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Capital Markets

  • June 19, 2018

    2nd Circ. Frees Ex-HSBC Forex Exec While Appeal Plays Out

    The Second Circuit on Tuesday ordered former HSBC foreign currency exchange executive Mark Johnson released from prison on bail pending appeal of his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, hours after he argued that his post-conviction international travel and compliance with court orders shows he’s not a flight risk.

  • June 19, 2018

    Deals Rumor Mill: Autogrill, Abraaj, Xiaomi

    The Benetton family is reportedly eyeing options for its Autogrill restaurant chain, an Abu Dhabi Financial Group unit offered $50 million to buy the management interest of Abraaj’s limited partnerships, and smartphone maker Xiaomi decreased its possible valuation.

  • June 19, 2018

    Nelson Mullins Adds Ex-Baker Donelson Securities Pro

    Nelson Mullins Riley & Scarborough LLP has nabbed a securities attorney from Baker Donelson Bearman Caldwell & Berkowitz PC with experience leading companies through public offerings and mergers to add to its Nashville, Tennessee, office.

  • June 19, 2018

    SPAC Thunder Bridge Prices $225M IPO To Pursue Fintech Deal

    Special purpose acquisition company Thunder Bridge Acquisition Ltd. on Tuesday priced a $225 million initial public offering, raising money to help fund a potential acquisition in the fintech sector, represented by Ellenoff Grossman & Schole LLP.

  • June 19, 2018

    High Times Mag Launches A+ IPO To Pursue Joint Ventures

    The owner of cannabis industry magazine High Times said Tuesday it will offer discounted shares to fans ahead of a miniature-style initial public offering that could raise up to $50 million, with the company using the Reg A+ program that imposes lighter regulations than a full-blown IPO. ​

  • June 19, 2018

    Cadwalader Regulatory Atty Decamps For Debevoise

    Debevoise & Plimpton LLP has bolstered its banking group with a regulatory lawyer from Cadwalader Wickersham & Taft LLP who counseled the International Swaps and Derivatives Association when it rolled out compliance tools for companies to use in the wake of Dodd-Frank, the firm has announced.

  • June 19, 2018

    SEC Sues NY Man Over $11.5M Microcap Co. Stock Scheme

    The U.S. Securities and Exchange Commission accused a Bronxville businessman of manipulating microcap company Plandai Biotechnology Inc.’s stock price in a scheme that netted him more than $11.5 million in illicit stock sale proceeds, according to a lawsuit filed in New York federal court on Monday.

  • June 19, 2018

    A Chat With Holland & Knight CFO Mia Stutzman

    In this monthly series, legal recruiters at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Mia Stutzman, chief financial officer at Holland & Knight LLP.

  • June 19, 2018

    SFO Euribor Case Is 'Misleading,' Defense Tells Jury

    The jury should take “huge care” when assessing the Serious Fraud Office’s case against five former traders for alleged Euribor rigging, one of the defendants’ lawyers said Tuesday during her closing, arguing the agency has given a “misleading” and unbalanced picture.

  • June 18, 2018

    GCs Tackle Law Firm Culture In Diversity Push

    Following an American Bar Association pledge, in-house attorneys are taking a harder line in demanding diversity from their outside counsel, and they're seeking to play a larger role in the workings of the law firms they hire.

  • June 18, 2018

    The Hurdles Facing BigLaw’s Minority Women

    We asked BigLaw for data on female minority lawyers for the first time this year, and the results show an industry that is failing to attract and retain them. Here’s a look at the challenges facing these attorneys — and how a few firms are defying the norm.

  • June 18, 2018

    The Best Firms For Minority Equity Partners

    The legal industry is making sluggish gains when it comes to attracting and retaining attorneys of color, but this select group of firms is taking broader strides to diversify at the top.

  • June 18, 2018

    Judge Slams DOJ Jury Trial Bid In Ex-Barclays Trader Case

    A California federal judge on Monday laid into the U.S. Department of Justice, suggesting it was wasting resources by requesting a jury trial for a former Barclays PLC trader charged with scheming to defraud Hewlett-Packard Co. in a £6 billion options transaction, after the defendant said he’d prefer a bench trial.

  • June 18, 2018

    UBS Units Seek $20M Debt Bond Suit Coverage At 1st Circ.

    UBS AG units on Monday urged the First Circuit to revive its bid for $20 million in coverage for costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market, arguing that the claims are not sufficiently similar to previously filed actions to trigger a policy exclusion.

  • June 18, 2018

    Justices Reject Momentive Ch. 11 Make-Whole Payments Row

    The U.S. Supreme Court on Monday denied a last-ditch attempt by creditors of Momentive Performance Materials Inc. to collect on $200 million in fees tied to bonds repaid in bankruptcy, ignoring their argument that allowing the silicone manufacturer to keep the money contradicts “bedrock principles” of bankruptcy law.

  • June 18, 2018

    PE-Backed BJ's Leads 9 IPO Launches Exceeding $1.9B

    Private equity-backed BJ's Wholesale Club Holdings Inc. launched an estimated $600 million initial public offering on Monday, leading a flurry of nine companies that set price ranges on IPOs projected to surpass $1.9 billion in proceeds across several industries.

  • June 18, 2018

    Proskauer Called ‘Conflicted’ In Sale Leaving $15M Tax Bill

    Proskauer Rose LLP was “hopelessly conflicted” when it advised a holding company in a sale to The Diversified Group Inc. nearly two decades ago that left trustees with a $15 million tax bill, the company said in a recent suit filed in New Jersey.

  • June 18, 2018

    Baker Botts Attracts Capital Markets Partner In Houston

    Baker Botts LLP has added a former Kirkland & Ellis LLP attorney as a capital markets partner with a focus on debt and equity capital markets transactions, corporate governance and compliance in Houston, the firm announced Monday.

  • June 18, 2018

    In Their Own Words: Minority Partners On Reaching The Top

    Despite decades of industrywide initiatives, movement up the ladder has stagnated for minority lawyers. Here, five industry success stories tell Law360 about the paths they took and what needs to change in BigLaw.

  • June 18, 2018

    JPMorgan To Pay CFTC $65M Over ISDAfix Rigging

    The Commodity Futures Trading Commission said Monday that banking giant JPMorgan Chase has agreed to pay a $65 million civil penalty for allegedly trying to manipulate a global benchmark tied to an array of interest-rate related derivative products such as swaps and options.

Expert Analysis

  • New Clarity On SEC’s Approach To Crypto Regulation

    Peter Altman

    Remarks made last week by a U.S. Securities and Exchange Commission official ended long-standing speculation over whether the SEC would assert jurisdiction over ether and bitcoin. The remarks also leave no doubt that the SEC aims to remain active in the digital currency markets, focusing on initial coin offerings, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • China Agritech May Have Limited Practical Effect

    Noelle Reed

    While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 1

    John Reed Stark

    Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.

  • Untangling The Web Of Cybersecurity Disclosure Rules

    Pamela Marcogliese

    Upon the occurrence of a cybersecurity incident, a U.S. public company needs to consider whether it has disclosure obligations under a number of overlapping, and potentially conflicting, regulations in multiple jurisdictions. This issue is now at the forefront with the EU General Data Protection Regulation taking effect, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Breaking Down The 2nd Criminal Spoofing Trial: Part 2

    Clifford Histed

    The criminal prosecution of Andre Flotron was ill-fated and suffered from a series of missteps and miscalculations by the government. However, it is now beyond any legitimate dispute that spoofing occurs, that it is illegal, that prosecutors are willing and able to charge spoofing as a criminal violation, and that it is possible to prove those charges in court, say attorneys with K&L Gates LLP.

  • Breaking Down The 2nd Criminal Spoofing Trial: Part 1

    Clifford Histed

    The recent acquittal of former UBS trader Andre Flotron in the second spoofing case to go to trial has resulted in comparisons to the spoofing-related conviction of Michael Coscia in 2015. But there are significant differences between the two cases that make such comparisons difficult, say attorneys with K&L Gates LLP.

  • Ripple Labs Case Will Address Key Cryptocurrency Question

    Christian Everdell

    Do cryptocurrencies that function primarily as a medium of exchange qualify as securities? An answer may be coming sooner than expected — not from the U.S. Securities and Exchange Commission but from a California federal court in Coffey v. Ripple Labs, says Christian Everdell, counsel at Cohen & Gresser LLP and a former assistant U.S. attorney.