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Capital Markets
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January 29, 2025
Binary Options Fraudsters Must Pay $451.6M To CFTC
An Illinois federal judge on Tuesday ordered three Israeli businessmen and the overseas businesses they owned or ran to pay over $451.6 million to the Commodity Futures Trading Commission, holding them liable for lying about the profitability of binary options transactions and misappropriating customer funds.
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January 29, 2025
SEC Says PE Firm Defrauded Investors In $1B Fund
The U.S. Securities and Exchange Commission sued a private equity firm in Florida federal court Wednesday, alleging that it defrauded investors in a $1 billion fund by, among other things, falsely promising to segregate their assets and by transferring tens of millions of dollars into bank accounts held by the fund's leading executives.
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January 29, 2025
Sports Co., Ex-CEO Must Pay $1.8M In SEC Fraud Suit
A D.C. federal judge has ordered sports business Crystal World, its ousted CEO and a related investment group to pay approximately $1.8 million in disgorgement and civil penalties for securities violations, lowering the U.S. Securities and Exchange Commission's bid for a $4.1 million total judgment.
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January 29, 2025
Roomba Maker Escapes Suit Over Scuttled Amazon Merger
A Massachusetts federal judge has permanently thrown out a shareholder class action accusing iRobot Corp. of misleading investors about expected regulatory opposition that ultimately led to the abandonment of a proposed $1.7 billion merger with Amazon, saying "the pleading process ought not be used as a trial balloon, with repeated bites at the apple."
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January 29, 2025
2 Blank Check Cos. Plan IPOs Totaling $325M
Two special purpose acquisition companies, Cartesian Growth III and Gesher Acquisition Corp. II, have launched plans for initial public offerings, expecting to raise a combined $325 million.
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January 29, 2025
Jurors Find Fund Can Keep $11M From Short-Swing Trades
A Denver federal jury unanimously found a hedge fund is exempt from a law that would otherwise require it to return $11 million in profits from the short-swing trades of a biopharmaceutical company's stock, delivering a verdict after less than an hour of deliberation Wednesday.
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January 29, 2025
Capital Markets Group of the Year: Latham
Latham's capital markets team shepherded a number of high-profile privately held companies to the public market, including Lineage Inc.'s $4.4 billion IPO, the largest IPO of 2024, and Reddit's $748 million IPO, earning the group a spot on the 2024 Law360 Capital Markets Groups of the Year.
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January 28, 2025
Sen. Warren Has 'Serious Concern' Over Lutnick's Tether Ties
Sen. Elizabeth Warren, D.-Mass., has asked U.S. Secretary of Commerce nominee Howard Lutnick to provide more information on his involvement with the crypto firm Tether Ltd. Inc., saying his firm Cantor Fitgerald's stake in the success of a token allegedly favored by "outlaws" is cause for concern.
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January 28, 2025
GigaCloud Partially Escapes Suit Over Revenue, Tech Claims
GigaCloud Technology Inc. and its top brass have partially escaped a proposed class action alleging it misrepresented its operating metrics and revenues and use of artificial intelligence, with a New York federal judge saying that a federal securities law violation "cannot be premised upon a company's disclosure of accurate historical data."
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January 28, 2025
Ex-SEC Enforcement Chief Says Staff Faced Uptick In Threats
The U.S. Securities and Exchange Commission's recently departed enforcement chief said Tuesday he wishes he could have done more to insulate his staff from the uptick in threats they received while he headed the program, and he urged his successor to do what they could to protect the agency's attorneys.
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January 28, 2025
Founder Can't Explain Hedge Fund's Filing Mismatch To Jury
A hedge fund founder told a Denver jury Tuesday that he doesn't know why some of the fund's regulatory filings don't identify it as a director for a Colorado biopharmaceutical company, in a suit brought by stockholders who claim the fund must return $11 million earned from short-swing trades.
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January 28, 2025
Citron Research Founder Slams DOJ's Fraud Suit
Citron Research's founder urged a California federal judge to throw out the federal government's securities fraud case alleging he published unfavorable reports about companies to manipulate stock prices, arguing Monday he never published false information about any public company, and prosecutors fail to allege he intended to defraud his audience.
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January 28, 2025
DC Judge Doubts Lawfulness Of USCIS EB-5 Guidance
A D.C. federal judge expressed deep skepticism Tuesday that U.S. Citizenship and Immigration Services acted lawfully when the agency shortened the minimum investment period for foreign investors seeking green cards, outlining plans to toss the rule or pause a lawsuit challenging it pending rulemaking.
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January 28, 2025
Drugs Made In America SPAC Nets $200M To Buy Pharma Biz
Blank-check company Drugs Made In America Acquisition Corp. began trading Tuesday after completing a downsized $200 million initial public offering with the intention of acquiring a U.S.-based pharmaceutical business, represented by Loeb & Loeb LLP and underwriter's counsel Winston & Strawn LLP.
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January 28, 2025
Dolce & Gabbana Wants 'Worthless' NFT Outfit Suit Tossed
The U.S. division of Italian luxury fashion brand Dolce & Gabbana has urged a New York federal judge to toss a proposed investor class action accusing it of abandoning a nonfungible tokens project while retaining the more than $25 million that was used to fund it, arguing that the U.S. arm of the company was not at all involved in the project.
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January 28, 2025
SEC Wells Meetings Likely Back On The Table, Official Says
The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws.
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January 28, 2025
Silk Road Pardon Sparks Hope For More Crypto Clemency
President Donald Trump's decision to free the convicted Silk Road operator Ross Ulbricht brought praise from crypto advocates and spurred some to seek the ear of the new administration in hopes that the president will pardon other alleged crypto criminals, too.
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January 28, 2025
Cement Maker Carve-Out Titan America Plans For $396M IPO
The U.S. business of worldwide cement producer Titan Cement Group on Tuesday announced the terms for its initial public offering, planning to raise $396 million.
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January 28, 2025
Capital Markets Group Of The Year: Debevoise
The complex transactions that Debevoise & Plimpton LLP's capital markets practice group executed over the past year for clients in the insurance and utility industries — worth millions and billions of dollars — earn it a spot among the 2024 Law360 Capital Markets Practice Groups of the Year.
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January 28, 2025
Paul Hastings, Cravath Lead Smithfield's Reduced $522M IPO
Shares of pork producer Smithfield Foods Inc., which has spun off from China's WH Group, began trading Tuesday after the company priced a downsized $522 million initial public offering below its initial range, with Paul Hastings LLP advising Smithfield in the offering and Cravath Swaine & Moore LLP representing its underwriters.
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January 27, 2025
Radiology Co.'s Ex-Workers Win Class Cert. In ESOP Suit
A Colorado federal judge on Friday certified an ERISA class action accusing a radiology company and its trustee of overcharging its employee stock ownership plan for purchase of company stock.
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January 27, 2025
Lummis Tells 2nd Circ. SEC 'Flouts' Congress In Crypto Cases
Sen. Cynthia Lummis, R.-Wyo., told the Second Circuit that the U.S. Securities and Exchange Commission's ongoing suit against Coinbase Inc. has complicated congressional efforts to set rules for digital assets, filing her support for the crypto exchange's bid for a quick ruling from the appeals court on how securities laws apply to the transactions on its platform.
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January 27, 2025
Crypto Exchange KuCoin Pleads Out, Agrees To Pay $297M
Cryptocurrency exchange KuCoin on Monday pled guilty and agreed to pay $297 million for failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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January 27, 2025
Fund Tells Jury No Need To Return $11M Short-Swing Profits
A hedge fund told a Denver federal jury Monday that the $11 million it earned from the short-swing sales of a biopharmaceutical company's stock doesn't need to be returned because the transactions fall under an exception to securities law on insider trading.
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January 27, 2025
Archegos CFO Gets 8 Years For $100M Stock Fraud Ploy
The former chief financial officer of defunct hedge fund Archegos on Monday was sentenced in New York federal court to eight years in prison for his role in a $100 billion scheme to manipulate the market and defraud banks.
Expert Analysis
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Peeling Back The Layers Of SEC's Equity Trading Reforms
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.
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How Cos. Can Build A Strong In-House Pro Bono Program
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.
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Series
Home Canning Makes Me A Better Lawyer
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.
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Opinion
FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos
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.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
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.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
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.
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Series
The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
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.
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With Esmark Case, SEC Returns Focus To Tender Offer Rules
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.
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What FDIC Expansion Of Change In Bank Control Could Mean
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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Can SEC's Consolidated Audit Trail Survive Post-Chevron?
The U.S. Securities and Exchange Commission is currently in a showdown at the Eleventh Circuit over its authority to maintain a national market system and require that the industry spend billions to maintain its consolidated audit trail, a case that is further complicated by the Loper Bright decision, says Daniel Hawke at Arnold & Porter.
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What's Inside Feds' Latest Bank Merger Review Proposals
Recent bank merger proposals from a trio of federal agencies highlight the need for banks looking to grow through acquisition to consider several key issues much earlier in the planning process than has historically been necessary, say attorneys at Simpson Thacher.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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Making Sure Your Co. Isn't In The Next Section 13(f) Sweep
Enforcement actions taken against 11 institutional investment managers for alleged failures to file forms required by Section 13(f) of the Securities Exchange Act serve as a reminder that firms should carefully monitor their obligations to avoid becoming the target of the next enforcement sweep, say attorneys at Ropes & Gray.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Recent Securities Cases Highlight Risks In AI Disclosures
Increasing public disclosure about the use and risks of artificial intelligence, and related litigation asserting that such disclosures are false or misleading, suggest that issuers need to exercise great care with respect to how they describe the benefits of AI, say Richard Zelichov and Danny Tobey at DLA Piper.