Capital Markets

  • November 21, 2019

    Snap Investors Win Cert. In IPO Class Action

    Shareholders in Snapchat parent Snap Inc. won certification in California federal court Wednesday in their class action over the company's alleged cover-up of problematic growth metrics ahead of its initial public offering.

  • November 21, 2019

    Union Fund Gets Green Light To Expand Ocwen ERISA Suit

    A union pension fund’s trustees can add to their ERISA lawsuit accusing Ocwen Financial Corp. of profiting off the 2000s financial crisis by pushing homeowners into foreclosure, a New York federal judge ruled Thursday.

  • November 21, 2019

    Chinese Crypto Miner Raises $90M In Low-Pricing IPO

    Chinese bitcoin mining company Canaan Inc. raised $90 million in an initial public offering that priced at the bottom of its range on Thursday, represented by Simpson Thacher and underwriters counsel Freshfields.

  • November 21, 2019

    French Lottery Operator Prices €1.6B IPO At Top Of Range

    French national lottery operator Française des Jeux made a strong debut in public markets on Thursday after the government largely privatized the company through a €1.6 billion ($1.77 billion) initial public offering that priced at peak range.

  • November 21, 2019

    MVP: Goodwin Procter's Richard A. Kline

    Goodwin Procter LLP deals pro Rick Kline advised a slate of closely watched transactions over the past year, including Lyft's $2.3 billion listing and Slack's innovative direct listing, earning him a place among Law360's 2019 Capital Markets MVPs.

  • November 21, 2019

    Deals Rumor Mill: Hudson's Bay, Charles Schwab, DoorDash

    A private equity firm is hoping to usurp the previously announced deal for Hudson’s Bay worth about $1.4 billion, Charles Schwab could pay $25 billion to buy smaller rival TD Ameritrade, and DoorDash is considering a direct listing instead of an IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 21, 2019

    Timing Device Co. Debuts With $56M Pillsbury-Led IPO

    SiTime, a timing device company that counts Apple as a major customer, started trading Thursday after raising $55.9 million in an initial public offering steered by Pillsbury Winthrop Shaw Pittman LLP.

  • November 21, 2019

    Ex-BigLaw Atty Guilty In Crypto Money Laundering Trial

    A Manhattan federal jury on Thursday found former Locke Lord LLP corporate partner Mark S. Scott guilty of helping "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, launder $400 million and lie to banks.

  • November 20, 2019

    SEC Initiative Spurs Record Enforcement Against Public Cos.

    Fiscal year 2019 saw markedly more U.S. Securities and Exchange Commission enforcement actions against public companies than any year over the past decade, largely driven by participation in the regulator's Share Class Selection Disclosure Initiative, according to a report released Wednesday.

  • November 20, 2019

    Centra Investors Lose 2nd Bid For Cert. In Crypto Fraud Case

    A Florida federal judge denied certification to a proposed class of Centra Tech investors for the second time in a suit over a fraudulent initial coin offering, saying Wednesday that the investors failed to justify allowing a do-over.

  • November 20, 2019

    Dueling Fintech Regulatory Initiatives May Work Best Together

    Federal and state banking regulators have locked horns over the legality of the Office of the Comptroller of the Currency's fintech charter, but insiders say a state-backed initiative to standardize payment laws could work in concert with the charter to the benefit of the industry.

  • November 20, 2019

    Digital Currency Not In The Works For Now, Fed Chair Says

    Federal Reserve Chairman Jerome Powell told a member of Congress that the Fed was not currently pursuing the development of its own digital currency, saying that the abundance of digital banking options available to Americans meant there wasn't an immediate need for it to do so.

  • November 20, 2019

    Alibaba Prices Record-Breaking Listing That Could Net $12.9B

    Chinese e-commerce giant Alibaba Group Holding Ltd. tapped the services of five law firms to price a record-shattering secondary listing Wednesday in Hong Kong, expecting to raise up to $12.9 billion in order to fund the retail juggernaut’s expansion.

  • November 20, 2019

    Ex-JPMorgan Trader Found Guilty Of Forex Price-Fixing

    A Manhattan federal jury on Wednesday convicted onetime JPMorgan forex trader Akshay Aiyer of scheming to fix currency prices to boost his earnings, delivering a guilty verdict on a count of conspiring to restrain trade in violation of the Sherman Act.

  • November 20, 2019

    MVP: Cleary's Jeffrey Karpf

    Cleary Gottlieb Steen & Hamilton LLP partner Jeffrey Karpf steered a flurry of initial public offerings over the past year highlighted by social media giant Pinterest's $1.4 billion IPO, plus an unusual $2 billion stock offering by a California utility, landing him among Law360's 2019 Capital Markets MVPs.

  • November 20, 2019

    Ellenoff Grossman-Steered Blank Check Cos. Bag $230M IPOs

    A pair of blank check companies began trading Wednesday after raising a combined $230 million in initial public offerings steered by Ellenoff Grossman & Schole LLP.

  • November 19, 2019

    'Cooler Heads' Needed In Document Row, Chancellor Says

    A records suit filed by an exchange-traded fund's ousted CEO, who was tagged as being "dispatched from the devil" by the current CEO, should be settled by the parties, the Delaware chancellor urged Tuesday.

  • November 19, 2019

    Grayscale Files To Register Bitcoin Trust Shares With SEC

    A digital currency asset manager filed Tuesday to register shares of its Grayscale Bitcoin Trust vehicle with the U.S. Securities and Exchange Commission, hoping to break ground and reach a wider institutional audience for bitcoin-related investments.

  • November 19, 2019

    3 Firms Vie For Lead In Investors' Slack Direct Listing Suit

    Three firms have thrown their hats into the ring to lead an investors' suit in California federal court against messaging platform Slack alleging the company failed to warn shareholders of the impact its generous service credit policy would have on its bottom line should service outages occur.

  • November 19, 2019

    GreenVision Targets Health Care Acquisition After $50M IPO

    Blank check company GreenVision Acquisition Corp. debuted in public markets on Tuesday after completing an initial public offering that raised $50 million, money that GreenVision said it plans to spend on acquiring a health care or life sciences company.

  • November 19, 2019

    Kraft Says CFTC Can't Skirt Law In Deal Announcement Feud

    Kraft Foods Group Inc. is digging in its heels as it fights to sanction the U.S. Commodity Futures Trading Commission over its announcement of a $16 million settlement, saying Monday the agency must be held responsible for violating a court order.

  • November 19, 2019

    Ironman Triathlon Co. Faces Stock-Drop Suit After $190M IPO

    A proposed class of shareholders is taking the company that runs the Ironman triathlon brand to Oregon federal court, accusing it of lying about its financial prospects leading up to its $190 million initial public offering, causing the company's stock to plummet when it later revealed that revenues were down.

  • November 19, 2019

    Novel Securities Let Some Drillers Unlock Investor Cash

    Oil and gas drillers are breaking new ground to raise cash with two recent deals that roll up mineral interests into securities, but lawyers say the innovative fundraising tool is only an option for companies with the right kinds of assets and creditors.

  • November 19, 2019

    Profane Chats Proof Of Forex Rigging Conspiracy, Jury Hears

    A Manhattan jury is set to begin deliberating bid-rigging charges against former JPMorgan forex trader Akshay Aiyer after federal prosecutors and Aiyer's defense team clashed Tuesday over whether sometimes-crude chats prove the defendant schemed to short-change clients.

  • November 19, 2019

    Trader Says Archer Daniels Can't Ditch Ethanol Pricing Suit

    A Swiss energy trader urged an Illinois federal judge Monday not to toss its class suit accusing agricultural processor Archer Daniels Midland Co. of manipulating the Chicago ethanol price, saying Archer Daniels' "alternative story" about how its actions amounted to ordinary competition "quickly falls apart."

Expert Analysis

  • SEC Proposals Could Be Game Changing For Proxy Process

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    Recently proposed rule amendments from the U.S. Securities and Exchange Commission could overhaul the proxy process by making it harder for proxy advisory firms to issue voting recommendations, and by changing the requirements for shareholders submitting proposals, say attorneys at V&E.

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • Top Takeaways From The SEC's Banner Enforcement Year

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    The U.S. Securities and Exchange Commission's fiscal year 2019 enforcement report demonstrates the Division of Enforcement's focus on protecting Main Street; that self-reporting initiatives and sweeps are working; and several emerging settlement trends from a record year for penalties and disgorgement, says Kurt Wolfe at Troutman Sanders.

  • 7 Steps For Managing Private Equity Whistleblower Risk

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    In light of the U.S. Securities and Exchange Commission's report last week that whistleblower payouts have declined, private equity firms — which face unique risks — should shore up policies to encourage internal reporting and discourage retaliation, say attorneys at Kirkland.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • High Court's Pass On 1 SEC Case Offers Insight Into Another

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    The U.S. Supreme Court effectively recognized the U.S. Securities and Exchange Commission's extraterritorial reach in denying certiorari in Scoville v. SEC. The move may foreshadow the high court's eventual ruling in Liu v. SEC, which will determine the regulator's authority to seek disgorgement, say Adam Schwartz and Russell Koonin at Homer Bonner.

  • Record Spoofing Settlement Provides Guidance For Traders

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    A record $67.4 million settlement the U.S. Department of Justice and the Commodity Futures Trading Commission recently negotiated with Tower Research Capital over alleged futures market spoofing offers commodities traders enforcement and compliance guidance, and reflects increasing coordination among regulators, say Charley Mills and Matt Kulkin at Steptoe & Johnson.

  • SEC Relief For Digital Custody Co. Takes Guarded Approach

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    The U.S. Securities and Exchange Commission recently granted Paxos Trust Company limited no-action relief to settle securities using blockchain technology without registering as a clearing agency, demonstrating the regulator wants to better understand digital asset custody before allowing for broad adoption, say attorneys at Norton Rose.

  • Bill Would Bridge Digital Realty Whistleblower Protection Gap

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    The Whistleblower Programs Improvement Act's recent introduction in the Senate, along with overwhelming bipartisan support for a similar bill in the House, strongly indicates that Congress intends to extend whistleblower protections beyond the U.S. Supreme Court's 2018 Digital Realty decision, says Antuan Johnson at Katz Marshall.

  • Can State Laws One-Up SEC’s Regulation Best Interest?

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    Because the U.S. Securities and Exchange Commission has punted on whether Regulation Best Interest will preempt state broker-dealer conduct standards, state laws may face challenges under the doctrines of conflict preemption, as well as limitations from the federal securities laws, say attorneys at Williams & Jensen.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • What Challenges To OCC Charter Mean For Fintech Cos.

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    As cases challenging the Office of the Comptroller of the Currency's proposed national bank charter for fintech companies play out in the Southern District of New York and the District of Columbia, businesses may consider alternative options to access the U.S. banking system, say Pratin Vallabhaneni and Margaux Curie at White & Case.

  • FINRA Exams Show Greater Cybersecurity, Comms Focus

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    The U.S. Financial Industry Regulatory Authority's recent report on its 2019 examination findings and observations is notable for its increased granularity in observations related to cybersecurity risk management and digital communication tools, signaling heightened compliance expectations for those areas, say Tim Foley and Kate Hanniford at Alston & Bird.