Capital Markets

  • May 30, 2024

    Morgan Stanley Helped Musk's Stealth Twitter Buys, Suit Says​​​​​​​

    Elon Musk and his wealth manager tapped Morgan Stanley to help the Tesla CEO quietly acquire billions of dollars in Twitter securities without tipping off the market before he announced plans to take over the social media company, according to an amended complaint filed in New York federal court.

  • May 30, 2024

    Ex-FTX Auditor Must Face SEC's Independence Rules Suit

    The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX must face the U.S. Securities and Exchange Commission's claims it violated auditor independence rules while collecting $3 million in fees from clients, a Florida federal judge has ruled, finding the agency's allegations establish severe recklessness.

  • May 30, 2024

    Musk Won't Appeal Deposition Order In SEC's Twitter Case

    Elon Musk has agreed to waive his right to appeal a California federal judge's order forcing him to testify again in the U.S. Securities and Exchange Commission's suit over his $44 billion acquisition of Twitter, now known as X, according to a stipulation filed Thursday.

  • May 30, 2024

    Ex-Deutsche Bank Trader Gets 3½ Years For Crypto Scheme

    A former Deutsche Bank associate has been sentenced to three years and five months in prison after pleading guilty in September to wire fraud and access device fraud in connection with a $1.5 million cryptocurrency investment scheme, Brooklyn federal prosecutors announced Thursday.

  • May 30, 2024

    Terraform, SEC Reach 'Settlement In Principle' In Crypto Case

    Crypto firm Terraform Labs and its creator Do Kwon appear to have reached an agreement with the U.S. Securities and Exchange Commission to settle remedies after the firm and its founder were held liable for fraud by a Manhattan jury.

  • May 30, 2024

    SEC Cites High Court CFPB Ruling In Market Surveillance Suit

    The U.S. Securities and Exchange Commission has told the Eleventh Circuit that a recent U.S. Supreme Court decision finding the Consumer Financial Protection Bureau's funding structure is constitutional should sink a challenge from broker-dealer firms seeking to escape paying for a market surveillance tool.

  • May 30, 2024

    NY Expects Crypto Cos. To Meet Customer Service Standards

    The New York State Department of Financial Services on Thursday told the crypto firms under its purview that it expects them to resolve customer service issues promptly and fairly, according to newly issued guidance.

  • May 30, 2024

    The 'Not-Postings' Of A Delaware Chancery Court Judge

    Close observers of Delaware's Court of Chancery have recently gotten a new window into the First State's preeminent court of equity: Delaware Vice Chancellor J. Travis Laster, one of seven judges on the court's bench, has recently rejoined LinkedIn.

  • May 30, 2024

    Deals Rumor Mill: Aramco, Double Eagle, WeWork

    Saudi Arabia is planning a stock sale of state-backed oil giant Armaco that could exceed $10 billion, Double Eagle hopes to unload a Permian-based oil producer for $6.5 billion, and Adam Neumman has ended his bid to reacquire WeWork. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • May 30, 2024

    Ex-BigLaw Atty Fights 10-Year Sentence In OneCoin Case

    A former Locke Lord LLP partner urged the Second Circuit Wednesday to ax his 10-year prison sentence and conviction for laundering around $400 million in proceeds from the global OneCoin cryptocurrency scam, saying the case was contaminated by perjury and errors at the trial court level.

  • May 30, 2024

    Sneaker Co. Golden Goose Plots Top Italy IPO In Over A Year

    Luxury sneaker brand Golden Goose Group SpA on Thursday unveiled plans to go public in Italy, aiming to raise €100 million ($108 million) in what would mark Italy's largest IPO in the last year.

  • May 29, 2024

    11th Circ. Backs SEC Win In Trader's Challenge To 'Dealer' Tag

    An Eleventh Circuit panel on Wednesday affirmed the U.S. Securities and Exchange Commission's win in a suit accusing a microcap stock trader of earning $21.5 million while operating as an unregistered dealer, further solidifying the regulator's argument that so-called toxic lenders are considered unregistered dealers.

  • May 29, 2024

    Forescout Investors Win Class Cert. Over Tanked Sale

    A California federal judge agreed to certify a class of shareholders of cybersecurity company Forescout who allege the company deceived investors ahead of a sale that ultimately fell apart, marking the latest win for plaintiffs who previously saw the case dismissed with prejudice three years ago.

  • May 29, 2024

    Texas Securities Regulator Orders Crypto MLM To Shut Down

    Texas State Securities Board Commissioner Travis J. Iles has ordered the shutdown of an allegedly fraudulent Arkansas-based multilevel marketing scheme that claimed to offer investments in cloud mining cryptocurrency.

  • May 29, 2024

    Bankrupt BlockFi Agrees To $150k Penalty In Conn. Bond Row

    Bankrupt cryptocurrency lender BlockFi has reached a deal with Connecticut's banking regulator to pay a $150,000 civil penalty over claims the company failed to maintain a required surety bond, and a decision in November 2020 to halt account withdrawals from the platform.

  • May 29, 2024

    Robinhood Reaches Deal To End 'Meme Stock' Investor Suit

    Robinhood Markets Inc. told a Florida federal judge Tuesday that it has reached a settlement with investors to resolve a suit over the trading platform's suspension of so-called meme stock purchases, saying it anticipates finalizing the deal within the next two weeks.

  • May 29, 2024

    Israeli Nanotech Startup, Canadian Biotech Plot US IPOs

    An Israeli nanotech startup launched plans Wednesday for an estimated $75 million U.S. initial public offering, while a Canadian-listed biotechnology company also filed documents to tap U.S. markets, adding to a recent spate of cross-border listings.

  • May 29, 2024

    Chancery Pins Down Musk, Tesla On Pay Bid, Del. Jurisdiction

    Delaware's chancellor has nailed Elon Musk, Tesla Inc. and their counsel to assurances that the company won't flee state corporate law jurisdiction and a potentially massive stockholder attorney fee dispute by rushing votes on a struck-down, $56 billion compensation plan for Musk and proposed reincorporation in Texas.

  • May 29, 2024

    Archegos Jury Gets Glimpse At Founder's Earlier Legal Woes

    A banker told a Manhattan jury Wednesday that Archegos founder Bill Hwang's 2012 run-in with the law at his previous hedge fund was concerning, but details were largely kept from jurors hearing charges against Hwang over Archegos's $36 billion collapse.

  • May 29, 2024

    Gemini Returns $2.2B Of Crypto From Genesis Ch. 11

    Crypto Exchange Gemini and bankrupt former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of an interest-accruing lending program, Gemini Earn, that have been locked up since Genesis had filed for Chapter 11 protection in early 2023.

  • May 28, 2024

    Chancery Finds Ex-CEO Owed $79M For Share Lockup Losses

    The former CEO of a 3D building imaging company is owed more than $79 million in damages in his share value suit against the company, but not the more than $141 million he sought, the Delaware Chancery Court ruled Tuesday.

  • May 28, 2024

    Twitter Investors Seek Cert Over Musk's Backtrack On Buyout

    A group of Twitter investors have asked a California federal judge to certify a class over claims Elon Musk fraudulently tweeted about the social media company's alleged bot problem to get out of his $44 billion acquisition, arguing that the case is "perfectly suited for class certification."

  • May 28, 2024

    White House Looks To Boost Carbon Credit Market Integrity

    The Biden administration on Tuesday released new guidelines for voluntary carbon markets, touting the measures as a foundation for "ambitious and credible climate action" that also attempts to address questions about the integrity of credits that companies use to show a greener footprint.

  • May 28, 2024

    Chancery Tosses Some Computing Co. Deal Breach Claims

    Delaware's Court of Chancery on Tuesday thinned out the tangled technology investor brawl that emerged from Quantum Computing Inc.'s acquisition of QPhoton LLC in May 2022, dismissing individual parties from the case and narrowing claims against the two companies.

  • May 28, 2024

    RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement

    A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.

Expert Analysis

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • A Difficult Year For CRE, But Future May Be Brighter

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    2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Volume-Based Transaction Pricing Proposal Raises Questions

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    A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.

  • What WeWork's Ch. 11 Filing Means For Landlords

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    WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • Understanding Advance Notice Bylaws Is Key For All Parties

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    Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

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