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Capital Markets

  • August 15, 2018

    Crypto Co. Hit With Default Judgment For Bilking Investors

    A Florida federal judge on Tuesday entered a default judgment against Monkey Capital LLC, which a group of investors say pocketed $1.17 million worth of cryptocurrency investments meant for an initial coin offering and the launch of a private cryptocurrency exchange that never happened.

  • August 15, 2018

    BofA Seeks High Court Review Of 9th Circ. Preemption Ruling

    Bank of America on Tuesday asked the U.S. Supreme Court to review the Ninth Circuit's ruling that the National Bank Act doesn't preempt a California state mortgage escrow interest law, arguing that the ruling is incorrect and creates “significant uncertainty” about whether other state banking laws apply to national banks.

  • August 15, 2018

    Blackstone Pours $400M Into Chinese Pharma Co.

    Blackstone Group LP has agreed to invest $400 million in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co. as the drug company looks to acquire new drugs and other products and the investment firm ramps up its investment activities in Asia.

  • August 15, 2018

    Hausfeld, Susman Awarded $58.4M In Libor MDL Fees, Costs

    Hausfeld LLP and Susman Godfrey LLP will decide how to dole out a nearly $60 million award for attorneys' fees and expenses approved by a New York federal judge Tuesday from $250 million in multidistrict litigation settlements between Citigroup, Barclays and investors suing over rigging of the London Interbank Offered Rate.

  • August 15, 2018

    Davis Polk, Cooley Steer ViewRay's $150M Follow-On Offering

    ViewRay Inc., a medical technology company that specializes in MRI and external-beam radiation therapy for simultaneous imaging and treatment of cancer patients, on Wednesday said it will raise an additional $150 million through a follow-on offering that will be guided by Davis Polk & Wardwell LLP and Cooley LLP.

  • August 15, 2018

    AT&T Faces $224M Privacy Suit Over Cryptocurrency Theft

    A well-known cryptocurrency investor slapped AT&T with a nearly $224 million lawsuit in California federal court Wednesday, alleging that the carrier’s failure to provide adequate data security, despite previously suffering high-profile privacy incidents, allowed for the theft of millions in digital currency from his accounts.

  • August 14, 2018

    SEC Strikes Deals In Municipal Bond 'Flipping' Scheme

    Two companies allegedly posed as retail investors to buy municipal bonds, then illegally sold them at a profit to broker-dealers, according to lawsuits filed in Florida and California federal courts by the U.S. Securities and Exchange Commission on Tuesday, but the SEC said it had already settled with the majority of the scheme's alleged participants.

  • August 14, 2018

    How One Firm Moved The Needle On Disability Inclusion

    This global law firm has recently focused on creating opportunities for people with disabilities across its ranks, and its efforts are already showing results. This article is part of our special report on disability inclusion in the legal industry.

  • August 14, 2018

    Deals Rumor Mill: Carlyle, CIE Automotive, Sinochem

    Carlyle is reportedly getting ready to list German chemicals company Atotech, CIE Automotive is in discussions to buy rival Inteva Products’ roof systems business, and Sinochem is discussing a deal to give PetroChina its nearly 34 percent stake in a refinery.

  • August 14, 2018

    Skadden-Led Chinese Electric Carmaker Files $1.8B IPO

    Chinese electric carmaker Nio Inc. filed an estimated $1.8 billion initial public offering on Monday, represented by Skadden Arps Slate Meagher & Flom LLP, setting up the Tesla competitor to record the second-largest U.S. IPO from a Chinese issuer this year.

  • August 14, 2018

    PE-Backed First Data Prices $1.5B Secondary Offering

    KKR & Co.-backed payment technology company First Data Corp. unveiled the pricing of a $1.52 billion secondary offering of shares of its Class A common stock by New Omaha Holdings LP, an affiliate of the private equity giant, that is expected to close on Thursday.

  • August 14, 2018

    Momentive, Noteholders Gear Up For Interest Revision Trial

    Silicone maker Momentive Performance Materials Inc. and two investor group trustees filed legal briefs Monday ahead of a New York bankruptcy court trial over the proper interest rate that should attach to the company's Chapter 11 plan cramdown notes, a matter remanded by the Second Circuit last year.

  • August 14, 2018

    SEC Bans Oil Exec Accused Of ICO Fraud From Penny Stocks

    The U.S. Securities and Exchange Commission on Tuesday barred the founder of an oil and gas company from serving in leadership positions and participating in penny stock offerings after making alleged misstatements related to an initial coin offering.

  • August 14, 2018

    RMBS Investors Can't Get Orders Tossed In Wells Fargo Suits

    A New York federal judge overseeing coordinated residential mortgage-backed securities trustee litigation against Wells Fargo Bank NA has backed a magistrate judge’s rejection of challenges both to the bank’s privilege assertions and to its push for more detail on certain claims from the investors behind the suits.

  • August 14, 2018

    RBS Finalizes $4.9B Financial Crisis Settlement With DOJ

    The Royal Bank of Scotland will pay the U.S. $4.9 billion to end claims the bank deceived investors about poor-quality loans behind its residential mortgage-backed securities in what the U.S. Department of Justice on Tuesday called its largest civil penalty against a single corporate entity over the financial crisis.

  • August 14, 2018

    Exchange-Traded Fund Pioneer Faces $2.5M Fraud Suit

    Two Utah-based companies filed a securities fraud lawsuit Monday in Delaware federal court claiming a leader in the exchange-traded fund industry misled them into investing $2.5 million in his now-defunct investment firm by misrepresenting its relationship with banking giant Barclays.

  • August 14, 2018

    Euronext Hits Back At Wrongful Termination Lawsuit

    Euronext said Tuesday it has bought out the remaining minority stake of its Fastmatch unit held by the currency trading business' founder after the former executive sued the European stock exchange for wrongful termination in New York federal court.

  • August 14, 2018

    Tesla's Latham-Guided Panel To Study Take-Private Scenarios

    Tesla Inc. said Tuesday that its board of directors has formed a special committee, advised by Latham & Watkins LLP, that will evaluate any going-private proposals for the electric carmaker in the wake of a recent tweet by CEO Elon Musk that signaled his desire to take the company private.

  • August 13, 2018

    David Boies On How Dyslexia Shaped His Practice

    One of the country’s highest-profile litigators, the Boies Schiller Flexner LLP chairman was diagnosed with dyslexia when he was in his 30s. In an interview with Law360, he talks about practicing law with the learning disability. This article is part of our special report on disability inclusion in the legal industry.

  • August 13, 2018

    BigLaw’s Mental Health Stigma Shows Signs Of Fading

    Sometimes viewed as an “invisible” disability, mental illness has long been forced under wraps because of the risk attorneys could face bias and stigma. Here’s how lawyers, law firms and other groups are starting to take on the status quo. This article is part of our special report on disability inclusion in the legal industry.

Expert Analysis

  • Alternative Trading Systems Face New Regulatory Burdens

    Julian Rainero

    The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.

  • 2nd Circ. Adds To Authority On Securities Law Preclusion

    Anthony Antonelli

    With its recent decision in Rayner v. E-Trade Financial — which unanimously affirmed the dismissal of a putative class action asserting state law best execution violations — the Second Circuit made a significant contribution to a collection of circuit court opinions on the Securities Litigation Uniform Standards Act, say attorneys with Paul Hastings LLP.

  • The SEC Thinks Most Tokens Are Securities, For Now

    Robert Rosenblum

    A common misconception in the cryptocurrency community has been the belief that because a token is intended to have utility in the future, it is not a security at the time it is issued. However, based on certain features of the tokens and how they are typically offered, the U.S. Securities and Exchange Commission has concluded otherwise, say attorneys with Wilson Sonsini Goodrich & Rosati PC.

  • Series

    Clerking For Ginsburg: 3 Surprises

    David Post

    It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.

  • How Taxpayers Are Taking To Tax Reform So Far

    Nickolas Gianou

    The effects of last year’s tax overhaul, the most significant since 1986, have not been as drastic as some expected. Still, taxpayers have begun to adjust and a number of significant trends are emerging, say Nickolas Gianou and Sally Thurston of Skadden Arps Slate Meagher & Flom LLP.

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • 2 Strikes And You’re Out: The Litvak Saga Comes To An End

    Joon Kim

    The U.S. Attorney’s Office for the District of Connecticut, following reversals of two prior convictions, has moved to dismiss its remaining securities fraud claim against bond trader Jesse Litvak. While it can be difficult to prove misstatements are material as a matter of law, the government's move is certainly not a death knell for similarly grounded fraud charges, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.