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Capital Markets
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June 28, 2024
Home Point Investor Attys Get $1.5M Fee As Judge OKs Deal
A Michigan federal judge on Friday granted final approval to a $5 million deal resolving investor allegations that mortgage lender Home Point exaggerated its ability to keep costs low ahead of its initial public offering, giving class counsel a $1.5 million cut of the deal.
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June 28, 2024
Logan Paul Says YouTuber's 'Scam' Series Defamed Him
Social media entertainer Logan Paul has sued YouTuber "Coffeezilla" for defamation after the investigative content creator allegedly omitted evidence to brand Paul as a scammer in a series of videos about his "troubled blockchain project."
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June 28, 2024
Ackman's Pershing Square Sets $50 IPO Price On New Fund
Bill Ackman's new fund Pershing Square USA Ltd. on Friday set an initial public offering price of $50 per share in an IPO guided by three law firms, marking Ackman's latest step toward inviting the public to own a stake in his investment empire.
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June 28, 2024
Calif. Panel Won't Toss Trial Win By AT&T's Cricket
Cricket Communications Inc. won't have to worry about a 2018 jury trial win being kiboshed after a California appeals court ruled that when it overturned a pretrial ruling because a previous judge failed to disclose that he owned AT&T stock, it didn't mean the entire trial should be undone.
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June 28, 2024
Bitcoin Device Seller Sues Ex-CEO, Alleging $5.3M Fraud
A California-based crypto mining-farm builder and equipment seller has sued its former CEO in California federal court, alleging that he embezzled roughly $5.3 million, leading to the company's failure to pay multiple vendors in a timely manner.
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June 28, 2024
Maxeon Was Overreliant On SunPower Sales, Investor Says
Maxeon Solar Technologies was hit with a proposed shareholder class action alleging that the company concealed that a significant portion of its business depended on exclusive sales of certain products to its former parent company, SunPower Corp., and that a terminated contract between the two would lead to a 41% revenue drop for Maxeon.
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June 28, 2024
IRS Finalizes Broker Rules For Digital Asset Sales
Brokers of digital assets such as cryptocurrency and non-fungible tokens will face tax reporting requirements for the first time similar to those for brokers of securities and other financial instruments under final regulations issued Friday by the Internal Revenue Service.
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June 28, 2024
SEC Sues Crypto Software Firm Consensys
The U.S. Securities and Exchange Commission sued blockchain firm Consensys Software Inc. on Friday for allegedly acting as an unregistered broker and facilitating unregistered securities sales through software products that allow users to buy and sell digital assets tied to so-called staking programs.
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June 28, 2024
Buchanan Ingersoll Can't Dump Harrisburg Incinerator Row
A Pennsylvania appellate court won't let Buchanan Ingersoll & Rooney PC exit long-running litigation over a trash incinerator project that sent the state's capital city into financial distress, ruling Friday that there was still ambiguity about whether the law firm's advice had been correct.
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June 28, 2024
4 Things To Know As New SPAC Rules Take Effect
The U.S. Securities and Exchange Commission's new rules governing special-purpose acquisition companies take effect on Monday, marking an expansive attempt to strengthen oversight of SPAC deals. Here, Law360 examines what to expect as the agency's 581-page rule package goes live.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
High Court Enters July With 3 Rulings To Go
In a rare move, the U.S. Supreme Court will issue opinions into the beginning of July as the court tries to clear its merits docket of three remaining cases dealing with presidential immunity, whether governments can control social media platforms' content moderation policies and the appropriate deadline to challenge agency action.
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June 27, 2024
4 Firms Guide Pair Of IPOs Totaling $457M
Venture-backed drug developer Alumis Inc. and oil-land acquirer LandBridge LLC on Thursday priced initial public offerings, raising a combined $456.5 million, under the guidance of four law firms.
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June 27, 2024
Texas Bank Moves For Partial Win In Ginnie Mae Loan Suit
Texas Capital Bank told a federal judge that it's entitled to tens of millions of dollars in collateral on which it has a first-priority lien that it said Ginnie Mae wrongfully diverted to itself, and that the court has already addressed the issue that warrants partial summary judgment in its favor.
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June 27, 2024
High Court Liberals Warn Jarkesy's Reach Will Be Widespread
The U.S. Supreme Court's decision to limit the U.S. Securities and Exchange Commission's use of its in-house courts will have "momentous consequences" for dozens of agencies tasked with overseeing the electric grid, environmental regulations and consumer protection laws, the court's liberal wing has warned.
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June 27, 2024
SPAC Investors Get Final OK On $13M Settlement
Attorneys who brokered a $13 million settlement on behalf of investors in special purpose acquisition company Pioneer Merger Corp. will receive about 30% of that settlement fund, minus nearly $100,000 that will go toward their clients' incentive award, a Manhattan federal judge has determined.
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June 27, 2024
BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit
Several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, reached a $46 million deal on Thursday to resolve a long-running multidistrict litigation over an alleged plot by the banks to limit market competition over interest rate swaps.
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June 27, 2024
B. Riley-Linked SPAC To Settle Del. Class Action For $8.5M
The co-chairman of B. Riley Financial Inc. and others have agreed to pay $8.5 million to settle a class action in Delaware's Court of Chancery accusing them of making misleading and inadequate disclosures leading up to a $320 million special-purpose acquisition company deal for battery storage venture Eos Energy Storage LLC.
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June 27, 2024
SEC Says It Met Its Burden To Apply Dealer Rule To Crypto
The U.S. Securities and Exchange Commission told a Texas federal judge that the agency has met its burden to explain how its expanded definition of "dealer" applies to the crypto industry, urging the court to cut through an industry challenge.
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June 27, 2024
11th Circ. Won't Revive Robinhood Investors' Meme Stock Suit
The Eleventh Circuit has affirmed a lower court's dismissal of an investor antitrust suit against Robinhood Markets and Citadel Securities, holding that the investors failed to allege any plausible anti-competitive effects that occurred as a result of the platforms allegedly conspiring to restrict trades of "meme" stocks like GameStop in 2021.
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June 27, 2024
Coinbase Says SEC, FDIC 'Stonewalled' Crypto Info Requests
Crypto exchange Coinbase filed suits against both the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation on Thursday after it said the agencies "stonewalled" information requests for documents that could shed light on agencies' internal views on digital assets.
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June 27, 2024
CFTC Extends Comment Period For Election Betting Proposal
The U.S. Commodity Futures Trading Commission announced Thursday that it is extending the deadline for comment on its proposal to ban the trading of event contracts tied to things like election outcomes, sporting events and the Academy Awards.
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June 27, 2024
Deals Rumor Mill: Boeing, Blackstone, Bosch
Boeing offers $4 billion for parts maker Spirit AeroSystems, Blackstone could sell Legence at up to $5 billion value, and Bosch mulls a bid for Whirlpool. Here, Law360 breaks down the notable deal rumors from the past week.
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June 27, 2024
Sichenzia Ross Guiding Fuel Cell Co. On $130M SPAC Merger
Sichenzia Ross Ference Carmel LLP is advising Infintium Fuel Cell Systems Inc. on a newly inked blank-check company consolidation deal that values the hydrogen fuel cell technology provider at $130 million.
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June 27, 2024
SEC Sues Fla. Loan Website, CEO Over 'Fictitious' Revenue
A purported online lender and its CEO face U.S. Securities and Exchange Commission allegations that the company's reported revenue for certain periods was "a figment" of the CEO's imagination.
Expert Analysis
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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How American Airlines ESG Case Could Alter ERISA Liability
Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Opinion
The SEC Is Engaging In Regulation By Destruction
The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.