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Capital Markets
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									September 12, 2025
									Microsoft, OpenAI Ink Tentative Deal On Nonprofit RestructureOpenAI and Microsoft have announced that the OpenAI nonprofit is taking a major step in its development, gaining control of a new Public Benefit Corporation and receiving an equity stake worth more than $100 billion. 
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									September 12, 2025
									4 Companies Led By 5 Firms Ride IPO Wave, Raising $1.9BFour companies across wide-ranging industries — including an engineering firm, a transportation tech startup, a cryptocurrency exchange and a coffee chain — began trading Friday after raising a cumulative roughly $1.9 billion in their initial public offerings, capping off the year's busiest week for new listings. 
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									September 12, 2025
									McGinn Smith Cos. To Pay $44M To End Obama-Era SEC SuitThe U.S. Securities and Exchange Commission's long-running litigation over the McGinn Smith Ponzi scheme has wrapped up after a federal judge entered a $44.2 million judgment against entities accused of running a $125 million fraud that went bust in 2010. 
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									September 12, 2025
									Digital Infrastructure SPAC Starts Trading After $200M IPOSpecial purpose acquisition company OTG Acquisition Corp. I began trading on Friday after pricing a $200 million initial public offering, with plans to merge with a company in the digital infrastructure services sector. 
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									September 12, 2025
									Broker Wants DC Circ. View Of FINRA Constitutionality ClaimA broker-dealer representative has asked the D.C. Circuit to review a lower court's refusal to block an enforcement action against him from the Financial Industry Regulatory Authority despite his claims that the pending in-house hearing is unconstitutional under the U.S. Supreme Court's Jarkesy decision. 
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									September 12, 2025
									Taxation With Representation: Felesky Flynn, Gibson, KirklandIn this week's Taxation With Representation, copper mining companies Anglo American and Teck Resources plan to merge, EchoStar agrees to sell spectrum licenses to SpaceX, and Diversified Energy acquires fellow energy operator Canvas. 
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									September 12, 2025
									Firm Says Lender In 'Falsified' Loan Suit Wasn't A ClientPullman & Comley LLC has told a Connecticut state judge it should not have to face a New York lender's claims in a legal malpractice case accusing the multistate law firm of failing to flag allegedly falsified $16.2 million loan documents because the plaintiff was not its client. 
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									September 12, 2025
									Title Group Says FinCEN Erred In Rule On All-Cash Resi DealsThe American Land Title Association told a Florida federal judge that the U.S. Department of the Treasury's Financial Crimes Enforcement Network underestimated the costs and overestimated the benefits of a rule imposing new reporting requirements on all-cash residential real estate transactions. 
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									September 12, 2025
									Calif. Court Refuses To Block Climate Reporting Rules, AgainA California federal court judge would not bar two new state climate disclosure regulations while a coalition of business groups takes its bid for an injunction up to the Ninth Circuit, saying his perspective hasn't shifted since the groups' last injunction request. 
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									September 11, 2025
									Trump's CFTC Nominee Publicly Feuds With Winklevoss TwinsBrian Quintenz is accusing crypto exchange founders Tyler and Cameron Winklevoss of pressuring President Donald Trump to delay his nomination to lead the U.S. Commodity Futures Trading Commission, saying in a social media post that the identical 44-year-old twins were apparently unhappy that he refused to make promises about a complaint they've lodged against agency attorneys. 
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									September 11, 2025
									Trump Wants Fed Gov. Cook Out Before Next Rate MeetingThe Trump administration asked the D.C. Circuit Thursday to halt a preliminary injunction barring the removal of Federal Reserve Gov. Lisa Cook, urging the appellate court to fast-track its decision in an effort to block Cook from participating in a meeting regarding interest rates next week. 
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									September 11, 2025
									Capital One Sues FDIC Over $149M SVB Bailout ChargeCapital One has sued the Federal Deposit Insurance Corp. in Virginia federal court challenging a $149 million charge in a special assessment levied by the agency as part of an effort to recoup losses from the 2023 regional banking crisis, saying the FDIC improperly included certain data in its calculation of the special assessment. 
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									September 11, 2025
									Ex-Nikola CEO Seeks To Undo Investor Class In Fraud CaseFormer Nikola CEO Trevor Milton on Thursday asked an Arizona federal judge to decertify at least part of a class of investors accusing him and the company of exaggerating the viability of Nikola's technology and its business prospects, arguing the lead investors didn't identify and contact class members during discovery. 
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									September 11, 2025
									SEC Fights Musk's Bid To Send Twitter Case To TexasThe U.S. Securities and Exchange Commission is challenging Elon Musk's attempt to have a lawsuit over his purchase of Twitter shares moved to Texas, arguing Thursday that there was "no question" that the case belonged in Washington, D.C. 
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									September 11, 2025
									SEC Drops Suit Against Nikola Founder After Trump's PardonThe U.S. Securities and Exchange Commission on Thursday ended its civil enforcement action in New York federal court against Nikola founder Trevor Milton months after he was pardoned by President Donald Trump for his securities fraud conviction on charges of lying to boost the company's stock on Wall Street. 
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									September 11, 2025
									CFTC Withdraws Biden-Era Voluntary Carbon Credit GuidanceThe U.S. Commodity Futures Trading Commission has withdrawn Biden-era guidelines that were intended to foster transparency and deter manipulation in the emerging market for voluntary carbon credits. 
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									September 11, 2025
									Weedmaps Shouldn't Get To Exit Fraud Suit, Investor SaysWeedmaps Technology Inc., a cannabis tech company that was fined by federal regulators for allegedly misleading investors, shouldn't be allowed to escape an investor-led proposed class action, the lead plaintiff has told a California federal court, saying the company's arguments defy common sense and understandings of the word "engage." 
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									September 11, 2025
									DLA Piper Adds Leveraged Finance Partner In LADLA Piper has hired a former Katten Muchin Rosenman LLP attorney as a leveraged finance partner in Los Angeles, where she will also serve as leader of the firm's West Coast fund finance team. 
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									September 11, 2025
									Texas Justices Wary Of Letting Developers Out Of $75M BondTexas Supreme Court justices seemed hesitant Thursday to buy an argument from Greystar Development & Construction LP that it and other defendants on the hook for a $406 million judgment only need to collectively pay a $25 million bond for their appeal, saying the statute seemingly compels each individual defendant to pony up. 
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									September 11, 2025
									AI, Tech and More Sectors Drive $4B-$7B Deal RumorsValuations in the $4 billion to $7 billion range emerged as the sweet spot in this week's deal rumors, with companies across artificial technology, tech and other sectors reportedly nearing stake sales, divestitures and initial public offerings. 
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									September 11, 2025
									Capital One Unit Can't Nix OT Misclassification CaseA Virginia federal judge ruled that a former Capital One employee can concurrently pursue claims under federal and state overtime laws, adding that the bank made some premature arguments when it tried to toss a suit accusing it of misclassifying learning associates as overtime-exempt. 
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									September 11, 2025
									Cooley-Led LB Pharmaceuticals Raises Upsized $285M IPOLB Pharmaceuticals, a clinical-stage biopharma company developing therapies for a number of neuropsychiatric diseases, hit the public markets on Thursday after raising $285 million in an upsized initial public offering. 
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									September 11, 2025
									Media, Sports-Focused SPAC's $240M IPO Guided By 3 FirmsTrailblazer Acquisition, a blank-check company whose target businesses include media and sports and entertainment, was steered by three law firms as it raised $240 million in an upsized initial public offering with 24 million units at $10. 
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									September 11, 2025
									BlackRock, Pictet Back Swiss Marketplace's $1.3B IPOOnline marketplace owner SMG said on Thursday that it expects to raise up to approximately 1.04 billion Swiss francs ($1.3 billion) in its initial public offering scheduled to take place on the SIX Swiss Exchange on Sept. 19. 
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									September 10, 2025
									Chinese Real Estate Co. Inks $5M Deal To End Investor SuitInvestors in Chinese real estate giant KE Holdings Inc. have asked a New York federal judge to give an initial nod to a nearly $5 million deal ending claims the company misled the markets about certain key performance metrics in filings associated with its secondary public offering. 
Expert Analysis
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								Opinion The BigLaw Settlements Are About Risk, Not Profit  The nine Am Law 100 firms that settled with the Trump administration likely did so because of the personal risk faced by equity partners in today's billion‑dollar national practices, enabled by an ethics rule primed for modernization, says Adam Forest at Scale. 
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								Series Brazilian Jiujitsu Makes Me A Better Lawyer  Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg. 
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								Opportunities And Challenges For The Texas Stock Exchange  While the new Texas Stock Exchange could be an interesting alternative to the NYSE and the Nasdaq due to the state’s robust economy and the TXSE’s high-profile leadership and publicity opportunities for listings, its success as a national securities exchange may hinge on resolving questions about its regulatory and cost advantages, say attorneys at Norton Rose. 
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								Review Risk Is Increasing For Foreign Real Estate Developers  Federal and state government efforts have been expanding oversight of foreign investment in U.S. real estate, necessitating careful assessment of risk and of the benefits of notifying the Committee on Foreign Investment in the United States, say attorneys at Troutman. 
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								Series Power To The Paralegals: An Untapped Source For Biz Roles  Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler. 
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								The Legal Risks Of US Restrictions On Investments In China  The second Trump administration has continued to embrace a more restrictive economic policy toward China, including an ongoing review of further restrictions on the flow of U.S. capital to China, so early planning and enhanced diligence can reduce exposure to the challenges resulting from further restrictions, say attorneys at Cleary. 
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								Using Federal Forum Provisions To Nix State Securities Cases  A California appeals court's recent decision in Bullock v. Rivian clarifies that underwriters may enforce federal forum provisions to escape state court Securities Act claims, marking progress in restoring such lawsuits to federal court and reducing the litigation costs arising from duplicative state court litigation, say attorneys at Paul Weiss. 
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								Series Playing Poker Makes Me A Better Lawyer  Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw. 
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								Does R-Squared Have A Role In Event Study Analysis?  With 2024 marking the second consecutive year to experience an increase in securities class action filings, determining the reliability of event study models is of utmost importance, but it's time to reconsider the traditional method of doing so, say analysts at StoneTurn Group. 
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								Opinion Why It's Time To Retire The Efficient Market Hypothesis  As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Law, and attorney Gary Brenner. 
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								Key Aspects Of FDIC's Resolution Planning FAQ  The Federal Deposit Insurance Corp.'s recent FAQ on changes to its resolution plan rule ease burdensome requirements for some large institutions and exempt others from discussion of franchise components, making it easier for banks to finalize submissions before the July 1 deadline, say attorneys at Moore & Van Allen. 
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								Series Law School's Missed Lessons: Becoming A Firmwide MVP  Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt. 
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								What We Lost After SEC Eliminated Regional Director Role  Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness. 
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								4th Circ. Latest To Curb Short-Seller Usage In Securities Suits  The Fourth Circuit's recent decision in Defeo v. IonQ will serve as a powerful and persuasive new precedent for corporate defendants as courts continue curtailing securities class action plaintiffs' use of short-seller reports to plead federal securities law claims, say attorneys at Alston & Bird. 
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								$38M Law Firm Settlement Highlights 'Unworthy Client' Perils  A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.