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Capital Markets
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March 10, 2025
MicroStrategy Seeks To Raise $21B To Buy More Bitcoin
MicroStrategy Inc. on Monday filed plans to raise up to $21 billion from equity sales in order to buy more bitcoin, potentially bolstering its stockpile of the flagship digital currency, represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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March 10, 2025
Feds Sue FDIC For $1.9M For First Republic Tax Bill
The U.S. government sued the Federal Deposit Insurance Corp. in D.C. federal court as receiver for the failed First Republic Bank, alleging the bank understated its withholding tax for U.S.-sourced income of foreigners and now owes almost $2 million to the federal government.
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March 10, 2025
Money Manager Can't Block Alleged Client Poach, Judge Says
Connecticut investment firm TJT Capital Group LLC has not demonstrated that it will suffer irreparable harm without a temporary restraining order that bars a former member from using client information he allegedly misappropriated, a federal judge has ruled in denying the request.
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March 10, 2025
Fintech-Focused SPAC Titan Acquisition Files $240M IPO
Special purpose acquisition company Titan Acquisition Corp. on Monday detailed plans to raise up to $240 million in its initial public offering, with the goal of merging with a company in the finance and tech-enabled services industries.
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March 10, 2025
SEC Leaves Meme Coin Fraud For Other Cops To Chase
The U.S. Securities and Exchange Commission staff's decision to say that so-called meme coins are beyond the agency's purview is a welcome change from past practices, experts say, but the devil is in the details when it comes to policing fraud and helping consumers recover when projects go bust.
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March 07, 2025
FINRA Says High Court Appeal Shouldn't Stop Broker's Case
The Financial Industry Regulatory Authority told the U.S. Supreme Court on Friday that it would like to move forward with disciplinary proceedings against a broker currently challenging the organization's constitutionality before the high court, arguing that the broker doesn't face the immediate harm of expulsion from the industry while the case is pending.
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March 07, 2025
SEC Reopens Defunct Broker's Decade-Old NYSE Appeal
The U.S. Securities and Exchange Commission has issued a lengthy order reopening disciplinary proceedings against a clearing broker penalized by the New York Stock Exchange more than a decade ago, saying certain short trades may not have been prohibited by a recession-era trading freeze.
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March 07, 2025
Cloud Network Co. Brass Face Suit Over Lockdown-Era Glut
Officers and directors of cloud-based computer networking equipment maker Extreme Networks Inc. face shareholder derivative claims that they hurt investors by concealing how a glut of COVID-19 lockdown-era customer orders cast a yearslong shadow on its revenue.
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March 07, 2025
Goodyear Must Include Microplastic Proposal In Proxy
The U.S. Securities and Exchange Commission has rejected Goodyear Tire & Rubber Co.'s bid to exclude from its annual proxy statement a shareholder proposal calling for goals and timelines related to reducing tire wear shedding and subsequent microplastic pollution.
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March 07, 2025
Oscar Health Beats Shareholder Suit Over IPO Disclosures
Health insurance company Oscar Health Inc. has escaped a proposed investor class action accusing it of making omissions in its registration statement ahead of its 2021 initial public offering, with the court ruling that the plaintiffs have not shown that the defendants misled investors about the adequacy of Oscar's internal controls.
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March 07, 2025
Robinhood To Pay $30M To Settle FINRA Supervisory Claims
Two Robinhood units on Friday agreed to pay $29.75 million to settle a sprawling series of supervisory and disclosure failures in a case brought by the Financial Industry Regulatory Authority, including that they failed to establish proper protocols to curb money laundering and give customers accurate disclosures about a particular equities strategy.
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March 07, 2025
Tariffs, Diversity And DOGE Dominate Trump 2.0 'Risk Factors'
Public companies are busily reworking risk disclosures since the arrival of President Donald Trump's second administration, seeking to walk a fine line of being upfront with investors about potential threats to business despite vast legal and policy uncertainties.
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March 07, 2025
Pa. Bitcoin Miner Sues In Del. Alleging Host Co. Padlocking
A bitcoin mining venture has sued its western Pennsylvania hosting company in Delaware's Court of Chancery, accusing the host of blocking access to nearly 22,000 mining servers after the venture owners terminated a contract and announced plans to move the equipment.
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March 07, 2025
Bed Bath & Beyond Investors Can't Move Judge On Class Cert.
Bed Bath & Beyond shares did not trade on an efficient market during the class period, a Washington, D.C., federal judge confirmed again, refusing to reconsider his class certification denial in a suit from the now-bankrupt retailer's investors who alleged they were misled by company executives and a billionaire investor.
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March 07, 2025
DOJ Indicts 2 In Connection With Crypto Site Takedown
The U.S. Department of Justice said Friday it seized website domains and froze assets tied to Russian cryptocurrency exchange Garantex, alleging in a criminal case against two operators that it violated sanctions and helped terrorist groups and other international crime organizations launder money.
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March 07, 2025
Clifford Chance Adds Ex-Latham Energy Financing Pro In NY
Energy and infrastructure financing attorney Gianluca Bacchiocchi has returned to Clifford Chance LLP as a partner on its global financial markets team after a four-year run at Latham & Watkins LLP.
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March 06, 2025
Trump Executive Order Creates 'Strategic Bitcoin Reserve'
President Donald Trump on Thursday signed an executive order establishing a "Strategic Bitcoin Reserve" that White House crypto czar David Sacks said would hold Bitcoin forfeited in criminal or civil asset forfeiture proceedings.
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March 06, 2025
'Debanking' In Crosshairs Of GOP Bill On Reputational Risk
Senate Republicans on Thursday unveiled legislation that would bar federal regulators from scrutinizing for "reputational risk" in bank supervision, a measure aimed at curbing the so-called debanking of crypto firms and other politically sensitive customer categories.
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March 06, 2025
SEC Urged To Address Impact Of Slack Ruling On Investor Suits
Investor advocates on Thursday urged the U.S. Securities and Exchange Commission to address the growing number of companies that may be taking advantage of a recent U.S. Supreme Court ruling in order to avoid getting sued after going public.
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March 06, 2025
Crypto Cos. Want Justices To Settle Venue Statute Circuit Split
A Binance-branded U.S. exchange and affiliated crypto data site CoinMarketCap have asked the U.S. Supreme Court to settle what they call a circuit split over whether a trader must show the firms had contacts in their state, or if ties to the country as a whole are enough to press a manipulation claim under the Commodity Exchange Act.
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March 06, 2025
High Court Urged To Toss $22M SEC Disgorgement Order
An investment advisory firm has asked the U.S. Supreme Court to review a First Circuit ruling that upheld an order for the firm to pay $22 million in disgorgement to the U.S. Securities and Exchange Commission, arguing that courts cannot impose disgorgement when investors have not suffered any financial harm.
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March 06, 2025
Coinbase Investors Ask Court To Lead Direct Listing Suit
Two new contenders have filed to lead a shareholder class action over crypto exchange Coinbase's direct listing hours after its original lead plaintiff dropped out following the Ninth Circuit's dismissal of a similar case brought against Slack Technologies.
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March 06, 2025
Fintech Startup Klarna Ready For $1B IPO, Plus More Rumors
Fintech startup Klarna is readying a $1 billion initial public offering, Apollo Global Management is keen to lead a $35 billion funding package to help Meta build new data centers, and Italian fashion house Prada is near to closing a $1.6 billion deal to acquire luxury clothier Versace from Capri Holdings Ltd.
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March 06, 2025
As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud
The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers.
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March 06, 2025
Trump Policy Uncertainty Bringing 'Pause' In M&A: Tulane Panel
Despite high expectations for a dealmaking resurgence under President Donald Trump's second administration, the anticipated boom in major transactions has yet to materialize, mergers and acquisitions attorneys said during a panel discussion at the annual Tulane Corporate Law Institute on Thursday.
Expert Analysis
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Don't Phone A Friend: Disclosing Friendships With Executives
The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.
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The Ups And Downs Of SEC's Now-Dissolved ESG Task Force
The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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SEC Fine Shows Risks Of Nonpublic Info In X, LinkedIn Posts
The U.S. Securities and Exchange Commission recently announced a settlement with DraftKings over charges arising from posting material nonpublic information on the CEO's social media accounts, highlighting that information posted to company websites and social media sites does not automatically qualify as "publicly disclosed" for purposes of Regulation FD, say attorneys at O'Melveny.
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Anticipating Jarkesy's Effect On Bank Agency Enforcement
Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.
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CFTC Anti-Fraud Blitz Is A Warning To Carbon Credit Sellers
With its recent enforcement actions against a carbon offset project developer and its senior executives for reporting false information about the energy savings of the company's projects, the Commodity Futures Trading Commission is staking out its position as a primary regulator in the voluntary carbon credit market, say attorneys at Morgan Lewis.
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Unpacking State AG Approaches To Digital Asset Enforcement
Attorneys at Cozen O'Connor survey recent digital asset enforcement by attorneys general nationwide driven by concerns over regulatory gaps where technological developments and market changes have outpaced legislation.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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Peeling Back The Layers Of SEC's Equity Trading Reforms
The U.S. Securities and Exchange Commission's recently adopted amendments lowering the tick sizes for stock trading and reducing access fee caps will benefit investors and necessitate broad systems changes — if they can first survive judicial challenges, say attorneys at Sidley.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Opinion
FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos
A proposed Federal Deposit Insurance Corp. rule concerning control over passive index fund investments in banks is outside the agency's remit, clashes with an existing Federal Reserve process and would inhibit competition in the index fund sector, says J.W. Verret at George Mason University.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.