lawyers’ potential liability exposure when providing services to crypto firms — as a result, insurers may face unintended vulnerabilities related to this nebulous landscape, say Anjali Das and Farzana Ahmed at Wilson Elser.

  • Celsius Ch. 11 Ruling Reminds Clear Contract Terms Govern

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    A New York bankruptcy court’s recent ruling in the Celsius case — which held that clickwrap terms and conditions made cryptocurrency assets part of the bankruptcy estate — is a reminder that relationship-governing contracts should clearly spell out the terms of an agreement, say attorneys at O'Melveny.

  • Unique OpenAI Deal May Circumvent Antitrust Scrutiny

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    While Microsoft’s recent investment in OpenAI might bypass antitrust inspection, it's worth analyzing whether this unusual deal structure is subject to preclosing antitrust clearance, and whether similar deals will proliferate going forward, says Tammy Zhu at Sourcegraph.

  • What To Expect From Shareholder Activism This Year

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    Shareholder activism in 2023 will likely see meaningful shifts caused by the emergence of new entrants to the field, the adoption of universal proxy rules and other factors, say attorneys at Cleary.

  • High Court Slack Case Not Likely To Broadly Affect Issuers

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    If the U.S. Supreme Court decides in Slack v. Pirani to limit claims under the Securities Act for direct listings to only the purchase of registered shares, it's unlikely to create a free-for-all environment for issuers, as some have claimed, say Susan Hurd and Madeleine Juszynski at Alston & Bird.

  • PCAOB's Tough Enforcement Likely To Continue In 2023

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    The Public Company Accounting Oversight Board took a more vigorous approach to enforcing its rules and auditing standards in 2022, with increased enforcement activity and significantly higher monetary penalties — and it looks poised to continue this approach in 2023, say Robert Cox at Briglia Hundley and Steven Richards at Ankura.

  • 5 Ways Attorneys Can Use Emotion In Client Pitches

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    Lawyers are skilled at using their high emotional intelligence to build rapport with clients, so when planning your next pitch, consider how you can create some emotional peaks, personal connections and moments of magic that might help you stick in prospective clients' minds and seal the deal, says consultant Diana Kander.

  • New Compensation And Benefits Rules Demand Early Action

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    Considering the extent of recent changes to the compensation and benefits legal landscape, employers should work early to allocate responsibility and resources instead of waiting until the fourth quarter, as has been viable in previous years, say attorneys at King & Spalding.

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