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Capital Markets
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March 14, 2025
Market Turbulence Threatens To Stall IPO Recovery
Stock market volatility is impeding a recovery in initial public offerings that market dealmakers hoped would begin by spring, prompting many IPO lawyers and advisers to defer hopes of a rebound until at least the second half of 2025.
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March 14, 2025
5th Circ. Affirms Energy Exec's Insider Trading Conviction
The Fifth Circuit upheld a Texas energy executive's conviction for insider trading on natural gas futures based on the constitutionality of federal laws and regulations that criminalize manipulative commodity deals.
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March 14, 2025
Coupang Hit With Corporate Fraud, Waste Claims In Chancery
The officers and directors of tech company Coupang Inc., are facing a derivative lawsuit in Delaware Chancery Court — accused of corporate mismanagement, fraud and waste, including labor violations in South Korea.
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March 14, 2025
Chief Justice Won't Halt FINRA Case Against Suing Brokerage
Chief U.S. Supreme Court Justice John Roberts on Friday denied a request to stay an in-house Financial Industry Regulatory Authority disciplinary proceeding while a broker-dealer attempts to convince the justices to hear its constitutional challenge to the regulator.
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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.
Expert Analysis
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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What To Expect In Crypto Banking After SEC Nixed Guidance
With the U.S. Securities and Exchange Commission recently rescinding its controversial cryptocurrency accounting guidance, the industry's focus will turn to the potentially significant hurdle to crypto banking posed by the federal banking regulators, say attorneys at Duane Morris.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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What Travis Hill's Vision For FDIC Could Portend For Banks
If selected to lead the Federal Deposit Insurance Corp. in a permanent capacity, acting Chairman Travis Hill is likely to prioritize removing barriers to innovation and institution-level growth, emphasizing the idea that eliminating rules, relaxing standards and reducing scrutiny will reinvigorate the industry, say attorneys at Mitchell Sandler.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Inside The Uncertainty Surrounding CFPB's Overdraft Rule
The Consumer Financial Protection Bureau's overhaul of overdraft fee regulation hangs in limbo as the industry watches to see whether new leadership will repeal the rule, allow it to stay in place, or wait for congressional action or the courts to drive its demise, say attorneys at Alston & Bird.
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How Private Securities Suits Complement SEC Enforcement
U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.
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The Case For Compliance During The Trump Administration
Given the Trump administration’s shifting white collar enforcement priorities, C-suite executives may have the natural instinct to pare back compliance initiatives, but there are several good reasons for companies to at least stay the course on their compliance programs, if not enhance them, say attorneys at Riley Safer.
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Expect To Feel Aftershocks Of Chopra's CFPB Shake-Up
Publications released by Consumer Financial Protection Bureau personnel in the last days of the Biden administration outline former Director Rohit Chopra's long-term vision for aggressive state-level enforcement of federal consumer financial laws, opening the doors for states to launch investigations and pursue actions, say attorneys at Hudson Cook.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.