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Capital Markets
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October 17, 2024
Feds Arrest Man In SEC X Account Hack Touting Bitcoin ETF
An Alabama man was arrested Thursday on federal charges tied to the January hack of the U.S. Securities and Exchange Commission's X account, which caused bitcoin prices to spike after a phony post falsely touted that the agency had approved bitcoin exchange-traded products, federal authorities said.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
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October 17, 2024
$20B Verizon-Frontier Deal Faces Scrutiny, And Other Rumors
A growing list of Frontier Communications' largest shareholders are concerned about its planned $20 billion takeover by Verizon Communications, and a group of former professional athletes are in talks to buy a stake in the NFL's Buffalo Bills. Here, Law360 breaks down these and other notable rumors from the past week.
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October 17, 2024
PE-Backed Polish Retailer Zabka Rings Up $1.6B IPO
Private equity-backed Zabka Polska SA closed flat in debt trading on Thursday after the Polish convenience store giant priced an initial price offering that raised 6.45 billion zloty ($1.62 billion) at the top of its range, marking Europe's fourth-largest listing this year.
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October 17, 2024
FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison
The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.
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October 17, 2024
Simpson-Led Silver Lake Inks $1.7B Deal For Zuora
Simpson Thacher & Bartlett LLP is guiding California-based tech investor Silver Lake on an agreement to buy Zuora Inc., a monetization software platform for businesses, at a $1.7 billion value, Zuora said Thursday.
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October 16, 2024
TD Bank's $3B AML Deal Sparks Scrutiny Of Its Oversight
The long-standing, widespread compliance failures at the root of TD Bank's blockbuster $3 billion U.S. anti-money laundering settlement last week have stunned experts and brought tough punishment for the Canadian bank — but they're also raising questions about why regulators didn't act sooner.
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October 16, 2024
NY's Financial Regulator Releases AI Cybersecurity Guidance
New York's Department of Financial Services issued new guidance Wednesday intended to give state-regulated financial institutions an outline for protecting against cybersecurity risks posed by artificial intelligence.
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October 16, 2024
Chinese AI Co. Hit With Investor Suit Over Nasdaq Compliance
China-based artificial intelligence company Xiao-I Corp. was hit with a proposed investor class action in New York federal court alleging it downplayed increasing research and development costs that it was incurring, increasing the likelihood that it would fail to comply with the Nasdaq Stock Market's minimum price requirement after going public.
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October 16, 2024
ConocoPhillips Targets Hedge Fund Over Del. Citgo Sale
ConocoPhillips has initiated a new lawsuit in Delaware in an attempt to preserve the value of Citgo's indirect parent company, PDV Holding Inc., for an upcoming auction aimed at satisfying Venezuelan debt, as Connecticut hedge fund Gramercy allegedly threatens to undermine the long-awaited Citgo sales process.
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October 16, 2024
Ex-Davis Polk Atty Drops Appeal Of Bias Verdict Loss
A former Davis Polk & Wardwell LLP associate on Tuesday dropped his appeal of a jury verdict clearing the firm and two lawyers of liability in a suit alleging he was fired in retaliation for airing concerns about racial bias and diversity.
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October 16, 2024
Banks Ditch Exchange's Boycott Conspiracy Suit At 2nd Circ.
The Second Circuit on Wednesday rejected a small trading exchange's effort to revive its claims that several major banks conspired to shut it out of the credit default swap market, saying the exchange failed to plausibly allege that the banks' conduct was the result of an unlawful agreement or conspiracy.
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October 16, 2024
Ex-Pharma Co. Employee Traded On GSK Deal Info, SEC Says
The former director of analytical development at Canada-based drug company Bellus Health Inc. has agreed to pay the U.S. Securities and Exchange Commission over $120,000 to settle claims that he sold shares on nonpublic information about pharma giant GSK's impending takeover of his company, according to court filings.
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October 16, 2024
NYSE Seeks To Curb Reverse Splits In Latest Crackdown
The New York Stock Exchange wants to limit companies' ability to rely on reverse stock splits to raise their share prices and avoid delisting, submitting a proposal shortly after regulators approved a Nasdaq plan to rein in such splits.
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October 16, 2024
Bitfinex Hacker Deserves 5 Years For Crypto Heist, Feds Say
The hacker who stole bitcoin now worth billions of dollars from crypto exchange Bitfinex should serve just 60 months for the exploit and subsequent laundering of the funds because his post-arrest cooperation "benefitted numerous investigations" and merits a below-guidelines sentence, prosecutors told a federal judge.
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October 16, 2024
Polsinelli Expands Real Estate Team With Ex-Seyfarth Partner
Polsinelli PC is continuing to add real estate talent to its ranks, announcing Tuesday that it has hired a partner from Seyfarth Shaw LLP to work out of its New York and Miami offices.
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October 16, 2024
Ex-BigLaw Partner Gets 16 Months For Tax Evasion
A former partner at Husch Blackwell LLP and Dykema Gossett PLLC who pled guilty to refusing to pay taxes on millions of dollars in income was sentenced to 16 months in prison.
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October 16, 2024
US Fails To Revoke Bail Of Crypto Chief Wanted In Fraud Case
The U.S. government failed on Wednesday to keep the former chief executive of a $7.5 billion crypto-asset business in custody while he fights extradition for allegedly manipulating the market for his company's virtual tokens, as a judge deemed him a low flight risk.
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October 15, 2024
Conn. Trader Pilfered $4.1M From Struggling Firm, SEC Says
A Greenwich, Conn.-based investment adviser stole more than $4.1 million from a pair of investment funds he managed to help prop up his family's "expensive lifestyle" and counter his personal financial woes, including several tax liens and foreclosure attempts on his home, the U.S. Securities and Exchange Commission has alleged.
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October 15, 2024
Exec's $77M WeWork Offer Was Stupid, Not Fraud, Jury Told
Counsel for the former CEO of real estate investment firm Arciterra told a Manhattan federal jury Tuesday his client was a fool for making what prosecutors described as a fake $77 million tender offer for a controlling stake in WeWork before its bankruptcy, but he wasn't trying to falsely pump up the coworking company's stock price.
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October 15, 2024
10th Circ. Won't Reboot Short Sellers' Suit Against Overstock
In a decision dealing with matters of first impression, the Tenth Circuit on Tuesday declined to revive a hedge fund's proposed class action accusing Overstock.com Inc. and its leadership of manipulating the market when it said it would pay shareholders using cryptocurrency but abandoned the plan to force short sellers into a "squeeze."
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October 15, 2024
SafeMoon Execs Can't Beat Fraud Charges Now, Feds Say
The crypto executives behind the alleged SafeMoon fraud can't claim their conduct was beyond the reach of U.S. courts at this stage of litigation, federal prosecutors said in a brief that pushed back on the executives' bid to dismiss the indictment.
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October 15, 2024
SEC Says Robot Co.'s AI Caretaker Was Mostly A Dummy
The U.S. Securities and Exchange Commission sued a robotics and artificial intelligence startup and its founder in Florida federal court Tuesday, accusing them of misleading investors about the company's ability to develop an AI-infused hologram and a robot to help families with childcare and other tasks.
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October 15, 2024
Kirkland-Led Boeing Seeks Up To $35B Amid Labor Strike
Boeing notified regulators on Tuesday of plans to raise up to $35 billion through securities offerings and a credit agreement, guided by Kirkland & Ellis LLP, as the aviation giant seeks access to cash amid a prolonged strike and production cuts.
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October 15, 2024
Hedge Fund Urges Justices To Hear Swing-Trade Case
The U.S. Supreme Court has been asked by a hedge fund facing insider trading allegations to address "significant and recurring issues" that allowed a 1-800-Flowers.com shareholder to proceed with his derivative lawsuit despite failing to prove that the company was harmed in any way by the fund's short-swing trades.
Expert Analysis
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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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.