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Capital Markets

  • May 17, 2019

    Conn. State Court Grants Post-Cyan Discovery Stay

    A Connecticut state judge addressed one of the biggest questions created by last year's controversial Cyan ruling when he granted a bid to halt discovery pending a decision about whether to dismiss a case over allegedly misleading public offering documents.

  • May 17, 2019

    Platinum Exec Says Co-Founder Misled Investors

    A former Platinum Partners executive on Friday told a New York federal jury that the firm’s co-founder and others misled potential investors about the financial health of Platinum’s main fund while the hedge fund manager was struggling to pay back tens of millions of dollars to its limited partners.

  • May 17, 2019

    Citi, JPM Get Nod For $182.5M Euribor Settlement Payout

    A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs' firms that brought the antitrust class action.

  • May 17, 2019

    Deals Rumor Mill: OneConnect, Starz, Carrefour

    A financial technology unit of Chinese conglomerate Ping An Insurance has tapped advisers related to its plans to go public in Hong Kong, Lions Gate rebuffed a $5 billion offer for its Starz network from CBS Corp, and Carrefour is considering selling a minority stake in its Chinese business.

  • May 17, 2019

    Arizona Fintech Sandbox Doubles With 3 New Participants

    A startup that aims to deliver financial services to the unbanked, an income-sharing agreement provider that's seeking to distinguish itself from consumer lenders, and a company that's testing a tool to evaluate potential renewable energy investments are the latest inductees into Arizona's fintech sandbox.

  • May 17, 2019

    8 Firms Steer 5 IPOs Topping $1B Led By Diamondback Unit

    Eight firms will lead five initial public offerings that could raise more than $1.1 billion in combined proceeds during the week of May 20, led by a Diamondback Energy subsidiary's IPO and joined by smaller offerings among blank check and biotechnology companies.

  • May 17, 2019

    Facebook Launches Swiss Fintech Co. Focused On Payments

    Facebook Global Holdings has put together a Switzerland-based fintech company named Libra Networks to focus on the development of software and infrastructure connected to blockchain, big data, payments and other investments, according to publicly available documents.

  • May 17, 2019

    Cooley Guides Venture-Backed Fastly On $180M IPO

    Venture-backed cloud infrastructure provider Fastly made its market debut Friday, racking up a $180 million initial public offering that saw the Cooley-led firm price shares at the high end of its range.

  • May 17, 2019

    China's Luckin Coffee Begins Trading With $651M Offering

    Beijing-based Luckin Coffee began trading Friday after pricing its shares at the high end of its expected range and raising up to about $650.8 million in an initial public offering guided by Davis Polk, Conyers and King & Wood.

  • May 17, 2019

    Cryptocurrency Thief Gets Six Years For $1.8M Heist

    A New York state judge on Thursday sentenced a man to six years in prison for his admitted role in a kidnapping and robbery that drained $1.8 million worth of Ether cryptocurrency from a victim's digital wallet.

  • May 17, 2019

    PE-Backed Avantor Nets $2.9B After Cutting IPO Price Range

    Shares of private equity-backed laboratory supplier Avantor, represented by Simpson Thacher, were expected to begin trading Friday after the company raised $2.9 billion in an initial public offering that priced at the bottom of its reduced range.

  • May 16, 2019

    Levi & Korsinsky Wants SEC Files From Musk Tweet Probe

    Levi & Korsinsky LLP asked a D.C. federal court Wednesday to order the U.S. Securities and Exchange Commission to hand over documents related to its investigation into Tesla CEO Elon Musk's infamous going-private tweet, noting that it is seeking the documents on behalf of shareholders.

  • May 16, 2019

    Bitfinex, Tether Transfers Blocked As NY Judge Narrows Order

    An order enjoining cryptocurrency company Tether Ltd. and trading platform Bitfinex now has a 90-day time limit after being tightened by a New York judge, while core provisions safeguarding document requests and freezing a line of credit between the two companies were left intact.

  • May 16, 2019

    Regulators Nearing Finish Line On Banking Relief Bill

    Federal banking regulators told House lawmakers Thursday that they’re expecting to finish writing rules implementing last year’s banking regulatory relief bill by the end of 2019, should soon have more updates on Volcker rule reform and could move to address the Second Circuit’s controversial Madden decision.

  • May 16, 2019

    New Leader Can't Save Biotech IPO Suit, Judge Rules

    A Massachusetts federal judge on Thursday dismissed a proposed class action claiming ReWalk Robotics Ltd. lied to investors ahead of its initial public offering, rejecting the class' bid to switch out a plaintiff who doesn't have standing for one who does.

  • May 16, 2019

    Mizuho Bank Dodges Another Mt. Gox Bitcoin Buyer Suit

    Mizuho Bank Ltd. is no longer facing a Californian's lawsuit over the collapse of the bitcoin exchange Mt. Gox, marking yet another successful escape from claims that it improperly halted international withdrawals from the exchange.

  • May 16, 2019

    Lowenstein-Led Fintech Firm OpenFin Scores $17M Fundraise

    Financial technology firm OpenFin said Thursday a group of high-profile investors spearheaded by Wells Fargo poured $17 million into a recent funding round, giving the Lowenstein Sandler-led company additional resources to improve its finance-focused desktop operating system.

  • May 16, 2019

    Feds Want At Least 2½ Years For ICO Fraudster

    Federal prosecutors told a New York federal judge that a cryptocurrency entrepreneur should serve at least 2½ years in prison for issuing two fraudulent initial coin offerings in what is one of the first criminal cases to consider the applicability of federal securities laws to digital tokens.

  • May 16, 2019

    EU Tells Firms To Write New Benchmark Rate Into Contracts

    The European Central Bank has urged the bloc’s financial institutions to begin referring to the European Union’s new unsecured overnight borrowing rate in new contracts and those set to mature before the current scandal-hit eurozone benchmark is dropped in 2021.

  • May 16, 2019

    EU Fines 5 Banks €1.07B For Rigging FX Trades

    Five major banks including Royal Bank of Scotland and Barclays have been fined more than €1 billion ($1.2 billion) for allegedly colluding in the trade of large sums in foreign-exchange markets, the European Commission announced Thursday.

Expert Analysis

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • DC Circ.'s Chance To Clarify 'Should Have Known' Liability

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    With its upcoming decision in Thaddeus North v. U.S. Securities and Exchange Commission, the D.C. Circuit should articulate a clear legal standard for when a compliance officer “should have known” about reportable events. Without such guidance, compliance officers cannot do their jobs without fearing unintended consequences, say Brian Rubin and Michelle McIntyre of Eversheds Sutherland.

  • Opinion

    FINRA's Presumptive Bad Actor Rule Seems Like Overkill

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    The Financial Industry Regulatory Authority's proposal to establish a system of preemptive confiscatory fines based on predictive analytics prompts many questions about whether such a regime would be necessary or fair, says Thomas Potter of Burr & Forman.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • Examining The Evidence On VIX Manipulation

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    An ongoing multidistrict litigation alleges manipulation of the formula used to determine the settlement price for derivatives based on the Chicago Board Options Exchange’s volatility index. But a review of trading data reveals how reasons other than manipulation can explain trading activity on any given day, say consultants with Analysis Group.

  • DC Circ. Gives New Meaning To 'Willful' In Securities Statutes

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    The D.C. Circuit’s recent decision in The Robare Group v. U.S. Securities and Exchange Commission drives home the idea that long-accepted interpretations of federal securities laws may be upended when appellate courts take a fresh look at the statutory language, say attorneys at Debevoise & Plimpton.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • What Gov't Outsourcing Ruling Means For Investigations

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    A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.

  • Getting Out Of Legal Project Management Debt

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    If a client does not demand the application of project management techniques at the start of a matter, or a law firm does not routinely apply them, it is highly likely that additional, avoidable work — legal project management debt — will materialize throughout the matter, says Anthony Widdop of Shearman & Sterling.