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Capital Markets

  • December 11, 2018

    Ex-Deutsche Traders Fight Convictions, Cite Gov't Misconduct

    Two former traders at Deutsche Bank on Monday urged Manhattan's chief federal judge to reverse their convictions for rigging the London Interbank Offered Rate and dismiss the charges against them, arguing that prosecutors lied and hid evidence throughout the case.

  • December 11, 2018

    PE-Backed Blank Check Co. Files $375M IPO Guided By Weil

    Gores Metropoulos Inc., a blank check company formed by private equity firm The Gores Group, filed its $375 million initial public offering Tuesday that was guided by Weil Gotshal & Manges LLP and saw Ropes & Gray LLP advising the underwriters.

  • December 11, 2018

    SEC's Clayton Says Proxy Reform Is A Top Priority In 2019

    U.S. Securities and Exchange Commission Chairman Jay Clayton told a Senate panel on Tuesday that the SEC will move forward on reforms to the proxy voting process in 2019 that would benefit retail investors, though some senators urged the SEC to rein in stock buybacks instead.

  • December 11, 2018

    FCA's Bailey Sees US Crackdown On ICO Market As Model

    European regulators should get tougher on policing of initial coin offerings, the chief executive of the Financial Conduct Authority said Tuesday, as he pointed to recent enforcement action taken by the U.S. Securities and Exchange Commission to protect consumers.

  • December 10, 2018

    3 Broker-Dealers Fined $6M By SEC For Bad Blue Sheet Data

    Three broker-dealers agreed Monday to pay a total of $6 million in penalties to resolve U.S. Securities and Exchanges Commission findings that they violated record-keeping and reporting requirements, the agency said.

  • December 10, 2018

    Deutsche Bank, Investors Seek Quick Wins In RMBS Suits

    Residential mortgage-backed securities investors have asked a New York federal court for rulings they say will narrow the issues for potential trial in two lawsuits they’ve brought over Deutsche Bank’s alleged failures as trustee for dozens of pre-crisis RMBS trusts, even as the bank says the cases should not be allowed to get that far.

  • December 10, 2018

    Co. Can't Duck Claims $17M 'Tokens' Were Unregistered Stock

    A New Jersey federal judge on Monday refused to toss a putative class action against a company that operates a blockchain-based tasking platform, leaving intact an investor’s claims that Latium Network Inc. unlawfully raised more than $17 million by selling unregistered securities in the form of cryptocurrency called LatiumX tokens.

  • December 10, 2018

    SEC Slams Man’s 'Unfocused' Bid To Nix $11.5M Fraud Suit

    The U.S. Securities and Exchange Commission asked a New York federal judge on Friday to reject a Bronxville businessman’s dismissal bid that levies a “series of unfocused attacks” on the agency’s civil suit alleging that he manipulated a microcap company’s stock in an $11.5 million fraud scheme.

  • December 10, 2018

    Hong Kong, China Exchanges Expand Mutual Access Program

    The Stock Exchange of Hong Kong and its Shanghai and Shenzhen equivalents said in a joint statement Sunday they have reached an agreement to enhance the mutual market access program between mainland China and Hong Kong.

  • December 10, 2018

    Tishman, Lehman Wins Upheld In Archstone Buyout Row

    Lehman Brothers and Tishman Speyer are off the hook yet again in a sprawling lawsuit sparked by their ill-fated purchase of real estate investment trust Archstone-Smith for $22 billion, after the Tenth Circuit affirmed a lower court's order that shut down the 10-year-long investor class action.

  • December 10, 2018

    SoftBank Gears Up For $23.5B Telecom Biz IPO

    Japanese multinational holding company SoftBank Group Corp. said Monday that it plans to raise 2.65 trillion yen ($23.5 billion) via the initial public offering of its Japan-based telecommunications unit SoftBank Corp. on the Tokyo Stock Exchange.

  • December 10, 2018

    Couple Seeks 9th Circ. Redo On $35M EB-5 Fraud Judgment

    The Ninth Circuit should rehear a case in which a panel affirmed a nearly $35 million judgment against a husband and wife who bilked investors out of millions in an EB-5 visa scheme related to a cancer treatment center they never built, as the court did not properly consider inflation and the value of a green card, the couple argued Friday.

  • December 7, 2018

    Investor Seeks Records In Case Against Chinese Music Giant

    An early investor in Chinese music streaming service Tencent Music who claims he was cheated out of an equity stake in the company has asked a New York federal judge to allow him to collect evidence from several U.S. banks for a pending arbitration in China.

  • December 7, 2018

    FINRA Exams Suggest Work To Be Done Tailoring Trades

    The Financial Industry Regulatory Authority said Friday in a report telling firms where to focus compliance efforts in the coming year that its market watchdogs continue to see brokers make investment recommendations that are not based on customers’ financial situations or whether they can afford mounting fees.

  • December 7, 2018

    Chinese Cos. Eluding US Scrutiny, Hurting Investors: SEC

    Wall Street regulators issued an unusually strong rebuke Friday of their counterparts in China for continuing to shield reports that could indicate whether public companies based there are playing fairly in U.S. exchanges.

  • December 7, 2018

    Execs Urge No Or Little Prison In $200M Del. Bank Fraud Case

    Four Wilmington Trust executives found guilty in a nearly $200 million federal securities fraud case in May have appealed for no, or little, prison time instead of the up to nine- and 11 ¼-year recommendations issued by prosecutors, according to documents made public on Friday.

  • December 7, 2018

    2nd Circ. Asked To Hear Appeal Of $300M Fees In Forex Deal

    The Second Circuit has been asked to hear an appeal of a New York federal court ruling awarding more than $300 million in attorneys' fees to the firms representing an investor class in securing $2.3 billion in settlements over claims 15 banks plotted to rig benchmark exchange rates in the foreign exchange markets.

  • December 7, 2018

    Deals Rumor Mill: Uber, ByteDance, WuXi

    Uber filed confidential paperwork to start moving toward an initial public offering, ByteDance is reportedly looking to raise roughly 10 billion Chinese yuan ($1.45 billion) and WuXi AppTec nabbed more than $1 billion in its Hong Kong initial public offering.

  • December 7, 2018

    Hogan Lovells Nabs Finance Partner From Milbank

    Hogan Lovells has added a partner in New York from Milbank with experience in restructuring, export-import deals, high-yield debt and liability management.

  • December 7, 2018

    8 Firms To Guide 5 IPOs Led by Tencent Music's $1.1B Deal

    Eight law firms will guide five initial public offerings that could potentially raise more than $1.5 billion combined during the week of Dec. 10, possibly the last wave of IPOs for the year, led by an estimated $1.1 billion offering from streaming giant Tencent Music Entertainment Group.

Expert Analysis

  • Prudential Framework For Large Banks Is Set To Change

    Satish Kini

    The Federal Reserve Board recently issued two proposals that represent a significant change in the prudential regulation of large banking organizations. Attorneys with Debevoise & Plimpton LLP examine the notable aspects of the new framework.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.

  • Tax Reform Keeps Switzerland A Top Corporate Locale

    Danielle Wenger

    In this overview of the latest iteration of Swiss tax reform, Danielle Wenger and Manuel Vogler of Prager Dreifuss AG discuss key measures of the new reform and assess the impact for corporations.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Top 10 Whistleblowing And Retaliation Events Of 2018

    Steven Pearlman

    This year saw significant changes in the landscape of whistleblower and retaliation law, including a game-changing decision from the U.S. Supreme Court and the three largest bounty awards issued in the history of the U.S. Securities and Exchange Commission, say Steven Pearlman and Meika Freeman of Proskauer Rose LLP.

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Breaking Down SEC’s Risk-Based Exam Initiatives For Funds

    Vincente Martinez

    The U.S. Securities and Exchange Commission last month announced a series of examination initiatives focused on practices and risks relevant to mutual funds and exchange-traded funds. Attorneys with K&L Gates LLP offer takeaways for fund complexes conducting annual compliance reviews.

  • Assessing A New Path To Compliance For ICO Issuers

    Meagan Olsen

    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.