Capital Markets

  • April 28, 2017

    FINRA Charges Broker Over Misleading Offering Docs

    The Financial Industry Regulatory Authority filed charges Thursday against a broker who allegedly raised more than $1.6 million from his customers using misleading offering documents that omitted facts about his fund, including that the assets were actually controlled by a fraudster who lost $650,000 of the cash.

  • April 28, 2017

    Banking Giants Hit With Indirect Investors' Forex Rig Suit

    JPMorgan Chase & Co., Bank of America Corp. and several other major banks are facing yet another proposed class action for allegedly manipulating the foreign exchange market, after investors who indirectly bought the firms' products sued Friday.

  • April 28, 2017

    PE-Backers Unloading $521M Stake In Extended Stay

    Hotel operator Extended Stay America Inc. said Friday that its private equity backers are again selling down their position in the company and its real estate investment trust subsidiary, this time unloading $520.5 million worth of stock in a secondary offering.

  • April 28, 2017

    5 Firms Set To Launch May With 6 IPOs Surpassing $1.7B

    Five firms will steer six initial public offerings projected to raise more than $1.7 billion during the first week of May, including two energy issuers, three biotech companies and a private equity-backed real estate finance company, extending the IPO market's second-quarter momentum.

  • April 28, 2017

    OCC Chief Says Fintech Charter Fight May Stifle Innovation

    U.S. Comptroller of the Currency Thomas Curry on Friday defended his agency’s proposal to grant special banking charters to financial technology firms, and said that critics of the move could be putting consumers at risk by not adapting to changes in the financial services industry.

  • April 28, 2017

    Health Hires: 8 Firms Add Health, Life Sciences Experts

    The last few weeks have seen Cooley LLP, DLA Piper, Faegre Baker Daniels Consulting, Fox Rothschild LLP, King & Spalding LLP, Nossaman LLP, Polsinelli PC and Porzio, Bromberg & Newman PC expand their expertise in the health and life sciences worlds.

  • April 28, 2017

    Dems Blast House GOP Dodd-Frank Rollback Efforts

    House Democrats spent their Friday taking shots at a Republican bill that would functionally replace the Dodd-Frank Act, going so far as to call the legislation “immoral” and saying that their Republican colleagues had forgotten the lessons of the 2008 financial crisis.

  • April 27, 2017

    Nomura Trader Seeks Split From Conspirators In RMBS Case

    One of three traders at Nomura Securities International Inc. accused of juicing profits by lying to customers about mortgage bond prices asked a Connecticut federal court on Thursday for his own separate trial, warning that if he were tried along with his colleagues he could be found guilty by association.

  • April 27, 2017

    ITG Can't Duck Fraud Suit Over 'Project Omega' Trading

    A New York federal judge declined Wednesday to free Investment Technology Group Inc. from a proposed shareholder class action accusing it of hiding a proprietary trading platform that led to a record $20.3 million fine, ruling that some of the financial services firm’s past statements about its business model and practices were more than puffery.

  • April 27, 2017

    Broker Settles SEC Charges Over Short-Selling Violations

    The U.S. Securities and Exchange Commission has announced that a Utah-based brokerage will pay a fine to settle allegations that it violated market structure rules in regard to its short sales.

  • April 27, 2017

    Gibson Dunn Adds 6 Energy Partners In Houston

    Gibson Dunn added six partners from Baker Botts LLP who specialize in capital markets, mergers and acquisitions, finance and tax in the energy sector to its energy-focused Houston office, the firm announced Thursday.

  • April 27, 2017

    NY Law Sinks RICO Claims In Appeal In Hedge Fund Suit

    A New Jersey appeals court on Thursday affirmed the dismissal of Racketeer Influenced and Corrupt Organizations claims in a lawsuit alleging a network of investment professionals forced an insurer’s financial ruin, finding that New York law, which doesn’t allow private civil RICO claims, applied because the alleged wrongdoing was concentrated in the Empire State.

  • April 27, 2017

    K&L Gates Gains Ex-Crowell Securities Brokerage Pro In NY

    K&L Gates LLP has added a former Crowell & Moring LLP partner to its investment management, hedge funds and alternative investments practice in New York, gaining an expert in matters related to the securities brokerage industry, the firm said Thursday.

  • April 27, 2017

    OCC May Face Trouble Defeating States’ Fintech Charter Suit

    A Wednesday lawsuit filed by state banking regulators seeking to block the Office of the Comptroller of the Currency’s national charters to financial technology firms marks the latest pushback against its efforts to provide a uniform fintech regulatory standard, and could ultimately lead to the effort being abandoned.

  • April 27, 2017

    Singapore Rate-Rigging Suit Sent Back To Drawing Board

    U.S. District Judge Alvin K. Hellerstein called a Manhattan suit targeting big banks across the world for alleged rate-rigging in Singapore a “huge, amorphous mess,” saying Thursday it does not sufficiently detail a jurisdictional hook to New York, antitrust damages or a viable racketeering theory. 

  • April 27, 2017

    PE-Backed Retailer, UK Biotech Price IPOs Totaling $263M

    Private-equity-backed retailer Floor & Decor Holdings Inc. raised $185 million in an initial public offering that priced above range Wednesday, guided by Proskauer Rose LLP, and U.K. biotech company Verona Pharma PLC netted $78 billion, advised by Latham & Watkins LLP, the first two of several IPOs scheduled this week.

  • April 27, 2017

    India Can’t Split Cairn's $4.4B Tax Arbitration

    An international arbitration panel has refused India's request to split an arbitration initiated by U.K.-based Cairn Energy PLC challenging Cairn's $4.4 billion tax bill so the tribunal could first consider whether the claim is outside the scope of protection afforded by a bilateral investment treaty, a company spokeswoman said Thursday.

  • April 27, 2017

    Surge Of Blank Check Cos. To Oil Patch Won't Last

    A recent influx of private equity-affiliated blank check companies looking to buy private energy companies has injected additional deal-making juice into an industry recovering from a prolonged oil price slump, but experts say that wave may recede quickly as traditional initial public offerings for energy firms pick up again.

  • April 27, 2017

    KBL Merger Files $100M IPO To Pursue Health Care Buy

    Blank check company KBL Merger Corp. IV filed a $100 million initial public offering on Wednesday, setting its sights on a health care acquisition, guided by Ellenoff Grossman & Schole LLP.

  • April 27, 2017

    Investors Say Ambac Can't Shed Puerto Rican Bonds Suit

    Investors accusing Ambac Financial Group Inc. of misleading them about its $2.5 billion Puerto Rican bond portfolio have asked a New York federal court to keep their proposed class action alive, saying Tuesday that the bond insurer’s cautionary statements were too boilerplate to protect it from liability.

Expert Analysis

  • 2nd Circ. May Clarify 5th Amendment Issue In Libor Case

    Mark Racanelli

    A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.

  • Expectations After The Trump Administration's First 100 Days

    Jim Flood

    In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.

  • The Challenges For CEA Price Manipulation Plaintiffs

    Mark Young

    The recent contrasting outcomes of the regulatory and private actions against Total Gas illustrate at least one significant difference between public and private price manipulation enforcement under the Commodity Exchange Act — private plaintiffs have a difficult, and sometimes insurmountable, hurdle to overcome, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • The 9-Year Winning Streak Of Virginia ‘Rocket Docket’

    Bob Tata

    Out of 94 district courts, the Eastern District of Virginia has been the fastest civil trial docket in the country for nine straight years. Without micromanaging the process, the EDVA's judges, magistrate judges, and clerks and staff continue to perform at a stunningly efficient level, says Bob Tata of Hunton & Williams LLP.

  • Examining FINRA Plan To Liberalize Advertising Rules

    Matthew R. Silver

    A recent proposal by the Financial Industry Regulatory Authority to liberalize restrictions on certain types of performance projection materials may alleviate some of the conflict that has existed in performance advertising rules under the Investment Advisors Act and FINRA rules, says Matthew Silver of Drinker Biddle & Reath LLP.

  • Opinion

    Let's Talk About Half-Hearted Innovation

    Michael Moradzadeh

    Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.

  • A Closer Look At Financial CHOICE Act 2.0

    Rodgin Cohen

    The recently released amended version of the Financial CHOICE Act builds on and retains key features of the original act adopted in the House Financial Services Committee last year, including its targeted approach of amending, repealing or replacing individual provisions of the Dodd-Frank Act. There are, however, several key modifications in the revised legislation, say attorneys with Sullivan & Cromwell LLP.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs


    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.