Capital Markets

  • December 13, 2019

    Real Estate Rumors: Nuveen, Blackstone, Extell

    A Nuveen Real Estate venture is reportedly on the hunt for as much as $408 million in financing for a New York office project, Blackstone has reportedly dropped roughly $130 million on a Brooklyn shopping center, and Extell is said to have landed $700 million in financing for two Manhattan residential properties.

  • December 13, 2019

    Chicago Exchanges Urge 7th Circ. To Uphold Antitrust Win

    Two Chicago exchanges urged the Seventh Circuit on Friday to uphold their pretrial win over claims that they conspired to block a competing outfit from entering the market, arguing the First Amendment protects their conduct in responding to related legislative inquiries.

  • December 13, 2019

    Ellenoff Leads 2 Blank Check IPOs Raising $445M Combined

    Two blank check companies represented by Ellenoff Grossman & Schole LLP debuted in public markets on Friday after pricing initial public offerings that raised a combined $445 million, money that is intended to pay for acquisitions across several industries.

  • December 13, 2019

    Chinese Fintech, US Social Media Co. Nab $462M Total In IPOs

    Chinese fintech company OneConnect and U.S. social media management business Sprout Social each began trading publicly on Friday after raising $312 million and $150 million, respectively, in initial public offerings that took place Thursday.

  • December 13, 2019

    Global Securities Watchdog Eyes Highly Leveraged Funds

    A global standard-setter for securities published new guidelines on Friday to help regulators monitor asset managers and assess whether highly leveraged funds pose a threat to financial stability.

  • December 13, 2019

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

    The past week in London has seen fruit producers team up with their insurers to sue Swiss shipping giant MSC Mediterranean, a £1.5 billion penthouse dispute involving the former emir of Qatar spill over into a libel fight, and lenders like NatWest, HSBC and American Express get roped into a product liability case involving eye care specialists. Here, Law360 looks at those and other new claims in the U.K.

  • December 12, 2019

    Deals Rumor Mill: Google, Caser Seguros, Versant Health

    The DOJ will investigate potential antitrust concerns related to Google’s $2.1 billion deal for Fitbit, two suitors remain in the battle for €1 billion Spanish insurer Caser Seguros, and private equity firm Centerbridge is weighing a sale of Versant Health, which could be worth $2 billion, including debt. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • December 12, 2019

    Eventbrite Seeks Out Of Investors' Suit Over IPO

    Eventbrite is urging a California federal court to toss a proposed securities class action accusing it of concealing the bumpy integration of a recent acquisition ahead of its 2018 initial public offering, arguing that investors failed to point to specific false or misleading statements.

  • December 12, 2019

    Fenwick-Led Bill.com Soars After Pricing Upsized $216M IPO

    Venture-backed Bill.com saw shares soar in debut trading Thursday after the payment software company priced an upsized initial public offering that raised $216 million, marking a strong showing for the latest so-called unicorn to go public.

  • December 12, 2019

    Shopin CEO Cops To $42.5M Fraudulent Crypto Offering

    The CEO of online retail platform Shopin pled guilty to securities fraud for a cryptocurrency scheme in which he lied to investors about the company and held a $42.5 million unregistered initial coin offering, the New York attorney general’s office announced Thursday.

  • December 12, 2019

    NYSE Amends Plan To Allow Capital Raising In Direct Listings

    The New York Stock Exchange on Wednesday submitted a revised plan that would permit companies that go public through direct listings to also raise capital, coming just days after regulators rejected the exchange’s initial proposal.

  • December 12, 2019

    Rabobank Sues Ex-Trader For Exit Package Over Libor Fight

    Rabobank has demanded that a former trader repay a £119,000 ($157,000) exit package that he allegedly violated by suing the Dutch lender for not coming to his defense when U.S. prosecutors charged him with rigging a key benchmark interest rate.

  • December 11, 2019

    FDIC Head Previews Plan To Update Brokered Deposits Regs

    The Federal Deposit Insurance Corp. will propose setting a "bright-line standard" on who qualifies as a deposit broker and creating a better process for seeking agency determinations as part of a forthcoming plan to update its brokered deposit regulations, the head of the agency said Wednesday.

  • December 11, 2019

    SEC Targets Shopin CEO Over Fraudulent $42.5M ICO

    An Israeli-South African cryptocurrency entrepreneur lied to hundreds of investors in his blockchain-based retail platform, Shopin, and conducted an unregistered initial coin offering that raised $42.5 million, according to a U.S. Securities and Exchange Commission suit filed in New York on Wednesday.

  • December 11, 2019

    Elliott-Backed Mining Finance Co. Pulls $243M Canadian IPO

    A Canadian mining finance company backed by private equity firm Elliott Management Corp. withdrew its planned initial public offering on Wednesday, citing "challenging" market conditions.

  • December 11, 2019

    3 Firms Guide Brazilian Finance Co.'s Upsized $2B IPO

    Brazilian financial services company XP began trading Wednesday after pricing an upsized $2 billion initial public offering steered by Davis Polk & Wardwell LLP, Maples and Calder, and Barbosa Müssnich & Aragão Advogados.

  • December 11, 2019

    Suspicious Crypto Activity Reports Up After FinCEN Guidance

    The director of the Financial Crimes Enforcement Network said that his agency has seen a significant uptick in the reporting of suspicious activity related to virtual currencies since issuing guidance for the space in May.

  • December 11, 2019

    CBOE Strikes Deal For Dutch Clearinghouse Ahead Of Brexit

    The Chicago Board Options Exchange has taken full control of Europe's largest clearinghouse for stock trades to boost its base in Amsterdam ahead of Britain's planned exit from the European Union. 

  • December 11, 2019

    NY Financial Regulator Moves To Streamline BitLicenses

    Approved licensees would be able to list additional digital assets without prior permission from the New York Department of Financial Services under a proposed update that agency Superintendent Linda Lacewell announced Wednesday.

  • December 11, 2019

    London Stock Exchange Weighs Shorter Trading Hours

    The London Stock Exchange has set out proposals for shorter trading hours in an attempt to encourage diversity and improve mental well-being among traders at investment companies that use the U.K. bourse.

  • December 10, 2019

    UBS Can't Ditch Feds' Crisis-Era RMBS Fraud Suit

    A New York federal judge said Tuesday that UBS must face a U.S. Department of Justice lawsuit accusing the bank of fraud in its pre-crisis sales of residential mortgage-backed securities, ruling the government could and did succeed in alleging fraudulent intent at this stage without pinning it on any individual employees.

  • December 10, 2019

    3 Firms Steer Vertiv's Go-Public Deal With Blank Check Co.

    Digital infrastructure company Vertiv said Tuesday it plans to go public by merging with a blank check company in a transaction steered by Skadden, Morgan Lewis and Gibson Dunn.

  • December 10, 2019

    3 Men Accused Of Running $722M Crypto Ponzi Scheme

    New Jersey federal prosecutors on Tuesday charged three operators of purported cryptocurrency mining pool company BitClub Network with running "a modern, high-tech Ponzi scheme" that defrauded investors out of $722 million.

  • December 10, 2019

    SEC Investigating 'Sham Letters' That Favored Proxy Regs

    U.S. Securities and Exchange Commission chairman Jay Clayton said Tuesday that the agency is investigating letters he cited in support of a controversial proposal to increase regulation of proxy advisory firms — letters that have since been reported to be dubious.

  • December 10, 2019

    Israeli Gov't Contractor Settles SEC Fraud Suit Over Merger

    Israeli government communications contractor Ability Inc. settled securities fraud claims brought by the U.S. Securities and Exchange Commission on Tuesday, agreeing to pay an undisclosed amount in fines and disgorgement.

Expert Analysis

  • Managing Financial Product Data In Antitrust Cases

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    The data considerations required in antitrust cases involving financial products are different than those for tangible products when it comes to economic analyses for class certification, liability and damages, say George Korenko and Matthew Milner at Edgeworth Economics.

  • Voting Records Support Concerns Over Proxy Firms' Influence

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    Research indicates thousands of asset managers mostly vote in line with proxy advisers' recommendations and aren't always transparent about it, validating concerns over proxy firms' outsize influence on investment management and our capital markets, says professor Paul Rose at the Ohio State University Moritz College of Law.

  • Insider Trading Bill Would Clarify, Expand Years Of Case Law

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    While still subject to Senate approval, the House's recent passage of the Insider Trading Prohibition Act is significant because it shows bipartisan approval for codifying — and potentially broadening — grounds for prosecuting insider trading established in case law, say attorneys at Baker Botts.

  • Strategies To Maintain Privilege In Crisis Response Scenarios

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    In several recent cases, courts have overridden claims that attorney-client privilege applies to communications with public relations firms in connection with litigation and to documents generated in internal investigations, but businesses can use several best practices to avoid the potential risk of waiving privilege, say attorneys at Ropes & Gray.

  • Slack's Direct Listing Tests Limits Of Securities Act

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    Amid an evolving initial public offering market, Slack Technologies’ recent direct listing and resulting shareholder litigation highlight tension between listing requirements and potentially dated Securities Act investor protections, say attorneys at Labaton Sucharow.

  • How To Ward Off Nonclient Suits Over Lawyers' Speech

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    Because lawyers are often sued by nonclients based on public statements they have made, lawyers should be trained to avoid potentially actionable statements when speaking and writing, and they should also understand the overarching defenses against such lawsuits, says Matthew O’Hara at Freeborn & Peters.

  • Opinion

    Exit Of SEC's Jackson Would Create Wall Street Free-For-All

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    An early departure of Commissioner Robert Jackson from the U.S. Securities and Exchange Commission without a replacement lined up would give the Republican-leaning regulator free rein to push rulemaking that allows Wall Street to operate unrestrained, says Shawn Sebastian of the Working Families Party and Iowa Citizens for Community Improvement Action Fund.

  • What Is A 'Reasonably Useful Form' For Production Of ESI?

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    While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

  • Key Takeaways From CFTC's Compliance Officer Guidance

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    The U.S. Commodity Futures Trading Commission's newly issued guidance on chief compliance officer reporting raises important questions about materiality thresholds and enterprise-level compliance operations, says Steptoe & Johnson's Matt Kulkin, former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight.

  • 5 Tips For Maximizing Insurance Claims In A Hard Market

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    As policyholders experience increases in premiums, reduced capacity and more restrictive terms in all lines of insurance coverage, many are turning to new strategies to increase claims recovery, says Micah Skidmore of Haynes and Boone.

  • IPO Benefits And Challenges For Early-Stage Biotech Cos.

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    While initial public offerings can provide early-stage biotech companies with market exposure and access to significant capital, they warrant careful consideration because they can also drain valuable time and resources, say Faith Charles and Paige Connelly of Thompson Hine.

  • Bank Regulators' Proposals Won't Erase Madden Uncertainty

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    While recently proposed rules from the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency aim to clarify that a bank loan's interest rate doesn't change when it is sold or securitized, they're unlikely to fully resolve the ambiguity introduced by the Second Circuit’s controversial Madden decision, say attorneys at White & Case.

  • Patent Decision Highlights Cross-Appeal Considerations

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    The Federal Circuit's recent decision in IPR Licensing overruled precedent to hold that the cross-appeal rule is not jurisdictional, demonstrating the complexity of this seemingly simple rule and its various applications within the circuit courts, says Michael Soyfer at Quinn Emanuel.

  • Opinion

    FSOC Should Overhaul Approach To Examining Systemic Risk

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    At its meeting this week, the Financial Stability Oversight Council should abandon its bank-oriented approach in favor of an activities-based process for identifying risks to the financial system, say former SEC Commissioner Paul Atkins and eight former U.S. Securities and Exchange Commission and Commodity Futures Trading Commission officials.

  • How Sustainable Lending Is Financing A Greener Future

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    As concerns about climate change lead businesses in Asia, Europe and North America to pivot toward a more sustainable development path, climate financing is emerging as a leading opportunity for the increased involvement of credit market participants, say attorneys at King & Spalding.