Capital Markets

  • October 29, 2020

    Davis Polk Steers Asia-Focused Blank-Check Co.'s $175M IPO

    Duddell Street Acquisition Corp., a Hong Kong-based blank-check company looking to acquire an Asian business with growth potential, went public Thursday after raising a $175 million initial public offering, steered by Davis Polk & Wardwell LLP and underwriters counsel White & Case LLP.

  • October 29, 2020

    SPAC Investors Sue To Block $3.7B Medicare Co.'s Formation

    Investors of blank-check company Social Capital Hedosophia Holdings Corp. III filed a proposed class action in state court in Manhattan Thursday to try to block its merger with Clover Health Investments Corp. to form a $3.7 billion Medicare provider, arguing the "flawed sales process" undervalues the company.

  • October 29, 2020

    CFTC Spells Out Staff Procedure For Fine Reductions

    The U.S. Commodity Futures Trading Commission issued a memo to its enforcement division staff Thursday detailing the scenarios used to recommend reduced fines when firms cooperate, the latest effort the commission says will provide more transparency in its examinations and enforcement actions. 

  • October 29, 2020

    3 IPOs Exceed $1B Amid Market Volatility, Others Delay

    Three companies went public on Thursday following the stock market's worst day in four months, led by a $680 million initial public offering by pool supplies company Leslie's Inc., while others postponed plans to go public amid the market volatility.

  • October 29, 2020

    Deals Rumor Mill: Dunkin', Las Vegas Sands, Guitar Center

    Dunkin' Brands could be sold for nearly $9 billion, Las Vegas Sands is weighing the potential $6 billion or more sale of its Las Vegas casinos, and Guitar Center may have to file for bankruptcy. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • October 29, 2020

    MVP: Mayer Brown's Amanda Baker

    Amanda Baker of Mayer Brown LLP's structured finance practice helped Square Inc. deliver coronavirus stimulus funds to small businesses and advised Australian lender Resimac Ltd. on a $1.1 billion cross-border securitization, earning her a spot as one of Law360's 2020 Structured Finance MVPs.

  • October 28, 2020

    SEC Cyber Chief And Ex-SEC Atty Spar Over Crypto Guidance

    The chief of the U.S. Securities and Exchange Commission's cyber unit and an ex-SEC enforcement attorney offered starkly different assessments regarding the agency's effectiveness in regulating cryptocurrency on Wednesday, highlighting the tension between the agency and the crypto industry.

  • October 28, 2020

    NYSE Exec, Ex-Weil Partner Taking VC Crypto Regulatory Role

    Anthony Albanese, currently the chief regulatory officer of the New York Stock Exchange, is heading to venture capital firm Andreessen Horowitz where he will work on cryptocurrency regulation matters, the company announced on Wednesday.

  • October 28, 2020

    SoFi Clears Initial OCC Hurdle In Quest To Launch Bank

    The Office of the Comptroller of the Currency said Wednesday that it has granted conditional approval to Social Finance Inc.'s application for a full-service national bank charter, moving the online lender one step closer to launching SoFi Bank NA.

  • October 28, 2020

    Ocwen, Wells Fargo Fight Bringing Fla. Deal Into ERISA Suit

    Ocwen Financial Corp. and Wells Fargo are arguing that a union pension fund's trustees shouldn't be allowed to use Ocwen's recent $11 million settlement in a mortgage misconduct suit in Florida as a pawn in their ERISA lawsuit in New York federal court.

  • October 28, 2020

    Georgetown Law Prof Skeptical Fidelity Sold Shares Carefully

    Fidelity Investments' charitable arm's rapid liquidation of stock placed in a donor-advised fund by California philanthropists is akin to selling donated art on the street because Christie's auction house is closed, a Georgetown Law professor testified Wednesday in a Zoom bench trial over allegations that Fidelity negligently managed their donation.

  • October 28, 2020

    1st Circ. Downs Union Challenge To Puerto Rico Benefits Cuts

    The First Circuit said Wednesday that several laws Puerto Rico passed cutting back benefits for public sector workers were reasonable ways to weather a fiscal crisis, shooting down two unions' legal challenge to them.

  • October 28, 2020

    3 Firms Assist As Blank-Check Co. Inks $300M SolarMax Deal

    Hong Kong-based blank-check company Alberton Acquisition Corp. has agreed to buy West Coast solar energy firm SolarMax Technology Inc. in a $300 million deal put together with help from Hunter Taubman, Ogier and Ellenoff Grossman, the companies said Wednesday.

  • October 28, 2020

    SEC Says Chicago Suburb Not Honoring Bond Fraud Deal

    The U.S. Securities and Exchange Commission asked an Illinois federal judge Tuesday to enforce a judgment requiring a Chicago suburb to beef up its controls and financial reporting oversight, saying it hasn't adequately done so nearly five years after an independent consultant first made recommendations.

  • October 28, 2020

    Cooley-Led Auto Insurer Leads 5 IPOs Raising Nearly $1.2B

    The Cooley-led parent company of a mobile phone-based auto insurance company headed a pack of five companies whose shares began trading on the stock market Wednesday, raising nearly $1.2 billion through initial public offerings steered by eight firms.

  • October 28, 2020

    Split SEC Will Allow Funds To Expand Derivatives Use

    A divided U.S. Securities and Exchange Commission on Wednesday approved a rule that would regulate how mutual funds and other investment companies use risky derivatives to boost returns, seeking to replace a patchwork system with concrete standards.

  • October 28, 2020

    Milberg Clients Urge 2nd Circ. To OK Axing $12M Fee Suit

    Former Milberg LLP clients told the Second Circuit that a lower court was right to toss the firm's suit seeking to recoup close to $12 million in fees it believes it is owed, saying the firm lacked standing and the claim is time-barred.

  • October 28, 2020

    Pot Co. 4Front Inks $30M REIT Deal To Pay Down Debt

    Multistate cannabis operator 4Front Ventures said Wednesday that it will sell two cultivation facilities to a real estate investment trust for $30 million and then lease them back, using the deal proceeds to shed more debt from its balance sheet.

  • October 28, 2020

    MVP: Kasowitz's Michael A. Hanin

    Michael Hanin of Kasowitz Benson Torres LLP's commercial and securities litigation practices has represented holders of more than $2 billion in notes in groundbreaking National Collegiate Student Loan Trust cases over the securitization trust's management, earning him a spot as one of Law360's 2020 Structured Finance MVPs.

  • October 27, 2020

    SEC Corporation Finance Director To Step Down

    Bill Hinman, the director of the U.S. Securities and Exchange Commission's Division of Corporation Finance, on Tuesday announced he will leave his role at the federal regulator before the end of the year.

  • October 27, 2020

    Burger King Owner Sued Over Offering Statements, Stock Fall

    A pension fund accused Burger King parent company Restaurant Brands International of violating the Securities Act by mischaracterizing parts of its financial performance at the time of two 2019 secondary public offerings, which allegedly later resulted in investors losing money when low sales were revealed and the share price plummeted, according to a proposed class action filed Monday in New York Supreme Court.

  • October 27, 2020

    Airbnb Picks Nasdaq Exchange For Expected IPO

    Home-rental giant Airbnb Inc. on Tuesday selected the Nasdaq exchange for its expected initial public offering, moving one step closer toward completing one of the most highly anticipated public market debuts of 2020.

  • October 27, 2020

    Fidelity Charitable President Defends Share Liquidation

    A Fidelity-affiliated donor-advised fund sponsor acted properly when it liquidated stock donated by California philanthropists, the organization's president testified Tuesday in a trial over their allegations that their donation was mismanaged.

  • October 27, 2020

    Latham-Led Health Tech SPAC Raises $300M For Acquisition

    Lux Health Tech Acquisition Corp., a blank-check company eyeing an acquisition in the health care and technology sectors, went public Tuesday after raising $300 million through an initial public offering steered by Latham & Watkins LLP and underwriters counsel Paul Hastings LLP.

  • October 27, 2020

    Kirkland, White & Case Steer Genius' Go-Public At $1.5B Value

    Sports data company Genius Sports said Tuesday it will go public at a roughly $1.5 billion enterprise value by merging with a blank-check company, a deal guided by White & Case LLP and Kirkland & Ellis LLP.

Expert Analysis

  • Volcker Rule's VC Changes Will Support Underserved Regions

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    Expected changes to the Volcker Rule will permit banks to invest in small and emerging venture capital funds, which could close the gap in financing for startups and small businesses outside the major investment hubs, says Lindsay Karas Stencel at Thompson Hine.

  • Persuasion Skills Attys Can Learn From Political Speeches

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    The tools of powerful political speeches — those with soaring rhetoric that convinces and moves listeners — can be equally applicable to oral advocacy, case strategy and brief writing, say Lauren Papenhausen and Julian Canzoneri at White & Case and former presidential speech writer Dave Cavell.

  • BofI Ruling May Erode Cos.' Securities Class Action Defenses

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    The Ninth Circuit's recent decision in BofI Holding — revived due to a whistleblower action — may erode Private Securities Litigation Reform Act protections for publicly traded companies facing shareholder class actions, and may give plaintiffs a road map for pleading loss causation and scienter, say Glenn Vanzura and Kevin Kelly at Mayer Brown.

  • Opinion

    Reflections On My 1st Judicial Election Amid Racial Tensions

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    Former Georgia Supreme Court Chief Justice Robert Benham looks back at the racial barriers facing his first judicial campaign in 1984, and explains how those experiences shaped his decades on the bench, why judges should refrain from taking political stances, and why he was an early supporter of therapeutic courts that deal with systemic problems.

  • Key Issues To Watch As Coty Investor Suit Proceeds

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    The Delaware Chancery Court recently allowed investors to proceed in challenging a deal that gave JAB Holding a voting majority in Coty, highlighting change-of-control transactions' fiduciary duty considerations, including potential harm to stockholders, director voting abstentions and precision in contractual language, say attorneys at Fried Frank.

  • Weighing Litigation Vs. Arbitration Amid Court Disruptions

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    Parties must determine whether arbitration is better than litigation for their disputes amid pandemic-induced court delays by answering five key questions and understanding the importance of a clearly tailored arbitration clause, say attorneys at Goodwin.

  • How Attys Can Guard Against Rising Settle-And-Sue Claims

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    Certain precautions can help lawyers avoid post-settlement malpractice claims and create a solid evidentiary defense, as settle-and-sue lawsuits rise amid pandemic-induced dispute settlements, say Bethany Kristovich and Jeremy Beecher at Munger Tolles.

  • 5 Areas SEC 'Finders' Proposal Needs More Clarity

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    A recent U.S. Securities and Exchange Commission proposal provides a welcome carveout that allows "finders" to connect issuers with investors without registering as brokers, but questions remain around the exemptive order's scope, and how it would interact with other state and federal securities law requirements, say attorneys at Goodwin.

  • Opinion

    Loan Docs Should Standardize Libor Replacement Language

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    Lenders should consider a universal descriptive amendment to replace Libor in loan agreements in order to simplify the process, lower costs compared to bespoke diligence, and foster operational consistency, proposes Roger Chari at Duane Morris.

  • Law Firm Tips For Attracting, Retaining Attys During Pandemic

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    Steps law firms can take to attract and keep the best lawyers amid the pandemic include diversifying expertise to meet anticipated legal demands, prioritizing firm culture, and preparing for prospective partners' pointed questions, says Brian Burlant at Major Lindsey.

  • How Brent Crude Oil's Dominance Could Come To An End

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    Recent turbulence in the oil market has highlighted the continuing importance of the Brent crude oil price benchmark — but a lack of liquidity could precipitate a decline in its use, as alternative benchmarks emerge, say Andrew Hutcheon and George Garthwaite at Watson Farley.

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • 6 Structural Issues Complicating Libor Transition

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    Examining specific challenges financial institutions face in reconfiguring risk models, compliance processes and operational technologies ahead of Libor's 2021 phaseout may keep the market from grinding to a halt as it transitions to a new interest rate benchmark, says Don Mumma at AxiomSL.

  • What To Know About Software Co. M&A As Deal Volume Rises

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    With the recent two-year peak in software company M&A volume, buyers and sellers in this space will remain interested in getting deals done and must therefore prepare for unique legal challenges in the areas of intellectual property, employee retention and complicated capital structures, say Zachary Turke and Edward Xia at Sheppard Mullin.

  • Series

    Lawyering While Parenting: A Day In A Dad's Pandemic Life

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    Christopher Jennison shares a view of his life working from home as a Federal Aviation Administration attorney preparing to first-chair a trial while splitting child care responsibilities with his lawyer wife.

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