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Capital Markets
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August 02, 2024
Health Tech Co. Beats Investor Data Platform Fraud Claim
A healthcare technology company has escaped an investor suit challenging the existence of a data platform it touted, as a Connecticut federal judge found a former employee's assertions at the center of the proposed class action weren't enough to show the company knowingly misled investors about the offering.
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August 02, 2024
BigLaw Insurer Calls FirstEnergy Ruling Threat To Privilege
The Attorneys' Liability Assurance Society and the U.S. Chamber of Commerce threw their support Friday behind FirstEnergy's call for the Sixth Circuit to block investors' access to internal investigative documents produced by two BigLaw firms after a $1 billion bribery scandal became public.
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August 02, 2024
Unnamed Auditor Suing PCAOB Ordered To Disclose Identity
A Washington, D.C., federal judge has ordered an anonymous auditor to disclose their identity in their constitutional challenge attacking the Public Company Accounting Oversight Board amid their disciplinary proceedings, ruling Friday disclosure won't reveal any sensitive information and won't have a chilling effect deterring future litigants from suing the board.
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August 02, 2024
Judge Won't Enforce $330M In Defaulted Venezuelan Bonds
A New York federal judge on Thursday declined to enforce some $330 million in defaulted bonds issued by Venezuela's state-owned oil company, relying on a rarely invoked state ban on champerty that prohibits claims brought by entities that acquire a debt solely to pursue enforcement litigation.
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Feds Want 30 Years For Bitcoin Fog Crypto Mixer Operator
Federal prosecutors asked a Washington, D.C., federal judge to sentence the convicted operator of the Bitcoin Fog crypto mixing service to 30 years and impose a $100,000 fine given he allegedly knowingly profited from a privacy service that "catered to criminals."
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ebix Opt-Out Releases Illegal In Ch. 11 Plan, Judge Rules
A Texas bankruptcy judge ruled Friday that third-party releases contained in Ebix Inc.'s Chapter 11 plan are impermissible, deciding an opt-out provision of the liability waivers wasn't enough to establish consent.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 02, 2024
CORRECTED: Delay Sought In Citgo Auction
A Delaware federal judge has appeared open to postponing to October an auction for Citgo Petroleum Corp.'s parent company, a proceeding aimed at satisfying billions of dollars in Venezuelan debt. Correction: A previous version of this article mischaracterized the nature of Judge Stark's order. The error has been corrected.
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August 01, 2024
Montenegro Court Affirms Kwon's Extradition To South Korea
Terraform Labs founder Do Kwon is set to face criminal charges over the crypto project's collapse in South Korea after the Appellate Court of Montenegro on Thursday upheld a lower court's decision to refuse an extradition request from the U.S.
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August 01, 2024
Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed
Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."
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August 01, 2024
Crypto-Forex Co. Defaults In Fla. Civil Fraud Lawsuits
A purported foreign exchange currency broker based in Hong Kong defaulted Thursday in three Florida state court lawsuits alleging multimillion-dollar frauds due to lack of counsel, although a Miami judge allowed the former CEO to respond to the complaints against him as a self-represented party.
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August 01, 2024
Latham, Ellenoff Rank Among Top Firms For July IPOs
Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.
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August 01, 2024
AI-Focused Chipmaker Cerebras Confidentially Files IPO Plans
Silicon Valley-based artificial intelligence startup Cerebras Systems Inc. said Thursday it has confidentially filed plans for an initial public offering with the U.S. Securities and Exchange Commission, joining other AI-linked companies in the IPO pipeline.
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August 01, 2024
Manhattan DA Charges Crypto Recovery Biz Owner With Fraud
Manhattan prosecutors announced fraud and larceny charges on Thursday against the New York owner of a purported asset recovery business that allegedly charged customers fees while making false promises to recover cryptocurrencies.
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August 01, 2024
Deals Rumor Mill: BNP Paribas, Blackstone, Honeywell
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of. Here, Law360 breaks down the notable deal rumors from the past week.
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August 01, 2024
Mass. Could Be New Front In The Battle Over Jury Trial Right
Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.
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July 31, 2024
Ackman's New Investment Fund Calls Off Planned $2B IPO
Bill Ackman's new investment fund Pershing Square USA on Wednesday called off its initial public offering just a day after setting a $2 billion fundraising target, which was down significantly from earlier estimates.
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July 31, 2024
Report Finds Uptick In AI-Related Shareholder Suits
Class action lawsuits accusing companies of deceiving investors about their artificial intelligence capabilities are on the rise this year while the previously trendy areas of shareholder litigation against cryptocurrency companies and special purpose acquisition companies have fallen significantly, according to a Wednesday report from Cornerstone Research.
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July 31, 2024
Fla. Electric Co. Ex-CEO Gets 4 Years For Privatization Plot
A Jacksonville, Florida, federal judge sentenced a former CEO of the city's electric company to four years in prison after a jury convicted him of fraud conspiracy charges in a multimillion-dollar embezzlement scheme connected to a process to privatize the public utility, prosecutors said Wednesday.
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July 31, 2024
Chancery Keeps Challenge To $1.5B Genius Sports Deal Alive
Stockholders of a blank check company that took sports data company Genius Sports Ltd. public have overcome a bid to spike their Delaware Court of Chancery challenge to the $1.5 billion deal.
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July 31, 2024
$7.25M Del. Settlement Offered In $1.35B UpHealth SPAC Suit
Parties to a Delaware Court of Chancery stockholder suit that challenged a $1.35 billion take-public "blank-check" company merger with Florida-based digital health manager UpHealth Inc. have reached a $7.25 million settlement of all claims, pending court approval, according to an agreement filed Tuesday.
Expert Analysis
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Beware Shifting Provisions In Middle-Market Loan Documents
In recent years, many credit facility provisions previously considered to be market standard have been negotiated, often turning in favor of borrowers, demanding renewed diligence from workout officers and restructuring counsel operating in the middle market, say attorneys at Crowell & Moring.
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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A Deep Dive Into The Evolving World Of ESG Ratings
Attorneys at Mintz discuss the salience of environmental, social and governance ratings in corporate circles in recent years, and consider certain methodologies underlying their calculation for professionals, as well as issues concerning the ESG ratings and products themselves.
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What TikTok's Race Against The Clock Teaches Chinese Firms
The Biden administration's recent divestiture deadline on TikTok parent ByteDance provides useful information for other China-based companies looking to do business in the U.S., including the need to keep products for each market separate and implement firewalls at the design stage, says Richard Lomuscio at Stinson.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Unlocking Blockchain Opportunities Amid Legal Uncertainty
Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.
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Adopting 7 Principles May Improve Voluntary Carbon Markets
The Biden administration's recently issued joint policy statement on improving the integrity of voluntary carbon markets may help companies using carbon credits to offset their emissions withstand scrutiny by government agencies, the public and investors, say attorneys at Morgan Lewis.
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What The NYSE Proposed Delisting Rule Could Mean For Cos.
The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.
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Debate Over CFPB Definition Of Credit Is Just Beginning
The Consumer Financial Protection Bureau has recently worked to expand the meaning of credit, so anyone operating on the edges of the credit markets, or even those who assumed they were safely outside the scope of this regulatory perimeter, should pay close attention as legal challenges to broad interpretations of the definition unfold, says John Coleman at Orrick.