Capital Markets

January 15, 2019
2 Companies Join IPO Pipeline With Filings Totaling $47M

An Israeli medical device company and a California-based maker of animated television commercials joined the pipeline for initial public offerings Monday with filings totaling $47 million, despite a lengthening government shutdown that makes it uncertain when the deals will price.
January 15, 2019
Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

A federally-appointed board tasked with overseeing Puerto Rico’s monumental debt restructuring joined with the island’s unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.
January 15, 2019
Ukrainians Charged With 2016 Hack Of SEC Filings

A Ukrainian hacker was charged Tuesday with infiltrating the U.S. Securities and Exchange Commission’s Edgar electronic filing system during 2016 as part of a scheme to access material, nonpublic documents that he then shared with traders for profit, U.S. authorities said.
January 15, 2019
Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them, after the jury in the original trial was unable to deliver a verdict.
January 15, 2019
Ex-Bankrate Exec’s 5-Year Sentence For $25M Fraud Halved

A former Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme was cut in half by a Florida federal judge on Monday after prosecutors pushed for a sentence reduction based on his extensive cooperation with the U.S. Department of Justice.
January 15, 2019
Pulling Up Stakes: Shearman, DLA Piper, Latham

In our latest roundup of deal makers on the move, Shearman & Sterling LLP adds some capital markets firepower in Houston, DLA Piper hires an M&A and private equity pro in Washington, D.C., and Latham & Watkins LLP beefs up its private equity practice with a pair of partners in New York.
January 14, 2019
Royal Park, Wells Fargo End RMBS Trustee Suit

A New York federal judge on Monday granted a joint request from Royal Park Investments SA/NV and Wells Fargo Bank NA to dismiss with prejudice the remaining claims in the former’s litigation surrounding alleged failures by the latter as the trustee for two residential mortgage-backed securities trusts.
January 14, 2019
NYSE Fines Wedbush, Founder $1M For Unsupervised Trades

Wedbush Securities Inc. and co-founder Edward Wedbush will pay a combined $1 million to the regulatory arm of the New York Stock Exchange to end claims the company’s leader of 64 years worked the trading desk without oversight.
January 14, 2019
UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.
January 14, 2019
Shutdown Prompts Pause To Wells Fargo's $75M Bond Case

A Rhode Island federal judge has put a suit filed by the U.S. Securities and Exchange Commission against Wells Fargo Co. over a $75 million bond offering involving a Major League Baseball pitcher’s video game company on hold during the federal government shutdown to give the agency time to look at a proposed settlement.
January 14, 2019
Even Defense Attys Miss SEC During Record Gov't Shutdown

With the government shutdown now the longest on record at 24 days, even the attorneys who defend clients against inquiries by the U.S. Securities and Exchange Commission are anxious for the agency to get back to work.
January 14, 2019
Deals Rumor Mill: Etihad, Viacom, Saudi Aramco

Etihad Airways reportedly plans to raise its stake in Indian carrier Jet Airways, Viacom is discussing a deal to sell off a majority stake in some of its operations in China and Saudi Aramco is likely to help fund its SABIC deal with a roughly $10 billion bond sale.
January 14, 2019
2 Biotech Firms, Chinese Lender File IPOs Totaling $192M

Two biotechnology companies and a Chinese online lender filed initial public offerings on Friday preliminarily estimated to raise $192 million, adding to a growing backlog of IPOs that are waiting for the government to reopen before the submissions can move through the pipeline.
January 14, 2019
New Fortress Energy Lauches $400M IPO Amid Shutdown

New Fortress Energy LLC, a gas-to-power business affiliated with private equity firm Fortress Investment Group LLC, moved forward on an initial public offering Monday despite the government shutdown, setting a price range on an estimated $400 million IPO.
January 14, 2019
Cboe Investors Denied Names In VIX Manipulation MDL

Chicago Board Options Exchange investors will have to weather Cboe Global Markets Inc.'s dismissal bid before trying to get the names of traders who allegedly manipulated the exchange's volatility index, or VIX, after an Illinois federal judge on Friday refused to grant an early discovery peek in the multidistrict litigation.
January 14, 2019
Former SEC Senior Enforcement Atty Joins King & Spalding

King & Spalding LLP has bolstered its special matters and government investigations team in Atlanta with the hiring of a 14-year veteran attorney from the U.S. Securities and Exchange Commission.
January 14, 2019
Singapore Regulators Aim To Subsidize New Equity Listings

The Monetary Authority of Singapore on Monday unveiled plans for a SG$75 million ($55.4 million) grant program designed to give small and medium-sized businesses greater exposure to the country’s equity markets and resources to take advantage of capital-raising opportunities.
January 14, 2019
Euronext Tables $717M Formal Offer To Buy Oslo Exchange

Stock market operator Euronext NV confirmed Monday it has tabled a €625 million ($717 million) cash offer for Oslo Bors VPS, hours after the Norwegian exchange said it had found alternative bidders.
January 11, 2019
The Firms That Dominated In 2018

Law360's top four Firms of the Year notched a combined 32 Practice Group of the Year awards after successfully securing wins in bet-the-company matters and closing high-profile, big-ticket deals for clients throughout 2018.
January 11, 2019
Law360 Names Practice Groups Of The Year

Law360 congratulates the winners of its 2018 Practice Group of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

Expert Analysis

Why AFAs Are Key To The Future Of Legal Practice

Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.
FINRA's Suitability Rule Vs. SEC's 'Best Interest' Reg

A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.
Series

Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.
Opinion

The Case For Lawyer-Directed Litigation Funding In NY: Part 2

Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
Shutdown's Messy Impact On Consumer Protection Activities

As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.
Opinion

The Case For Lawyer-Directed Litigation Funding In NY: Part 1

Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.
How Congress Could Change The Game For Digital Tokens

The crypto industry and regulators have struggled to fit cutting-edge blockchain technology into a securities regulatory framework with roots in the 1930s. But a December bill set to be reintroduced in the new Congress would exempt certain blockchain networks from securities laws, say Stephen Crimmins and Matthew Comstock of Murphy & McGonigle PC.
Correcting CFTC Course On Manipulative Intent

In U.S. Commodity Futures Trading Commission v. Wilson, a New York federal court properly relied on 30 years of precedent to overturn the CFTC's broad new theory of manipulative intent, says Chad Silverman of Skadden Arps Slate Meagher & Flom LLP.
7 Questions To Add To Your Lateral Partner Questionnaire

Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.
Impressive Results From DOJ Fraud Section In 2018

The U.S. Department of Justice Criminal Division's 22-page report on the Fraud Section's accomplishments in 2018 provides important hints at what the future holds for individuals and entities whose activities come within the section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

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