Capital Markets

  • May 13, 2021

    Grayscale Pushes To Register $630M Crypto Fund With SEC

    Digital asset manager Grayscale said Thursday it has filed to register a $630 million investment fund focused on top cryptocurrencies with the U.S. Securities and Exchange Commission.

  • May 13, 2021

    Kirkland, Ellenoff Guide Biotech SPAC's $200M IPO

    A blank-check company seeking to combine with a health care business that has the capacity to develop new drug therapies and technologies told regulators Thursday it plans to raise $200 million in an initial public offering guided by Kirkland and Ellenoff Grossman.

  • May 13, 2021

    Deals Rumor Mill: Full Truck Alliance, A-Rod, Vice Media

    China’s Full Truck Alliance could be worth $20 billion after an IPO, Alex Rodriguez and an entrepreneur might pay $1.5 billion for two Minnesota basketball teams, and a proposed SPAC merger could value Vice Media at about $3 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 13, 2021

    Mortgage Insurer Pauses $496M IPO, Citing 'Trading Volatility'

    Citing "significant trading volatility" in its sector, the parent company of mortgage insurance business Enact Holdings said Thursday it was postponing the unit's $496 million initial public offering.

  • May 13, 2021

    Pa. Attys Accused Of $33M Bitcoin Sale Fraud

    A Canadian company lost an opportunity to buy cryptocurrency worth nearly $33 million when two Pennsylvania attorneys allegedly ran a fraudulent scheme for nearly five months, according to a new federal civil suit filed Wednesday.

  • May 13, 2021

    Facebook-Backed Diem Pulls Swiss Stablecoin Application

    Digital currency group Diem Association, which is backed by Facebook, has withdrawn its application for authorization in Switzerland as a blockchain-based payment system to allow it to focus on the U.S., the Swiss financial watchdog has said.

  • May 12, 2021

    Bitcoin 'Inventor' Sues For Access To $5.6B In Cryptocurrency

    Self-styled Bitcoin inventor Craig Wright on Wednesday formally launched legal claims in the U.K. against 16 Bitcoin developers, saying they should help him recover access to roughly £4 billion ($5.6 billion) in cryptocurrency.

  • May 12, 2021

    Figure Gets Nod For Blockchain-Based Securities Trading

    Figure Securities said Wednesday it had received regulatory approval for broker-dealer status and registered a blockchain-based trading system for digital securities.

  • May 12, 2021

    PureCycle Allegedly Misled Investors Ahead Of SPAC Tie-Up

    A proposed class of investors is accusing Florida plastic recycling company PureCycle of misleading them about its technology and financial projections, as well as its access to raw materials, as it went public through a merger with a blank-check company earlier this year.

  • May 12, 2021

    Citi Denied $500M Freeze Extension In Revlon Transfer Fight

    A New York federal judge ruled Wednesday that a group of Revlon lenders that were accidentally wired more than $500 million by Citibank NA last summer should be able to have access to that money while the bank takes its clawback effort to the Second Circuit, though he won't be unfreezing the funds just yet.

  • May 12, 2021

    Buyback Padded Founders' Pockets, Travel Co. Workers Say

    A proposed class of World Travel Inc. employees has accused Prudent Fiduciary Services and its owner of overpaying for a $200 million stock buyback from the company's founders by saddling the employee ownership plan with "tens of millions" of dollars in debt.

  • May 12, 2021

    Cross-Border E-Commerce Firm Leads 3 IPOs Totaling $568M

    Cross-border e-commerce firm Global-e Online Ltd. led a trio of initial public offerings that debuted Wednesday after raising a combined $568 million under the guidance of seven law firms.

  • May 12, 2021

    DC Judge Sanctions Paul Weiss, Alex Oh In Exxon Case

    A D.C. federal judge opted Wednesday to admonish Paul Weiss Rifkind Wharton & Garrison LLP and former firm partner Alex Oh in connection with the Exxon human rights case that appears to have led Oh to resign prematurely from her new post as enforcement head of the U.S. Securities and Exchange Commission.

  • May 12, 2021

    Affirm Looks In-House For Its Next Chief Legal Officer

    Fintech startup Affirm has promoted as its next chief legal officer an attorney whose background includes being general counsel for Toyota Financial Services, the company has announced.

  • May 12, 2021

    Latham, V&E Steer SPAC Deal For $2.3B Electric Scooter Co.

    Electric scooter startup Bird will hit the public markets at an enterprise value of $2.3 billion by merging with a special purpose acquisition company, in a deal put together with assistance from respective legal advisers Latham and Vinson & Elkins, the companies said Wednesday.

  • May 11, 2021

    Latham-Led Vegan Co. Oatly Launches Plans For $1.4B IPO

    Swedish plant-based food company Oatly Group AB on Tuesday set a price range on an initial public offering estimated to raise nearly $1.4 billion, represented by Latham & Watkins LLP and Weil Gotshal & Manges LLP.

  • May 11, 2021

    BitMEX Anti-Money Laundering Trial Set For March

    A New York federal judge on Tuesday set a trial date next spring for the founders of BitMEX on charges that the offshore cryptocurrency derivatives exchange evaded U.S. anti-money laundering rules.

  • May 11, 2021

    Arent Fox Adds Ex-Cooley Atty To Partnership In DC

    Arent Fox LLP has continued to grow its partnership with the addition of an alumnus of both Cooley LLP and the U.S. Securities and Exchange Commission.

  • May 11, 2021

    Gibson Dunn, Davis Polk Steer Amazon's $18.5B Debt Sale

    Amazon said on Tuesday it sold bonds totaling $18.5 billion, joining droves of companies borrowing at robust clips this year with a massive debt offering that includes environmentally friendly notes, steered by Gibson Dunn and underwriters' counsel Davis Polk.

  • May 11, 2021

    FDIC Wants Crypto Info From Banks Amid Global Digital Push

    The head of the Federal Deposit Insurance Corp. said Tuesday that the agency will issue a request for information on banks' progress in the digital assets space, part of a speech that called for fintech innovation while warning that the U.S. could be left behind as countries like China develop their own centralized digital currencies.

  • May 11, 2021

    Block.one Preps New Crypto Exchange With $10B Backing

    Blockchain software company Block.one said Tuesday it has raised over $10 billion in cash and digital assets to launch a new cryptocurrency exchange.

  • May 11, 2021

    3 Firms Steer Mortgage Tech Co.'s $7.7B SPAC Deal

    Mortgage and real estate startup Better said Tuesday that it plans to hit the markets at a post-money equity value of about $7.7 billion through a merger with a special purpose acquisition vehicle steered by Sullivan & Cromwell, Baker McKenzie and Ropes & Gray.

  • May 11, 2021

    Ginkgo Bioworks Valued At $15B In SPAC Deal Led By 3 Firms

    Ginkgo Bioworks will hit the public markets at a pre-money valuation of $15 billion by merging with a special purpose acquisition vehicle backed by former Metro-Goldwyn-Mayer Studios and CBS executives, the companies said Tuesday, in a deal built by Latham, Wachtell and White & Case.

  • May 10, 2021

    1st Circ. Affirms UBS Win In $70M Puerto Rico Arbitration Row

    The First Circuit has refused to disturb UBS Financial Services' arbitration win over a client's $70 million loss from Puerto Rico's bond market collapse, saying the client's arbitrator bias claims would require certain statutory interpretations that the U.S. Supreme Court "has cautioned against."

  • May 10, 2021

    Blue Apron Investor Deal Lands Plaintiff Attys $3.3M

    A New York federal judge gave final approval on Monday to a $13.25 million settlement between subscription cooking service Blue Apron and a class of investors, landing class counsel a $3.3 million payday.

Expert Analysis

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • Outsourcing Proxy Voting Is Still A Concern After SEC Rule

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    Although robo-voting has modestly declined since the U.S. Securities and Exchange Commission finalized its proxy voting rule last summer, the SEC should ensure asset managers don’t wholly outsource their voting responsibilities to proxy advisers, and should consider disabling the practice outright, says Tim Doyle at Guidepost Strategies.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • Opinion

    SEC Should Drop Litigation Over Ripple's XRP Token

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    The U.S. Securities and Exchange Commission should settle or withdraw its allegations that Ripple Labs' XRP is an unregistered security, and focus on creating new rules for securities registration that account for the unique dynamics of digital assets, says J.W. Verret at George Mason University.

  • Enabling Nonsecurity Fractional Ownership Of NFTs

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    Distributed ledger and smart contracts may make fractional ownership of nonfungible tokens possible without the complications of traditional securities sales, and market participants stand to benefit from the associated innovation and efficiencies, say Mack Legal principal Thomas Mack and Google product counsel Richard Widmann.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • Archegos Fallout Is A Wake-Up Call For Banks

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    Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.

  • Opinion

    Justices Should Clarify Securities Fraud Loss Causation

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    At its May conference, the U.S. Supreme Court should agree to review BofI Securities Litigation, to clear up a circuit split on how to assess loss causation in securities fraud cases, as shareholder class actions increasingly focus on external events that led to a stock drop, says Lyle Roberts at Shearman & Sterling.

  • What Kan. Bankruptcy Ruling Means For Junior Lenders

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    Following a Kansas bankruptcy court's recent decision in Fencepost, junior lenders should be aware that voting provisions in subordination agreements may not be enforceable, say Laura Appleby and Elizabeth Little at Faegre Drinker.

  • How SPACs Can Avoid Failed China Reverse Mergers 2.0

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    As red-hot special purpose acquisition companies hungry for de-SPAC transactions set their sites on Asia, practitioners can look to the failed Chinese reverse mergers of the early 2000s for lessons about regulation, due diligence and misrepresentation, say attorneys at Baker McKenzie.

  • The Pandemic's Bright Spots For Lawyers Who Are Parents

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    The COVID-19 crisis has allowed lawyers to hone remote advocacy strategies and effectively represent clients with minimal travel — abilities that have benefited working parents and should be utilized long after the pandemic is over, says Chelsea Loughran at Wolf Greenfield.

  • Economic Sanctions And Export Controls: A Q1 Update

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    Attorneys at Kirkland discuss first-quarter developments in U.S. export controls and economic sanctions and what they may indicate about the Biden administration's national security and foreign policy agenda. 

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