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Capital Markets
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February 07, 2025
Wealth Firm Latest To Be Sued Over Cash Sweep Program
Wealth management firm Osaic is the latest financial institution to face proposed class action claims over its alleged "dramatic underpayment" of interest to customers participating in its cash sweeps programs.
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February 07, 2025
Off The Bench: Trump Bans Trans Athletes, NCAA Falls In Line
In this week's Off The Bench, the NCAA changes course to accommodate a presidential ban on transgender women athletes, Shohei Ohtani's former interpreter is sentenced for his gambling-driven embezzlement, and women's soccer players get restitution for abuse at the hands of their coaches and teams.
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February 07, 2025
Taxation With Representation: Kirkland, Latham, Skadden
In this week's Taxation With Representation, Triumph Group goes private via Berkshire Partners and Warburg Pincus affiliates, alternative asset manager TPG buys Altus Power, Globus Medical buys Nevro Corp., and Honeywell separates its automation and aerospace technology businesses, resulting in the formation of three distinct companies.
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February 07, 2025
4 Firms Steer Cement Maker Titan America's $384M IPO
Shares for the U.S. business of worldwide cement producer Titan Cement International SA debuted Friday after the company priced a $384 million initial public offering within its range, guided by four law firms spanning international borders.
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February 06, 2025
Goodwin, Ropes Lead Cystic Fibrosis Co.'s Upsized $191M IPO
Cystic fibrosis-focused drug developer Sionna Therapeutics Inc. on Thursday priced an upsized $191 million initial public offering at the top of its range, represented by Goodwin Procter LLP and underwriters counsel Ropes & Gray LLP.
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February 06, 2025
SEC Assistant Chief Litigation Counsel Joins Carlton Fields
An assistant chief litigation counsel for the U.S. Securities and Exchange Commission has left the agency to join Carlton Fields as a shareholder in the firm's securities litigation and enforcement practice in Washington, D.C., the firm announced Thursday.
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February 06, 2025
House GOP Floats Stablecoin Bill Amid Debanking Buzz
House Financial Services lawmakers unveiled a discussion draft of a bill to regulate stablecoins Thursday evening, joining a separate effort introduced in the U.S. Senate earlier this week.
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February 06, 2025
4th Circ. Sides With Credit Rater In Developers' Libel Lawsuit
A group of developers won't get a second shot at their libel suit alleging credit rating firm Dun & Bradstreet published misleading credit reports about them after the Fourth Circuit said they failed to show the statements in those reports were defamatory.
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February 06, 2025
Meta Eyes Texas Skies, Another Crypto IPO, And More Rumors
Facebook owner Meta Platforms Inc. is considering relocating its legal residence to Texas, while cryptocurrency exchange Bullish is moving forward on an initial public offering, and Unilever PLC is eyeing New York as a listing destination for its ice cream business.
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February 06, 2025
Honeywell To Split Into 3 Entities After Activist Pressure
Industrial conglomerate Honeywell, advised by Skadden Arps Slate Meagher & Flom LLP, on Thursday unveiled plans to fully separate its automation and aerospace technology businesses, which when paired with the company's previously announced plan to spin off its advanced materials business, will result in three separate publicly traded companies.
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February 06, 2025
CFTC Signals Openness To Regulate Sports Event Contracts
The U.S. Commodity Futures Trading Commission announced a public roundtable to discuss its regulation of contracts tied to high-profile sporting events Wednesday, with the acting chair bemoaning the commission's current policy as a "sinkhole of legal uncertainty."
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February 05, 2025
House Republicans Target CFPB's Small-Biz Rule For Repeal
House Republicans at a Wednesday hearing sought to build momentum for reversing the Consumer Financial Protection Bureau's small-business loan data rule, casting it as harmful to smaller banks while Democrats argued the real danger is the Trump administration itself.
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February 05, 2025
FDIC Letters Show It Met Crypto With 'Resistance,' Hill Says
The Federal Deposit Insurance Corp.'s acting Chairman Travis Hill said Wednesday that he has jump-started a "comprehensive review" of the regulator's past crypto-focused communications with supervised banks, releasing a trove of documents he said shows that many banks abandoned their cryptocurrency plans after the FDIC met them with "resistance."
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February 05, 2025
'Dog Eat Dog' Contract Raises Connecticut Justice's Hackles
A Connecticut Supreme Court justice on Wednesday challenged private equity firm members fighting a former member's trial court victory in a breach suit over the partnership, suggesting that the winner may have had a viable fiduciary duty claim over the "dog eat dog" operating agreement that apparently allows members to "screw" a minority shareholder.
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February 05, 2025
Schwab To Add Oversight To End TD Ameritrade Buy Suit
The Charles Schwab Corp. has agreed to implement an antitrust compliance program designed by an independent consultant in order to settle claims from a proposed class of retail investors who alleged they were forced to pay increased transaction costs for trades following the Schwab-TD Ameritrade merger in 2020.
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February 05, 2025
EmpiresX Crypto Platform Operators Ordered To Pay $129M
A Florida federal court has entered a default judgment against two Brazilian co-founders and the head trader of the EmpiresX trading platform, ordering them to pay more than $129 million for allegedly taking investor funds in a fraudulent commodity pool scheme and lying that their money wasn't used to trade cryptocurrencies.
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February 05, 2025
Chicago's Climate Suit Belongs In Federal Court, Judge Hears
The city of Chicago should not be allowed to take environmental deception claims against the nation's largest oil producers back to state court because the city's suit targets conduct performed largely for the federal government, a judge heard during a Wednesday hearing.
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February 05, 2025
Judge Won't Pause Crowdfunding Case After Fraud Indictment
A target of the U.S. Securities and Exchange Commission's first crowdfunding enforcement action can't pause that three-year-old case to defend himself against unrelated charges that he ran a pump-and-dump scheme with a hallucinogenic mushroom company, a Michigan judge ruled Wednesday.
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February 05, 2025
Crypto Expert Witness Ruling Flouts Precedent, Justices Told
The founder of cryptocurrency service Tornado Cash has asked the U.S. Supreme Court to undo what he called an "unprecedented" order from a Manhattan federal judge to disclose whom he might call as an expert witness at his upcoming money laundering and sanctions-dodging trial.
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February 05, 2025
Entertainment-Focused SPAC Raises $200M To Purse Merger
Special purpose acquisition company K&F Growth Acquisition II began trading publicly Wednesday after raising $250 million in its initial public offering, which will be used to help the SPAC merge with a target in the in-person and mobile experiential entertainment sector.
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February 05, 2025
Missile-Defense Firm Karman Launches Plans For $400M IPO
Missile-defense and space programs company Karman Holdings Inc. launched plans Wednesday for an estimated $400 million initial public offering that would raise fresh funding for the private equity-backed business and its shareholders, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Latham & Watkins LLP.
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February 05, 2025
SEC Moves Under Trump Risk 'Chilling' Staff, Grewal Says
The reported scaling-back of the U.S. Securities and Exchange Commission's crypto enforcement unit by the new Republican SEC majority could make staff at the agency more fearful of doing their jobs and put investors in jeopardy, former SEC enforcement director Gurbir Grewal said Wednesday.
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February 05, 2025
Paxos' Top Atty Takes CLO Spot At Crypto Co. Kraken
Cryptocurrency exchange Kraken has tapped the general counsel at crypto trust company Paxos to serve as its new chief legal officer.
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February 05, 2025
Activist Nominates 4 Director Candidates To Kenvue Board
Activist investor Starboard Value LP on Wednesday unveiled its slate of four director candidates to be nominated to consumer products company Kenvue Inc.'s board of directors, saying that significant changes to the board are necessary to ensure the company is managed and overseen in a manner consistent with the best interests of its shareholders.
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February 04, 2025
FINRA Fines Broker $3.2M Over Securities Lending Biz
Broker-dealer Apex Clearing Corp. has agreed to pay the Financial Industry Regulatory Authority $3.2 million to end first-of-its-kind claims that the firm failed to abide by customer protection rules with its fully paid securities lending program, including by misrepresenting how it would compensate participants, leaving certain customers vulnerable to potential tax consequences.
Expert Analysis
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The 6 Most Significant FCRA Litigation Developments Of 2024
From a key sovereign immunity decision at the U.S. Supreme Court to a ruling on creditworthiness out of the Seventh Circuit, several important Fair Credit Reporting Act cases wound their way through the courts in 2024, each offering takeaways for both plaintiffs and defendants, say attorneys at Shipkevich.
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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New Trump Admin May Bring Financial Oversight Turbulence
As President-elect Donald Trump prepares to begin his second term, his top financial market regulatory and securities law enforcement appointees, campaign promises, and regulatory preferences foretell a period of muddy regulatory waters, say attorneys at Kroll.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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2024 Election Results May Prove Fortuitous For Family Offices
Thanks to the decisive Republican victories in the 2024 elections, family offices have a unique opportunity for accelerated growth and influence, particularly through the benefits afforded by patient capital, says Edward Taibi at Olshan Frome.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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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.