Capital Markets

  • May 13, 2024

    Justices Deny Review Bid From Convicted REIT Execs

    The U.S. Supreme Court on Monday declined to hear a bid by four incarcerated executives with Texas real estate investment trust United Development Funding to overturn a Fifth Circuit ruling upholding their convictions in a Ponzi scheme.

  • May 13, 2024

    Semisubmersible Co. CEO Convicted Of Fraud, Fleeing Law

    The CEO of a semisubmersible manufacturer has been convicted by a Hawaii federal jury of financial fraud, witness tampering and attempting to escape law enforcement in one of his company's ocean vessels.

  • May 13, 2024

    Archegos Boss Blew $36B, But It Was His To Lose, Jury Told

    The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.

  • May 10, 2024

    Rivian's Cert. Oppo Not How 'Real World Works,' Judge Says

    A California federal judge told Rivian's attorney Friday that his arguments opposing class certification for investors alleging the carmaker misled them on material costs appeared to say that unless a company practically admits fraud in a disclosure it's not a "corrective" disclosure, but "that is not how the real world works."

  • May 10, 2024

    SEC Opposes Quick Appeal Of 'Crystal Clear' Coinbase Order

    The U.S. Securities and Exchange Commission on Friday urged a Manhattan federal court to reject Coinbase's bid for a Second Circuit review of an order allowing an agency enforcement action to proceed, saying the company's cries of uncertainty over how securities laws apply to crypto assets ignore the "crystal-clear" order it is trying to contest.

  • May 10, 2024

    EV Startup Says California Settlement Covers Stockholder Suit

    Backers of a transaction that took electric vehicle startup Faraday Future Intelligent Electric Inc. public with a $1 billion value in 2021 have asked Delaware's Court of Chancery to block discovery in a stockholder challenge to the deal, citing pending settlement of a similar federal action in California.

  • May 10, 2024

    Zeekr's US Debut Could Spur More IPOs From China

    Electric-vehicle maker Zeekr's robust initial public offering sent an encouraging signal to Chinese companies considering whether to tap U.S. markets after a long lull, despite continued risks stemming from fractured U.S.-China relations, experts said Friday.

  • May 10, 2024

    Guess? Sued To Stop Founders' Alleged Pending Equity Grab

    A pension fund stockholder of Guess? Inc. has sued the company, its founders, and its board in Delaware's Court of Chancery, alleging "a covert attempt to strip the company's public stockholders of their contractual right to equal treatment" in connection with a merger or sale of Guess.

  • May 10, 2024

    FINRA Fines Merrill Lynch $825K Over Supervisory Failures

    Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.

  • May 10, 2024

    Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes

    Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.

  • May 10, 2024

    5th Circ. Upholds SEC Proxy Rule On ESG Disclosures

    The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.

  • May 10, 2024

    Financial Tech Co. Wants New Trial In $7.8M Breach Suit

    A financial technology company ordered to pay more than $7.8 million to an Atlanta-area capital recruiting firm for violating an agreement to pay the recruiter to connect it with investors has asked a Georgia federal judge for either a new trial or judgment as a matter of law.

  • May 10, 2024

    Digital Platform Xtribe To Go Public Via $141M SPAC Merger

    Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.

  • May 10, 2024

    CFTC Floats Ban On Election Betting Contracts

    A divided U.S. Commodity Futures Trading Commission approved a proposed rule Friday that would ban trading on the outcome of elections, further solidifying its contested position that such activities constitute illegal "gaming" and threaten to thrust the agency into the role of an "election cop."

  • May 10, 2024

    Building Materials Biz To Return Further $300M To Investors

    CRH PLC on Friday rolled out a new chunk worth up to $300 million of its ongoing share repurchase program as the construction materials manufacturer seeks to reduce its outstanding share capital and to reward investors.

  • May 09, 2024

    Davis Polk, Simpson Thacher Drive EV Maker's $441M IPO

    Chinese electrical vehicle maker Zeekr on Thursday priced an upsized $441 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Simpson Thacher & Bartlett LLP, marking the largest U.S. IPO by a China-based company since 2021.

  • May 09, 2024

    SEC Sues 3 Penny Stock Firms Over Failure To Register

    The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.

  • May 09, 2024

    Attys Want $102M In Fees In Stock Loan Antitrust Deal

    Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.

  • May 09, 2024

    Making Borrower Contact Ex Was Reasonable, Court Told

    A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.

  • May 09, 2024

    Skadden-Led Firm Nets $250M In May's Second SPAC Listing

    GP-Act III Acquisition Corp., a Skadden-led special-purpose acquisition company backed by multiple private investment firms, began trading on Thursday after completing a $250 million initial public offering, marking the second SPAC listing this month in an otherwise battered market.

  • May 09, 2024

    CFTC Moves For Win Over Gemini's 'Misleading' Statements

    The U.S. Commodity Futures Trading Commission has told a New York federal judge there's no need to try claims that Gemini Trust Co. LLC misled the regulator on a bitcoin futures contract since discovery "confirmed" that the cryptocurrency exchange made "scores of materially false or misleading statements and omissions."

  • May 09, 2024

    Musk Fights Latest Subpoena Over $44B Twitter Purchase

    Elon Musk's counsel urged a California federal judge on Thursday to undo a magistrate judge's decision requiring the businessman to testify again before the U.S. Securities and Exchange Commission about his $44 billion purchase of the social media platform formerly known as Twitter, calling the subpoena overbroad and unconstitutional.

  • May 09, 2024

    Masimo Makes Offer To End Activist Politan's Proxy Contest

    Medical technology company Masimo Corp. revealed Thursday that it is willing to appoint one of the director nominees put forth by activist investment firm Politan Capital Management LP in exchange for the company dropping its proxy fight, though Politan signaled distaste with the proposed deal.

  • May 09, 2024

    Binance Fined $4.4M By Canadian Regulator

    Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.

  • May 09, 2024

    Okla. Law Curbing Anti-Oil Pension Fund Investments Blocked

    Oklahoma can't enforce a law prohibiting the state pension system from investing in companies that limit oil and gas industry assets, a state judge ruled, finding the retiree leading the suit is likely to succeed on arguments that the statute is vague and violates the state constitution.

Expert Analysis

  • 2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement

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    The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • New Concerns, Same Tune At This Year's SIFMA Conference

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    At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.

  • 8 Tips As GCs Prep For New SEC Climate Disclosure Rules

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    The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.

  • Series

    Spray Painting Makes Me A Better Lawyer

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    My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.

  • How New SEC Rule May Turn DeFi Participants Into 'Dealers'

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    The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.

  • Opinion

    Judicial Independence Is Imperative This Election Year

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    As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.

  • 2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.

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    The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.

  • Series

    Riding My Peloton Bike Makes Me A Better Lawyer

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    Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.

  • The Challenges SEC's Climate Disclosure Rule May Face

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    Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.

  • 2 Issues For Venture-Backed Climate Tech Startups To Avoid

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    As climate tech startups become more common, poor equity dilution management and stacked seed financing are two common pitfalls that apply more acutely to climate tech startups than to the broader venture-backed startup space, say attorneys at Goodwin.

  • Investment Advisers Should Prep For Money Laundering Regs

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    Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.

  • How Private Funds Can Navigate New FinCEN Reporting Rules

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    In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.

  • How AI May Be Used In Fintech Fraud — And Fraud Detection

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    Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.

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