Capital Markets

  • April 09, 2020

    SEC Enforcement Expected To Surge On COVID Volatility

    Following the erratic stock market swings fueled by the COVID-19 crisis, attorneys expect a surge in U.S. Securities and Exchange Commission investigations tackling a broad range of potential violations, from outright fraud to disclosure issues.

  • April 09, 2020

    Gas Co. Targets Depository Trust Co. In $2B Award Fight

    A Spanish natural gas company sought information Wednesday from The Depository Trust Company as it pursues litigation in England to enforce a more than $2 billion arbitral award against Egypt, stemming from a gas supply dispute.

  • April 09, 2020

    SEC Urges Public Cos. To Bolster Disclosures Amid Outbreak

    The U.S. Securities and Exchange Commission’s top brass stressed the importance of “high quality” disclosures amid COVID-19, urging SEC-registered public companies to bolster forward-looking statements as they prep for earnings releases.

  • April 09, 2020

    Supermarket Income REIT Plans $94M Share Sale

    Supermarket Income REIT is expecting to raise roughly £75 million ($93.5 million) through a planned a sale of shares, the U.K.-based real estate investment trust announced Thursday.

  • April 09, 2020

    Proxy Firm OKs Poison Pills, Bashes Buybacks In Pandemic

    Short-term poison pills may be a reasonable response to coronavirus-related stock drops, but companies should be extremely wary about share repurchases during the pandemic, Institutional Shareholder Services Inc. said in releasing its COVID-19 policies.

  • April 09, 2020

    Cravath-Led Booking Prices $4B In New Debt Amid Downturn

    Represented by Cravath Swaine & Moore LLP, Booking Holdings Inc., the owner of travel brands such as Booking.com, Priceline and Kayak, said Thursday it had priced $4 billion in new debt during a downturn in the travel and hospitality industry due to the deadly COVID-19 pandemic.

  • April 09, 2020

    SEC Provides COVID-19 Relief To Business Development Cos.

    The U.S. Securities and Exchange Commission has temporarily relaxed financing rules for business development companies to allow additional financial support to portfolio companies struggling with the effects of COVID-19.

  • April 09, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a major Portuguese bank join the queue of lenders suing Mozambique in the wake of a $2 billion fraud scandal, Russia's sovereign wealth fund target another news outlet over coverage, and BP add to the legal woes for its rival Glencore. Here, Law360 looks at those and other new claims in the U.K.

  • April 08, 2020

    2nd Circ. Won't Ruffle Key Theory As Goldman Case Plows On

    The Second Circuit was split on whether to decertify a class of Goldman Sachs investors on Tuesday, but unanimous in declining to augment a key theory on which the class is asserting securities claims against the investment bank.

  • April 08, 2020

    DC Circ. Urged To Toss CCO's Fine For Missing Red Flags

    A former broker-dealer chief compliance officer has asked the D.C. Circuit to toss $40,000 in fines against him affirmed by the U.S. Securities and Exchange Commission, saying he shouldn’t be liable for missing a new hire’s ties to a barred broker.

  • April 08, 2020

    SEC Eases Regulations On Business Development Companies

    The Securities and Exchange Commission on Wednesday agreed to ease rules on business development companies and certain funds over the objection of a dissenting commissioner, who argued the agency is weakening investor protections amid market turbulence and a health crisis.

  • April 08, 2020

    SEC Unit Highlights 4 Key 'Best Interest' Exam Focus Areas

    The U.S. Securities and Exchange Commission's exam unit has issued two alerts about initial compliance examinations for Regulation Best Interest and Form CRS, saying its staffers will focus on whether broker-dealers have made a “good faith effort” to comply with the new measures.

  • April 08, 2020

    Cooley-Led BioPharma Raises $96M In IPO At Top Of Range

    Clinical-stage biopharmaceutical company Keros Therapeutics Inc. started trading shares Wednesday after raising $96 million in a Cooley LLP-steered initial public offering that priced at the top of its expected range.

  • April 08, 2020

    Ex-Akin Gump Atty Joins Loeb & Loeb's Corporate Group

    Loeb & Loeb LLP bolstered its capital markets and corporate practice in California with the addition of a former member of Akin Gump Strauss Hauer & Feld LLP.

  • April 08, 2020

    Wells Fargo Can't Nix Equitybuild Ponzi Scheme Claims

    Wells Fargo must face the bulk of a proposed investor class action accusing it of facilitating a yearslong, $135 million Ponzi scheme carried out by real estate investment firm Equitybuild Inc. and its father-son owners, a California federal judge has ruled.

  • April 07, 2020

    7th Circ. Urged To Rethink Chicago Exchanges' Antitrust Win

    The Seventh Circuit created a split among circuit courts when it upheld the pretrial win of two Chicago exchanges accused of conspiring to block a competitor from entering the market, that rival said as it asked the full circuit to rehear the case.

  • April 07, 2020

    Cahill Gordon Suspends 2020 Summer Associate Program

    Cahill Gordon & Reindel LLP has decided to suspend its summer associate program for 2020 in response to the COVID-19 pandemic, the firm announced Tuesday though it says it will pay the associates who had been selected and will offer them full-time positions after graduation.

  • April 07, 2020

    Robinhood Users Add Gross Negligence Claim To Outage Suit

    A proposed class action against trading app Robinhood added additional causes of action in an amended complaint filed Tuesday, adding gross negligence and negligent misrepresentation claims in a case brought after users were locked out of their accounts in early March.

  • April 07, 2020

    Clayton Urges Cos. Seeking Rescue Aid To Inform Investors

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday urged companies that may receive federal rescue money aimed at easing economic fallout from the coronavirus pandemic to disclose their plans with investors as best they can.

  • April 07, 2020

    Split 2nd Circ. Rejects Goldman’s Bid To Decertify Class

    In a split decision Tuesday, a Second Circuit panel ruled against Goldman Sachs’ bid to decertify an investor class and narrow the scope of the “price maintenance theory” — the idea that misstatements can fraudulently keep an artificially boosted stock price from dropping.

  • April 07, 2020

    WeWork Committee Sues SoftBank For Nixed $3B Share Buy

    A WeWork special committee sued SoftBank in Delaware court Tuesday over a canceled deal to buy $3 billion of the company’s shares, saying the Japanese investment giant is reaping the benefits of their larger bailout agreement but is now backtracking on its end of the contract.

  • April 07, 2020

    Airbnb Nabs $1B In Private Backing During Travel Slump

    Airbnb said it raised $1 billion from a pair of private backers even as the travel and hospitality industry has taken a short-term hit from the spread of COVID-19.

  • April 06, 2020

    Airlines Wary Of Giving Up Equity For Gov't COVID-19 Funds

    U.S. airlines battered by coronavirus-related travel restrictions are banking on federal aid to help cover their employees' pay, but funding that allows the government to demand an ownership stake may put off some companies and prompt them to look elsewhere for vital cash, experts said.

  • April 06, 2020

    Blockchain Group Urges 2nd Circ. To Reverse Telegram Ruling

    The Second Circuit should reverse a lower court order blocking Telegram from distributing $1.7 billion of its Gram digital tokens, the Blockchain Association wrote in an amicus brief.

  • April 06, 2020

    FinCEN Grants Reporting Relief In Updated BSA Guidance

    The Financial Crimes Enforcement Network has issued updated guidance providing relief from certain disclosures and requirements to assist with Bank Secrecy Act compliance concerns amid the COVID-19 pandemic.

Expert Analysis

  • Tax Considerations For REITs In A Coronavirus-Driven Market

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    Notwithstanding their well-deserved reputation for complexity, commercial mortgage real estate investment trusts possess a number of creative solutions to what can at first appear to be intractable problems at the intersection of tax law and finance when it comes to adapting to the pandemic, say attorneys at Skadden.

  • Key Risks For Green Bond Issuers When Plans Change

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    Green bond issuers struggling to adhere to their frameworks amid a pandemic-prompted economic downturn should prioritize communication with investors consistent with their reporting obligations under the relevant securities laws, contracts and listing rules, say attorneys at Latham.

  • A Look At Fed's New Facility For Money Market Mutual Funds

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    By quickly establishing the Money Market Mutual Fund Liquidity Facility, the Federal Reserve has taken early action aimed at stabilizing the money markets and avoiding further significant financing dislocation as a result of the COVID-19 pandemic, say attorneys at Simpson Thacher.

  • Don't Forget Firm Culture When Adapting To Remote Work

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    While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

  • ERISA Fiduciary Best Practices During Market Instability

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    Plan fiduciaries can assist participants and mitigate Employee Retirement Income Security Act risk amid market uncertainty due to the coronavirus pandemic by closely monitoring investments, maintaining a diverse lineup, paying attention to employer stock funds, planning ahead and documenting processes, say attorneys at Mayer Brown.

  • Conducting Court Hearings Remotely: 12 Considerations

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    As more courts begin to explore remote hearings during the COVID-19 crisis, attorneys and courts should be aware of some of the common concerns accompanying video- and teleconferencing technology and make allowances to avoid these issues, say Attison Barnes III and Krystal Swendsboe at Wiley Rein.

  • The Era Of Video Mediation Is Here — Or Is It?

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    Mediator Jeff Kichaven has heard from several first-chair trial lawyers and senior claims executives that they are reluctant to adopt online video mediation even during the COVID-19 crisis, and says this reluctance is grounded in reality.

  • COVID-19 Highlights BigLaw Need For Emotional Intelligence

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    The formula for making decisions at BigLaw firms has historically been rooted in IQ-based factors, but with the ongoing pandemic, lawyers and firm leaders are increasingly dealing with issues that require emotional intelligence — from establishing effective virtual offices to retaining firm morale and client confidence, say Jolie Balido and Tina van der Ven at NewStar Media.

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

  • Ways Lawyers Can Support The Most Vulnerable Right Now

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    In this global health and economic crisis, it is essential that lawyers recommit to inclusion, and fight for colleagues, clients, community members and friends who are most at risk, says Dru Levasseur, head of the National LGBT Bar Association's inclusion coaching and consulting program.

  • NY Order May Limit Foreclosures, But Could Hurt Local Banks

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    A recent executive order from the New York governor facilitates mortgage forbearances to help stave off a statewide foreclosure crisis, but shifting too much of the burden to the banking industry could force small and local institutions to sell their residential loan portfolios to generate liquidity and avoid risk, say Adam Swanson and Jessie Bonaros at McCarter & English.

  • Confronting The Challenges Of Virtual Mediation

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    Conducting mediation via videoconference amid the ongoing pandemic poses significant challenges, including the difficulty of reading people when you are not with them in person. Daniel Garrie at JAMS shares six tips to overcome the limitations.

  • 3 Steps To Building Effective Teams While On Lockdown

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    When your team is working from different locations due to the COVID-19 outbreak, don’t default to just sending emails. Collaboration is much easier when team members are also communicating in real time over the phone or through videoconferences, say William Oxley and Meghan Rohling Kelly at BakerHostetler.

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