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Capital Markets
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January 06, 2025
KKR Pushes Fuji Soft To Pursue Legal Action Against Bain
Private equity giant KKR called on the board of Fuji Soft on Monday to take legal action against Bain Capital amid a bidding war for the company between the two competing investors, arguing that Bain's unauthorized use of confidential information and breach of its nondisclosure agreement "significantly jeopardizes" the reputation of private equity funds in Japan.
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January 06, 2025
National Court Reporters Association Hit With Antitrust Suit
The National Court Reporters Association exploits its monopoly in the stenographic certification market to charge its members inflated and unnecessary membership dues and keep potential competitors out of the market, according to a new antitrust lawsuit in New Jersey federal court.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
US Wants More Time To Counter Altria's $106M Tax Refund Bid
Tobacco giant Altria's complaint seeking a $106 million tax refund related to its interests in beverage company Anheuser-Busch requires more research to counter in the event a Virginia federal court decides it can move forward, the U.S. government said in requesting time for potential discovery.
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January 06, 2025
Gemini To Pay CFTC $5M For Bitcoin Contract Statements
Crypto exchange Gemini has agreed to pay a $5 million penalty to the U.S. Commodity Futures Trading Commission to resolve claims that it misrepresented certain aspects of a proposed bitcoin futures contract, according to a settlement agreement filed in New York federal court on Monday.
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January 06, 2025
Olshan Frome, Ellenoff Grossman Guide Gun Biz SPAC Deal
Online firearm retailer GrabAGun, advised by Olshan Frome Wolosky LLP, announced plans on Monday to go public through a $150 million merger with special purpose acquisition company Colombier II, led by Ellenoff Grossman & Schole LLP.
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January 06, 2025
Ex-Sidley Corporate Partner Rejoins O'Melveny In NY
O'Melveny & Myers LLP announced on Monday the hiring of a former partner within its capital markets practice after a six-year stay at Sidley Austin LLP.
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January 06, 2025
Fed's Barr To Step Down As Supervision Head Next Month
Federal Reserve Vice Chair for Supervision Michael S. Barr announced Monday that he will step down from his current role next month, a reversal that paves the way for President-elect Donald Trump to appoint his own head of the central bank's oversight of big banks and regulatory policymaking.
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January 03, 2025
FDIC 'Pause' Letters Focused On Banks' Crypto Activity
The Federal Deposit Insurance Corporation directed banks to pause the development of certain crypto products and services in 2022 but stopped short of scrutinizing banks' decisions to provide traditional services to crypto-focused customers, according to documents released by the regulator on Friday.
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January 03, 2025
Cancer Drug Co. Revives Bid To Go Public Via Direct Listing
Brain cancer-focused drug developer NeOnc Technologies Holdings Inc. filed plans on Friday to go public through a direct listing, represented by Manatt Phelps & Phillips LLP, as it pursues an alternative to an initial public offering after canceling a prior IPO attempt.
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January 03, 2025
Food Delivery App Inks $80M Deal To End SPAC Merger Suit
Investors suing mobile food delivery and ride-hailing services operator Grab Holdings Ltd. have asked a New York federal judge to preliminarily approve an $80 million deal to settle claims that several sections of a proxy statement Grab filed with a special purpose acquisition company were false and misleading.
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January 03, 2025
Ga. Law Firm Says Investment Co. Dodging $182K Bill
A Michigan-based investment firm is facing allegations it dodged paying more than $180,000 in legal fees owed to an Atlanta-area law firm, according to a suit removed to Georgia federal court Friday.
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January 03, 2025
Akin Forms Capital Solutions Team Under Private Credit Head
Akin Gump Strauss Hauer & Feld LLP is launching a capital solutions team dedicated to advising private capital investors and companies on global situations across debt and equity, hybrid and structured solutions, joint ventures, rollups and spinouts, the firm announced last week.
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January 03, 2025
DE Shaw Rips Air Products' CEO Succession Plan Failure
Activist investment firm The D.E. Shaw Group on Friday slammed the board of directors of industrial gas supplier Air Products and Chemicals Inc., accusing it of failing to manage an effective CEO succession process, and called for a change in the board's composition and the retirement of the company's current CEO.
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January 02, 2025
Vinco Ventures Chair Charged In Securities Fraud Conspiracy
Florida federal prosecutors have charged the executive chairman of Vinco Ventures' board of directors with conspiracy to commit securities fraud over allegations that he made false statements to investors to artificially inflate the company's stock price.
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January 02, 2025
Barclays To Pay $1M Fine Over Net Capital Rules Violations
The Financial Industry Regulatory Authority has fined Barclays Capital $1 million to settle claims that the investment bank violated certain requirements of the self-regulatory organization's net capital rules between 2020 and 2021.
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January 02, 2025
Tesla Investors Appeal Chancery Rulings In Musk Pay Suit
Three Florida-based Tesla Inc. stockholders have moved ahead with Delaware Supreme Court appeals aimed at Court of Chancery decisions that short-circuited the electric car company's 10-year, $56 billion compensation plan for Elon Musk and granted a $345 million cash award for class attorneys who won the decision.
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January 02, 2025
A-Rod's SPAC Deal Seeks Extra Innings, Plus More IPOs Filed
The period between Christmas Eve and Jan. 1 wasn't completely quiet on the capital markets deals front, with A-Rod's special purpose acquisition company seeking an extension to complete its merger and several new IPOs being filed. Here, Law360 looks at the capital markets news from the holiday break.
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January 02, 2025
Citi Unit Fined Over Analysts Who Didn't Take FINRA Exam
Citigroup Global Markets Inc. has agreed to pay $100,000 to resolve Financial Industry Regulatory Authority claims that three of its municipal securities research analysts authored hundreds of research reports without having taken their subject area's required exam.
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January 02, 2025
Interactive Brokers Fined $2.2M Over 'Free-Riding' Monitoring
Interactive Brokers LLC has agreed to pay $2.25 million to settle allegations from the Financial Industry Regulatory Authority that the firm failed to detect millions of so-called free-riding transactions in customers' cash accounts.
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January 02, 2025
Celsius To Challenge $445M Claim Denial In FTX Bankruptcy
Celsius Network's post-Chapter 11 plan counsel filed an appeal on Thursday of a Delaware bankruptcy judge's denial of the cryptocurrency network's amended $444.6 million claim against fellow bankrupt crypto platform FTX.
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January 02, 2025
Crypto Groups Challenge Decentralized Finance Broker Rule
Three cryptocurrency industry groups have teamed up to challenge a final U.S. Treasury Department rule implementing additional reporting requirements for decentralized finance brokers, telling a Texas federal court that the rule is unconstitutional and could destroy the industry.
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January 02, 2025
Republicans Want Yellen To Answer For Chinese Cyberattack
Congressional Republicans want U.S. Treasury Secretary Janet Yellen to explain how a Chinese state-sponsored entity hacked into Treasury's computer systems and accessed potentially sensitive information.
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January 02, 2025
Solar Panel Tech Co. Faces Investor Suit Over Project Delays
Solar power software and tracking company Nextracker Inc. has been hit with a proposed shareholder class action in California federal court alleging it misled investors about production delays it faced following a spike in demand caused by tax credits offered through the Inflation Reduction Act.
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January 02, 2025
Crypto Scam Victim Says Fraudsters' Banks Ignore Red Flags
A California man who says he lost nearly a million dollars to a crypto "pig butchering" scam sued the alleged fraudsters and their banking partners, claiming the financial institutions ignored red flags and failed to conduct basic checks that would have revealed the scammers' actual business.
Expert Analysis
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
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.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
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.
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SolarWinds Ruling Offers Cyber Incident Response Takeaways
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.
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Lawyers Can Take Action To Honor The Voting Rights Act
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.
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Evolving Regulatory Oversight For AI And Asset Management
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.
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
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.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
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.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
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.
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Series
Rock Climbing Makes Me A Better Lawyer
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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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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3 Areas Of Enforcement Risk Facing The EV Industry
Companies in the EV manufacturing ecosystem are experiencing a boom in business, but with this boom comes increased regulatory and enforcement risks, from the corruption issues that have historically pervaded the extractive sector to newer risks posed by artificial intelligence, say attorneys at MoFo.