Capital Markets

  • October 11, 2019

    Bear Stearns, Reed Smith Settle $500M Malpractice Suit

    Two now-defunct Bear Stearns investment funds have agreed to end a malpractice suit in New York court accusing Reed Smith LLP of bungling its representation of the funds to the tune of half a billion dollars during a suit against ratings agencies.

  • October 11, 2019

    SEC Blocks $1.7B Digital Token Offering In Court

    The U.S. Securities and Exchange Commission obtained a temporary restraining order in New York federal court Friday to block two offshore entities from carrying out a $1.7 billion digital token offering that the agency says violates securities laws.

  • October 11, 2019

    Feds Call Ex-Deutsche Traders 'Emblematic' Of Banking Ills

    Federal prosecutors say two former Deutsche Bank traders’ deserve substantial prison time for Libor rigging as a crime “emblematic” of big banks’ bad behavior, while the traders argue that they had already suffered enough as two of the few to be prosecuted over the international scandal.

  • October 11, 2019

    DC Circ. Presses SEC To Justify Exchange Fee Program

    The D.C. Circuit on Friday seemed skeptical that the U.S. Securities and Exchange Commission had identified an existing problem warranting a two-year pilot program that could cap the fees major exchanges receive.

  • October 11, 2019

    Davis Polk, Skadden Steer Insurer's Potential $246M IPO

    Insurance broker BRP Group Inc. on Friday set a price range for an initial public offering estimated to raise $246 million, steered by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.

  • October 11, 2019

    Visa, MasterCard, EBay Drop Out Of Libra Association

    MasterCard, eBay and Visa confirmed to Law360 on Friday that they won't be joining the Facebook-led Libra digital currency project, a move that comes one week after PayPal announced it was ending its involvement.

  • October 11, 2019

    Dutch Tech Biz CM.com Pumps Brakes On €100M IPO

    Communications technology company CM.com said Friday it has elected to postpone its initial public offering because of unfavorable market conditions, after setting course in late September for a float that was expected to raise €100 million ($110.5 million).

  • October 11, 2019

    US, China Reach Truce To Delay Next Tariff Wave

    The Trump administration will hold off on raising tariffs against Chinese goods, according to a Friday announcement that marks a moment of conciliation in the sprawling trade conflict that has enveloped the two nations for over a year.

  • October 11, 2019

    Reed Smith Nabs Ex-Morrison & Foerster Capital Markets Atty

    Reed Smith LLP has added a capital markets attorney from Morrison & Foerster LLP as a partner in its global corporate practice in New York.

  • October 11, 2019

    Biotech, Bank Raise Combined $276M In Low-Priced IPOs

    Drug developer Vir Biotechnology Inc. and Chicago-area bank HBT Financial Inc. made their debuts in public markets Friday after raising nearly $276 million combined in initial public offerings that priced at the bottom of their ranges, capping off a mild week for IPOs.

  • October 11, 2019

    Congress Looks To Expand Financial Whistleblower Definition

    Congress seems poised to broaden the relatively narrow definition of whistleblower as it pertains to reporting violations of securities laws that was laid out by the U.S. Supreme Court last year, a development attorneys say would benefit potential whistleblowers and their employers alike.

  • October 11, 2019

    SEC's 'Test The Waters' Expansion Could Spur More Offerings

    The U.S. Securities and Exchange Commission’s decision to allow all companies to pursue “testing-the-waters” communications with institutional investors before registering their offerings is welcomed by corporate attorneys, who say the policy could spur more deal-making, though investor groups are skeptical that the public will benefit from the rule change.

  • October 10, 2019

    Ether Is Definitively A Commodity, CFTC Chair Says

    The chairman of the U.S. Commodity Futures Trading Commission said Thursday that the cryptocurrency Ether is definitively a commodity in line with Bitcoin, which has also been excluded from securities laws and falls under the purview of the Commodity Exchange Act.

  • October 10, 2019

    Fed Wraps Up Work On Revamped Big Bank Rules

    The Federal Reserve on Thursday finalized a revamped framework of capital, liquidity and stress-testing standards for large U.S. and foreign banks, completing a major effort to “tailor” post-crisis financial rules in the wake of last year’s banking regulatory relief bill.

  • October 10, 2019

    Former Intuit Exec Takes Over Top Role At LabCFTC

    Former Intuit executive Melissa Netram has been appointed director of the U.S. Commodity Futures Trading Commission's fintech initiative, or LabCFTC, the agency announced Thursday.

  • October 10, 2019

    PIMCO Atty Slams 'Fraternity Culture' In Discrimination Suit

    A Pacific Investment Management Co. in-house attorney says the firm's "fraternity culture" routinely discriminates against women — particularly women of color — while promoting and advancing the interests of white men, according to a suit filed in California state court.

  • October 10, 2019

    US-China Talks Resume With Hope Of Paving Way To Deal

    The Trump administration resumed its trade negotiations with China on Thursday as U.S. business groups tracking the talks expressed optimism that the two sides could strike a preliminary deal to avert new duties slated to take effect next week.

  • October 10, 2019

    Did Citi Dupe DOJ In Forex Investigation?

    A former Citigroup trader acquitted on charges of manipulating foreign exchange markets has accused the bank of fabricating a case for federal prosecutors in order to shield itself from liability, raising eyebrows in the antitrust bar since the government usually goes to great lengths to ensure it’s not being duped.

  • October 10, 2019

    Deals Rumor Mill: Postmates, Exxon Mobil, Armacell

    Online food and goods delivery startup Postmates is postponing plans for a more than $2 billion initial public offering because of market conditions, Exxon is considering a sale of $3 billion worth of Malaysian offshore assets, and private equity-backed Armacell could sell for up to $1.65 billion. Here, Law360 breaks down these and other deal rumors from the past week.

  • October 10, 2019

    US Venture Funding Falls In Q3, But Stays Historically High

    U.S.-based venture capital-backed companies saw a drop in fundraising from the second quarter of 2019, but the third quarter still ranked as one of the highest this century in terms of overall value, according to a report from PricewaterhouseCoopers and CB Insights.

  • October 10, 2019

    4 Firms Steer BioNTech's Downsized $150M IPO

    German drug developer BioNTech SE on Thursday completed a $150 million U.S. initial public offering steered by four law firms, raising less money than it originally hoped to in order to fund patient-specific cancer therapies.

  • October 10, 2019

    Murphy & McGonigle Adds 2 Former SEC Attys In DC

    Murphy & McGonigle PC nabbed two new partners with a combined 22 years of U.S. Securities and Exchange Commission experience to bolster its fast-growing trading and markets team in Washington, D.C., the firm announced this week.

  • October 10, 2019

    1st Circ. Doubts Ex-State Street Exec's Bid To Ax Conviction

    The First Circuit on Thursday tackled for the first time the issue of whether the wire fraud law applies overseas as it voiced some skepticism over a former State Street Corp. executive’s argument that his crimes did not have enough of a tie to the United States to allow his conviction to stand.

  • October 09, 2019

    Strine Calls For Sweeping Corporate Overhaul As Term Wanes

    With only a few weeks left in an eventful two decades on the nationally important Delaware bench, retiring Chief Justice Leo E. Strine Jr. has called for a sweeping overhaul of American corporate governance, aimed at countering what he sees as failures to expand long-term investment, sustainable business practices and fair sharing of gains with workers.

  • October 09, 2019

    SEC Nixes Bitwise ETF Bid Citing Bitcoin Market Manipulation

    The U.S. Securities and Exchange Commission denied Bitwise Asset Management's bid to launch a bitcoin exchange-traded fund in a Wednesday order, stating that it was not convinced the "real bitcoin market" can be resistant to manipulation or fraud.

Expert Analysis

  • How Emotionally Intelligent AI Could Assist With E-Discovery

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    While artificial intelligence has already revolutionized the e-discovery field, the development of emotionally intelligent AI promises to explore data in an even more nuanced and human way, thereby further reducing the burden on legal teams, say Lisa Prowse and Brian Schrader at e-discovery services provider BIA.

  • FinCEN 'Travel Rule' Update Sets Challenges For Crypto Cos.

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    It is unclear how the virtual currency sector will find a practical way to comply with the recent expansion of the Financial Crimes Enforcement Network regulation known as the travel rule, but any solution is likely to have both unintended consequences and unintended benefits, say attorneys with King & Spalding.

  • Rebuttal

    Data Pinpoints Expert Valuation Differences In Del. Appraisals

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    A recent Law360 guest article called on experts in appraisal proceedings to present valuations closer to deal price, but an examination of 20 cases involving disinterested transactions of public targets indicates this call to action is more apt for petitioner valuations than those of respondents, says Michael Cliff at Analysis Group.

  • Preventable Risks Your Law Firm May Be Overlooking

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    Although most lawyers are well-prepared to defend or justify the value of an insurance claim for clients, often law firms have not clearly identified their own potential liabilities, planned for adequate insurance or established prudent internal risk management practices, says Victor Sordillo at Sompo International.

  • 6 Ethics Tips For Attorneys Making Lateral Transfers

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    With lateral transfers between law firms on the rise, it is more important than ever for partners to understand the steps they must take to adhere to ethics rules and other requirements when making a transition, say attorneys at Harris Wiltshire.

  • The Ins And Outs Of SEC's Expanded 'Test The Waters' Rule

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    The U.S. Securities and Exchange Commission’s recent expansion of permissible prefiling communications between issuers and certain potential investors may allow issuers to be in a better position to gauge interest in the market in a cost-effective manner, say attorneys at Debevoise.

  • Regulatory Scrutiny Exposes Crypto Oversight Challenges

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    A recent U.S. House Committee on Financial Services hearing highlights the lack of clarity on cryptocurrencies' legal obligations, as well as potentially shifting expectations as legislators and regulators consider how to oversee cryptocurrencies as a consumer financial product, say Duane Pozza and Antonio Reynolds at Wiley Rein.

  • 5 Steps Toward Broker Conduct Rule Compliance

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    As the June 30 deadline to comply with the U.S. Securities and Exchange Commission's Regulation Best Interest approaches, broker-dealers must start translating their implementation strategies into concrete actions, say attorneys at Eversheds Sutherland.

  • Consider The Power Of Tactical Empathy

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    By employing tactical empathy techniques to understand the interests behind the positions taken by others, attorneys can gain the upper hand in deal negotiations and litigation while still promoting and preserving long-term relationships with opponents, judges and others, say Shermin Kruse of TEDxYouth@Wrigleyville and Ursula Taylor of Strategic Health.

  • Post-Libor Rate Comes With Interest Accrual Concerns

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    The way the Alternative Reference Rates Committee calculates interest for its proposed backup successor to Libor results in an accrual hybrid that is analytically problematic in its suspension of compounding on nonbusiness days, says Thomas Volet at Moses & Singer.

  • The Problem — And Opportunity — Of Implicit Bias In The Bar

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    Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.

  • Series

    Judging A Book: Thapar Reviews Gorsuch's 'A Republic'

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    U.S. Supreme Court Justice Neil Gorsuch's new book "A Republic, If You Can Keep It" offers hope for our constitutional system through stories of American greatness, and sheds much-needed light on originalism for skeptics, says Sixth Circuit Judge Amul Thapar.

  • Opinion

    True Wellness Requires A Deeper Look At Atty Profession

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    While I applaud all of the law firms that have signed the American Bar Association's campaign to improve attorney well-being, to achieve a truly holistic solution we must ask difficult questions about what we do, how we do it and the expectations we have set for ourselves and our clients, says Edward Shapiro at Much Shelist.

  • Vague Contract Terms Do Not Always Mean The Insurer Loses

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    It is a long-standing principle of common law contract interpretation that contracts are construed against their drafters, but a couple of recent federal appellate cases remind insureds that application of the contra proferentem doctrine is not automatic, says Jennifer Gibbs of Zelle.

  • Sequoia Ruling Dodges Debate Over Fund Docs As Contracts

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    In Edwards v. Sequoia Fund, the Second Circuit dismissed claims that a mutual fund was in breach of contract for alleged investment limit violations, but didn't broach whether mutual fund prospectuses are enforceable contracts, underscoring continued controversy over the Ninth Circuit's prior Northstar decision that introduced the question, say Joshua Hess and Samantha Rosa at Dechert.