Capital Markets

  • June 05, 2020

    SEC Says $12M Lost In Crypto Mining And Trading Fraud

    The SEC has obtained an asset freeze in a case alleging that two residents of Utah engaged in a cryptocurrency fraud that included a Colombian cryptocurrency trader and lost investors over $12 million across two schemes, according to court documents unsealed Friday.

  • June 05, 2020

    Investors Say Canopy's Overgrowth Put $98M Of Pot To Waste

    Canadian pot giant Canopy Growth Corp. is facing fresh shareholder accusations that it misled the market with false claims about how it managed its grow operations and ended up trashing $132 million Canadian dollars ($98 million) worth of cannabis when consumer demand didn't materialize as hoped. 

  • June 05, 2020

    DC Circ. Sends 14-Year Case Over Data Fees Back To SEC

    The D.C. Circuit vacated a U.S. Securities and Exchange Commission decision Friday that the Nasdaq Stock Market and New York Stock Exchange's market data fees aren't justified, sending the 14-year court battle back to the SEC for further proceedings.

  • June 05, 2020

    Trio Of Life Science Cos. Raise Combined $660M In IPOs

    Three life science companies — Legend Biotech, Applied Molecular Transport and Calliditas Therapeutics — started trading Friday after raising a combined $660 million in initial public offerings.

  • June 05, 2020

    Crackdown On Chinese Cos. Could Be A Double-Edged Sword

    More Chinese public companies are considering listing their shares abroad as they mull alternatives before a looming crackdown by U.S. policymakers concerned that Chinese issuers have long dodged transparency requirements governing U.S.-listed companies.

  • June 05, 2020

    Pandemic Prompts GOP To Push Capital Gains Tax Relief

    As lawmakers weigh additional legislation to counter the economic fallout from the novel coronavirus pandemic, congressional Republicans are considering proposals to ease capital gains taxes to revive business investment and replace jobs lost due to COVID-19.

  • June 05, 2020

    As SEC's Reg BI Deadline Looms, Firms Face A 'Very Big Lift'

    With the compliance deadline for the U.S. Securities and Exchange Commission's Regulation Best Interest fast approaching on June 30, broker-dealers and those who advise them are gearing up for a slew of new requirements that attorneys acknowledge will be a "very big lift."

  • June 05, 2020

    Fintech Shift4's Shares Soar After $345M Latham-Led IPO

    Payment processor Shift4 Payments' shares soared on Friday after the financial technology company raised $345 million in a Latham & Watkins LLP-steered initial public offering that priced above the expected range.

  • June 05, 2020

    Real Estate Rumors: Acento, 24 Hour Fitness, Time Equities

    Acento Real Estate Partners has reportedly landed $114 million in financing for three Baltimore-area multifamily properties, 24 Hour Fitness is said to be seeking a buyer ahead of a planned bankruptcy filing, and a Time Equities venture has reportedly halted construction of a Chicago condo tower over coronavirus concerns.

  • June 05, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a Chinese billionaire dissident launch another legal fight with UBS AG, a demolition company lodge a negligence claim against Hiscox and an asbestos solutions provider and an airport sim card seller target telecommunications giant Vodafone. Here, Law360 looks at those and other new claims in the U.K.

  • June 04, 2020

    CFPB Tackles Libor Transition In New Guidance, Reg Proposal

    The Consumer Financial Protection Bureau on Thursday moved to address the Libor transition's implications for certain consumer credit regulatory requirements, issuing compliance guidance and floating rules changes to help smooth creditors' paths away from the benchmark for their variable-rate products.

  • June 04, 2020

    OCC Initiates Push To Reassess Banking Innovation Rules

    The Office of the Comptroller of the Currency is moving full steam ahead with plans to get up to speed with digital transformation in banking, asking for input on an expansive set of issues ranging from cryptocurrency and blockchain to artificial intelligence and machine learning.

  • June 04, 2020

    Home Seller Says House Flipper Paid In 'Worthless' Crypto

    A Georgia house-flipper bilked a California woman out of $37,500 by paying for part of an all-cash deal for her Georgia property with a "worthless" cryptocurrency called Troptions.Gold, according to a suit filed in Georgia federal court Wednesday.

  • June 04, 2020

    CFTC Closes 'Loophole For Bad Actors' With New Rule

    The Commodity Futures Trading Commission unanimously approved a final rule on Thursday that closes a loophole that allowed "bad actors" barred under the Commodity Exchange Act to manage people's money. 

  • June 04, 2020

    Cboe Can't Stop Doc Request Over VIX Manipulation

    An Illinois federal judge has rejected a bid from the Chicago Board Options Exchange to quash subpoenas from investors trying to uncover traders involved in alleged manipulation of the exchange's volatility index.

  • June 04, 2020

    Market Recovery Gains Steam With ZoomInfo's $935M IPO

    Simpson Thacher-led sales and marketing platform ZoomInfo Inc. on Thursday raised $935 million in an initial public offering that priced above its already upwardly revised range, fueling a resurgent IPO market in what is shaping up to be the year's busiest week for new listings.

  • June 04, 2020

    Ex-Goldman Exec's 1MDB Trial Reset For 2021

    A New York federal judge on Thursday set a January trial date for former Goldman Sachs banker Roger Ng on charges stemming from a purported $2.7 billion fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Bhd.

  • June 04, 2020

    Real Estate Rumors: Brookfield, 312 Food Corp., Klovern

    Brookfield Asset Management has reportedly dropped $64 million on two California industrial properties, 312 Food Corp. is said to have leased 7,500 square feet of New York office and retail space, and a Klovern venture has reportedly landed $100 million in bond financing for a Manhattan property.

  • June 04, 2020

    Davis Polk, Ogier Advise On Clarivate's $1B Secondary Sale

    Analytics firm Clarivate on Thursday announced a $1 billion secondary offering steered by Davis Polk and Ogier, with the bulk of the proceeds from the offering going to Clarivate's existing private equity backers.

  • June 03, 2020

    Thoma Bravo Ends Control Of Dynatrace In $1B Offering

    Guided by Goodwin Procter, cloud software group Dynatrace on Wednesday priced a follow-on offering worth more than $1 billion and sees private equity firm Thoma Bravo end its controlling stake in the company.

  • June 03, 2020

    Feds Fight Crypto Fraudster's Release Bid After Just 8 Months

    Prosecutors told a New York federal judge Tuesday she should not grant the COVID-related release request of a man who has only served eight months of a more than seven-year sentence for running a $1.5 million cryptocurrency scheme that defrauded investors.

  • June 03, 2020

    Aurora Cannabis To Sell Alcohol Retailer Stake For $20.5M

    Aurora Cannabis said on Wednesday that it is offloading its nearly 25% stake in a Canadian liquor store and marijuana dispensary operator, banking 27.6 million Canadian dollars ($20.5 million) but taking a heavy loss on its investment.

  • June 03, 2020

    PIPE Deals Are Here To Stay, Even In A Healthy Economy

    Private investment in public equity, or PIPE, deals emerged as a popular transaction type for companies affected by the coronavirus pandemic, but they'll remain an option even once the turbulent economic times have subsided, meaning attorneys must understand the many complexities that can exist in putting together a PIPE.

  • June 03, 2020

    Debevoise Guides Warner Music's $1.9B Nasdaq Debut

    Music label Warner Music Group Corp., represented by Debevoise & Plimpton LLP, began trading on the Nasdaq on Wednesday in an upsized $1.9 billion initial public offering, the largest American IPO so far this year.

  • June 03, 2020

    GreenSky Investors Score Class Cert. In IPO Suit

    A New York federal judge has certified a class of investors in a securities suit against financial technology startup GreenSky Inc. that accuses the company of making misleading statements ahead of its initial public offering.

Expert Analysis

  • OCC's Interest Rate Transfer Rule Is No Madden Panacea

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    A new U.S. Office of the Comptroller of the Currency rule clarifies what happens to interest rates when banks transfer loans, but because it doesn’t overturn the Second Circuit’s 2016 Madden ruling, its significance hinges on how much deference courts will give to the agency’s interpretation, say attorneys at White & Case.

  • SEC's Token Issuer Case May Help Define Crypto Market

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    A New York federal court's upcoming decision on whether digital tokens should be considered securities in U.S. Securities and Exchange Commission v. Kik, on the heels of a similar case against Telegram Group, will likely help clarify the legal status of blockchain tokens, say attorneys at BakerHostetler.

  • Law Firms Must Beware Risks In Nontraditional Financing

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    Law firms in today's financial crisis may be looking at nontraditional arrangements such as portfolio funding or factoring to provide liquidity and cash support, but firms must first consider lawsuits brought against Pierce Bainbridge and other recent developments, says Katherine Toomey at Lewis Baach.

  • 2 Tested Alternatives To Unavoidable Court Delays

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    Those seeking resolution in commercial disputes that are stuck in an unavoidable but lengthy court backlog due to the pandemic must consider the advantages of arbitration and mediation over court proceedings, says former U.S. District Judge Shira Scheindlin now at Stroock.

  • Opinion

    Minn. Ruling Represents Sensible Stance On Legal Finance

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    The Minnesota Supreme Court's Maslowski v. Prospect Funding Partners decision this week reaffirms that the doctrine of champerty is archaic, impedes important litigation finance activity, and should be abolished in the handful of states where it remains alive, says Andrew Cohen at Burford Capital.

  • NY Shareholder Litigation Dismissal Raises Bar For Plaintiffs

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    The New York Supreme Court Commercial Division's recent dismissal of Culligan Soft Water v. Clayton Dubilier & Rice highlights nuances associated with presuit demand and demand futility in shareholder derivative litigation, and imposes a new hurdle for plaintiffs when there is a change in the company's control, say Ian Kerr and Muhammad Faridi at Patterson Belknap.

  • Best Practices For A Paperless Law Practice

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    A significant challenge in practicing law remotely is the use and handling of documents without paper, because common digital tools such as email or even secure file transfer applications are problematic, say attorneys at Baker McKenzie.

  • Latest ETF Rejection Further Entrenches SEC's Bitcoin Rift

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    The U.S. Securities and Exchange Commission’s recent rejection of another bitcoin exchange-traded fund reveals competing views over the agency’s power to protect investors from unregulated financial markets and the need for such protection, as cryptocurrency asset managers continue to look for ways to bring a bitcoin ETF to market, say attorneys at Quinn Emanuel.

  • How Minority Shareholders Can Limit FTC Antitrust Scrutiny

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    Because common minority ownership may have anti-competitive effects, and litigation could be on the horizon, investors who own minority interests in competitors should take proactive steps to avoid Federal Trade Commission enforcement, say attorneys at Norton Rose.

  • What Happens To IPO Costs When A Co. Later Goes Private?

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    Although the Internal Revenue Service recently released two memos to help clarify a private corporation's ability to deduct costs from an earlier public offering, it is unclear how taxpayers would show that no synergistic benefits from the original transaction remain upon completion of a second transaction, say attorneys at Skadden.

  • Opinion

    Lawyers Must Address Racial Injustice With Radical Candor

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    The legal industry is uniquely positioned, and indeed obligated, to respond to the racial disparities made clear by the recent killings of George Floyd and Breonna Taylor, but lawyers must be willing to be uncomfortable, says Tiffani Lee at Holland & Knight.

  • Mortgage Servicers Will Bear Brunt Of CARES Act Relief

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    The CARES Act provides assistance to some borrowers who do not need help, and requires the wrong entities — mortgage servicers — to finance a large portion of this assistance, says Greg Halm at Berkeley Research Group.

  • Financial Strategies For Oil And Gas Cos. During The Slump

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    After the dramatic recent decline in oil and gas prices, industry participants and investors must look to history for strategies to address higher costs of capital, valuation challenges, increasing financial distress, potential bankruptcies and the prospect of contract disputes, say consultants at Cornerstone Research.

  • How Lawyers Can Network Better, Virtually And In Person

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    The current decrease in formality and increase in common ground due to the work-from-home environment can make it easier to have a networking conversation, says Megan Burke Roudebush at Keepwith.

  • Practical Tips For Presenting Your Case To Litigation Funders

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    One mistake that attorneys commonly make when presenting a case to a third-party funder is focusing almost exclusively on liability and giving short shrift to the damages analysis — resulting in an aspirational damages estimate that falls apart under scrutiny, say Cindy Ahn and Justin Maleson at Longford Capital and Casey Grabenstein at Saul Ewing.

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