Capital Markets

  • July 02, 2020

    Platinum Receiver Settles With Insurers For $14M

    The receiver for defunct hedge fund Platinum Partners agreed to pay around $14 million to settle with insurers that say Platinum owed them more than $44 million, a move the receiver said eliminated one of the biggest obstacles to investors finally recouping some of their losses.

  • July 02, 2020

    Will Libra's Compliance Efforts Be Enough To Sway Critics?

    The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.

  • July 02, 2020

    Latham-Led AI Insurance Site Prices Upsized $319M IPO

    Renters and home insurance provider Lemonade's shares traded Thursday in an upsized $319 million initial public offering with shares peaking 144% above the offering price, in a deal advised on by Latham & Watkins LLP and White & Case LLP.

  • July 02, 2020

    Deals Rumor Mill: Uber, JBIC, XingSheng

    Uber hopes to pay $2.6 billion for Postmates, a group of Japanese entities is investing $14.4 billion in a gas project in Mozambique, and a new funding round will value Chinese groceries delivery app XingSheng at $3 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 02, 2020

    Singapore Watchdog To Probe LSE's $27B Refinitiv Deal

    Singapore's competition authority on Thursday raised concerns about the London Stock Exchange's planned $27 billion takeover of Refinitiv, saying the blockbuster deal could affect the market for foreign exchange rates.

  • July 02, 2020

    Biotech Firms Drive IPO Rebound While 'Unicorns' Gear Up

    The initial public offering market ended midyear on a roll and appears poised for a strong second half of 2020, powered by a robust biotechnology sector and potential debuts from venture-backed technology "unicorns" — barring more pandemic-related setbacks.

  • July 02, 2020

    High Court To Review Nestlé, Cargill Child Slavery Suits

    The U.S. Supreme Court agreed Thursday to hear Nestlé and Cargill's challenges to a Ninth Circuit ruling leaving the companies on the hook for allegations that they benefited from African child labor, teeing up a potential ruling on whether U.S. corporations can be liable for human rights abuses abroad.

  • July 01, 2020

    DOJ Seeks Warhol, Monet Artwork In $96M 1MDB Clawback

    The U.S. Department of Justice on Wednesday filed civil forfeiture complaints seeking about $96 million in assets allegedly related to money laundering by a Malaysian state-owned investment fund, including artwork by Claude Monet, Jean-Michel Basquiat and Andy Warhol.

  • July 01, 2020

    Cybersecurity Co. Accused Of Misleading Investors In IPO

    Israeli cybersecurity software company Tufin overstated its business prospects in North America in the lead-up to its $108 million initial public offering, teeing up a drop in its stock price when the company underperformed, an investor told a New York state court Wednesday.

  • July 01, 2020

    Roche Cyrulnik, Selendy & Gay To Co-Lead TRON ICO Suit

    Roche Cyrulnik Freedman LLP and Selendy & Gay PLLC will work together to represent a proposed class of investors in a suit in Manhattan federal court alleging blockchain software developer TRON Foundation and two of its co-founders made more than $70 million selling unregistered securities.

  • July 01, 2020

    Freshfields Debuts In Silicon Valley With 5 Local Hires

    U.K.-based law firm Freshfields Bruckhaus Deringer LLP on Wednesday announced a new outpost in Silicon Valley, hiring five California attorneys from four rivals to form its third U.S. office and build its footprint in the global tech hub.

  • July 01, 2020

    Skadden-Led SPAC Prices $125M IPO To Fund Biotech Buy

    Special purpose acquisition company Panacea Acquisition Corp. debuted in public markets Wednesday after completing a $125 million initial public offering intended to fund a biotechnology acquisition, guided by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Greenberg Traurig LLP.

  • July 01, 2020

    Weil, Latham Guide Analytics Co. D&B's $1.7B Upsized IPO

    Shares for data and analytics service Dun & Bradstreet began trading on the New York Stock Exchange on Wednesday in an upsized initial public offering that raised $1.7 billion — the third largest this year — in a deal advised on by Weil Gotshal & Manges LLP and Latham & Watkins LLP.

  • July 01, 2020

    Block & Leviton Tapped To Lead Biopharma Stock-Drop Suit

    Block & Leviton LLP will represent a proposed class of shareholders in a suit in California federal court alleging drug developer Gossamer Bio Inc. violated federal securities laws by misleading investors about an asthma treatment it had in the works as it raised more than $317 million when it went public.

  • June 30, 2020

    SEC Urged To Upgrade Disclosures On COVID-19, Diversity

    Market participants on Tuesday urged U.S. Securities and Exchange Commission officials to improve consistency in public company disclosures on matters ranging from how the pandemic is impacting operations to how businesses are addressing social concerns like diversity, so investors can make apples-to-apples comparisons among different companies.

  • June 30, 2020

    Weed Industry-Driven REIT Prices Upsized Offering For $225M

    Real estate investment trust Innovative Industrial Properties announced Tuesday it hopes to raise roughly $225 million in an upsized public offering advised by Foley & Lardner LLP and DLA Piper LLP.

  • June 30, 2020

    Nvidia Says Investor Suit Over Crypto Mining Sales Still Fails

    Technology company Nvidia has asked a California federal judge to toss a shareholder suit accusing it of understating more than $1 billion in crypto-related sales, saying investors are "cherry-picking" portions of executives' statements to allege fraud.

  • June 30, 2020

    Skadden Steers $700M IPO For Goldman Sachs SPAC

    A special purpose acquisition company sponsored by Goldman Sachs started trading Tuesday after raising $700 million in an initial public offering steered by Skadden Arps Slate Meagher & Flom LLP.

  • June 30, 2020

    Pot Co. Cites Force Majeure To Skip Payment On $35M Debt

    A Canadian cannabis holding company with properties in several U.S. states has invoked force majeure to delay an interest payment on $35 million in debt, saying the coronavirus pandemic has made raising capital "virtually impossible."

  • June 30, 2020

    Loeb, Shumaker Loop Cook Up $100M BurgerFi Merger

    American restaurant chain BurgerFi agreed to a $100 million merger with private equity affiliated blank check company OPES Acquisition Corp., the companies said Tuesday, in a deal guided by Loeb & Loeb and Shumaker Loop & Kendrick.

  • June 29, 2020

    High Court's CFPB Ruling May Leave Other Agencies Exposed

    The Consumer Financial Protection Bureau has survived its brush with the U.S. Supreme Court, but the high court's decision giving the president free rein to fire the head of the agency could provide a springboard for future challenges to the independence of other regulatory agencies.

  • June 29, 2020

    2nd Circ. Rejects Challenge To SEC's Regulation Best Interest

    With only a few days left before its compliance date, the U.S. Securities and Exchange Commission's Regulation Best Interest was upheld by a Second Circuit panel unswayed by arguments that the new rule governing standards of conduct for broker-dealers doesn't do enough to protect investors.

  • June 29, 2020

    Miller Energy Investors Win Cert. In Suit Over KPMG Audit

    A Tennessee federal magistrate judge on Monday recommended certifying two proposed investor classes accusing accounting giant KPMG of helping the now-defunct Miller Energy Resources Inc. falsify financials about oil and gas assets, finding the shareholders proved they fulfill all federal requirements.

  • June 29, 2020

    Bondholders Say Venezuela Defense In $1.68B Case Falls Flat

    The holders of some $1.68 billion in Venezuelan bonds are arguing that leaked comments made by the country's special attorney general acknowledging the weakness of its legal efforts to protect Citgo undermine arguments from the country's U.S. ambassador that the bonds violate Venezuelan law.

  • June 29, 2020

    Bank Compliance Risk 'Elevated' Due To COVID-19, OCC Says

    The negative economic impacts of COVID-19 and the government relief programs meant to mitigate them have resulted in "elevated" compliance and other operational risks for banks, the Office of the Comptroller of the Currency said in a report issued Monday.

Expert Analysis

  • Opinion

    Time To Consider Percentage Rental Agreements For Lawyers

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    It has long been the law that attorneys cannot use percentage rental agreements because doing so would constitute an impermissible sharing of fees with nonlawyers, but such arrangements can help lawyers match expenses with revenues in lean times like now, say Peter Jarvis and Trisha Thompson at Holland & Knight.

  • 'Settle And Sue' Malpractice Cases Have New Clarity In Calif.

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    A California state appellate court's recent decision in Masellis v. Law Office of Leslie F. Jensen provides a road map for proving causation and damages in settle-and-sue legal malpractice cases — an important issue of long-standing confusion, says Steven Berenson at Klinedinst.

  • The Litigation Risks In Main Street Lending Program

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    Lenders and borrowers in the COVID-19 Main Street Lending Program can steer clear of litigation roadblocks with proactive compliance measures, but the U.S. Department of Justice should also facilitate the program's objectives by issuing a policy statement limiting False Claims Act actions, say Robert Huffman and Caroline Wolverton at Akin Gump.

  • Time To Comply With SEC Regulation Best Interest, Form CRS

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    The compliance date has arrived for two rules adopted by the U.S. Securities and Exchange Commission last year — Regulation Best Interest and the Form CRS Relationship Summary — and there are many regulatory developments and legal questions that in-house counsel and compliance professionals should consider, say attorneys at Eversheds Sutherland.

  • What You Say In Online Mediation May Be Discoverable

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    Mediation conducted online with participants in different states makes it harder to determine where communications were made, increasing the risk that courts will apply laws of a state that does not protect mediation confidentiality, say mediators Jeff Kichaven and Teresa Frisbie and law student Tyler Codina.

  • Defense Considerations For SEC Remote Interview Requests

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    Without a pandemic resolution in sight, defense counsel will need to make adaptations when addressing remote testimony requests from the U.S. Securities and Exchange Commission, including negotiating for favorable interview conditions and mitigating the consequences of a refusal to testify, say attorneys at Richards Kibbe.

  • Prepare For Antitrust Scrutiny Of PIPEs, Partial Acquisitions

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    In light of the regulatory attention on private equity investment activity, as well as the recent decline in M&A activity and increase in private investments in public equity, the Federal Trade Commission or U.S. Department of Justice may decide to examine for the first time a PIPE transaction that raises competitive questions, say Peter McCormack and Laura Sullivan at Kirkland.

  • 20 Years Later, E-Sign Act's Transformative Impact Continues

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    The Electronic Signatures in Global and National Commerce Act — signed into law on June 30, 2000 — has been the legal foundation for the electronic execution of trusted, enforceable digital contracts, and has enabled the lending economy to thrive despite the COVID-19 pandemic, says Stephen Bisbee at eOriginal.

  • 10 Tips For A Successful Remote Arbitration Hearing

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    As I learned after completing a recent international arbitration remotely, with advance planning a video hearing can replicate the in-person experience surprisingly well, and may actually be superior in certain respects, says Kate Shih at Quinn Emanuel.

  • High Court's SEC Enforcement Ruling Has Tax Consequences

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    In light of the U.S. Supreme Court's recent decision in Liu v. Securities and Exchange Commission, taxpayers whose pre-Tax Cuts and Jobs Act disgorgement deductions were rejected should consider contesting the Internal Revenue Service's determination, say attorneys at Chamberlain Hrdlicka.

  • Opinion

    To Achieve Diversity, Law Firms Must Reinvent Hiring Process

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    If law firms are truly serious about making meaningful change in terms of diversity, they must adopt a demographically neutral, unbiased hiring equation that looks at personality traits with greater import than grades and class rank, says Thomas Latino at Florida State University College of Law.

  • Virus, Regs Highlight Need For Model State Whistleblower Law

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    The North American Securities Administrators Association's recently proposed model state whistleblower law could be a timely weapon against securities misconduct in light of the new and unique opportunities COVID-19 presents for fraudsters, and certain federal registration exemptions that may soon be relaxed, says attorney Patrick McCloskey.

  • What Hong Kong Policy Shift Means For US Finance Cos.

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    Now that the U.S. no longer considers Hong Kong autonomous from China, stateside financial services companies should monitor public company audit reporting, non-U.S. futures and swaps trading, and international capital reporting, say Matthew Kluchenek and Matthew Bisanz at Mayer Brown.

  • Cybersecurity Steps For Law Firms Amid Heightened Risks

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    With large swaths of the population indoors and primarily online, cybercriminals will be able to exploit law firms more easily now than ever before, but some basic precautions can help, says Joel Wallenstrom at Wickr.

  • Madoff Recovery's Next Steps After Justices' Petition Pass

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    The U.S. Supreme Court’s recent refusal to review a Second Circuit decision allowing recovery of funds Bernie Madoff transferred outside the U.S. leaves open the question of whether the clawback initiative’s claims will survive given the strict pleading and proof standards that have evolved over the last 12 years of litigation, say attorneys at Quarles & Brady.

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