Capital Markets

  • February 21, 2020

    Shopify Joins Facebook-Led Libra Association

    E-commerce software provider Shopify Inc. announced Friday it has joined the Libra Association, noting that it will work as a member of the Facebook-led digital currency project to make commerce smoother across the world.

  • February 21, 2020

    RMBS Investors Challenge US Bank's Early-Win Effort

    A set of investment vehicles that bought more than $665 million worth of notes in residential mortgage-backed securities trusts overseen by US Bank told a New York federal judge on Thursday not to be swayed by the bank’s recent attempt to dodge a breach of contract dispute.

  • February 21, 2020

    More Companies Likely To 'Test The Waters' Ahead Of IPOs

    More companies are taking advantage of the ability to communicate with select investors in order to gauge market interest before an initial public offering, a trend that lawyers expect to accelerate now that so-called "testing the waters" benefits are available to all companies.

  • February 21, 2020

    Cboe Investors Push For Appeal In VIX Manipulation Case

    Investors in the Chicago Board Options Exchange urged an Illinois federal judge to immediately enter final, and therefore appealable, judgment on an order ending claims over the alleged manipulation of the exchange's volatility index.

  • February 21, 2020

    Winston & Strawn Steers Blank Check Co. Through $200M IPO

    Technology-focused blank check company dMY Technology Group began trading Friday after raising $200 million in an initial public offering steered by Winston & Strawn LLP and Ropes & Gray LLP.

  • February 21, 2020

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen a premium payment card provider drag an exiled Ukrainian politician to court, an investment company sue Cuba for unpaid government debt and lenders offering unregulated finance take action against The Times newspaper. ​​​​​​​Here, Law360 looks at these claims and more. 

  • February 20, 2020

    Paxos Starts Blockchain Settlement Service For US Equities

    New York-regulated Paxos Trust Company announced Thursday that it has partnered with Credit Suisse Group AG and Nomura’s Instinet LLC, the first two broker-dealers to use its blockchain-based settlement service, which will settle select equity trades based in the U.S.

  • February 20, 2020

    Jones Day Helps Guide French Game Co.'s $95M IPO

    French video game company Nacon, represented by Jones Day and French firm Alerion, launched an estimated €88.4 million ($95.4 million) initial public offering Thursday with plans to use the profits to develop games and buy other studios.

  • February 20, 2020

    CFTC Proposes Longer Deadlines For Swap Trading Reporting

    The U.S. Commodity Futures Trading Commission on Thursday proposed two rule changes regarding swap data reporting, including allowing large firms more time to disseminate information about block trades, among other changes intended to provide businesses more flexibility and simplify reporting.

  • February 20, 2020

    Deals Rumor Mill: Speedway, ThyssenKrupp, Univision

    The Japanese owner of 7-Eleven is in talks to buy Speedway for about $22 billion, ThyssenKrupp is nearing a roughly €16 billion sale of its elevator business, and a front-runner has emerged in the battle to buy Univision. Here, Law360 breaks down these and other rumors from the past week that you need to be aware of.

  • February 20, 2020

    Blank-Check Co. East Stone's Upsized IPO Raises $120M

    East Stone Acquisition Corp., a private equity-affiliated blank-check company focused on acquiring a fintech business, debuted in public markets Thursday after raising $120 million in an upsized initial public offering steered by Ellenoff Grossman & Schole LLP and underwriters counsel Schiff Hardin LLP.

  • February 20, 2020

    Feds Target Investment Adviser Who 'Lost' $200K

    A purported investment professional scammed seniors out of $200,000, spending it on cigars and a Corvette, then told his customers their money vanished into thin air, multiple federal enforcement authorities alleged Thursday.

  • February 20, 2020

    Brexit Spurs On EU Capital Markets Union Plans

    The European Commission said the departure of the U.K. and London's financial hub from the bloc creates an “unprecedented sense of urgency” in further integrating capital markets among the remaining member states.

  • February 20, 2020

    Davis Polk, Skadden Guide $13B Morgan Stanley-E-Trade Deal

    Morgan Stanley, counseled by Davis Polk, has agreed to buy Skadden-advised financial services company E-Trade for roughly $13 billion, the companies said Thursday, in a deal that stands to fortify Morgan Stanley’s position as a leading wealth management business.

  • February 19, 2020

    Telegram's $1.7B Grams Offering Remains On Pause

    The cryptocurrency world will have to wait for an adjudication as to whether Telegram's digital assets, Grams, are securities after a New York federal judge extended an existing stipulated injunction against Telegram at the conclusion of a Wednesday hearing and declined to rule on the merits of the case.

  • February 19, 2020

    Investor Settlements Saw Lull In '19 But Big Deals Are In Sight

    Only two investor deals finalized last year were big enough to crack the top 100 largest U.S. securities class action settlements, according to recently released data, but several big deals may join their ranks in 2020.

  • February 19, 2020

    US Bank Says RMBS Claims Resolved By Nix Of Similar Suit

    U.S. Bank told a New York federal judge on Wednesday that another judge in his district has fully dismissed a lawsuit "materially similar" to claims the bank is facing in his court over residential mortgage-backed securities trusts.

  • February 19, 2020

    Pulling Up Stakes: Latham, Dechert, Fenwick & West

    In our latest roundup of deal makers on the move, Fenwick & West recruited a leader for its private investment funds practice, Latham & Watkins roped in an energy M&A pro in Houston and Dechert bolstered its private funds practice with an industry veteran.

  • February 19, 2020

    SEC Urges Firms To Factor Coronavirus Risks In Disclosures

    The U.S. Securities and Exchange Commission on Wednesday urged U.S.-listed companies with operations in China to consider whether coronavirus threats should be disclosed and to work with their auditors to ensure that their financial reporting remains robust, given the circumstances.

  • February 19, 2020

    Morgan Lewis, Squire Patton Rep NextEra In $2.5B Equity Sale

    Represented by Morgan Lewis and Squire Patton Boggs, clean energy company NextEra Energy said Wednesday it is raising about $2.5 billion by selling stakes in itself in order to continue investing in renewable energy projects, among other things.

  • February 19, 2020

    Blockchain Startup Settles SEC Claims Over $45M ICO

    Data encryption startup Enigma MPC on Wednesday settled charges from the U.S. Securities and Exchange Commission that its $45 million initial coin offering from 2017 violated registration requirements.

  • February 19, 2020

    Venator Says It Didn't Lie About Fire Damage At Plant

    Chemical producer Venator Materials PLC sought to end investor claims that the company lied about the severity of a fire in one of its facilities, telling a Texas federal judge that its initial attempts to restore the property showed that company decision-makers had truly believed the damage wasn't as serious as it turned out to be.

  • February 19, 2020

    Securitizations Group Of The Year: Weil Gotshal

    Weil Gotshal & Manges LLP guided several of the most cutting-edge securitization deals of the past year, including the $1.3 billion overhaul of fast-food chain Jack in the Box, earning the firm a spot on Law360’s 2019 Securitization Groups of the Year.

  • February 18, 2020

    Telegram, SEC Lock Horns In Court Over $1.7B Token Offering

    A New York federal judge is set to hear Wednesday from Telegram that its digital token sale should be allowed to move forward as the SEC seeks to further block its $1.7 billion offering, in a case fintech lawyers say is likely to prove seminal in the body of case law impacting digital assets.

  • February 18, 2020

    VW Rips Bondholder's Cert. Bid In Emissions Fraud Row

    Volkswagen asked a California federal judge to reject a bondholder's bid to certify a class action alleging the German automaker offloaded overpriced bonds on unsuspecting investors who weren't told of the emissions-cheating scandal, saying there's no glossing over the myriad factors that affected buyers' purchasing decisions.

Expert Analysis

  • Rebuttal

    AI Can't Accurately Predict Case Length And Cost — Yet

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    A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.

  • Opinion

    PE Investors Should Reject Life Tenure For General Partners

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    Institutional investors in private equity and venture capital funds should push back against limited partnership agreements that make it impossible to remove a general partner for any reason, say Kenneth Witt and Marc Lieberman at Kutak Rock.

  • Boardroom Hot Topics: ESG, Purpose And Stakeholders

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    Public company boards of directors should recognize environmental, social and governance issues as a growing priority for investors, identify the purpose of their corporation, and consider focusing on a broader set of stakeholders, say Valeska Pederson Hintz and James O'Grady at Lowenstein Sandler.

  • Lawyers Can Build Trust Through The Spoken Word

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    As attorneys, we may prefer the precision of written communication, but a phone call or an in-person conversation builds trust by letting others see and hear our authentic selves, rather than something constructed or scripted, says mediator Sidney Kanazawa of ARC.

  • Crypto Bill Offers Basic Definitions The Industry Needs

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    The U.S. House of Representatives' pending Crypto-Currency Act seeks to define today’s myriad digital assets and assign them to specific regulatory bodies, laying some of the requisite groundwork for industry oversight that has so far been lacking, says Fabio Canesin of Nash.

  • FINRA's Changes To New-Issue Sales, Distribution Practices

    Excerpt from Lexis Practice Advisor
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    Recently effective changes to the Financial Industry Regulatory Authority's initial equity public offering sales and distribution rules introduce new considerations for exempt investors, the types of securities offerings subject to the rules, and the types of investors broker-dealers can sell to, say Anna Pinedo and Ali Perry at Mayer Brown.

  • Opinion

    Legal Prediction Is Demanding But Not Impossible

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    The New Jersey Supreme Court’s recent decision in Balducci v. Cige incorrectly concluded that predicting the length and cost of a case is nearly impossible, and overlooked artificial intelligence's ability to do so, says Joseph Avery with Claudius Legal Intelligence.

  • Trends In Recent FCPA And Cartel Cases Against Execs

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    The U.S. Department of Justice has taken more white collar cases against executives to trial this winter, focusing on Foreign Corrupt Practices Act and cartel allegations, and scoring noteworthy victories in a canned tuna price-fixing case and two rate-rigging cases, say attorneys at Miller & Chevalier.

  • 5 Executive Compensation Considerations For Proxy Season

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    Companies preparing their 2020 proxy statements should keep several compensation plan and disclosure issues in mind on the heels of recent say-on-pay and executive remuneration policy updates from Institutional Shareholder Services and Glass Lewis, say attorneys at Pillsbury.

  • SEC Exam Priorities Highlight Flexible, Holistic Compliance

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    The U.S. Securities and Exchange Commission's recently released exam priorities encourage firms to emphasize investor protection and consider compliance in light of evolving business and market demands, say attorneys at Lowenstein Sandler.

  • Effective AML, Anti-Bribery Programs Hinge On Collaboration

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    Amid increasing risk exposure from financial services companies' partners, clients and affiliates, opportunities exist to leverage processes across firms' anti-money laundering and anti-bribery and corruption programs, says Michelle Goodsir at K2 Intelligence.

  • Understanding PE Employee Co-Investment Credit Facilities

    Excerpt from Lexis Practice Advisor
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    Co-investment lines can offer the financing needed to make employee investment an attractive benefit, filling a growing demand for additional liquidity and flexibility at the upper levels of a private equity fund's corporate structure, say attorneys at Haynes and Boone.

  • SEC Faces Several Hurdles In Telegram ICO Case

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    A New York federal court scheduled to hear U.S. Securities and Exchange Commission v. Telegram next week could hand the securities regulator its first loss related to initial coin offerings because the facts are so different from earlier ICO cases, says John Berry at Munger Tolles.

  • Malpractice Landscape Is Becoming Riskier For BigLaw

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    A recent survey of lawyers’ professional liability insurers revealed an increase in malpractice claims against law firms, suggesting clients will demand more accountability in the coming decade, say Gerald Klein and Amy Nguyen at Klein & Wilson.

  • Perspectives

    Book Review: A Lawyer Reflects On Defending Guilty People

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    In her new book, "Guilty People," Abbe Smith successfully conveys that seeing ourselves in people who commit crime may be the first step to exacting change in our justice system, says U.S. District Judge Diane Humetewa of the District of Arizona.

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