As policymakers consider reining in special purpose acquisition companies that have taken capital markets by storm over the past year, one academic study gaining attention argues that SPACs are costly vehicles that perform poorly for many investors.
Facing a situation unlike any he had ever encountered, a Florida attorney appointed to protect the assets of a software developer that had been raided by the FBI turned to an arcane tool to transform its defrauded investors into shareholders of a new $11 million company.
The European Commission said on Friday that it has fined ICAP €6.45 million ($7.83 million) after finding that the British interdealer broker took part in a cartel linked to yen-denominated interest-rate derivatives.
A Massachusetts state judge on Thursday denied Robinhood's bid to prevent Massachusetts securities regulators from moving forward with an administrative proceeding aimed at barring the trading platform from operating in the state.
Defunct Chicago investment adviser LJM Partners Ltd. was hit Thursday with enforcement actions from federal commodities and securities regulators alleging the enterprise mismanaged $1 billion in assets by misleading investors about its short options trading strategy and risk management practices.
Democratic lawmakers pressed the CEOs of the nation's six largest banks on overdraft fees and pandemic response efforts on Thursday at a House Financial Services Committee hearing that the ranking Republican called "the sequel that nobody asked for."
Top executives of electronic payment vendor SwervePay, who were allegedly beguiled into a merger last year by claims it would open up $34 billion worth of serviceable transactions, have sued private equity firm New Mountain Capital and others in Chancery Court, saying the deal delivered only $6 billion in prospects.
Thailand's Court of Justice Thursday said it was investigating claims that Toyota may have bribed sitting judges on the country's Supreme Court, citing Law360's exclusive report that detailed the carmaker's internal corruption probe and an ongoing Foreign Corrupt Practices Act investigation by U.S. law enforcement.
Nebraska state-chartered banks can now offer certain banking services for digital assets after Gov. Pete Rickett signed into law a provision creating a bank charter for companies that hold cryptocurrencies.
A Tricida investor lodged a derivative suit against the pharmaceutical company's top brass Thursday, accusing them of hiding from investors that the company's new kidney disease drug was unlikely to garner U.S. Food and Drug Administration approval.
The federal government has pushed back against a bid from Lev Parnas, the Florida associate of former President Donald Trump's lawyer Rudy Giuliani, to compel the disclosure of certain search warrant materials seized from Giuliani, arguing the materials aren't relevant to the indictments at hand.
The Judicial Panel on Multidistrict Litigation seemed skeptical Thursday when the plaintiff in a California federal court suit against Allianz Global Investors sought a consolidation with more than a dozen similar suits in New York's Southern District.
A minority owner of phone refurbishment company Harvestar Solutions lacked the authority to sue the majority owner for alleged self-dealing, a New York magistrate judge advised.
An investment company allegedly swindled out of millions by third parties with ties to cryptocurrency venture Cred Inc. has accused its bankruptcy estate's liquidating trustee of using bully tactics in an effort to block a New York lawsuit.
A judge has pared down interdealer broker TP ICAP's lawsuit that accuses a rival of failing to disclose major regulatory investigations while negotiating a £1.3 billion ($1.6 billion) acquisition after finding that some claims were too vague.
A split Texas appellate court on Thursday determined the felony securities fraud case against Texas Attorney General Ken Paxton should be tried in Collin County, not Harris County.
The CEOs of Wall Street's six largest U.S. banks faced broadly partisan questioning Wednesday in a sprawling Senate hearing that frequently returned to the topic of "woke-ism," as one Republican senator called it, in corporate governance.
As the energy industry faces mounting pressure to become greener, President Joe Biden last week upped the stakes with an executive order directing the government to evaluate the economic risks posed by climate change. Here, Law360 breaks down four ways that order will affect energy companies.
The U.S. Securities and Exchange Commission is reviewing whether to bolster the reporting and disclosure requirements of investment advisers involved in the private funds industry, Chair Gary Gensler said Wednesday.
U.S. authorities are ramping up their Foreign Corrupt Practices Act investigation of Toyota, with federal prosecutors impaneling a grand jury in Texas as they seek any evidence the carmaker bribed top Thai judges to overturn a $350 million tax judgment, according to a U.S. law enforcement official and documents related to the investigation.
Shares of online job marketplace Ziprecruiter Inc. rose in debut trading following its direct listing Wednesday — joining a recent wave of companies to go public through this alternative to an initial public offering — guided by Fenwick & West LLP and financial advisers' counsel Latham & Watkins LLP.
A Delaware vice chancellor Tuesday tossed a shareholder lawsuit accusing Brookfield Property Partners LP of using a controller-like influence to push through its $9.25 billion acquisition of U.S. mall operator GGP Inc., saying he can't infer from the complaint that Brookfield was GGP's controlling stockholder.
Haynes and Boone LLP has hired a former Greenberg Traurig LLP shareholder and Kirkland & Ellis LLP partner who joins the firm's capital markets and securities, mergers and acquisitions, and private equity practices as part of its West Coast growth strategy.
Ontario's securities regulator on Tuesday accused crypto-asset exchange Poloniex of selling securities without the proper registration, in a warning shot to other cryptocurrency companies with customers in the province.
Nasdaq has asked the U.S. Securities and Exchange Commission to scrap price ceilings on direct listings that raise capital, suggesting in a regulatory filing that the move would put the fundraising vehicles on level ground with the traditional IPO.
With the growing popularity of special purpose acquisition companies and the rising costs and challenges of acquiring directors and officers insurance, captive insurance could provide several benefits for SPACs seeking to protect against shareholder lawsuits, say Jeffrey Raskin and Lauren Burke at Morgan Lewis.
With the pandemic ushering in remote collaboration tools, counsel must revisit fundamentals of the attorney-client privilege and the work-product doctrine, study cases involving email and other recent technologies, and follow 10 best practices to protect confidentiality, say attorneys at DLA Piper.
Incoming U.S. Securities and Exchange Commission Chairman Gary Gensler should signal his support for a database through which fund managers could submit their proxy voting plans to improve the integrity of the currently broken system, says Lawrence Cunningham at GW Law.
A synthetic Libor could come to the aid of tough legacy contracts when Libor ceases to exist later this year, but the U.K. should legislate safe harbors to mitigate transaction risk during the transition, say former Federal Reserve Bank of New York general counsel Thomas Baxter and former London Commercial Court Judge Sir William Blair.
Recent data breaches involving Goodwin and Jones Day show that cyberattacks are very real threats to the legal profession, especially in the era of remote work, so law firms should revisit common business practices that expose them to unnecessary risks, says Ara Aslanian at Inverselogic.
Emerging companies and investors stand to benefit from expanded investment opportunities provided by the U.S. Securities and Exchange Commission's amended private securities offering rules, but the framework also warrants new considerations for formulating and implementing private capital-raising plans, says Scott Jablonski at Berger Singerman.
Witnesses facing tricky questions from opposing counsel often find themselves engaging in hindsight bias, when they use present knowledge to second-guess past actions, but these problematic thought processes can be overcome during deposition or trial preparation through tough questions and some catharsis, says Merrie Jo Pitera at Litigation Insights.
Attorneys at WilmerHale analyze the U.S. Securities and Exchange Commission's recent initiatives around corporate disclosures related to climate change and other environmental, social and governance matters, and discuss what companies should expect from the commission's ESG policy and enforcement going forward.
While a recent New Jersey ethics opinion rightly concluded that an attorney cannot claim an ethics violation when opposing counsel replies all to a group email including clients, it runs counter to stances taken by other states and presents new dangers of confidentiality breaches and unfiltered messages to opposing parties, says Roger Plawker at Pashman Stein.
As parties in the Folgers Coffee Marketing and Sales Practices Litigation prepare to argue why the case should be held in their respective home states, the weight the Judicial Panel on Multidistrict Litigation gives to different factors in reaching its decision will be of interest to all MDL practitioners, says Alan Rothman at Sidley.
The U.S. Securities and Exchange Commission's new environmental, social and governance enforcement initiative’s focus on investment advisers and funds is misguided and could distract from the pursuit of true misconduct stemming from material omissions in corporate disclosures, upon which fund strategies are based, say Richard Kirby and Beth-ann Roth at R K Invest Law.
As patent practitioners await a decision on the constitutionality of Patent Trial and Appeal Board judges in U.S. v. Arthrex, they should keep their eyes on three other pending U.S. Supreme Court cases that, while not IP-related, involve overlapping legal issues, including the severability doctrine, says William Milliken at Sterne Kessler.
In "Why the Innocent Plead Guilty and the Guilty Go Free,” U.S. District Judge Jed Rakoff catalogues the many ways our criminal justice system is broken, and in doing so, gives the public an intimate look into the thoughts, reasoning and personal experiences of a renowned federal judge, says Third Circuit Judge Stephanos Bibas.
Questions are beginning to emerge as to how the new technology known as nonfungible tokens — which can represent ownership of a digital asset or authenticate real-world collectibles — will interact with existing law, particularly with respect to patents, ownership rights, copyright and securities, say Ali Dhanani and Chris Sabbagh at Baker Botts.
As financial regulators increase scrutiny on special purpose acquisition companies, SPAC sponsors and their prospective targets need to be aware that the merger following the initial public offering — the de-SPAC — may be subject to the Committee on Foreign Investment in the United States' jurisdiction and may even trigger a mandatory filing, say attorneys at Kirkland.