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Capital Markets
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September 18, 2024
Clifford Chance Hires Investment Management Attorney In DC
Clifford Chance has grown its Washington, D.C., office with the addition of an attorney who formerly held an in-house post at Atalaya Capital Management and previously worked at Ropes & Gray LLP, Linklaters LLP and Latham & Watkins LLP.
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September 18, 2024
Federal Judge Won't Abstain From Pot Payment Co. Dispute
A Nevada federal judge has declined to abstain from a dispute between a pair of investment firms over the collapse of their joint venture, saying while one company is a subsidiary of a cannabis payment processing company, the dispute can be resolved without dipping into the murky waters of cannabis's federal illegality.
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September 18, 2024
Silvergate Bank Parent Co. Files Ch. 11, Plans Liquidation
The parent company of shuttered cryptocurrency-focused bank Silvergate filed for Chapter 11 protection in Delaware on Tuesday with plans to wind down and liquidate its remaining assets.
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September 17, 2024
Chancery Sides With Truth Social Backer In SPAC Deal Payout
A Delaware Chancery judge sided Tuesday with the investment sponsor of the entity that took former President Donald Trump's Truth Social media company public, on claims it was shortchanged in the deal, ordering a larger share of the stock be handed over from the transaction.
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September 17, 2024
FDIC, OCC Cement New Bank-Merger Policy Guidelines
Federal banking regulators on Tuesday approved plans to tighten their oversight of bank mergers, scoping out heightened scrutiny for deals that result in banks with $100 billion in assets among other things.
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September 17, 2024
FDIC Proposes Rule On Bank-Fintech Partnership Risks
The Federal Deposit Insurance Corp.'s rulemaking board on Tuesday proposed new recordkeeping rules aimed at both shoring up consumer protections as more fintech firms enter the banking space, and preventing a repeat of account freezes that have occurred after fintech service provider Synapse entered into bankruptcy earlier this year.
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September 17, 2024
VivoPower Plots $1.13B Merger After Unit's SPAC Deal Closes
Sustainable energy solutions company VivoPower and hydrogen technology company FAST are mulling a combination valuing the pair at $1.13 billion, in a potential deal that would follow the departure of VivoPower's electric utility vehicle subsidiary through a special purpose acquisition company merger.
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September 17, 2024
SEC Fines 12 Muni Advisers $1.3M In Texting Probe Actions
The U.S. Securities and Exchange Commission on Tuesday fined 12 municipal advisory firms a combined $1.3 million over their failure to keep records of employees' use of text messages and other so-called off-channel communication methods to conduct business.
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September 17, 2024
Freshfields-Led Warburg Pincus Sells IT Biz Shares For €153M
Global private equity firm Warburg Pincus said Tuesday that it has sold a part of its stake in German Internet service provider Ionos Group SE and raised total proceeds of approximately €153 million ($170.3 million) in a placement guided by Freshfields Bruckhaus Deringer LLP.
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September 17, 2024
Euronext Buys UK Stock Market Research, Data Software Biz
Euronext NV said Tuesday that it has bought Substantive Research Ltd., a British provider of investment research and market data, as the stock exchange aims to bolster its analysis service for investors.
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September 17, 2024
70% Of Insurance Underwriters Fear Replacement By AI
Seven out of 10 insurance underwriting professionals in the U.S. and U.K. fear losing their jobs within the next five years to artificial intelligence, a survey released Tuesday suggested, as the sector increasingly invests in new forms of automation.
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September 17, 2024
Top UK Banks Push Payments Infrastructure Reform Plan
The trade body for financial institutions urged U.K. regulators and companies on Tuesday to engage with a new infrastructure for digital payments that is backed by major banks and card providers.
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September 17, 2024
Skadden, Freshfields Guide Midea's $4B Hong Kong Listing
Midea Group debuted on the Hong Kong Stock Exchange on Tuesday after the home appliance giant raised almost $4 billion in the largest initial public offering in the special administrative region of China since early 2021.
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September 16, 2024
Ex-MoviePass CEO Admits $9.95 Plan Too Good To Be True
Former MoviePass CEO J. Mitchell Lowe pleaded guilty in Florida federal court on Monday to conspiracy to commit securities fraud, admitting that he and another executive hyped the illusion that their $9.95-a-month unlimited movie watching plan would be profitable while knowing it was merely a gimmick to defraud investors.
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September 16, 2024
CEO's AI Fraud Detection Tool Contract Was Fraud, Feds Say
A former technology company CEO has pled guilty to a charge that he cooked his company's books and raised tens of millions of dollars from investors off phony claims that an artificial intelligence program his firm developed was being used to spot digital ad fraud, the Manhattan U.S. Attorney's Office said Monday.
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September 16, 2024
Icahn Enterprises Beats Investor Suit Over Dividend Program
Icahn Enterprises has beaten a proposed investor class action accusing it of propping up its stock price with unsustainably high dividends in order to support founder Carl Icahn's loans and financial interests, with a Florida federal judge saying the plaintiffs hadn't shown any misstatements the company made about the "true motivation" for its dividend program.
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September 16, 2024
Pot Co. Execs Go To 9th Circ. In Investment Scam Case
A California cannabis company and its co-founders on Monday appealed a federal court decision booting them from the securities industry and holding them liable for roughly $6 million tied to a medical marijuana investment scam, the same day that the U.S. Securities and Exchange Commission asked the court to order a third individual to pay up for his part in the alleged scam.
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September 16, 2024
Michael Best Absorbs 6-Atty Great Plains Startup Boutique
Michael Best & Friedrich LLP announced Monday it had expanded into the Great Plains region of the U.S. as it combines with a six-attorney Nebraska-based boutique helmed by a former Wilson Sonsini Goodrich & Rosati PC attorney.
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September 16, 2024
Milbank Taps SEC Chief Litigation Counsel As DC Partner
Milbank LLP said Monday it has hired the U.S. Securities and Exchange Commission's chief litigation counsel as a new partner in Washington, D.C.
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September 16, 2024
Natural Gas Co. BKV To Raise Up To $315M In IPO
Natural gas producer BKV Corp. said Monday that it plans to raise up to $315 million as part of its initial public offering in New York.
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September 16, 2024
Finnish Insurer Boosts Buyback To €475M, Extends End Date
Sampo PLC said Monday that it will raise its €400 million ($445 million) share buyback program by €75 million, as the Finnish insurer moves to acquire all the stock it does not already hold in Danish rival Topdanmark AS.
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September 16, 2024
Kennedys Adds 2 Knowledge Management Pros In London
Kennedys said on Monday it has boosted its back-office technology and knowledge management teams with the hire of two experienced experts in legal procedures and practices and IT.
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September 16, 2024
A&O Shearman Hires Finance Pro From Latham In Paris
A&O Shearman said Monday that it has recruited a leveraged finance expert as a partner from Latham & Watkins LLP in France, adding to a string of recent exits from the U.S. outfit in Europe.
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September 16, 2024
Titanic Shipbuilder Sinks Under Weight Of Debt
Struggling shipbuilder Harland & Wolff said Monday that it plans to enter into administration and remove its shares from the London Stock Exchange after failing to win a £200 million ($264 million) government loan to help offset money owed to creditors.
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September 16, 2024
UniCredit Launches €1.7B Share Buyback After Profit Gains
UniCredit SpA said Monday that it has kicked off a share buyback worth up to €1.7 billion ($1.9 billion) as the Italian commercial bank moves to reward its shareholders after it reported bumper profits.
Expert Analysis
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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Equity Rights Offering Considerations As Maturity Cliff Looms
Current market uncertainties make an equity rights offering — involving affiliate backstop investors — a cost-effective, capital-raising transaction for distressed companies looking to manage their leverage ahead of the impending maturity of a substantial number of COVID-era debt issuances, say attorneys at Winston & Strawn.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.