Capital Markets
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November 13, 2018
Sears Seeks Emergency Motion To Sell $900M In Debt
Sears is asking a New York bankruptcy court for an emergency motion to put $900 million in intercompany debt up for sale, saying it has a limited window to turn the debt into cash before the company's credit default swaps go on the block.
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November 13, 2018
Kazakh Uranium Miner Prices Expected $451M IPO
Uranium giant Kazatomprom completed an initial public offering Tuesday projected to raise $451.3 million from London and Astana, Kazakhstan, investors despite pricing at the bottom of its range, enabling sovereign wealth fund Samruk-Kazyna to trim its stake in the Kazakh behemoth.
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November 13, 2018
Deals Rumor Mill: WeWork, Aramco, BMW
WeWork nabbed $3 billion from SoftBank, Saudi Aramco still plans to go public, and BMW is talking to banks while it weighs selling off its credit card unit.
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November 13, 2018
UK, Singapore Fintech Groups Sign Cross-Border Agreement
Organizations representing the U.K.’s and Singapore’s financial technology industries signed an agreement pledging to cooperate with one another on Tuesday, hoping that the cross-border pact will lay the groundwork for faster growth among startups in both countries.
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November 13, 2018
Investors Reach $12M Deal In Biotech Stock-Drop Case
A shareholder class claiming biotech company NantKwest hid millions of dollars in executive compensation expenses from investors prior to its 2015 initial public offering has reached a $12 million proposed settlement with the firm, according to a filing in California federal court.
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November 13, 2018
High Court Won’t Hear $3M Disgorgement Challenge
The U.S. Supreme Court said Tuesday it will not review a First Circuit ruling that an ex-CEO at a behavioral health company who supposedly pursued a merger out of self-interest must disgorge $3 million to shareholders, even though a Massachusetts federal jury initially found the investors weren’t financially harmed.
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November 12, 2018
Jones Day Reps SAP In $8B Qualtrics Buy Ahead Of IPO
Germany’s SAP SE, led by Jones Day, on Sunday inked an $8 billion cash deal for Qualtrics International Inc., snapping up the U.S.-based experience management software provider ahead of an anticipated initial public offering.
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November 12, 2018
FX Firm Can't Use HSBC's UK Docs For US Manipulation Suit
A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.
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November 9, 2018
Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation
Wells Fargo Bank NA announced Friday it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.
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November 9, 2018
$630M CDO Entity Gets Involuntary Ch. 11 Case Dismissed
Three secured creditors of $630 million collateralized debt obligation vehicle Taberna Preferred Funding IV Ltd. can't force the entity into involuntary bankruptcy, a New York bankruptcy court has ruled, because their notes are nonrecourse and therefore only give their holders claims against Taberna's collateral, not the entity itself.
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November 9, 2018
UK Litigation Roundup: Here's What You Missed In London
The last week has seen a pair of disputes involving asset manager CGrowth, another suit from private equity-linked firms taking on parties linked to Thailand's KPN Group and Kodak bring a competition case against Goldman, Glencore and others the film giant has accused of manipulating aluminum prices in the U.S. Here, Law360 looks at those and other new claims in the U.K.
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November 9, 2018
Ex-Platinum Insider Dodges Upcoming $1B Fraud Trial
A former Platinum Partners marketing and investor relations staffer charged over an alleged $1 billion securities fraud scheme has secured a deferred prosecution deal with the government and had his case severed on Thursday from four executives accused of deceiving the hedge fund’s investors.
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November 9, 2018
Puerto Rico Lawmakers Help Debt Restructuring Go Forward
Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.
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November 9, 2018
Trader Who Stole $3M In Cryptocurrency Gets 15 Mos.
A 24-year-old Chicago trader who admitted to stealing more than $3 million in bitcoin and litecoin from his firm and a group of investors was sentenced in Illinois federal court Friday to a little over a year in prison.
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November 9, 2018
Fed Will Cool Its Jets On Stress Capital Buffer Proposal
The Federal Reserve’s vice chairman for supervision said Friday that the central bank is rethinking parts of its stress capital buffer proposal in response to concerns raised by the banking industry and won’t be looking to implement it before 2020.
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November 9, 2018
10 Firms To Guide 6 IPOs Exceeding $800M
Ten law firms are set to guide six initial public offerings that could exceed $800 million during the week of Nov. 12, steering a lineup led by two blank check companies hunting for acquisitions, in potentially the last wave of offerings before Thanksgiving.
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November 9, 2018
SEC Boosts Bid To Block Crypto Co.'s $100M ICO
The U.S. Securities and Exchange Commission has bolstered its bid to block the initial coin offering — estimated to raise $100 million — of a company accused of faking regulatory approval to fool investors, telling a California federal judge that the company's founder has already admitted to much of the scheme.
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November 8, 2018
ResCap Trust Nabs $28.7M Verdict In Mortgage Lender Suit
A Minnesota federal jury on Thursday handed a nearly $29 million verdict to the successor for the now-defunct Residential Funding Co. LLC in its case accusing a former LendingTree unit of having sold it bad mortgage loans before the financial crisis that eventually led to hefty bankruptcy settlements for RFC.
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November 8, 2018
Commerzbank To Pay CFTC $12M Over Swap Dealer Claims
The Commodity Futures Trading Commission issued an order Thursday imposing a $12 million civil penalty against Commerzbank AG for allegedly violating commission regulations and the Commodity Exchange Act by failing to supervise its swap dealer operations and providing misleading reports to the commission.
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November 8, 2018
Rep. Waters Eyes House Financial Services Priorities
Rep. Maxine Waters, D-Calif., laid out some of her plans for the House Financial Services Committee if she’s selected to chair it, saying that she’d focus on issues like consumer protection and financial innovation while also getting tough on oversight of the White House and regulatory agencies.
Expert Analysis
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It’s Time For Law Firms To Start Talking About Gen Z
Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.
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5 Common Misconceptions About SEC Investigations
Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.
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Q&A
Back To School: Yale's Linda Greenhouse Talks Journalism
In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.
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Opinion
An Opportunity To Slow The Rise Of Securities Class Actions
A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.
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Opinion
Celebrate Veterans By Improving Their Access To Justice
Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.
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Rising ICOs Highlight Need For New Valuation Metrics
Determining appropriate valuations for various types of assets has always been a part of litigation. Cryptocurrencies and initial coin offerings are challenging existing valuation models with a new set of issues, says Ryan Donahue of Digital Asset Strategies.
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Opinion
Time To Reclaim Wellness For All Lawyers
The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.
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A Strong Year For SEC Enforcement
The U.S. Securities and Exchange Commission's fiscal 2018 enforcement report, released last week, reveals an active Division of Enforcement focused on cases impacting retail investors as well as actions related to emerging technologies, say attorneys with Debevoise & Plimpton LLP.
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Crypto Exchanges Need Cybersecurity Regulation
With more and more retail consumers relying on cryptocurrency investments, legislators and regulators should be spending more time contemplating cybersecurity regulation for virtual asset exchanges, says Richard Malish of NICE Actimize.
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Nasdaq's New 20% Rule Is Good For Listed Companies
Recently effective amendments to Nasdaq’s shareholder approval rule provide greater clarity and flexibility to companies issuing 20 percent or more of their outstanding common stock in private offerings, says Jason Zachary of Greenberg Traurig LLP.