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Capital Markets
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March 14, 2025
Davis Polk-Led Fintech Startup Klarna Files For IPO
Swedish fintech startup Klarna Bank AB on Friday filed plans for a long-awaited initial public offering, represented by Davis Polk & Wardwell LLP and underwriters counsel Latham & Watkins LLP, potentially setting in motion a blockbuster IPO.
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March 14, 2025
Three Arrows Beats FTX To Get $1.5B Bankruptcy Claim
The liquidators of failed cryptocurrency hedge fund Three Arrows Capital have prevailed in a dispute with FTX Trading Ltd. over the allowance of a $1.53 billion bankruptcy claim, with a Delaware judge deciding to grant Three Arrows' bid to change its original claim despite FTX asserting that the move was made in bad faith.
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March 14, 2025
Judge Trims Investor's Bid To Rescind Funds From Pot Co.
A Florida federal judge has found that an investor can't rescind a deal or claim fraud through common law in a suit alleging that the officers and agents of a cannabis company hid a $13 million tax liability when he invested.
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March 14, 2025
Former SEC General Counsel Barbero Joins Venable In DC
Venable LLP announced Friday that former U.S. Securities and Exchange Commission general counsel Megan Barbero has joined the firm's Washington, D.C., office following a three-year stint at the Wall Street regulator.
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March 14, 2025
Kraken Beats Suit Over Crypto Scam Losses, For Good
A California state judge permanently tossed a lawsuit Friday alleging lax security measures on the cryptocurrency exchange Kraken are to blame for a Los Angeles County man's loss of nearly $50,000 in a digital asset investment scam.
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March 13, 2025
Jessica Alba's Honest Co. Inks $28M Deal In IPO Class Action
Jessica Alba's The Honest Co., its executives and others involved in the baby and beauty product company's initial public offering have agreed to pay nearly $28 million to resolve a class action in California federal court alleging they failed to disclose negative trends ahead of the IPO.
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March 13, 2025
Chinese Fund Opposes Businessman's Bid To Pause Award
A Chinese investment fund has objected in California federal court to a businessman's bid to pause recognition of a $4.8 million foreign arbitral award against him, arguing that he lost his dispute in two venues and can't prevent execution of the judgment.
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March 13, 2025
SEC's Expansion Of Confidential Filings Likely To Spur Deals
The U.S. Securities and Exchange Commission's latest effort to expand companies' ability to confidentially file for more securities offerings during initial stages should accelerate the pace of public issuances, according to capital markets lawyers.
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March 13, 2025
$181K Sanctions Against Texas AG-Tied Investor Stand
A Texas appeals court upheld around $181,000 in sanctions against the real estate developer at the center of Texas Attorney General Ken Paxton's failed impeachment, finding in a Thursday opinion that developer Natin Paul breached court orders when he wired money to an NBA player.
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March 13, 2025
Judge Won't Toss $35M Ch. 11 Bank Fee Clawback Lawsuit
A Delaware bankruptcy judge has denied a summary judgment bid to dismiss a lawsuit alleging that an $1.8 billion loan set medical testing company Millennium Laboratories on course for its 2015 Chapter 11.
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March 13, 2025
Texas Court Rules Against Unresponsive Crypto DAO
A Texas federal judge on Thursday entered a default judgment against a decentralized crypto exchange that failed to respond to an online summons posted by individuals who say they lost money on the exchange, but questions remain as to who will pay any penalties that may be handed down against the platform.
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March 13, 2025
Stifel Owes $132.5M Over Structured Notes, FINRA Panel Says
Broker-dealer Stifel Nicolaus & Co. Inc. owes a family more than $132.5 million in a Financial Industry Regulatory Authority arbitration stemming from allegations their accounts were overinvested in structured notes.
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March 13, 2025
Host Co. Can't Force Bitcoin Miner From Pa. Property, For Now
A western Pennsylvania bitcoin mining venture won a temporary restraining order in Delaware's Court of Chancery Thursday in a ruling that barred a hosting company from continuing to use or block access to more than 20,000 mining systems that had been installed for the tenant operation.
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March 13, 2025
Cemetery Arborist Cuts Deal To Resolve SEC Fraud Claims
The former arborist for a Boston-area cemetery has agreed to pay nearly $400,000 to resolve claims by the U.S. Securities and Exchange Commission that he convinced co-workers, friends and his church community to invest in the foreign currency exchange market while falsely promising extravagant returns, according to federal court filings Thursday.
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March 13, 2025
Law Firm Helped Fintech CEO Undercut $1.7B Deal, Suit Says
A fintech startup that went belly up after a $1.7 billion deal to take it public fell apart told a Texas federal court that Chapman and Cutler LLP helped the startup's CEO stab it in the back, saying in a Thursday complaint the firm breached its fiduciary duties.
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March 13, 2025
StubHub, Figma Pursue IPOs, And More Deal Rumors
StubHub and Figma are pursuing IPOs, Granicus' owners are exploring a $4 billion sale, and deals tied to Reese Witherspoon and Eminem could be in the pipeline. Here, Law360 breaks down these and other notable deal rumors from the past week.
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March 13, 2025
Founder Wants $14.7M In Logistics Developer SPAC Dispute
The founder of a Latin America-based logistics property developer told a Florida federal court that he is owed at least $14.7 million as part of a 2024 special purpose acquisition company merger.
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March 13, 2025
Senate Stablecoin Bill Advances With Democrats Divided
The Republican-led U.S. Senate Banking Committee advanced its stablecoin framework Thursday with the help of Democrats who broke from ranking member Sen. Elizabeth Warren's opposition, while a separate bill on what is being called debanking passed along party lines.
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March 13, 2025
SEC Drops Dealer-Registration Case Criticized By Hedge Fund
The U.S. Securities and Exchange Commission is dropping its claim that a Boston hedge fund should have registered as a broker-dealer, abandoning a case that the defense had argued overstepped the law and would subject more firms to federal oversight.
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March 13, 2025
Willkie Farr Hires Kirkland Private Funds Partner In NY
Willkie Farr & Gallagher LLP has hired a private funds attorney in New York who spent the past four years at Kirkland & Ellis LLP advising fund sponsors on operational and other matters, the firm announced Wednesday.
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March 12, 2025
Crypto Influencer's Counsel Says SEC Will Drop Case
The U.S. Securities and Exchange Commission has agreed to drop its case over cryptocurrency influencer Ian Balina's alleged promotion of so-called SPRK tokens, his attorney said Wednesday.
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March 12, 2025
SEC Says Ex-Allarity Execs Concealed Doomed FDA Approval
The U.S. Securities and Exchange Commission sued three former executives of clinical-stage pharmaceutical company Allarity Therapeutics Inc. in Massachusetts federal court, alleging Wednesday that they schemed to conceal from the public that the company's new drug application for its flagship drug had no chance of gaining regulatory approval.
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March 12, 2025
Coinbase Escapes Direct Listing Suit Despite New Plaintiff Bid
A California federal court has dismissed a proposed class action against Coinbase over its direct listing following the lead plaintiff's decision to leave the suit when the Ninth Circuit dismissed a similar case brought against Slack Technologies, saying the voluntary dismissal counts as a final proceeding.
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March 12, 2025
SEC Answers Latham's Call To Free Up Private Capital
Staff at the U.S. Securities and Exchange Commission issued guidance Wednesday that could allow accredited investors to self-certify their ability to participate in private securities offerings, a move that Latham & Watkins LLP said represents a "new era" for capital fundraising.
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March 12, 2025
Binance Asks Judge To Rethink Upholding Terror Victims' Suit
Cryptocurrency exchange Binance and its former CEO Changpeng Zhao have asked a New York federal judge to reconsider his ruling allowing a bulk of claims from a group of Hamas attack survivors to move forward, arguing that the survivors do not allege that Binance had a "close nexus" to the terrorist groups that allegedly used its platforms.
Expert Analysis
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Musk Pay Fight Shows Investor Approval Isn't Universal Cure
The Delaware Court of Chancery's recent denial of a motion revising its prior rescission of Elon Musk's nearly $56 billion compensation package is a reminder of the heightened standard corporate boards must meet in conflicted controller transactions and that stockholder approval doesn't automatically cure fiduciary wrongdoing, say attorneys at A&O Shearman.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.
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2024 IPO Market Trends, And What To Expect Next Year
The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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5 Notable Anti-Money Laundering Actions From 2024
Regulators' renewed interest in anti-money laundering programs in 2024 led to numerous enforcement actions and individual prosecutions in industries like banking, cryptocurrency and gaming, including the blockbuster TD Bank settlement and investigations of casinos in Nevada, says Michael Beckwith at Dickinson Wright.