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Capital Markets
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January 24, 2025
Venture-Backed IPO Recovery Could Be Muted, Report Says
The expected recovery for venture-backed initial public offerings in 2025 will likely be muted, a capital markets research firm said Friday, given investors' persistent concerns about valuation and delayed interest rate cuts that may not happen until midyear.
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January 23, 2025
Dems Cite 'Unprecedented Concerns' With Trump Memecoins
U.S. Sen. Elizabeth Warren and Rep. Jake Auchincloss have urged federal regulators to address "unprecedented concerns" associated with the recent launch of so-called memecoins associated with President Donald Trump and first lady Melania Trump, citing threats of consumer ripoffs, corruption and foreign influence.
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January 23, 2025
Davis Polk, Skadden Steer LNG Exporter's $1.8B IPO
Liquefied natural gas exporter Venture Global Inc. on Thursday priced an estimated $1.8 billion initial public offering within its downwardly revised range, represented by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.
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January 23, 2025
Conn. High Court Snapshot: Atty's Bonus, Burn Verdict
In its next term starting Monday, the Connecticut Supreme Court will hear an appeal from an acupuncturist who doesn't want to share liability for a judgment paid to a burn victim, and consider whether to reverse a seven-figure verdict for a private equity management firm's founder, who claims other members improperly cut him out.
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January 23, 2025
Jump Trading Says Ex-Worker Stole IP For Blockchain Startup
High-frequency trading firm and blockchain technology developer Jump Trading has filed a complaint seeking a preliminary injunction against a former software developer it claims is using Jump Trading's intellectual property to launch a competing project.
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January 23, 2025
Fla. Court Urged To OK $2.75M For Moving Co. Fraud Victims
Two receivers appointed to recover funds in a moving company Ponzi scheme targeting the Haitian community urged a Florida federal court on Thursday to approve a first-round distribution of $2.75 million to refund losses, although the judge overseeing the case said the amount represents a fraction of what defrauded victims lost.
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January 23, 2025
Trump Forms Crypto Working Group To Create Fed. Framework
President Donald Trump took another step towards fulfilling his campaign promises to the cryptocurrency industry on Thursday with an executive order that directs regulators to get to work establishing a federal framework for digital assets and prohibits the creation of a central bank digital currency.
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January 23, 2025
AI Chatbot Co. CEO, Atty Spouse Indicted On $60M Fraud
Federal prosecutors in California arrested the former CEO of an artificial intelligence company Thursday alongside his lawyer wife, accusing the duo of a $60 million fraud scheme in which they allegedly lied to investors about the company's financial state and diverted funds to pay for their wedding.
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January 23, 2025
SEC Rescinds Controversial Crypto Accounting Guidance
The U.S. Securities and Exchange Commission rolled back its controversial cryptocurrency accounting guidance known as SAB 121 Thursday evening, hot on the heels of newly appointed acting Chairman Mark Uyeda's commitment to shifting the regulator toward setting clear guidelines for digital assets.
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January 23, 2025
Chinese Ride Co. Ordered To Produce Regulator Testimonies
A New York federal judge ordered Chinese ride-hailing giant Didi Global Inc. to provide testimony about its interactions with Chinese regulators before its 2021 initial public offering, rejecting the company's claim that Chinese law prevents disclosure.
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January 23, 2025
PayPal To Pay $2M To NY Regulator In Cybersecurity Deal
PayPal agreed on Thursday to pay a $2 million fine to the New York State Department of Financial Services to resolve allegations that it failed to use qualified personnel to manage key cybersecurity functions and failed to provide proper training to address cybersecurity risks, resulting in sensitive customer information being vulnerable to hackers.
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January 23, 2025
SEC Cooled On New Crypto Cases During Gensler's Final Year
Despite a brief rise in the number of lawsuits filed against the cryptocurrency industry in the final months that U.S. Securities and Exchange Commission Chair Gary Gensler was in office, the agency overall saw a 30% decrease in enforcement actions against the industry last year, according to a newly released report Thursday.
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January 23, 2025
Spotless Brands' Sale Could Make Splash, And More Rumors
Owners of Spotless Brands are seeking to sell the car-wash operator for $3 billion, while more overseas companies are preparing U.S. initial public offerings, including Chinese self-driving systems maker Inceptio Technologies and Israel-based cryptocurrency trading platform eToro. Here, Law360 breaks down the notable deal rumors from the past week.
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January 22, 2025
Securities Class Actions To Watch In 2025
A showdown in the Ninth Circuit over a recent U.S. Supreme Court decision, an expected Sixth Circuit ruling on a bribery scandal and the possible consolidation of lawsuits targeting broker's cash sweeps programs are among the many legal disputes that securities attorneys are keeping a close eye on in 2025.
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January 22, 2025
Reed Smith Rips Claim Firm Is 'Causing Chaos' In $102M Suit
Reed Smith fought back Tuesday against allegations by the purported new owners of Eletson Holdings that the BigLaw firm is "causing chaos" by refusing to withdraw as counsel of record in $102 million breach-of-contract litigation, arguing that ownership of the international shipping group is "hotly contested" and being litigated in multiple jurisdictions.
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January 22, 2025
Software Co. UiPath Wants Investors' Fraud Claims Nixed
Automation software firm UiPath Inc. has urged a New York federal judge to toss a consolidated action from investors accusing it of falsely promoting the success of a new development strategy, saying they haven't shown their losses stem from any misleading statements or misreporting from the firm.
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January 22, 2025
Google Presses For Dismissal Of Artists' AI Copyright Lawsuit
Google has asked a California federal judge to throw out a consolidated proposed class action brought by visual artists and authors claiming the tech company infringed their copyrights to train artificial intelligence models, arguing that the complaint doesn't specifically identify the copyrighted works that have allegedly been infringed.
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January 22, 2025
Securities Defense Bar Notched More Dismissals In '24
Courts threw out more securities class actions last year than they had in years before, reversing a six-year downturn in the number of shareholder suits resolved through settlement or dismissal, according to a Wednesday report by National Economic Research Associates Inc.
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January 22, 2025
Dubai-Based Exchange Fined $9.2M To End Bank Fraud Probe
A Dubai, United Arab Emirates-based financial services company has agreed to pay $9.2 million to U.S. prosecutors over a U.K. subsidiary's false claims that it was in compliance with anti-money laundering laws, avoiding criminal charges.
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January 22, 2025
Space Explorer Voyager Technologies Confidentially Files IPO
Defense and space exploration company Voyager Technologies Inc. said Wednesday it has confidentially filed plans for an initial public offering, marking the second company from the industry to join the IPO pipeline this week and potentially benefiting from increased government funding for space travel.
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January 22, 2025
Paul Weiss Repping Aptiv On Plans To Split Into 2 Companies
Paul Weiss Rifkind Wharton & Garrison LLP-led technology company Aptiv PLC on Wednesday announced plans to separate its Electrical Distribution Systems business, creating two independent companies that it says are "optimally positioned" to serve customers.
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January 22, 2025
Cooley-Led Insulin Device Maker Preps $113M IPO
Insulin delivery system maker Beta Bionics on Wednesday announced the terms for its initial public offering, planning to raise $113 million.
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January 22, 2025
Mounting Pressure For PE Exits To Drive IPO Volume In 2025
Private equity-backed companies will generate nearly half of initial public offerings in 2025, analysts predicted on Wednesday, driven by a growing demand for exit strategies among investors that have owned stakes in companies for lengthy periods.
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January 22, 2025
Paul Hastings Adds Davis Polk Capital Markets Pro In NY
Paul Hastings LLP has hired a capital markets partner from Davis Polk LLP for its investment grade finance practice in New York, the firm announced Wednesday.
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January 21, 2025
10th Circ. Looks For Limits In Custodia's Master Account Suit
The Federal Reserve Bank of Kansas City on Tuesday told a Tenth Circuit panel that the crypto-focused Custodia Bank is not entitled to a so-called master account that it has sued the Federal Reserve to get, while acknowledging that the Fed's own discretion to deny such an account has its limits.
Expert Analysis
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Applying High Court's Domestic Corruption Rulings To FCPA
After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.
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2 High Court Securities Cases Could Clarify Pleading Rules
In granting certiorari in a pair of securities fraud cases against Facebook and Nvidia, respectively, the U.S. Supreme Court has signaled its intention to align interpretations of the heightened pleading standard under the Private Securities Litigation Reform Act amid its uneven application among the circuit courts, say attorneys at V&E.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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Takeaways From TOTSA Settlement And Critical CFTC Dissent
The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Payward And The Secondary Crypto Transaction Confusion
Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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What's In The Cards For CFTC's Election Betting Case
A D.C. federal judge's Sept. 12 ruling, allowing KalshiEx to offer derivative contracts trading on the outcome of the U.S. congressional elections over objections from the U.S. Commodity Futures Trading Commission, could mark a watershed moment in the permissibility of election betting if upheld on appeal, say attorneys at BakerHostetler.
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Kubient Case Shows SEC's Willingness To Charge Directors
The U.S. Securities and Exchange Commission's recent fraud charges against Kubient's former CEO, chief financial officer and audit committee chair signal a willingness to be more aggressive against officers and directors, underscoring the need for companies to ensure that they have appropriate channels to gather, investigate and document employee concerns, say attorneys at Jenner & Block.
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Basel Endgame Rules: A Change Is Coming
The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.
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What PCOAB's Broadened Liability Rule Means For Auditors
The U.S. Securities and Exchange Commission’s recent vote agreeing to lower the Public Company Accounting Oversight Board's liability standard, allowing the board to charge individual auditors whose mere negligence leads firms into PCOAB violations, may erode inspection cooperation, shrink the talent pool and have anticompetitive outcomes, say attorneys at BakerHostetler.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.