Capital Markets

  • September 23, 2019

    Republicans Press OCC For 'Administrative' Madden Fix

    Republicans on the House Financial Services Committee have called for the Office of the Comptroller of the Currency to pursue regulatory workarounds to neutralize fallout from the Second Circuit’s Madden decision, saying the ruling has led to “significant uncertainty and disruption in many types of lending programs.”

  • September 23, 2019

    Purported Metals, Real Estate Co. Must Repay Investors

    A pair of investment firms will get their money back from a California-based company that claimed to have interests in residential properties and silver stockpiles but was actually buying cryptocurrency before defaulting on a loan, according to a Massachusetts federal judge's order on Monday.

  • September 23, 2019

    Binary Options Sales Rep Gets 8 Months For $145M Fraud

    Another former binary options trader was sentenced to prison on Monday for his role in a $145 million investment scam based out of Israel.

  • September 23, 2019

    Conspiracy Claims Cut From Odebrecht Bribery Suit

    A New York federal court on Monday tossed conspiracy claims against Brazilian engineering conglomerate Odebrecht in a suit that ties the plummeting value of its bonds to a $3.3 billion bribery scheme, finding that alleged financial misrepresentations weren't the result of a formal agreement between the company and its subsidiary.

  • September 23, 2019

    Crypto Exchange Giant Binance Readies US Trading Launch

    The U.S. arm of cryptocurrency exchange giant Binance will begin trading in the U.S. on Tuesday, offering trades across various cryptocurrencies and from fiat to crypto, Binance.US said Monday.

  • September 23, 2019

    4 Biotech Firms Freshen Pipeline With IPOs Totaling $526M

    Four biotechnology companies set price ranges Monday on initial public offerings that could raise a combined $526 million to develop drugs that fight cancer and other diseases, signaling a busy start for October’s IPO market.

  • September 23, 2019

    Investors Accuse Calif. Crypto Co. Of Abandoning Them

    A Russian crypto-entrepreneur in Beverly Hills, California, collected substantial funds from would-be investors, telling them he could septuple their income with investments in initial coin offerings, then abandoned his website and stopped responding to messages, his customers allege in a suit filed in federal court Friday.

  • September 20, 2019

    Ripple Says ICO Suit Alleging Crypto Is Security Filed Too Late

    Ripple Labs has moved to dismiss a consolidated complaint in California federal court that alleges its offering of the XRP cryptocurrency was in fact an unregistered securities offering, saying the allegations were brought too late and highlighting various other deficiencies.

  • September 20, 2019

    Ex-SocGen Exec Tells 2nd Circ. She's No Fugitive

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate asked the Second Circuit to throw out the case Friday, saying a lower court wrongly classified her as a fugitive.

  • September 20, 2019

    CME Group Plans To Launch Bitcoin Options Early Next Year

    CME Group Inc. intends to start offering options on its bitcoin futures contracts in the first quarter of 2020, pending any regulatory hiccups, the exchange said Friday.

  • September 20, 2019

    Shareholders Slap Slack With Suit Over Outage Credits

    Messaging platform Slack Technologies Inc. and some of its current and former officers were hit with an investor lawsuit Thursday in California federal court just months after the direct listing that brought the company public.

  • September 20, 2019

    Court Will Redo Damages Interest In Deutsche RMBS Suit

    A Texas federal court agreed on Thursday to rethink its 2017 ruling that determined the interest rate for calculating damages in the Federal Deposit Insurance Corp.'s suit over Deutsche Bank Securities Inc.'s sale of shoddy residential mortgage-backed securities.

  • September 20, 2019

    Seven Firms To Steer 4 IPOs Raising $1.8B, Led By Peloton

    Seven law firms will steer four initial public offerings slated to price during the week of Sept. 23, led by an estimated $1.1 billion offering by home exercise startup Peloton Interactive and Hollywood talent agency Endeavor Group's potential $600 million IPO.

  • September 20, 2019

    Binary Options Sales Rep Gets 14 Months For $145M Fraud

    A former sales representative in the binary options industry was sentenced to 14 months in prison Friday morning for her role in a $145 million investment scam based out of Israel.

  • September 20, 2019

    Loma Negra Says No Wrongdoing In $1B IPO Disclosures

    Argentine cement maker Loma Negra told a New York federal court Thursday that shareholders' allegations that the company misled them should be tossed, as the plaintiffs haven’t been able to point to any false statements in the disclosures surrounding its $1 billion initial public offering.

  • September 20, 2019

    Chinese Fintech Co. Seeks Toss Of Suit Over Post-IPO Regs

    The Beijing-based Jianpu Technology Inc. has told a New York federal judge that a stock-drop suit claiming it didn’t disclose impending government regulations before launching its initial public offering is pleading a textbook case of “fraud by hindsight.”

  • September 20, 2019

    PR Oversight Board Defends Appointments At High Court

    Puerto Rico’s federally appointed oversight board is urging the U.S. Supreme Court to overturn the First Circuit’s decision that its members require Senate approval, saying their appointment and authority fall within constitutional bounds.

  • September 20, 2019

    6 Questions For Nasdaq’s US, European Surveillance Heads

    Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.

  • September 20, 2019

    2nd Circ. Reinstates Conviction Of Ex-Nomura Trader

    The Second Circuit on Friday reinstated the conviction of a former Nomura Securities International Inc. bond trader’s conviction for adding secret profit margins to residential mortgage-backed bond transactions, finding the lower court’s interpretation of the appellate court’s latest Litvak ruling was “overbroad.”

  • September 19, 2019

    CFTC Calls For Whistleblower Tips As Enforcement Evolves

    The U.S. Commodity Futures Trading Commission is actively courting whistleblowers who may know about misconduct outside of the regulator’s usual domain as it ramps up enforcement in areas typically dominated by the Financial Crimes Enforcement Network and U.S. Department of Justice.

  • September 19, 2019

    Sacramento Home Of Orrick, DLA Piper To Sell For $199M

    The Sacramento office building that houses Orrick, DLA Piper and Jackson Lewis outposts will be snapped up for $199 million by a Manulife Financial Corp. real estate investment arm, according to an announcement Thursday.

  • September 19, 2019

    School District Settles SEC Fraud Claims Over $100M Offering

    A Los Angeles-area school district and its superintendent settled allegations that they conducted a fraudulent $100 million municipal bond offering in late 2016, the U.S. Securities and Exchange Commission announced Thursday, while a second, ex-district official faces a related civil suit in federal court.

  • September 19, 2019

    Cooley-Led Datadog Leads 3 Cos. With Bullish $648M IPO

    Venture-backed analytics company Datadog Inc. saw shares roar in its public debut on Thursday after completing an above-range $648 million initial public offering, the largest of three fresh IPOs that raised a combined $886 million.

  • September 19, 2019

    Airbnb Plans To Check Into Public Market In 2020

    Airbnb on Thursday said it plans to go public in 2020, but did not disclose any financial target or the number of shares it plans to float, which could be one of the largest offerings of the coming year.

  • September 19, 2019

    AbbVie Dodges Suit Over $100M Stock Drop

    An Illinois federal judge on Wednesday dismissed a lawsuit from an investor in AbbVie Inc. who claimed the pharmaceutical company caused investors to lose $100 million when it corrected the preliminary results of its May 2018 Dutch tender offer.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

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    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

  • Series

    Pursuing Wellness: Mental Health Education As A Firm Priority

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    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

  • The New Frontier Of Cryptocurrency Collateral

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    As the number of corporate borrowers transacting in cryptocurrency is likely to increase, this additional pool of value may be of interest to lenders, who should consider some administrative and legal questions as they weigh crypto collateral's costs and benefits, say Jerome McCluskey of Milbank, and Cameron Winklevoss, Tyler Winklevoss, Sarah Olsen and Josh Rawlins of Gemini Trust.

  • Series

    Pursuing Wellness: A Firm's Work With Mental Health Experts

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    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

  • Series

    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • SEC's Broker Bar Stance Hinges On Penalties Vs. Remedies

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    The U.S. Securities and Exchange Commission's recent decision holding that Financial Industry Regulatory Authority expulsions are remedial, not punitive, spells out how far a regulator can go in sanctioning securities misconduct in light of the U.S. Supreme Court's Kokesh opinion, says Clinton Marrs of Marrs Griebel Law.

  • Series

    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Third Point's FTC Fine Displays Antitrust Rule Quirk

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    Although the Federal Trade Commission determined Third Point inadvertently missed Hart-Scott-Rodino Act filings associated with its investments in newly merged DowDuPont, the FTC's enforcement action underscores the need for attention to compliance with the antitrust law, even when the trigger is another company's transaction, say attorneys at Arnold & Porter.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • Crypto-Mining Pools, Chips May Prompt Antitrust Concerns

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    Cryptocurrency-mining company Bitmain's reported plans for an initial public offering have thrust the influence of mining pools and application-specific integrated circuits on the competitive landscape into the spotlight, raising questions over whether they promote mining centralization, says Marc Martos-Vila at Econ One Research.

  • Opinion

    PG&E Bankruptcy Will Test Shareholder Capitalism

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    If the Pacific Gas and Electric bankruptcy allows for the underestimation of tort creditors' claims to leave value for existing shareholders, it will represent an enormous failure that would call into question the fairness of our shareholder capitalism system, says researcher J.B. Heaton.

  • SEC's Shareholder Proposal Change May Muddle 2020 Proxies

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    Recent changes to the U.S. Securities and Exchange Commission staff's role as arbiter of shareholder proposals only add more complexity to the Rule 14a-8 process, which was already fraught with uncertainty for filers preparing to navigate the upcoming proxy season, say attorneys at Davis Polk.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • High Court Snub Raises Foreign Issuer Economic Concerns

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    Foreign companies that issue securities stateside may face increased litigation risk in the wake of the U.S. Supreme Court’s denial of certiorari in Stoyas v. Toshiba, increasing the importance of economic considerations, such as price impact, market efficiency and aggregate exposure, say principals at Cornerstone Research.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.