Capital Markets

  • August 16, 2024

    Shaq Must Face Trimmed Suit Over Astrals Project NFTs

    Basketball Hall of Famer Shaquille O'Neal can escape some, but not all, claims in a proposed class action alleging his promotion of Astrals Project nonfungible tokens violated securities laws by marketing unregistered digital assets, a Florida federal judge ruled Friday.

  • August 16, 2024

    Challenge To SEC Database Not Too Late, Investors Argue

    The Texas investors suing the U.S. Securities and Exchange Commission to stop the collection of trading information through a central database have hit back against the agency's arguments that the lawsuit was filed 12 years too late, saying they have ongoing concerns that their private information could be compromised.

  • August 16, 2024

    SEC Gets Default Entry Against Crypto Ponzi Scheme Aides

    A Washington federal court entered an order of default against two accused Ponzi scheme promoters on Friday, after the U.S. Securities and Exchange Commission said the pair failed to address its allegations that they helped the creator of a purported cryptocurrency trading bot service scam investors out of $295 million.

  • August 16, 2024

    Trump Media Sued In Del. After New Fla. Share-Sale Challenge

    Citing "contemptuous disregard" for Delaware Court of Chancery orders, two co-founders of Trump Media & Technology Group have sought a temporary restraining order to block the social media venture from seeking a Florida court order to stop their sale of some 18 million shares.

  • August 16, 2024

    Ex-Matterport Worker Sues In Del. Over 'Invalid' Trade Block

    A shareholder of 3D spatial mapping company Matterport Inc. sued the California company in Delaware's Court of Chancery Friday, alleging that when it went public by merging with a special acquisition company in 2021, the company prevented him from trading his shares for six months through an "invalid transfer restriction."

  • August 16, 2024

    Convicted Crypto Mixer Says Feds' 30-Year Ask Too High

    The convicted operator of the Bitcoin Fog crypto mixing service urged a Washington, D.C., federal judge to disregard federal prosecutors' 30-year recommendation and instead levy a below-guidelines sentence, arguing the scale of his money laundering operation isn't indicative of harm done.

  • August 16, 2024

    PE Firm's SpaceX Suit Belongs In Delaware, HK Co. Says

    A Hong Kong company that sued a California-based private equity firm for refusing to invest the company's $50 million into SpaceX says the firm has now sued the company's Chinese parent in California, creating "duplicative proceedings" that ought to be brought in Delaware's Chancery Court.

  • August 16, 2024

    Connecticut Litigation Highlights Of 2024: A Midyear Report

    Several high-stakes Connecticut cases came to a close in the first half of 2024, resulting in the resolution of Frontier Communications' $21.8 million feud with its ex-CEO and a $26.5 million deal for RTX Corp. subcontractors and employees who alleged that anticompetitive no-poach agreements prevented them from advancing their careers.

  • August 15, 2024

    SEC Nabs $5.75M Judgment Against Unregistered Broker

    A Florida man and his business have agreed to pay the U.S. Securities and Exchange Commission $5.75 million to end claims they operated as unregistered broker-dealers for at least four years.

  • August 15, 2024

    Zymergen Investors Can't Beat Suit Over Pre-IPO Statements

    Three of the largest investors of biotechnology company Zymergen cannot escape a suit accusing them of misleading shareholders ahead of the company's initial public offering by approving misstatements about the company's commercial product pipeline.

  • August 15, 2024

    Judge Gives Plaintiffs' Attys $1M In Fees For Derivative Row

    A Massachusetts federal judge sliced 60% off a request for attorney fees in a shareholder derivative lawsuit Wednesday, awarding plaintiffs' counsel $1 million for their work on the case, which led to a noncash settlement.

  • August 15, 2024

    'What Is An NFT?': 9th Circ. Mulls Novel Bored Ape TM Fight

    A Ninth Circuit judge considering whether a trial court correctly found artists owe millions for ripping off trademarks on the Bored Ape Yacht Club nonfungible token collection questioned Thursday whether the NFT market is comparable to typical consumer markets, rhetorically asking, "What are we even talking about? What is an NFT?"

  • August 15, 2024

    Gemini Suit Raises Novel Question On Crypto Law, Court Told

    A suit from a consumer advocacy organization claimed Gemini Trust Co.'s user agreement unfairly put the onus on consumers to protect themselves from scams, but the Winklevoss-led crypto exchange said the litigation raises a larger question of whether the federal statute at the heart of the claims applies to cryptocurrencies.

  • August 15, 2024

    A&O Shearman Promotes 3 Attys As Latin America Co-Heads

    Three Allen Overy Shearman Sterling partners have been elevated as co-heads of the firm's Latin America practice, the firm has announced.

  • August 15, 2024

    Rising Star: Cooley's Milson Yu

    Milson Yu of Cooley LLP has shepherded grocery shopping app Instacart Inc. through an initial public offering in an otherwise sluggish market and advised an Australian life sciences company as it went public, earning him a spot among the capital markets law practitioners under age 40 honored by Law360 as Rising Stars.

  • August 15, 2024

    Rising Star: Quinn Emanuel's Blair Adams

    Blair Adams of Quinn Emanuel Urquhart & Sullivan LLP has advised on numerous structured finance disputes focused on residential and commercial mortgage-backed securities and has represented clients such as ACIS Capital Management LP and MBIA Inc., earning him a spot among the complex financial instruments practitioners under age 40 honored by Law360 as Rising Stars.

  • August 14, 2024

    SEC, CFTC To Collect $474M In Latest Texting Probe Fines

    The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission on Wednesday announced settlements totaling nearly $474 million with several broker-dealers, investment advisers and other registered firms over failures to maintain and preserve text messages and other electronic communications as required under federal law.

  • August 14, 2024

    New York Sues Lease-To-Own Fintech For 'Cheating' Users

    New York state sued lease-to-own fintech company Acima on Wednesday, accusing the firm of taking advantage of consumers with deceptive practices around its lease agreements and interest rates that go far beyond the state's standard for usury.

  • August 14, 2024

    FINRA Fines Morgan Stanley $400K Over Transaction Records

    A Morgan Stanley wealth management unit will pay the Financial Industry Regulatory Authority $400,000 to settle claims it left required information off of approximately 550,000 trade confirmations for certain municipal securities.

  • August 14, 2024

    Top Stories From Real Estate's Latest Quarterly Updates

    Catch up on the headlines made by the largest public real estate companies during their latest quarterly earnings calls with investors, from data centers and lease deals to market forecasts and casinos. 

  • August 14, 2024

    Class Split Disrupts Hearing On $8.7M Sears Suit Settlement

    A Sears Hometown and Outlet Stores stockholder that saw its share appraisal case tanked by the company's bankruptcy in late 2022 won Court of Chancery clearance Wednesday to intervene with a novel, alternative claim for recovery through a separate, ongoing SHOS class damages suit.

  • August 14, 2024

    CFTC Hits Vitol With First-Of-Its-Kind Position Limits Fine

    The U.S. Commodity Futures Trading Commission issued its first-ever fine Wednesday against a trader exceeding position limits by holding the same contract across multiple exchanges, penalizing Swiss energy and commodities company Vitol SA for its positions on cattle and crude oil futures.

  • August 14, 2024

    EU OKs Siemens' $3.8B Sale Of Innomotics To PE Firm KPS

    European Union antitrust enforcers signed off Wednesday on German tech conglomerate Siemens AG's plan to sell its Innomotics large motors and drives unit to New York City-based private equity firm KPS Capital Partners, finding that the deal, with an enterprise value of €3.5 billion ($3.9 billion), poses "limited" overlap concerns.

  • August 14, 2024

    Judge Blocks Missouri's Anti-ESG Rules, Handing SIFMA Win

    A Missouri federal judge found Wednesday that the state's anti-ESG rules for brokers and advisers violate the First Amendment and are preempted by federal laws, handing the Securities Industry and Financial Markets Association an early win in its suit against state officials.

  • August 14, 2024

    Rising Star: Latham's Brittany Ruiz

    Brittany Ruiz represented the underwriters for Instacart's $660 million initial public offering — the largest IPO globally in 2023 — earning her a spot among the capital markets law practitioners under age 40 honored by Law360 as Rising Stars.

Expert Analysis

  • 5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans

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    Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

  • Series

    After Chevron: Don't Let Loper Lead To Bank Compliance Lull

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    Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

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    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

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    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • How 3 Recent High Court Rulings Could Shape Fintech Policy

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    The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.

  • 2nd Circ. Case Reinforces Need For Advance Notice Bylaws

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    The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.

  • Series

    Teaching Scuba Diving Makes Me A Better Lawyer

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    As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.

  • SolarWinds Ruling Offers Cyber Incident Response Takeaways

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    The New York federal court's dismissal of all charges related to the 2019 Sunburst cyberattack is a devastating blow to the U.S. Securities and Exchange Commission's cybersecurity case against SolarWinds, but the well-reasoned opinion provides valuable lessons that may improve companies' defensive posture in the wake of a major cybersecurity incident, say attorneys at Troutman Pepper.

  • Lawyers Can Take Action To Honor The Voting Rights Act

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    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • Evolving Regulatory Oversight For AI And Asset Management

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    Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.

  • Series

    A Day In The In-House Life: Block CLO Talks Problem-Solving

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    Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

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    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

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