Capital Markets

  • August 23, 2024

    Kraken Must Face SEC's Crypto Case Over Platform Sales

    A California federal judge on Friday denied a bid by cryptocurrency exchange Kraken to ditch a U.S. Securities and Exchange Commission enforcement suit, finding the regulator plausibly alleged that "at least some" of the digital currency transactions on Kraken's online platform constitute investment contracts.

  • August 23, 2024

    Justices Urged To Tackle Arbitral 'Manifest Disregard' Split

    A former Morgan Stanley financial adviser is asking the U.S. Supreme Court to review an appellate panel's refusal to toss the bank's arbitral award and revive his $13.7 million counterclaims, arguing that the dispute presents the ideal vehicle to resolve the "clear" circuit split over whether "manifest disregard of the law" remains a valid ground for vacating such awards. 

  • August 23, 2024

    SEC Awards Nearly $100M To 2 Whistleblowers

    Two whistleblowers will receive more than $98 million for providing information the U.S. Securities and Exchange Commission used to carry out an enforcement action, the agency said Friday.

  • August 23, 2024

    Crypto Founder Says SEC 'Twists' Claims To Make Suit Stick

    The cryptocurrency founder accused by the U.S. Securities and Exchange Commission of misappropriating $12 million in customer assets from an alleged billion dollars in unregistered crypto securities offerings told a Brooklyn federal judge that the regulator "twists its timelines" to tie his conduct to the U.S.

  • August 23, 2024

    Ex-Exec Can't Reverse Medtronic Insider Trading Conviction

    A Minnesota federal judge on Friday declined to overturn fraud convictions against a former executive of a medical robotics firm, finding the insider tips he provided to a friend ahead of Medtronic's $1.6 billion acquisition of his company were not speculative.

  • August 23, 2024

    Hong Kong Relaxes Listing Rules For Tech Startups, SPACs

    Hoping to spur more investment into emerging businesses amid a dry spell, Hong Kong's securities watchdog and stock exchange leaders on Friday unveiled relaxed listing rules for technology startups and eased requirements needed to clear mergers involving special purpose acquisition companies.

  • August 23, 2024

    Split 9th Circ. Says Ponzi Schemes Don't Need Proof Of Intent

    A split Ninth Circuit panel affirmed Friday a jury's finding in a fraudulent-transfer fight that a now-bankrupt company was a Ponzi scheme, with the majority writing that jurors didn't need to find an intent to defraud, while a dissenting judge slammed the majority's reasoning as "circular."

  • August 23, 2024

    Conn. Adviser Wants FINRA Complaint Records Deleted

    An investment adviser has sued the Financial Industry Regulatory Authority in Connecticut state court, saying a complaint on his FINRA registration record is not valid and should be removed because, after filing it, the customers who complained realized they were in error and withdrew the complaint.

  • August 23, 2024

    CFTC Says Gemini's Appeal Bid Wouldn't Nix Need For Trial

    The Commodity Futures Trading Commission has told a New York federal judge that even if the Second Circuit found crypto exchange Gemini Trust Co. didn't have ultimate responsibility over allegedly misleading statements about a proposed bitcoin futures contract, there would still be disputed facts requiring a trial.

  • August 23, 2024

    Cantor, Lutnick OK $12M Deal To End View Inc. Suit In Del.

    Cantor Fitzgerald LP and its billionaire Chair and CEO Howard Lutnick on Thursday agreed to a $12 million settlement to resolve stockholder challenges to a special purpose acquisition company transaction that took window company View Inc. public, with a Delaware Court of Chancery hearing set for Dec. 6.

  • August 23, 2024

    Canada Mining Biz Seeks US Listing Via $589M SPAC Merger

    Canadian rare-earth miner Tactical Resources Corp. plans to go public in the U.S. by merging with special purpose acquisition company Plum Acquisition III Corp. at an estimated value of $589 million, both parties announced on Friday, through a deal guided by four law firms.

  • August 23, 2024

    SPAC Investors Ask Full 9th Circ. To Rethink Lucid Merger

    Investors have urged the full Ninth Circuit to rethink a panel's refusal to revive their proposed class action alleging that Lucid duped them into buying stock in a special purpose acquisition company ahead of the electric vehicle maker's $11.75 billion merger, arguing that the panel's holding misconstrues U.S. Supreme Court precedent, among other issues.

  • August 23, 2024

    Wachtell Reps As MLB's Braves Announce Executive Shakeup

    The parent company of the Atlanta Braves on Friday announced that Chairman and CEO Terry McGuirk will have increased voting power, representing a major shift in control after Liberty Media Corp. split off from the MLB team and its associated real estate development company in November 2022 to become a separate publicly traded entity.

  • August 23, 2024

    Polsinelli Brings On Ex-MoFo Venture Capital Atty In Denver

    Polsinelli PC has boosted its venture capital and emerging growth companies practice with a new shareholder in its Denver office.

  • August 22, 2024

    2 Biotech Firms File Plans To Go Public As IPO Pipeline Grows

    Drug developers Bicara Therapeutics Inc. and Zenas Biopharma Inc. filed plans with regulators on Thursday for initial public offerings that could tap the market as early as September, signaling a potential boost in post-Labor Day IPOs, under the combined guidance of three law firms.

  • August 22, 2024

    New SEC Rule Provides Break To Smaller Venture Funds

    The U.S. Securities and Exchange Commission has approved rules that would raise thresholds before certain venture capital funds can be regulated as investment companies, enacting a congressional mandate aimed at easing costs for small funds.

  • August 22, 2024

    Ex-Avaya Execs Snag Early Exit From Investor Suits In NC

    Three former executives at telecom giant Avaya Inc. have escaped separate lawsuits in the North Carolina Business Court accusing them of painting an inaccurately rosy picture for investors before finances tanked and the company was forced to declare bankruptcy.

  • August 22, 2024

    Feds Ask For $395M Forfeiture In Bitcoin Fog Case

    A D.C. federal judge said he was inclined to side with prosecutors seeking a $395 million forfeiture order for convicted Bitcoin Fog operator Roman Sterlingov, at least as a preliminary step ahead of the 35-year-old's sentencing for money laundering.

  • August 22, 2024

    Ameriprise Benefits Most From Cash Sweeps, Customer Says

    Ameriprise was hit with a proposed class action in Minnesota federal court by a customer over its cash sweep program that allegedly yields low interest for customers and high fees for the bank, adding to a growing list of customer and regulatory scrutiny financial institutions are facing over the account type.

  • August 22, 2024

    Israeli Tech Co. Cancels SPAC Deal Amid Market Rout

    Pomvom, an Israeli software maker that caters to theme parks, and a special purpose acquisition company announced Thursday they have nixed their planned $125 million merger, which would've taken the tech firm public, citing a "change in global market conditions."

  • August 22, 2024

    Deals Rumor Mill: Saudi Fund, Disney-Reliance, Repligen

    Saudi Arabia’s sovereign wealth fund wants to launch a new cargo airline, India’s antitrust regulators worry about power over cricket rights if the $8.5 billion merger of Walt Disney’s Indian business with Reliance Entertainment is allowed, and drug manufacturing provider Repligen is eyeing Maravai LifeSciences. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • August 22, 2024

    Mining Firm USA Rare Earth Inks $870M SPAC Merger

    Mining and magnet firm USA Rare Earth LLC, advised by King & Spalding LLP, on Thursday announced plans to go public at a pro forma enterprise value of $870 million by merging with White & Case LLP-led special purpose acquisition company Inflection Point Acquisition Corp. II.

  • August 22, 2024

    Crypto Lobbyist Hit With FTX Campaign Finance Charges

    Manhattan federal prosecutors announced Thursday that Michelle Bond, a crypto industry lobbyist and the girlfriend of convicted former FTX executive Ryan Salame, has been charged with getting the now-defunct digital asset exchange to illegally finance her unsuccessful 2022 congressional campaign.

  • August 21, 2024

    FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend

    Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.

  • August 21, 2024

    Ga. Justices Look Ready To Kill $20M Garnished Judgment

    The Supreme Court of Georgia appeared inclined Wednesday to toss a $20 million default judgment that a state court judge slapped on a financial advisory after the firm failed to respond to a summons in an underlying case it claims it had zero stake in.

Expert Analysis

  • Crypto Regs Could See A Reset Under The Next President

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    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • 4 Steps To Address New Sanctions Time Bar Extension

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    Recent guidance from the Office of Foreign Assets Control clarifies details of the newly extended statute of limitations for civil and criminal enforcement of U.S. sanctions law, so compliance teams should implement key updates, including to lookback periods and recordkeeping policies, say attorneys at Freshfields.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • 3 Ways To Limit Risks Of Black-Box AI In Financial Services

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    As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.

  • Tips For Revamping Patent Portfolio Strategy In AI Deal Era

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    Recent data suggests patents are significantly enhancing exit valuations, particularly with cutting-edge technologies like those powered by artificial intelligence, but it is necessary to do more than simply align patent strategy with business goals, says Keegan Caldwell at Caldwell Law.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • How Corner Post Affects Enviro Laws' Statutes Of Limitations

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    The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.

  • Jarkesy May Thwart Consumer Agencies' Civil Penalty Power

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    The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.

  • Lessons From Recent SEC Cyber Enforcement Actions

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    The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.

  • 2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing

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    The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.

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