Capital Markets

  • June 10, 2024

    Pension Fund Repays PBGC $8M In Excess Financial Aid

    The U.S. Department of Justice announced Monday that a pension provider for workers in graphic communications has paid back more than $8 million in excess funds it received through a financial assistance program administered by the Pension Benefit Guaranty Corp.

  • June 10, 2024

    Fat Brands Faces Investor Suit Over $47M Loan Scheme

    Fat Brands and its executives face a proposed class action in California federal court alleging that they falsely claimed to be cooperating with governmental probes into their CEO's spending $47 million on company loans while skirting taxes, leading stock prices to plunge last month when criminal charges were announced.

  • June 10, 2024

    Bloomberg's Utility Bond Changes Hurt Consumers, Suit Says

    Bloomberg LP was hit with a proposed class action by California and Texas electricity customers who claim the company reclassified certain bonds issued by utility companies to elevate their perceived risk and hike interest rates, a move they say benefited institutional investors but imposed increased costs on electricity customers.

  • June 10, 2024

    Exxon Says Activist Investor Could Still Target Core Business

    Exxon Mobil Corp. sought Monday to keep alive its lawsuit against Arjuna Capital LLC in Texas federal court, arguing that the activist investor could still work behind the scenes to submit climate-related shareholder proposals despite promises in court that it will not.

  • June 10, 2024

    2nd Circ. Remands Malpractice Suit Against DLA Piper

    The Second Circuit on Monday sent back to state court a Chinese smart car technology company's malpractice suit against DLA Piper that accused the firm of mishandling a shareholder suit, with the appeals court panel saying federal court does not have jurisdiction over the suit.

  • June 10, 2024

    Arnold & Porter Advises Cognizant On $1.3B Belcan Buy

    Arnold & Porter Kaye Scholer LLP is guiding Cognizant on a newly inked agreement to buy Kirkland & Ellis LLP-repped Belcan for about $1.3 billion, Cognizant said in a statement Monday.

  • June 10, 2024

    Conduent Buys Back $132M Of Shares From Carl Icahn

    Business services provider Conduent Inc. on Monday agreed to repurchase $132 million of common stock from activist investor Carl Icahn, ending Ichahn's stock in the company through a deal guided by Willkie Farr & Gallagher LLP and Holland & Knight LLP.

  • June 10, 2024

    Catching Up With Delaware's Chancery Court

    Big players and big moves dominated much of the past week in Delaware's Court of Chancery, as Tesla in particular and big corporations in general showed their pique over rulings that went toward stockholders or against conventional expectations.

  • June 10, 2024

    Elliott Presses Southwest Airlines For Leadership Changes

    Elliott Investment Management LP said Monday that it has amassed a stake in Southwest Airlines of approximately $1.9 billion as it pushed the airline to make leadership changes, but Southwest was quick to defend its top brass. 

  • June 07, 2024

    Casper Investors Ink $3M Deal Over Mattress Co.'s Woes

    Investors in mattress company Casper Sleep Inc. have asked a Brooklyn federal judge for an initial nod for their $3 million deal that would end claims the company misrepresented its financial prospects in the lead-up to its February 2020 initial public offering.

  • June 07, 2024

    Terraform Funder Must Face Class Claims In Illinois

    Terraform Labs' financial backer Jump Trading LLC cannot consolidate a pair of proposed class actions accusing it of propping up the failing crypto platform, with a federal judge ruling that purchasers of a massively devalued crypto token can keep their lawsuit against the high-speed trading firm in Illinois.

  • June 07, 2024

    Sports Co. Scoffs At SEC's 'Unreasonable' Damages Bid

    The sports business Crystal World and a related investing group told a Washington, D.C., district court Friday they should not be saddled with millions of dollars in civil penalties because their former executive, not the companies, committed the alleged securities fraud.

  • June 07, 2024

    SEC Fines Ex-AstraZeneca Insider $1.4M For Merger Trades

    The U.S. Securities and Exchange Commission has ordered a former AstraZeneca employee to pay $1.4 million to settle claims he used nonpublic information to trade CinCor Pharma shares ahead of the public announcement that the two companies would merge.

  • June 07, 2024

    6th Circ. Revives Investors' Suit Over Leech Tishman Advice

    A Sixth Circuit panel has revived a group of investors' claims that Pittsburgh-based Leech Tishman Fuscaldo & Lampl's lawyers gave fraudulent and negligent advice about clean energy investments that turned out to be a Ponzi scheme, reasoning that a one-year statute of limitations had been tolled for some claims and didn't apply to others.

  • June 07, 2024

    Nossaman Picks Up Pensions Partner In Phoenix

    Nossaman LLP has brought on a public pension plan expert from Kutak Rock LLP as a partner in its Phoenix office, continuing the firm's expansion of its benefits and investments group.

  • June 07, 2024

    Goodwin, Cooley Lead J&J-Backed Neurological Firm's IPO

    Johnson & Johnson-backed neurological firm Rapport Therapeutics Inc. rallied in debut trading Friday after it completed a $136 million initial public offering within its price range, guided by Goodwin Procter LLP and underwriters counsel Cooley LLP.

  • June 07, 2024

    Bank Says Alzheimer's Center Owes $17M On Defaulted Loan

    An Alzheimer's care center owes Bank of Oklahoma nearly $17 million after it became the last of four memory care facilities to default on a $27.5 million loan that was used to refinance their mortgage debt, according to a complaint filed in Georgia federal court.

  • June 07, 2024

    White & Case, Latham Lead Aramco's $11.2B Stock Offering

    Saudi Arabian state-backed oil giant Aramco on Friday priced an $11.2 billion stock offering within the lower end of its range, guided by White & Case LLP and underwriters counsel Latham & Watkins LLP, representing one of the largest secondary offerings in years.

  • June 07, 2024

    DLA Piper Steers Tech-Focused SPAC's $250M Filing

    Special-purpose acquisition company GigCapital7 on Friday announced plans to raise up to $250 million in an initial public offering, and said that it intends to use the proceeds to fund a future merger with a company in the technology sector.

  • June 07, 2024

    Shein's Pursuit Of London IPO Proves US-China Rift Persists

    Online fashion giant Shein's expected pivot to London rather than the United States for its initial public offering — triggered by persistent tensions between China and the U.S. — will be closely watched by IPO prospects mulling where to list their shares in a dicey geopolitical climate, experts say.

  • June 07, 2024

    Emboldened SEC Spells Double Trouble For Defense Bar

    The U.S. Securities and Exchange Commission's enforcement division has taken an increasingly aggressive stance in recent years thanks in part to an influx of federal prosecutors joining the agency and court decisions that have gradually become more permissive on parallel civil and criminal investigations, defense lawyers say.

  • June 07, 2024

    Ex-Director In NYC Mayor's Office Charged With Bank Fraud

    A former director in the New York City Mayor's Office during the Bill de Blasio administration has been indicted on charges that he schemed to defraud over a dozen banks out of about $10 million using illegitimate fraud reports to induce reimbursements.

  • June 07, 2024

    Former Allianz Unit Exec Admits Role In $6B Fund Fraud

    A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.

  • June 07, 2024

    Davis Polk Guides Emerson On $3.5B Copeland JV Exit

    Davis Polk & Wardwell LLP represented Emerson on a newly inked agreement to sell its remaining stake in its Copeland joint venture to Blackstone in a $3.5 billion deal.

  • June 07, 2024

    White & Case Guides French Tech Biz On €350M Paris IPO

    French imaging technology specialist Exosens debuted on the Paris stock exchange on Friday after raising €350 million ($380 million) to support development of its defense and nuclear components.

Expert Analysis

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • Securities Class Actions Show No Signs of Slowing In 2024

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    Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.

  • How Corp. Transparency Act Can Unmask Crypto Owners

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    With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.

  • Adjusting Deals To Reflect Shifts In The CRE Market

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    As the commercial real estate market strengthens and moves out from a challenging time, industry participants should consider any concessions made due to recent trends and update transaction documents accordingly before entering into new deals, says Alexander Davis at Mayer Brown.

  • ESG Concerns Can No Longer Be Ignored In 2024

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    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • SEC Case May Expand Scope Of Insider Trading Liability

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    The U.S. Securities and Exchange Commission's first-of-its-kind enforcement action against an individual in a case involving "shadow trading" demarcates an expansion of insider trading liability to circumstances in which there is a market connection between the source of information and the issuer of the securities traded, say attorneys at Steptoe.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • The Year Ahead In Foreign Investment And National Security

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    In 2024, expect the Committee on Foreign Investment in the United States, already at the forefront of addressing national security threats, to increase monitoring and enforcement related to outbound investment, focus on supply chain resilience in nondefense sectors, and heighten oversight of agricultural transactions, say attorneys at Holland & Knight.

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