Capital Markets

  • June 29, 2022

    Rising Star: Goodwin Procter's Julia White

    Julia White co-led the Goodwin Procter LLP team advising underwriters Goldman Sachs and JPMorgan in DoorDash's $3.4 billion initial public offering and played key roles in trailblazing transactions like the restructuring of PennyMac Financial Services, earning her a spot among the capital markets law practitioners under age 40 honored by Law360 as Rising Stars.

  • June 29, 2022

    Lowenstein Sandler Finds No Impropriety In FINRA Arbitration

    Lowenstein Sandler LLP's independent review of the Financial Industry Regulatory Authority's arbitration system has found no evidence of an improper agreement to remove certain arbitrators from cases, contradicting the findings of a Georgia state judge earlier this year.

  • June 28, 2022

    Davis Polk Brings On Ex-Cooley Capital Markets Partner

    Corporate firm Davis Polk & Wardwell LLP said Monday it has hired former Cooley LLP partner and capital markets veteran Nicole Brookshire, bolstering its New York practice.

  • June 28, 2022

    4 Firms Steer Canadian Miner's $169M Dual-Listed IPO

    Mining company Ivanhoe Electric Inc. began trading Tuesday after pricing a $169 million dual-listed initial public offering in the U.S. and Canada, guided by four law firms, and marking the first U.S. IPO to raise more than $100 million in nearly seven weeks.

  • June 28, 2022

    Rising Star: Fenwick's Jennifer Hitchcock

    Fenwick & West LLP partner Jennifer Hitchcock has helped guide major transactions involving companies across a range of industries such as technology, life sciences and banking, earning her a spot on this year's list of capital markets practitioners under age 40 honored by Law360 as Rising Stars.

  • June 28, 2022

    Feds Ask For Vigilance On Russian Export Sanctions

    Bureaus of the U.S. Treasury Department and U.S. Commerce Department urged financial institutions Tuesday to monitor for efforts of Russia and Belarus to evade export sanctions related to the invasion of Ukraine, providing some pointers that could help keep certain equipment out of the hands of Russia's military. 

  • June 28, 2022

    Investor Sues Auto Insurer Over Customer Recruitment Costs

    Directors and executives of auto insurance startup Root Inc. have been hit with a derivative investor suit in Delaware federal court alleging they misled shareholders about how much money the company spends acquiring new customers and caused the company's stock price to plummet.

  • June 28, 2022

    Ernst & Young Fined $100M For Cheating On CPA Exams

    The U.S. Securities and Exchange Commission hit Ernst & Young LLP with a $100 million fine on Tuesday after the accounting giant admitted that its audit professionals cheated on certified public accountant license exams, and that it also withheld evidence of the cheating from the agency.

  • June 27, 2022

    Gold Price-Fixing Deal Could Imperil Other Claims, Court Told

    An investor suing Scotiabank for alleged precious metals futures spoofing is objecting to a proposed $50 million settlement that would end a separate gold price-fixing case against the bank and other financial institutions, telling a New York federal judge that the deal's release of claims should be narrowed.

  • June 27, 2022

    Chancery Nixes Aerojet CEO's Bid For Neutral Counsel

    Aerojet Rocketdyne Holdings Inc.'s board chairman will preside over an upcoming meeting where shareholders will vote for directors, the Delaware Chancery Court ruled Monday, rejecting a bid from the chair's rival, the company's CEO, for neutral counsel to conduct the meeting.

  • June 27, 2022

    Catching Up With Delaware's Chancery Court

    The Delaware Chancery Court drew a step closer last week to filling an empty seat on the bench, a debt maven fought for control of a cosmetics company, and new cases came in involving cryptocurrency, building products, business software, and of course, private equity. Here's your weekly roundup of news from Delaware's Chancery Court.

  • June 27, 2022

    Crypto Exchange Unizen Secures $200M To Spur Growth

    Cryptocurrency exchange Unizen said Monday it secured a $200 million capital commitment from private equity firm Global Emerging Markets to help grow its trading platform.

  • June 27, 2022

    Sustainability Group Sees 'Clear' US Progress On Climate Risk

    U.S. financial regulators have made big strides over the past year in moving to monitor and mitigate the risks that climate change poses to the financial system, but they're still way behind some of their peers internationally, according to a report released Monday by an influential sustainability group.

  • June 27, 2022

    DOL Seeks To Toss 'Downright Bizarre' ERISA Guidance Suit

    The U.S. Department of Labor urged a Florida federal court to toss an American Securities Association suit claiming agency guidance illegally imposed new obligations under federal benefits law, arguing that the guidelines weren't required to go through formal rulemaking procedures.

  • June 27, 2022

    Fed Bans Golden Pacific Bancorp Affiliate From Bank Industry

    The Federal Reserve Board of Governors has prohibited an individual from future participation in the banking industry after he allegedly lied in his application to acquire control of Golden Pacific Bancorp Inc., a former bank holding company in California.

  • June 27, 2022

    Car Rental Co. Sued Over Blocked Insurance Payments

    An investor in a company that allows car owners to rent out their vehicles for ride-sharing services wants to inspect the company's books and records in Delaware Chancery Court, to investigate whether it suppressed insurance claim payments through a claims adjuster founded by the rental company's CEO.

  • June 27, 2022

    Blank Rome Welcomes DLA Piper Corporate Atty In LA

    Blank Rome LLP said it has continued growing its Los Angeles office by adding a DLA Piper corporate attorney as a partner in its corporate, mergers and acquisitions and securities practice group.

  • June 27, 2022

    Grand Jury Probes Trump Platform's SPAC Merger

    Digital World Acquisition Corp., the special-purpose acquisition company planning to buy and take public former President Donald Trump's social media platform, said Monday a federal grand jury issued subpoenas to its board of directors that could derail the planned acquisition.

  • June 27, 2022

    Frontier Urges Spirit Investors To Approve $6.6B Merger

    Frontier Airlines Inc. published an open letter to Spirit Airlines investors Monday, urging them to approve the $6.6 billion merger between the two companies at a special shareholder meeting this week and reject the "opportunistic" bid from JetBlue for Spirit.

  • June 27, 2022

    Rising Star: Davis Polk's Pedro Bermeo

    Pedro Bermeo of Davis Polk & Wardwell LLP helped advise the underwriters for Ryan Specialty's $1.3 billion initial public offering, as well as a $3.85 billion refinancing for Ligado Networks, earning him a spot among the capital markets law practitioners under age 40 honored as Law360 Rising Stars.

  • June 24, 2022

    RL Polk Investors Gain Partial Cert. In Buyback Suit

    Delaware's Chancery Court has certified a limited plaintiff class in a suit brought by former shareholders accusing the leaders of R.L. Polk & Co. Inc. of duping them into selling their shares ahead of a lucrative $1.4 billion merger, but the court denied certification to a proposed defendant class.

  • June 24, 2022

    Bank Groups Worry ESG Proposals Are 'Anything But Neutral'

    A coalition of national and state banker groups is pushing back on efforts by Biden administration financial regulators to develop climate risk guidance and other ESG-minded rules, warning of potentially "acute, widespread and anything but neutral" effects, and consequences for banks' ability to serve customers.

  • June 24, 2022

    Stronger Rules Needed After 'Meme Stock' Frenzy, Dems Say

    House Democrats on Friday called for tighter regulations around how broker-dealers manage liquidity, saying that shortfalls in this area contributed to last year's "meme stock" turmoil.

  • June 24, 2022

    Delaware Chancery Orders UpHealth To Delay Annual Meeting

    Delaware's Court of Chancery on Friday ordered digital health company UpHealth Inc. to postpone its June 28 annual stockholder meeting, finding that the board's recent changes to quorum requirements were made with intent to interfere with a majority of stockholders' rights.

  • June 24, 2022

    OCC's Veteran Examiner And Ex-Acting Chief To Retire

    The Office of the Comptroller of the Currency announced Friday that its senior deputy comptroller for supervision risk and analysis, who served briefly as acting comptroller last year, will retire from the agency after 36 years.

Expert Analysis

  • Investment Adviser ESG Lessons From BNY Mellon Case

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    With the U.S. Securities and Exchange Commission's recent $1.5 million settlement with BNY Mellon over environmental, social and governance disclosure violations, we appear to be at the dawn of a new era of enforcement — which means investment advisers should take new compliance steps, say attorneys at Saul Ewing.

  • Crypto Litigation May Grow In Absence Of Regulatory Scheme

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    Three recent cases in the digital asset space illustrate how regulatory uncertainty has created fertile ground for litigation and enforcement to grow, leaving cryptocurrency trading platforms and users to closely monitor guidance from applicable regulatory agencies, say attorneys at Choate.

  • 5th Circ. Ruling Signals Judicial Shift On SEC Admin Process

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    The Fifth Circuit’s decision in Jarkesy v. U.S. Securities and Exchange Commission signals a growing discomfort in the judiciary with the SEC's administrative process, and those dealing with enforcement actions should bring their constitutional challenges early and often, say Benjamin Daniels and Trevor Bradley at Robinson & Cole.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Determining Interest Rate Floors With Transition To SOFR

    Excerpt from Practical Guidance
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    As commercial loans shift from Libor to Secured Overnight Financing Rate term rates, counsel should review existing credit agreements and any amendments, and pay close attention to whether any floors are transitioned or become applicable as a result of an agreement's transition, says Ann Dziuba at LexisNexis.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • SEC Crypto Unit Expansion Is A Warning To Industry

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    The U.S. Securities and Exchange Commission’s recent decision to expand its Crypto Assets and Cyber Unit is a clear signal that federal regulators may increase enforcement against those violating securities laws in the digital asset space, say attorneys at BakerHostetler.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • 2 Years Since Liu, Disgorgement Case Law Is Favoring SEC

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    In the two years since the U.S. Supreme Court’s decision in Liu v. the U.S. Securities and Exchange Commission, circuit courts have weighed in to answer the decision's open questions, and recent cases suggest that courts are unwilling to disrupt disgorgement orders, even where the awards would not survive Liu scrutiny, say attorneys at Ropes & Gray.

  • Latest SPAC Trends Point To Risk Of Negative Outcomes

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    Interest in initial public offerings of special purpose acquisition companies has reached its apex, and in the second half of this year we anticipate sustained levels of SPAC shareholder redemptions, increased liquidations for those unable to consummate an initial business combination and increased litigation risk, say attorneys at The Brattle Group.

  • An Early Step Toward Regulation Of Carbon Offset Market

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    A recent convening held by the Commodity Futures Trading Commission highlighted a need for greater transparency in voluntary carbon markets and for standardization of what constitutes a good or high-quality carbon offset, as well as the CFTC's potential role in regulating the market, say Levi McAllister and Pamela Tsang Wu at Morgan Lewis.

  • The Importance Of Data And Data Analysis In Litigation

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    Understanding, analyzing and effectively presenting large data sets is an increasingly important skill in litigation as it allows plaintiffs to dramatically scale up the scope of cases and is often critical to defeating motions to dismiss and motions for summary judgment, says David Burnett at Motley Rice.

  • Senate Bill Could Be A Sea Change For Crypto Regulation

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    The recently introduced Responsible Financial Innovation Act, if passed, would transform the digital asset landscape by replacing the U.S. Securities and Exchange Commission as cryptocurrency's default regulator, and by shifting oversight away from the current regulatory framework and legal standard for the space, say attorneys at Brownstein Hyatt.

  • Steps Companies Can Take To Mitigate Privilege Labeling Risk

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    Although Google prevailed on a recent privilege labeling sanctions motion, an important takeaway from the decision is that companies should assess their in-house procedures and employee training programs regarding privileged communications to mitigate risks of the potential appearance of bad faith privilege claims, say Gareth Evans at Redgrave and e-discovery attorney James Hertsch.

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