Capital Markets

  • February 05, 2025

    Paxos' Top Atty Takes CLO Spot At Crypto Co. Kraken

    Cryptocurrency exchange Kraken has tapped the general counsel at crypto trust company Paxos to serve as its new chief legal officer.

  • February 05, 2025

    Activist Nominates 4 Director Candidates To Kenvue Board

    Activist investor Starboard Value LP on Wednesday unveiled its slate of four director candidates to be nominated to consumer products company Kenvue Inc.'s board of directors, saying that significant changes to the board are necessary to ensure the company is managed and overseen in a manner consistent with the best interests of its shareholders.

  • February 04, 2025

    FINRA Fines Broker $3.2M Over Securities Lending Biz

    Broker-dealer Apex Clearing Corp. has agreed to pay the Financial Industry Regulatory Authority $3.2 million to end first-of-its-kind claims that the firm failed to abide by customer protection rules with its fully paid securities lending program, including by misrepresenting how it would compensate participants, leaving certain customers vulnerable to potential tax consequences.

  • February 04, 2025

    Wells Fargo Clears 2 More Consent Orders Amid Rehab Efforts

    The Federal Reserve said Tuesday that Wells Fargo & Co. has exited a pair of mortgage-related consent orders from more than a decade ago, another step forward in the banking giant's regulatory rehabilitation efforts.

  • February 04, 2025

    Sen. Banking Chair Sets 100-Day Dash For Crypto Legislation

    Senate Banking Committee Chair Tim Scott, R-S.C., said Tuesday that he intends to pass crypto legislation out of his chamber in the first 100 days of the new administration with the help of a working group composed of committee chairs in both chambers of Congress.

  • February 04, 2025

    AI Clean Energy Co. SPAC Suit Should Be Zapped, Judge Says

    A federal magistrate judge has recommended dismissing, without prejudice, a derivative shareholder suit accusing the top brass of Stem Inc., an artificial intelligence-driven clean energy company, of making misleading statements leading up to a conflicted merger with a special purpose acquisition company, saying no one should have to "connect the dots" to figure out what is specifically being alleged against them. 

  • February 04, 2025

    Robinhood Halts Super Bowl Offerings After Request By CFTC

    Robinhood Markets' derivatives subsidiary pulled back its planned offering of Super Bowl online trading markets on Tuesday, one day after announcing the offering, saying the U.S. Commodity Futures Trading Commission requested that it stop.

  • February 04, 2025

    SEC Receiver, Atty Agree To Settle Fraud Transfer Claims

    A court-appointed receiver for a U.S. Securities and Exchange Commission case has reached a settlement with parties who allegedly received hundreds of thousands of dollars' worth of transfers from a fraudulent foreign exchange trading scheme, including the attorney and family of a convicted executive.

  • February 04, 2025

    Coinbase Taps BigLaw Firms In Bid To End Crypto 'Debanking'

    Crypto exchange Coinbase urged regulators Tuesday to clarify that banks can offer crypto custody and execution services, submitting a letter featuring a report from three BigLaw firms asserting that federal laws and regulations already allow banks to wade further into digital asset activities.

  • February 04, 2025

    SEC Says Pre-IPO Stock Firm Was $70M Boiler Room Scheme

    The U.S. Securities and Exchange Commission has accused several New York City residents of participating in a fraudulent scheme in which sales representatives allegedly used high-pressure tactics to induce investments in private companies that had not yet held initial public offerings, while benefiting from the hidden fees charged to investors.

  • February 04, 2025

    PE-Backed Identity Software Firm SailPoint Primes $1B IPO

    Cybersecurity firm SailPoint on Tuesday unveiled plans for an estimated $1 billion initial public offering that would mark its return to public markets three years after a private-equity buyout, represented by Kirkland & Ellis LLP and the underwriters' counsel, Davis Polk & Wardwell LLP.

  • February 04, 2025

    Trump Taps GOP Senate Staffer For Treasury Bank Policy Role

    President Donald Trump on Monday nominated Luke Pettit, a senior adviser to Sen. Bill Hagerty, R-Tenn., and former Federal Reserve policy analyst, to become the U.S. Department of the Treasury's top bank policy official.

  • February 03, 2025

    Trump Orders Plan For Creating US Sovereign Wealth Fund

    President Donald Trump on Monday signed an executive order calling on the U.S. Department of the Treasury and U.S. Department of Commerce to come up with a plan to create a U.S. sovereign wealth fund and said the social media app TikTok could potentially be put in the proposed fund.

  • February 03, 2025

    Credit Suisse Gets Investor Suit Over Collapse Booted To NY

    Credit Suisse can fight a proposed investor class action in New York, instead of New Jersey, alongside similar litigation related to its rapid deterioration and subsequent takeover in March 2023, a Garden State magistrate judge has determined.

  • February 03, 2025

    Boeing Slams Funds' Bid To Bump 737 Max Fraud Suit To Va.

    Boeing has told an Illinois federal judge that equity funds suing the American aerospace giant for allegedly defrauding investors by downplaying the 737 Max jets' safety flaws following a pair of deadly crashes in 2018 and 2019 shouldn't be allowed to forum-shop by moving their suit to Virginia.

  • February 03, 2025

    Texas' Bid To Launch Stock Exchange Moves Forward

    As the owner of the new Texas Stock Exchange LLC gears up to begin trading by next year, capital markets attorneys are closely watching how the company plans to penetrate a market long dominated by two New York-based juggernauts.

  • February 03, 2025

    11th Circ. Weighs Future Of SEC's Market Surveillance Tool

    The Eleventh Circuit on Monday questioned whether brokerage firms were being unfairly burdened with the cost of building up a U.S. Securities and Exchange surveillance tool known as the consolidated audit trail while appearing unmoved by arguments that the surveillance tool should never have been built.

  • February 03, 2025

    Baby Sock Co. Inks $3.5M Deal In Investor's FDA Approval Suit

    Investors suing digital baby monitoring device manufacturer Owlet Inc. have asked a California federal court to preliminarily approve a $3.5 million deal to settle claims the company misled investors about approvals required from the U.S. Food and Drug Administration to sell its "smart socks."

  • February 03, 2025

    SEC's Former Acting Enforcement Director Joins Weil In NY

    A former acting enforcement director of the U.S. Securities and Exchange Commission who led some of the agency's biggest cases over the past two decades has joined Weil Gotshal & Manges LLP as a partner in the firm's New York office.

  • February 03, 2025

    Utah Court Urged To Preserve $8.3M In Messner Reeves Funds

    Several companies from Florida, New York and Utah have urged a Utah federal court to order Messner Reeves LLP to preserve $8.3 million purportedly locked away in an escrow fund, saying the law firm appears to be breaking a business loan agreement by dissipating the funds to unknown entities.

  • February 03, 2025

    Capital Markets Group Of The Year: Davis Polk

    Davis Polk & Wardwell LLP's global team mastered the gamut of capital-raising transactions across continents in 2024, including billion-dollar-plus initial public offerings involving Finnish sporting goods giant Amer Sports and Swiss skincare company Galderma, earning the firm a spot among the 2024 Law360 Capital Markets Groups of the Year.

  • February 03, 2025

    Cystic Fibrosis Drug Developer Sionna Targets $150M IPO

    Cystic fibrosis-focused drug developer Sionna Therapeutics Inc. on Monday launched plans for an estimated $150 million initial public offering, joining a growing number of biotechnology companies entering the IPO pipeline, represented by Goodwin Procter LLP and underwriters counsel Ropes & Gray LLP.

  • January 31, 2025

    $577M In Virus Fraud Cases At Risk Unless Congress Acts: IG

    The federal government's top pandemic relief watchdog has issued an urgent plea for Congress to save his agency from imminent closure, warning that hundreds of millions of dollars in ongoing fraud investigations hang in the balance.

  • January 31, 2025

    January's IPO Market Was Active Despite Tepid Debuts

    Capital markets lawyers kept busy in January thanks to a sizable increase in initial public offerings, but the largest IPOs performed weaker than expected, likely sobering market participants' expectations going forward.

  • January 31, 2025

    Bank Wants Investment Co.'s $60M RICO Suit Tossed

    Western Alliance Bank is seeking the dismissal of a $60 million suit filed by an investment management firm alleging the bank played a role in a mortgage loan sale scheme to steam the firm's property rights in the loans and their proceeds, saying the complaint "attempts to recast a series of secured lending transactions as a vast racketeering conspiracy."

Expert Analysis

  • Series

    Beekeeping Makes Me A Better Lawyer

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    The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.

  • SEC Fine Shows Risks Of Nonpublic Info In X, LinkedIn Posts

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    The U.S. Securities and Exchange Commission recently announced a settlement with DraftKings over charges arising from posting material nonpublic information on the CEO's social media accounts, highlighting that information posted to company websites and social media sites does not automatically qualify as "publicly disclosed" for purposes of Regulation FD, say attorneys at O'Melveny.

  • Anticipating Jarkesy's Effect On Bank Agency Enforcement

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    Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.

  • CFTC Anti-Fraud Blitz Is A Warning To Carbon Credit Sellers

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    With its recent enforcement actions against a carbon offset project developer and its senior executives for reporting false information about the energy savings of the company's projects, the Commodity Futures Trading Commission is staking out its position as a primary regulator in the voluntary carbon credit market, say attorneys at Morgan Lewis.

  • Unpacking State AG Approaches To Digital Asset Enforcement

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    Attorneys at Cozen O'Connor survey recent digital asset enforcement by attorneys general nationwide driven by concerns over regulatory gaps where technological developments and market changes have outpaced legislation.

  • Opinion

    Legal Institutions Must Warn Against Phony Election Suits

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    With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.

  • Peeling Back The Layers Of SEC's Equity Trading Reforms

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    The U.S. Securities and Exchange Commission's recently adopted amendments lowering the tick sizes for stock trading and reducing access fee caps will benefit investors and necessitate broad systems changes — if they can first survive judicial challenges, say attorneys at Sidley.

  • How Cos. Can Build A Strong In-House Pro Bono Program

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    During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.

  • Series

    Home Canning Makes Me A Better Lawyer

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    Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.

  • Opinion

    FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos

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    A proposed Federal Deposit Insurance Corp. rule concerning control over passive index fund investments in banks is outside the agency's remit, clashes with an existing Federal Reserve process and would inhibit competition in the index fund sector, says J.W. Verret at George Mason University.

  • Use The Right Kind Of Feedback To Help Gen Z Attorneys

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    Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.

  • Opinion

    Congress Can And Must Enact A Supreme Court Ethics Code

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    As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.

  • Series

    The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan

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    Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.

  • With Esmark Case, SEC Returns Focus To Tender Offer Rules

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    The U.S. Securities and Exchange Commission's recent enforcement action against Esmark in connection with its failed bid to acquire U.S. Steel indicates the SEC's renewed attention under Rule 14e‑8 of the Exchange Act on offerors' financial resources as a measure of the veracity of their tender offer communications, say attorneys at MoFo.

  • What FDIC Expansion Of Change In Bank Control Could Mean

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    A recent Federal Deposit Insurance Corp. proposal pertaining to the Change in Bank Control Act has the potential to create uncertainty around investments by mutual fund complexes in banking organizations, which represent a stable source of capital for the banking industry, say attorneys at Sullivan & Cromwell.

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