Capital Markets

  • April 26, 2018

    Investor Wants To Trade Claims While On Creditor Committee

    An Aurelius Capital Management unit has asked that it be allowed to continue trading claims in the Nine West bankruptcy case, despite the fact that the hedge fund is serving on the Committee of Unsecured Creditors.

  • April 26, 2018

    AARP, AGs Fight Invalidation Of Fiduciary Rule At 5th Circ.

    AARP and the attorneys general of California, New York and Oregon urged the full Fifth Circuit on Thursday to overturn a panel decision that invalidated the U.S. Department of Labor’s 2016 fiduciary rule, saying the rule is necessary to protect the retirement savings of millions of workers.

  • April 26, 2018

    Ex-HSBC Banker Gets 2 Years In Prison For Forex Fraud

    Former HSBC foreign currency exchange executive Mark Johnson was sentenced to two years in prison on Thursday and immediately taken into custody following his conviction for defrauding Cairn Energy PLC by front-running a $3.5 billion currency swap in order to make millions of dollars for the bank at the expense of the Scottish oil and gas developer.

  • April 26, 2018

    Don't Revive $2.5B Offering Suit, Barclays Tells 2nd Circ.

    Barclays PLC asked the Second Circuit on Wednesday to uphold a lower court’s dismissal of a long-running securities class action alleging the bank misled investors before a $2.5 billion notes offering in 2008, saying the decision correctly found the banking giant did not knowingly hide material information from investors.

  • April 26, 2018

    Wall Street Groups Urge Reforms To Reverse IPO Decline

    Seeking to reverse a decline in initial public offerings, Wall Street trade group the Securities Industry and Financial Markets Association and several partners published a slew of reform recommendations Thursday aimed at making public markets more attractive to companies.

  • April 26, 2018

    Puerto Rican Unions Sue To Void Restructuring Proceedings

    A handful of nonprofits and labor unions have hit Puerto Rico’s embattled federal oversight board with a lawsuit that seeks to disband it, calling the board a “reckless, dictatorial and racist” entity that’s unconstitutional and riddled with conflicts of interest.

  • April 26, 2018

    AXA Unveils Plans To Raise $3.5B In Largest IPO In Years

    French insurance and financial giant AXA SA unveiled plans Thursday to raise roughly $3.5 billion with the initial public offering of U.S. unit AXA Equitable Holdings Inc., setting the stage for the largest American IPO in years.

  • April 26, 2018

    Fla. Hospital Denied In Bid To Expand Beyond Tax District

    For the second time in eight days, a Florida state court has ruled that Halifax Health lacks authority to build a hospital outside of a special taxing district's geographical bounds, granting a judgment Wednesday to a district resident who challenged a partially completed project in the city of Deltona.

  • April 26, 2018

    SEC May Expand 'Testing The Waters' Benefits To All Issuers

    To help spur initial public offerings, the U.S. Securities and Exchange Commission is considering giving all companies access to “testing the waters” benefits, which give certain issuers more leeway to discuss potential IPOs with investors, an agency official told lawmakers Thursday.

  • April 26, 2018

    Roth Dropped In Trimmed Renewable Energy Co. Investor Suit

    A New York magistrate judge Wednesday dropped investment firm Roth Capital Partners LLC from a Lichtenstein-based institutional investor’s suit against a Colorado renewable energy company, trimming claims that the company and Roth breached an investment agreement.

  • April 26, 2018

    Terror Reinsurer Eyes ILS Market In Test Of UK Reforms

    The U.K.’s state-backed terrorism reinsurer is exploring the possibility of issuing insurance-linked securities, a multibillion-dollar industry that could help shift the risk of attacks onto global capital markets.

  • April 25, 2018

    SEC's Jackson Decries 'Middle-Market Tax' On IPOs

    U.S. Securities and Exchange Commissioner Robert Jackson decried Wednesday initial public offering fees as effectively a “middle-market tax” that dissuades more small to midsize companies from going public, and called for more robust disclosures explaining the cost of IPOs.

  • April 25, 2018

    Software Startup Atlassian Raises $850M In Convertible Bonds

    Goodwin Procter LLP and Cooley LLP advised on a private $850 million senior notes offering for Australian software company Atlassian Corp. Plc that is expected to generate nearly $841.3 million in proceeds for working capital and potential acquisitions, the company said Wednesday.

  • April 25, 2018

    Elio Motors Puts Brakes On IPO, Pursues Coin Offering

    Three-wheeled carmaker Elio Motors Inc. on Wednesday scrapped its plans for a $100 million initial public offering, one day after the company said it would ride the cryptocurrency route and pursue a coin offering to fund production of its yet-to-be-made vehicle.

  • April 25, 2018

    HSBC Bankers Stick Up For Former Exec Ahead Of Sentencing

    More than two dozen current HSBC employees have urged a Brooklyn federal judge to go easy in sentencing their former colleague who was convicted of a foreign currency exchange fraud, a somewhat unusual situation since HSBC itself settled criminal claims over the scheme with the U.S. Department of Justice.

  • April 25, 2018

    Wilmington Trust Loan Cover-Up Case Goes To Del. Jury

    A federal jury in Delaware took up criminal charges Wednesday against four Wilmington Trust Corp. executives accused of conspiring to hide hundreds of millions of dollars in bad loans, after a prosecutor said in closing that the case focused on false statements and disclosures.

  • April 25, 2018

    VC-Backed DocuSign Raises IPO Target To $582M

    Venture-backed electronic signature company DocuSign Inc. on Wednesday increased the target range of its initial public offering to raise up to $592 million, marking the second technology startup this week to beef up its IPO forecast just before pricing.

  • April 25, 2018

    Ex-UBS Trader Acquitted Of Spoofing Scheme

    A New Haven federal jury on Wednesday acquitted a former UBS trader accused of scheming to manipulate the precious metals futures market with “spoofing,” a trading tactic that involves the use of allegedly deceptive bids or offers to feign the appearance of supply or demand.

  • April 24, 2018

    Case Against Ex-UBS Trader In Spoofing Trial Heads To Jury

    The trial of a former UBS AG trader accused of scheming to manipulate the precious metals futures market with a trading tactic known as “spoofing” headed to a New Haven federal jury Tuesday after prosecutors wrapped up their case by emphasizing the testimony, trading data and other evidence they’ve presented over the past week.

  • April 24, 2018

    FCA Investigator Disputes Boss' Statements In Libor Case

    An investigator for the U.K. Financial Conduct Authority testified in a marathon hearing in Manhattan federal court Tuesday that his boss at the financial regulator seems to have made a misrepresentation in the case of two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate.

Expert Analysis

  • Courts Must Soon Tackle Critical Questions About ICOs

    Michael Canty

    A number of class actions have been filed against initial coin offering founders for securities fraud, which means courts will soon begin to grapple with applying the federal securities laws to a new and potentially groundbreaking fundraising mechanism, say Michael Canty and Ross Kamhi of Labaton Sucharow LLP.

  • Calibrating Structural And Decisional Independence For ALJs

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    When the solicitor general agreed with Raymond Lucia's argument that the U.S. Securities and Exchange Commission itself must appoint administrative law judges to conform with the appointments clause, the result in Lucia v. SEC seemed foreseeable. But oral arguments this week suggest that the U.S. Supreme Court justices may be more divided than expected, says professor Harold Krent of IIT Chicago-Kent College of Law.

  • Crypto Set To Drive Demand For Traditional Services: Part 2

    Izzy Nelken

    There is speculation that smart contracts may enable technology to replace the practice of law. However, disputes will almost certainly arise as a result of the innate characteristics of smart contracts, requiring seasoned legal representation, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • Crypto Set To Drive Demand For Traditional Services: Part 1

    Collin Starkweather

    The widespread adoption and increasing regulation of virtual currencies and related technologies will give rise to the need for individuals with expertise in traditional fields, such as financial services and tax, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.