Securities

  • May 28, 2021

    'A Sober Look At SPACs' Finds They Shortchange Investors

    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.

  • May 28, 2021

    Receiver's Rare Step Gives Investors New Hope After FBI Raid

    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.

  • May 28, 2021

    EU Renews €6.5M Fine On ICAP Over Yen Derivatives Cartels

    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.

  • May 27, 2021

    Robinhood Can't Halt Mass. Securities Regulator's New Rule

    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.

  • May 27, 2021

    Defunct Hedge Fund Accused Of Mishandling $1B In Assets

    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.

  • May 27, 2021

    Overdraft Fees Reenter Spotlight At 2nd Bank CEO Hearing

    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."

  • May 27, 2021

    Payment Co. Execs Claim Bogus Merger Terms In Del. Suit

    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.

  • May 27, 2021

    Thai Court Investigating Toyota Judicial Bribery Claims

    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.

  • May 27, 2021

    Nebraska Creates Banking Charter For Crypto Services

    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.

  • May 27, 2021

    Tricida Directors Hit With Securities Suit Over Drug Approval

    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.

  • May 27, 2021

    Feds Fight Parnas' Bid For Disclosure Of Giuliani Docs

    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.

  • May 27, 2021

    JPML Weighs Mixing Allianz Suits In NY With Sole Calif. Action

    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.

  • May 27, 2021

    Judge Urges Toss Of Used Phone Biz Ownership Fight

    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.

  • May 27, 2021

    Investor Says Cred Ch. 11 Can't Block Third-Party Damage Suit

    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.

  • May 27, 2021

    NEX Gets TP ICAP Suit Over £1.3B Deal Disclosures Trimmed

    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.

  • May 27, 2021

    Texas AG's Securities Fraud Suit Will Return To His Home Turf

    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.

  • May 26, 2021

    Sens. Spar Over 'Woke-ism' In Wall Street Oversight Hearing

    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.

  • May 26, 2021

    What Biden's Climate Finance Order Means For Energy Cos.

    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.

  • May 26, 2021

    SEC Could Boost Oversight Of Private Markets, SPACs

    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.

  • May 26, 2021

    DOJ Takes Toyota Thai Bribery Probe To Texas Grand Jury

    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.

  • May 26, 2021

    Fenwick, Latham Steer Ziprecruiter's Direct Listing

    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.

  • May 26, 2021

    Chancery Tosses Suit Over Brookfield's $9.25B GGP Buy

    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.

  • May 26, 2021

    Haynes And Boone Nets Ex-Greenberg Traurig Corporate Atty

    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.

  • May 26, 2021

    Ontario Regulator Says Crypto Firm Broke Securities Laws

    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.

  • May 26, 2021

    Nasdaq Asks SEC To Scrap Direct Listing Price Limits

    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. 

Expert Analysis

  • Why SPACs Should Consider Captive Insurance

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    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.

  • Safeguarding Privileged Communications In A Remote World

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    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.

  • Opinion

    SEC Should Get Behind Shareholder Voting Transparency

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    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.

  • Opinion

    The UK Needs Safe Harbors For Libor's Wind-Down

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    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.

  • 4 Areas Of Cyberattack Vulnerability For Law Firms

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    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.

  • Capital-Raising Strategy After SEC's Private Offering Rules

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    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.

  • How To Help Your Witnesses Overcome Hindsight Bias

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    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.

  • Key Takeaways From SEC's Enhanced ESG Disclosure Focus

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    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.

  • NJ 'Reply All' Ethics Opinion Brings New Pitfalls For Attorneys

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    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.

  • And Now A Word From The Panel: There's No Place Like Home

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    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.

  • Opinion

    SEC Shouldn't Target Funds With New ESG Task Force

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    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.

  • 3 Arthrex-Adjacent High Court Cases Could Affect PTAB's Fate

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    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.

  • Series

    Judging A Book: Bibas Reviews Rakoff's 'Why The Innocent Plead Guilty'

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    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.

  • How Nonfungible Tokens Could Disrupt The Legal Landscape

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    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.

  • 6 CFIUS Considerations For De-SPAC Transactions

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    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.

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