Capital Markets

  • April 11, 2024

    Latham, Goodwin Lead Nursing-Care Co.'s Upsized $450M IPO

    Nursing-care provider PACS Group Inc. will begin trading Thursday after it raised an upsized $450 million initial public offering within its price range late Wednesday, selling more shares than originally expected, represented by Latham & Watkins LLP and underwriters' counsel Goodwin Procter LLP. 

  • April 10, 2024

    Push For Bank Capital Hike Has 'Damaged' Fed, Quarles Says

    Federal regulators' Basel III endgame proposal to raise big-bank capital requirements has "damaged" the reputation of the Federal Reserve and cannot be salvaged just by watering it down, the central bank's former bank regulatory chief said Wednesday.

  • April 10, 2024

    GOP Rep. Calls On SEC To Delay Climate Rule Compliance

    A Republican congressman said Wednesday that he plans to ask the U.S. Securities and Exchange Commission to push back the compliance timeline for controversial rules governing corporate climate disclosures, indicating that the agency's agreement to temporarily stay the rules' implementation during the course of a legal challenge is not enough.

  • April 10, 2024

    Texas Panel Seeks Evidence In $1M Real Estate Quagmire

    A Texas appellate panel suggested Wednesday that both sides fighting about a soured real estate financing deal need to do more to make their cases, asking attorneys during oral arguments to point to evidence that either confirms or refutes the existence of a contract.

  • April 10, 2024

    SEC Says Crypto Firm Kraken Can't 'Subvert' Securities Test

    The U.S. Securities and Exchange Commission has told a California federal judge that crypto exchange Kraken is asking the court to adopt a "perversion" of the long-standing U.S. Supreme Court precedent for what constitutes an investment contract.

  • April 10, 2024

    BDO Fights SEC's 'Misdirected' Call For 2nd Circ. Rehearing

    BDO USA LLP is urging the Second Circuit not to reconsider a decision that freed the firm from private litigation over AmTrust Financial Services Inc.'s financial restatements, saying the court should not heed "misdirected concerns" from the U.S. Securities and Exchange Commission about the ruling's supposed impact on shareholders' ability to sue public company auditors.

  • April 10, 2024

    Former SEC Small Business Office Chief Joins Mayer Brown

    The former chief of the U.S. Securities and Exchange Commission's Office of Small Business Policy has joined Mayer Brown LLP as a partner in the firm's public companies and corporate governance practice, where she will counsel startups and established public companies on their obligations under federal securities laws and related corporate governance requirements.

  • April 10, 2024

    United Airlines Hit With Chancery Suit Over Poison Pill

    A United Airlines Holdings Inc. stockholder sued the carrier and its directors in Delaware Chancery Court on Wednesday, accusing the airline of lining up a vote to preserve a prohibited, board-entrenching poison pill while publicly linking the measure to allowable protection of tax-advantaged net operating loss claims.

  • April 10, 2024

    FTX Strikes Deal With Voyager Over $445M Claim

    FTX Trading Ltd. has asked a Delaware bankruptcy court to approve a deal between it and crypto brokerage Voyager Digital Holdings to resolve its $445 million claim against Voyager and Voyager's $130 million claim against FTX.

  • April 10, 2024

    CFTC Names New Watchdog After Whistleblower Allegations

    The Commodity Futures Trading Commission announced Wednesday that it has appointed the Federal Election Commission's inspector general to head its own independent watchdog office, following allegations his CFTC predecessor failed to protect whistleblowers within the agency.

  • April 10, 2024

    FDIC Details Prep For Winding Down Failing Financial Giants

    The Federal Deposit Insurance Corp. on Wednesday laid out its most comprehensive overview to date of how it would seek to resolve a failing U.S. banking giant, a scenario that would make use of as-yet untested authorities put in place after the 2008 financial crisis.

  • April 10, 2024

    DeFi Platform Uniswap Discloses SEC Enforcement Notice

    The firm behind decentralized crypto exchange Uniswap said on Wednesday that the U.S. Securities and Exchange Commission had notified the firm that it may soon face an enforcement case.

  • April 10, 2024

    NYSE Seeks To Provide SPACs More Time To Close Mergers

    A New York Stock Exchange proposal would provide special-purpose acquisition companies with six more months to complete mergers while remaining listed — assuming relevant parties have signed a definitive agreement before a three-year deadline — potentially providing market participants more flexibility to close deals.

  • April 10, 2024

    'Smart' Glass Maker View Escapes SPAC Merger Suit For Good

    "Smart" glass manufacturer View Inc. has permanently beaten a proposed investor class action over an internal probe it announced following its go-public merger with a special purpose acquisition company, with a California federal judge ruling that the lead plaintiff did not own View stock when the identified corrective disclosures occurred.

  • April 10, 2024

    Ex-BigLaw Atty In OneCoin Scam A Flight Risk, Feds Say

    A former Locke Lord LLP partner who was convicted of laundering proceeds from the OneCoin cryptocurrency scam has "every incentive" to flee the country, prosecutors told a New York federal judge, arguing he shouldn't be allowed to stay out on bail while his appeal is pending.

  • April 10, 2024

    Blackwells Unveils Takeover Plans For Hospitality REIT

    Blackwells Capital told Braemar Hotels & Resorts Inc. investors on Wednesday that its intention to take the reins of the real estate investment trust's board of directors is necessary to stop a manager from "milking" the company for all it's worth.

  • April 10, 2024

    PCAOB Fines KPMG, Deloitte Units $27M For Cheating Claims

    KPMG Netherlands and two Deloitte units will pay a combined $27 million to settle allegations from the Public Company Accounting Oversight Board of widespread answer sharing in their internal training programs, with KPMG's $25 million penalty marking the largest fine PCAOB has ever imposed.

  • April 10, 2024

    Macy's, Activist Firm End Board Fight, Takeover Talks Proceed

    Macy's and activist investment firm Arkhouse Management Co. said Wednesday they have settled their proxy dispute by appointing two independent directors to the retailer's board, paving the way for further negotiations regarding a prior $6.6 billion acquisition proposal submitted by Arkhouse and Brigade Capital Management LP.

  • April 09, 2024

    Six Firms Vie To Lead NY Community Bank Losses Suit

    Six firms seek to represent a proposed class of investors in a consolidated proposed class action alleging New York Community Bank misled investors about its struggles following its 2022 acquisition of Flagstar Bank and its 2023 acquisition of certain Signature Bank assets.

  • April 09, 2024

    Crypto Booster Says $1B SEC Fraud Suit Offends Free Speech

    The crypto founder known as Richard Heart told a federal judge in Brooklyn on Tuesday that the U.S. Securities and Exchange Commission violated his and others' free speech rights when it brought a case accusing him of selling $1 billion worth of unregistered digital asset securities across his projects and misappropriating customer assets.

  • April 09, 2024

    Crypto Trader Says $110M Mango Markets Trades Were Legit

    An attorney for a crypto trader accused of stealing $110 million from investors on the Mango Markets exchange through a market manipulation scheme told a Manhattan federal jury on Tuesday that his client was executing a legitimate trading strategy and had no intent to defraud anyone.

  • April 09, 2024

    Nikola Investors' SPAC Fraud Suit Moves Ahead

    Board directors of electric truck maker Nikola Corp. and the blank-check company that took it public for $3.3 billion in 2020 must face shareholders' derivative claims of insider trading, securities fraud and merger-related breaches after Delaware's Court of Chancery on Tuesday denied more than half of the defense's motions to dismiss.

  • April 09, 2024

    Trump Media Co-Founders OK'd To Revise Share-Lockup Suit

    Two co-founders of Donald Trump's social media company won the go-ahead Tuesday to file a second amended, expanded complaint in the Delaware Chancery Court targeting the former president, Trump Media & Technology Group and its insiders for post-deal maneuvering to dilute and claw back their shares, among other claims.

  • April 09, 2024

    Treasury Proposes Long-Awaited Stock Buyback Tax Rules

    The U.S. Treasury Department proposed a pair of long-awaited rules Tuesday that detail the calculation and reporting of a new excise tax assessed to publicly traded corporations that recently bought back their own shares of stock on the open market.

  • April 09, 2024

    Fintech Investment Biz To Go Public Via $700M SPAC Merger

    Financial technology investment platform Linqto Inc., advised by Lowenstein Sandler LLP, on Tuesday unveiled plans to go public through a merger with blank-check company Blockchain Coinvestors Acquisition Corp. I, advised by Seward & Kissel LLP, in a deal valued at $700 million.

Expert Analysis

  • Defense Attys Must Prep For Imminent AI Crime Enforcement

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    Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.

  • Tipsters May Be Key To Financial Regulators' ESG Efforts

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    The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Opinion

    The SEC Is Engaging In Regulation By Destruction

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    The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • A 5th Circ. Lesson On Preserving Indemnification Rights

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    The Fifth Circuit's recent decision in Raymond James & Associates v. Jalbert offers an important lesson for creditors and parties to indemnification agreements: If a debtor has indemnified a creditor, the creditor should consider participating in the bankruptcy case to avoid being deemed to have forfeited its indemnification rights, say Dania Slim and Alana Lyman at Pillsbury.

  • ShapeShift Fine Epitomizes SEC's Crypto Policy, And Its Flaws

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    A recent U.S. Securities and Exchange Commission order imposing a fine on former cryptocurrency exchange ShapeShift for failing to register as a securities dealer showcases the SEC's regulation-by-enforcement approach, but the dissent by two commissioners raises valid concerns that the agency's embrace of ambiguity over clarity risks hampering the growth of the crypto economy, says Keith Blackman at Bracewell.

  • 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.

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