Capital Markets

  • July 19, 2019

    CFTC Gets $2.9M Win Against No-Show Alleged Fraudster

    A Texas federal judge granted the Commodity Futures Trading Commission a $2.9 million final judgment on Friday against an alleged fraudster who never appeared in the case or responded to the agency’s complaint.

  • July 19, 2019

    Chatting With The CCO: Fidelity's Norm Ashkenas

    Norm Ashkenas helped guide Fidelity's brokerage and retirement products through the 2008 financial crisis and is one of its top compliance executives at a time when standards for financial professionals are in flux.

  • July 19, 2019

    Money Moves: Covington, Weil, Eversheds Sutherland

    Covington & Burling LLP snagged a lobbying firm's formal general counsel, Weil Gotshal & Manges LLP added to its London office and Eversheds Sutherland is building out its banking team after a record year — this is Law360's latest roundup of personnel moves in the banking arena.

  • July 19, 2019

    11 Firms To Guide 7 IPOs Exceeding $1.4B As July Stays Hot

    Eleven firms are set to guide eight initial public offerings estimated to raise more than $1.4 billion during the week of July 22, continuing a sizzling stretch on the IPO schedule highlighted by a Chinese sports marketing giant and a wide gamut of issuers.

  • July 19, 2019

    Wells Fargo Says Tribe Must Pay In $250M Loan Dispute

    Wells Fargo has sued the Picayune Rancheria of Chukchansi Indians of California in New York state court, accusing the tribe and its economic development authority of participating in a scheme to avoid making payments owed as part of a $250 million loan agreement.

  • July 19, 2019

    Groups Urge Libra Partners To Stand Up To Facebook

    Four public advocacy groups on Thursday urged the Libra Association's more than two dozen partners to withdraw from the Facebook-led cryptocurrency project, a day after skeptical lawmakers grilled the social media giant.

  • July 19, 2019

    UK's Regional REIT Lands $78M Through New Share Offering

    U.K.-based Regional REIT said Friday it has raised £62.5 million ($78.2 million) through an offering of roughly 58.7 million shares, exceeding a £50 million target established at the end of June.

  • July 19, 2019

    FINRA Presses Brokers For Voluntary Notice On Digital Assets

    The Financial Industry Regulatory Authority has asked U.S. broker-dealers to proactively alert it if they plan to work with digital assets, adding another 12 months to a request for voluntary disclosures that FINRA launched one year ago.

  • July 19, 2019

    3 Cos. Raise $1B In IPOs Led By Peruvian Asset Manager

    A trio of companies, including a Latin American asset manager, made their public debuts Friday, hitting the market a day after pricing shares in initial public offerings that brought in a total of $1 billion.

  • July 19, 2019

    Crypto 'IEOs' Grow Globally Despite US Legal Obstacles

    Initial exchange offerings, a fast-rising global phenomenon where cryptocurrency exchanges administer token sales on behalf of blockchain startups, stand little chance of taking off in the U.S. because of legal risks tied to this novel form of capital raising, lawyers say.

  • July 19, 2019

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

    The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.

  • July 19, 2019

    AB InBev Inks $11.3B Sale Of Australian Unit To Asahi Group

    Anheuser-Busch said Friday it has inked an AU$16 billion ($11.3 billion) sale of its Australian subsidiary to Japan’s Asahi Group as the beverage giant eyes expansion into the Asian Pacific region, adding that it is still weighing an IPO of its Budweiser APAC unit.

  • July 18, 2019

    Binary Options Exec Trained Reps To Con Investors, Jury Told

    On the second day of binary options executive Lee Elbaz’s fraud trial, one of her former subordinates took the stand to tell a Maryland federal jury that Elbaz coached her on how to lie to investors to bring in more cash.

  • July 18, 2019

    Linklaters Hires Blockchain Wonk As 1st US Fintech Leader

    London-based legal mammoth Linklaters LLP has hired a noted blockchain lawyer to lead its financial technology work in the United States, the firm announced Thursday on the heels of heated U.S. congressional hearings on Facebook Inc.'s potential foray into cryptocurrency.

  • July 18, 2019

    SEC Told To Emphasize That Earnings Guidance Not Required

    The U.S. Securities and Exchange Commission should make it more clear that companies are not required to give quarterly earnings guidance, certain members of a panel told agency officials on Thursday, worried that fixation on short-term results is unhealthy for America’s public markets.

  • July 18, 2019

    Warren Attacks PE Firms For 'Legalized Looting' With New Bill

    Sen. Elizabeth Warren, D-Mass., called for greater regulation of private equity firms Thursday with legislation intended to quell what she dubbed the “legalized looting” of portfolio companies.

  • July 18, 2019

    Deals Rumor Mill: AB InBev, AT&T, Axalta

    AB InBev is reportedly mulling selling off assets after the company scrapped a planned Hong Kong offering of its Asia Pacific unit, AT&T is looking at options for its Puerto Rican business, and Axalta Coating Systems is exploring a sale.

  • July 18, 2019

    NJ AG Says Online Rental Co., CEO Sold Unregistered Tokens

    New Jersey's attorney general slapped an online rental marketplace and its president with a state court suit Wednesday accusing them of selling more than $400,000 worth of unregistered securities to more than 200 investors in a so-called initial token offering.

  • July 18, 2019

    SEC, CFTC Fine Portfolio Manager They Say Faked Profits

    A former portfolio manager at a hedge fund agreed Thursday to pay about $800,000 to end allegations by the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission that he inflated the value of investments to boost his personal bonus.

  • July 18, 2019

    Akin Gump Brings Debt Finance Partner To NY Office

    Akin Gump Strauss Hauer & Feld LLP announced Thursday that it’s bolstering its corporate practice by bringing a debt finance attorney from Stroock & Stroock & Lavan LLP as a partner into its New York office.

  • July 18, 2019

    SEC Hits Capital Energy Execs With Suit Over Ponzi Scheme

    The two co-founders of Capital Energy Group LLC orchestrated a $3.9 million Ponzi scheme in which they promised investors high returns on an oil and gas offering, according to a U.S. Securities and Exchange Commission suit filed in Texas federal court Wednesday.

  • July 18, 2019

    5 Cos. Price IPOs Totaling $1.1B, Led By Danish Biotech Firm

    Five companies’ shares began trading on U.S. exchanges Thursday after the companies, led by a Danish biotechnology firm, priced initial public offerings that together raised nearly $1.1 billion.

  • July 17, 2019

    'May I Just Ask': Era Of Civility Passes With Justice Stevens

    Former clerks and attorneys remember Justice John Paul Stevens, who died Tuesday night at the age of 99, for his trenchant mind and his unending civility. Does his passing mark an end to an era of collegiality on the bench?

  • July 17, 2019

    Justice Stevens' Chevron Legacy Under Attack

    Justice John Paul Stevens' landmark decision in Chevron USA Inc. v. NRDC shaped the course of administrative law, and his legacy, for decades. But a recent wave of criticism shared by members of the current court threatens to erase a doctrine that has long bolstered federal regulators' sway over corporate America.

  • July 17, 2019

    'Kindness, Humility, Wisdom': Justices Remember Stevens

    A day after retired U.S. Supreme Court Justice John Paul Stevens died at the age of 99, his colleagues paid tribute to the third-longest-serving member of the high court, cherishing his devotion to public service, his kindness and his unwavering commitment to justice.

Expert Analysis

  • Digital Asset Securities Statement May Be Missed Opportunity

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    The long-anticipated joint statement issued earlier this month by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority reminds entities effecting transactions in digital asset securities of broker-dealer compliance requirements with regard to custody, but falls short of providing actionable guidance, say attorneys at Morgan Lewis.

  • Remembering Justice Stevens As A Law Firm Leader

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    Rothschild Barry's John Coffey, who joined Justice John Paul Stevens' law firm in 1965, shares what it was like to watch Justice Stevens practice law, mentor younger lawyers and land a malfunctioning plane.

  • Opinion

    NY Credit Card Securitization Class Action Misuses Madden

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    In Cohen v. Capital One Funding in New York federal court, the plaintiffs' argument — that special purpose trusts charged and collected interest rates in excess of New York's usury limits — relies on a flawed understanding of the Second Circuit's decision in Madden v. Midland Funding, which was itself erroneous and harmful to credit markets, says Walter Zalenski of Buckley.

  • Answers To Key Legal Finance Ethics Questions

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    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • How The SEC Could Expand Access To Private Offerings

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    The U.S. Securities and Exchange Commission is seeking public comment on whether the definition of an "accredited investor" should be expanded to increase access to private securities placements. The move may be a response to growing complaints that small investors are being shut out of these higher-return offerings, says David Stockton of Kilpatrick Townsend.

  • Federal Agencies Need A Uniform Record-Keeping Process

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    The administrative record is very important to federal agency litigation — as showcased in last month's U.S. Supreme Court decision concerning the addition of a citizenship question to the 2020 census — yet there is no set of consistent principles to guide agencies in compiling these official records, say attorneys at WilmerHale.

  • What To Know About Pending Insider Trading Legislation

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    Recently introduced in the U.S. House of Representatives, the Insider Trading Prohibition Act will represent a potentially significant clarification of U.S. insider trading laws if it proceeds further. And it could be viewed as extending criminal liability to “reckless” conduct, say attorneys at Cleary.

  • Patchwork Of Broker Conduct Regs Complicates Compliance

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    Until challenges to the U.S. Securities and Exchange Commission's newly adopted Regulation Best Interest play out in court, broker-dealers can reconcile conflicting state and federal standards of conduct by complying with the most restrictive applicable regulatory requirements, say Ghillaine Reid and Kurt Wolfe of Troutman Sanders.

  • The Role Of Dictionaries In Last Term's High Court Decisions

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    Since 32 of the 67 decisions issued by the U.S. Supreme Court during its October term cite dictionaries, it’s worth reviewing the opinions to learn which dictionaries the justices consulted and how they used them, say Bruce Wessel and Brian Weissenberg of Irell & Manella.

  • How To Evaluate The Rise In Legal Employment

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    Although the rate of employment for law school graduates — which had been falling steadily — saw a small increase over the last year, other factors, such as fewer graduates overall and potential future job growth stagnation, temper the good news for those pursuing law degrees, say Tiffane Cochran and Tyler Grimm of AccessLex Institute.

  • How Proposed Law Could Affect SEC Disqualification Waivers

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    Legislation introduced in Congress this month would reshape the U.S. Securities and Exchange Commission’s process for granting waivers to companies disqualified from certain financial activities by government enforcement actions, potentially injecting politics into the waiver process, and hamstringing authorities' ability to settle rather than litigate cases, say attorneys at Simpson Thacher.

  • When FCPA Violations Turn Into Private Securities Cases

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    In recent cases like Doshi v. General Cable Corp., plaintiffs attorneys have tried to use company disclosures of government investigations or settlement agreements with regulators to craft private claims for corporate bribery. There are a few things companies might consider to limit their exposure to such claims, say attorneys at DLA Piper.

  • Opinion

    The Business Case For Championing Diverse Legal Teams

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    Leveraging the collective strengths of a diverse workforce is not only the right thing to do, it’s a strategic imperative for any successful firm or business, says Louise Pentland, executive vice president and chief business affairs and legal officer of PayPal.

  • Rethinking The Tech-First Approach To Law Firm Solutions

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    When a lawyer complains about some workflow inefficiency they are having, the knee-jerk reaction of many firms is to look for a technology-based workaround. This overlooks the importance of human psychology and behavior, which may be the root of the problem, says Ryan Steadman of Zero.

  • Whistleblowers Increasingly Shape SEC, CFTC Enforcement

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    The U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission each recently announced multimillion-dollar payouts to tipsters. The uptick in whistleblower tips and awards is affecting the agencies' enforcement priorities and penalties, and presenting new challenges for companies responding to investigations, say attorneys at Sullivan & Cromwell.