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Capital Markets
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June 18, 2024
4 Firms Steer Family-Owned Baker Europastry's IPO Plans
Family-owned frozen bakery products giant Europastry S.A. said Tuesday that it plans to raise €225 million ($241.7 million) in fresh capital through an initial public offering on Spanish stock exchanges guided by four law firms, adding to a recent uptick in European IPOs.
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June 18, 2024
Crypto Firm Latinum Can't Arbitrate Investors' Fraud Suit
A Michigan federal judge discerned that crypto firm Bitcoin Latinum can't send claims it duped investors out of promised digital assets to arbitration considering it didn't raise the issue in the two years since the suit was brought.
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June 18, 2024
Fed Should Vote Now On Basel Capital Hike Plan, Warren Says
U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.
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June 18, 2024
Archegos Trader Doubles Down On Hwang Accusations
A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.
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June 18, 2024
MoFo Brings On SEC Veteran From Skadden In DC
Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.
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June 18, 2024
African Gold Miner To Go Public Via $500M SPAC Merger
African gold miner Namib Minerals said Tuesday it has agreed to go public by merging with special-purpose acquisition company Hennessy Capital Investment Corp. VI at an estimated $500 million value, a deal said to be the largest SPAC acquisition involving an African business to date.
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June 18, 2024
Foley Hoag Hires Former DOJ Fraud Section Deputy
Foley Hoag LLP has hired a former deputy chief of the U.S. Department of Justice's Fraud Section, who will work with the firm's white collar crime and government investigations practice in Washington, D.C.
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June 17, 2024
Trader Claims Firm Owes Bonus On $37M Texas Storm Profits
A trader told a Denver jury Monday that a Colorado energy marketing company fired him as retaliation after he accused the CEO of failing to pay out his cut of $37 million from trades made during a 2021 Texas storm that caused natural gas prices to spike.
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June 17, 2024
PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says
PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.
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June 17, 2024
Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit
A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.
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June 17, 2024
SEC Fines Unlicensed Brokers $2.7M In Microcap Stock Case
The U.S. Securities and Exchange Commission ordered two unlicensed brokers, including one from Florida, to collectively pay a $2.7 million fine for allegedly scamming elderly people into buying microcap shares in companies and lying that the stock was being offered to them at a discount.
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
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June 17, 2024
SEC Says Ripple's Remedies Not Comparable To Terraform's
The U.S. Securities and Exchange Commission fired back at blockchain firm Ripple Labs' claims that a recent settlement with Terraform Labs supports a lower penalty amount, saying it can't be a direct comparison given Terraform is in bankruptcy and has made significant concessions Ripple hasn't.
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June 17, 2024
FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab
FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.
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June 17, 2024
Crypto Trading Firm Nabs NY BitLicense
Crypto trading firm and liquidity provider Cumberland DRW announced Monday that the New York Department of Financial Services has granted it a BitLicense, which allows it to operate a crypto business within the state.
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June 17, 2024
Foreign Investors Sue Over Lost $7.7M NYC Mall Investment
Fourteen foreign investors who lost the entirety of their $7.7 million investment in a New York City shopping mall project filed suit against two lenders, a developer and the manager of an EB-5 lender in New York federal court, saying they are owed damages.
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June 17, 2024
Hertz Warrant Holder Sues In Chancery For Contract Breach
Two investment affiliates of Discovery Capital Management LP have sued Hertz Global Holdings Inc. in Delaware's Court of Chancery, alleging willful failure to redeem warrants issued in 2021 as part of the company's Chapter 11 and demanding at least $187 million plus interest.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
Structured Finance Pros Rejoin King & Spalding From Milbank
Two attorneys from Milbank LLP are returning to King & Spalding LLP in New York just over a year after they departed the firm.
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June 17, 2024
SEC Head Of Crypto Assets And Cyber Unit Departs Agency
The head of the U.S. Securities and Exchange Commission's crypto and cyber enforcement team said Monday that he has left the agency after nearly nine years.
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June 17, 2024
Morgan Lewis Adds NY Private Funds Atty From Schulte Roth
Morgan Lewis & Bockius LLP said Monday that it is strengthening its global private investment funds practice by hiring a partner from Schulte Roth & Zabel LLP.
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June 17, 2024
White & Case-Led Ukraine Seeks Debt Relief By Aug. Deadline
The Ukraine government, advised by White & Case LLP, appealed on Monday to bondholders to help restructure its $19.5 billion of eurobond debt before a payments freeze it agreed with international creditors expires on Aug. 1.
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June 17, 2024
Justices To Hear Nvidia Case On Securities Pleading Standard
The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.
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June 14, 2024
2nd Circ. Releases Citi From Order To Freeze Assets In Gabon
The Second Circuit vacated a protective injunction requiring Citibank to freeze more than $151 million at its Gabon branch amid a shareholder battle for control of a Cameroonian oil pipeline company, saying the New York district court exceeded its jurisdiction by ordering the freeze.
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June 14, 2024
Judge Declines To Decide Whether Gemini Misled CFTC
A Manhattan federal judge declined to decide whether crypto exchange Gemini is responsible for alleged misstatements made to the U.S. Commodity Futures Trading Commission through the listing exchange of a proposed bitcoin futures contract.
Expert Analysis
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.