Capital Markets

  • April 24, 2024

    Private Equity Lag Continues To Stunt M&A Growth

    Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.

  • April 24, 2024

    Faegre Drinker Adds Perkins Coie Investment Partner In DC

    Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.

  • April 24, 2024

    Feds Nab Latest OneCoin Plea On $35M Laundering Charge

    An eighth defendant has been charged by federal prosecutors over the global OneCoin cryptocurrency scam and pled guilty on Tuesday to laundering about $35 million in illicit proceeds through bank accounts he controlled in China and Hong Kong.

  • April 24, 2024

    NY Medical Clinic Investor Sues In Del. To Inspect Corp. Books

    A shareholder of Juno Care Systems Inc. sued in Delaware's Court of Chancery on Wednesday for books and records, saying it needed them to investigate whether the board and officers of the medical clinic operator had breached their fiduciary duties to shareholders or wasted corporate assets.

  • April 23, 2024

    Globetrotters Say SBA's 'Bureaucratic Hell' Cost COVID Grant

    The Harlem Globetrotters on Monday renewed their yearslong fight with the U.S. Small Business Administration over a $10 million COVID-19 relief grant, filing a new suit in D.C. federal court accusing the SBA of leaving the team in "bureaucratic hell" rather than forking over the money it's entitled to.

  • April 23, 2024

    SEC Critics Preview Future Challenges To Agency Action

    The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.

  • April 23, 2024

    CFTC Formalizes Policy On Uncleared Swaps Recordkeeping

    The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.

  • April 23, 2024

    Ripple Labs Says Its SEC Fine Should Be No More Than $10M

    Blockchain firm Ripple Labs told a Manhattan federal judge that the U.S. Securities and Exchange Commission's $2 billion remedies request over the firm's registration violation is proof of its "administrative overreach," and says it shouldn't be forced to pay more than $10 million over a finding related to its sales of cryptocurrency XRP.

  • April 23, 2024

    Seller Fights Lender Over First Dibs On $3 Million Property

    A lender that took possession of a $3 million property in Haslet, Texas, seems to have negotiated the sale of the tract to an unaffiliated party, Texas appeals court justices said during oral arguments in Fort Worth on Tuesday, in a fight over whether the original seller gets right of first refusal after the land went into foreclosure.

  • April 23, 2024

    EV Co.'s SPAC Suit Gets Final OK For $1.9M Settlement

    Lightning eMotors Inc., which made electric commercial vehicles and has announced liquidation of its assets, has received final approval for a $1.85 million settlement of shareholder derivative claims against its brass alleging they hid supply chain issues that would keep it from scaling after going public via merger with a special purpose acquisition company.

  • April 23, 2024

    Goosehead Insurance Investor Looks To Pause Chancery Deal

    A stockholder of Goosehead Insurance Inc. who struck a settlement last year with the Texas-based company to end his proposed class action over disproportionate insider control asked Delaware's Court of Chancery on Tuesday to put the deal on hold until another case involving investment bank Moelis & Co. plays out.

  • April 23, 2024

    Trump's Stake In Truth Social Swells An Additional $1.2B

    The value of Donald Trump's stake in his newly public social media company soared by nearly $1.2 billion on Tuesday as the former president became eligible to receive bonus shares that were conditioned on the company's stock performance.

  • April 23, 2024

    Crypto Industry Groups Sue SEC Over Dealer Definition

    Two crypto industry groups on Tuesday jointly sued the U.S. Securities and Exchange Commission to overturn the regulator's expanded dealer definition, claiming the regulator sidestepped a fair rulemaking process when it declined to address the myriad issues industry participants pointed out during the shortened comment process.

  • April 23, 2024

    Del. Chancery To Rethink Fast-Track Of Truth Social Suit

    The judge taking over a Delaware Chancery Court lawsuit that two former "Apprentice" contestants brought against former President Donald Trump's social media company before the Truth Social platform went public will decide at the end of the month whether the suit still needs to be fast-tracked.

  • April 23, 2024

    Feds Want About 3 Years In Prison For LA Bank Embezzler

    The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.

  • April 23, 2024

    PE Giant Faces Sanctions Bid For Mexico Corruption Claim

    Advent International Corp. and its counsel at Ropes & Gray and Quinn Emanuel allegedly fabricated claims that a Mexican corporation's lawyers corruptly influenced prosecutors and judges in the country to freeze the private equity firm's assets and issue arrest warrants for executives, according to a filing in Massachusetts federal court.

  • April 23, 2024

    DOL's Final Investment Advice Regs Expand ERISA's Reach

    The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.

  • April 22, 2024

    PacWest Wants Suit Over Alleged Rate Hike Exposure Axed

    PacWest Bancorp has urged a California federal judge to toss a proposed class action from an investor who alleges the California regional bank ignored warning signs posed by last year's collapse of Silicon Valley Bank, saying the fact that it did not anticipate the "unprecedented turmoil in the banking industry" is not a violation of federal securities laws.

  • April 22, 2024

    NY's 'Buy-Now, Pay-Later' Oversight Bill Delayed But Not Dead

    A New York state proposal to start licensing and supervising buy-now, pay-later providers didn't make the final cut in lawmakers' just-approved $237 billion budget, but a version being advanced through standalone legislation could still make it into law.

  • April 22, 2024

    CFTC Says Gemini Can't Pin Misstatements On 'Intermediary'

    The U.S. Commodity Futures Trading Commission has told a New York federal court that cryptocurrency exchange Gemini Trust Co. LLC is seeking to "shirk responsibility" for misleading the agency's staff about the risks of a proposed bitcoin futures contract.

  • April 22, 2024

    Real Estate Investment Cos. Owe SEC $8.4M For $17.5M Fraud

    A pair of companies allegedly used in service of a fraudulent real estate investment scheme will pay over $8.4 million to end claims they were part of the $17.5 million ploy that took in more than 150 would-be investors with claims that the securities involved were "recession-proof."

  • April 22, 2024

    Exec In Insider Trading Case Says Feds Denied Him Counsel

    The former CEO at the center of a novel insider trading case is asking that the California jury deciding his fate not be allowed to hear evidence obtained during a pre-indictment interrogation, arguing he was denied access to an attorney despite insisting on speaking to counsel at least a dozen times.

  • April 22, 2024

    Robinhood 'Meme Stock' Investors Lose New Class Cert. Bid

    A Florida federal judge has denied a bid from Robinhood investors to file a new motion for class certification in a suit over the trading platform's suspension of so-called meme stock purchases, saying the deadline for class certification has passed and the investors have not shown a good reason to extend it.

  • April 22, 2024

    Freshfields-Led CVC Unveils Range On $1.7B Amsterdam IPO

    European private equity giant CVC Capital Partners PLC, represented by Freshfields Bruckhaus Deringer LLP, on Monday set a price range on initial public offering estimated to raise about €1.6 billion ($1.7 billion), mostly benefiting selling shareholders.

  • April 22, 2024

    Steptoe & Johnson Adds Securities Duo In Oklahoma

    Steptoe & Johnson PLLC has announced the hiring of two experienced securities attorneys from regional firm Conner & Winters LLP to its corporate and mergers and acquisitions practice in its Oklahoma City office.

Expert Analysis

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • Tips For Balanced Board Oversight After A Cyberincident

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    The U.S. Securities and Exchange Commission's cybersecurity disclosure rules, as well as recent regulatory enforcement actions bringing board governance under scrutiny, continue to push boards toward active engagement in relation to their cyber-oversight role, despite it being unclear what a board's level of involvement should be, say attorneys at Alston & Bird.

  • Address Complainants Before They Become Whistleblowers

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    A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.

  • Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

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    Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.

  • Binance Ruling Spotlights Muddled Post-Morrison Landscape

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    The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.

  • Del. Match.com Ruling Maintains Precedent In Time Of Change

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    Despite speculation that the Delaware Supreme Court could drive away corporations if it lowered the bar for business judgment review in its Match.com stockholder ruling, the court broke its recent run of controversial precedent-busting decisions by upholding, and arguably strengthening, minority stockholder protections against controller coercion, say Renee Zaytsev and Marc Ayala at Boies Schiller.

  • First 10b5-1 Insider Trading Case Raises Compliance Issues

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    The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.

  • FDIC Bank Merger Reviews Could Get More Burdensome

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    Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • New Proposal Signals Sharper Enforcement Focus At CFIUS

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    Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

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