Capital Markets

  • July 30, 2021

    SEC Raises The Disclosure Bar For China-Based IPO Seekers

    The U.S. Securities and Exchange Commission on Friday announced a series of new disclosure requirements that will make it harder for Chinese companies to launch IPOs in the U.S., answering calls by lawmakers who say the Chinese government may be intentionally exploiting U.S. investors.

  • July 30, 2021

    BotsForWealth Marketer Seeks $10M After Alleged Ouster

    A businessman who marketed "trading bot" venture BotsForWealth on TikTok has sued the project's developers, claiming he was unfairly cut out of the business and defamed after flagging a bug in the bots' code.

  • July 30, 2021

    Exxon Again Seeks Win In Indonesian Human Rights Suit

    Exxon has again asked a D.C. federal court to put a clean end to decades-old litigation seeking to hold the company liable for human rights abuses Indonesians allegedly suffered at the hands of the country's soldiers when they were purportedly providing security for the oil giant, arguing there is no evidence to suggest the company bears any blame for the military's actions.

  • July 30, 2021

    Skadden, Latham Guide Dole's Downsized $400M IPO

    Fresh produce business Dole plc began trading on the New York Stock Exchange on Friday after pricing a $400 million initial public offering guided by Skadden and underwriters' counsel Latham & Watkins LLP that came in below its expected range.

  • July 30, 2021

    Founder Of French Telecom Iliad Makes €3.1B Take-Private Bid

    The founder of French telecommunications service provider Iliad Group said Friday that he's launching a €3.1 billion ($3.7 billion) tender offer to acquire the remaining shares in the company he doesn't already own.

  • July 30, 2021

    Binance Crypto-Exchange Winds Down Derivatives In Europe

    Cryptocurrency firm Binance announced on Friday that it is winding down its futures and derivatives product offerings across Europe, where it has been coming under increasing regulatory scrutiny amid concerns about compliance and protection for investors.

  • July 29, 2021

    SEC Accuses Broker-Dealer Of Violating 'Short Tender Rule'

    Brokerage firm Lupo Securities violated the "short tender rule" and acquired more shares of Leidos Holdings than it was entitled to during Leidos' 2016 spinoff from Lockheed Martin Corp., the U.S. Securities and Exchange Commission alleged in a suit filed Thursday.

  • July 29, 2021

    FinCEN's New Adviser Aims To Crack Down On Crypto Crime

    Michele Korver's career has led her into the deepest parts of the criminal underworld, hunting criminals who use digital currencies to finance their misdeeds. But as debate rages over the regulation of digital assets, there are no hard feelings regarding crypto from Korver, who became the Financial Crimes Enforcement Network's first-ever chief digital currency adviser this month.

  • July 29, 2021

    House Gives SEC $73M Boost, Blocks Trump-Era Proxy Rules

    The U.S. House of Representatives voted to approve a bill Thursday giving the U.S. Securities and Exchange Commission a $73 million funding boost over fiscal year 2021, while blocking the agency from using the funds to implement controversial Trump-era proxy voting rules.

  • July 29, 2021

    Deals Rumor Mill: Baxter International, Didi Global, Nanosys

    Baxter International could buy $8 billion health care technology company Hill-Rom, Didi Global is weighing a go-private deal to appease Chinese regulators just one month after hitting the U.S. public markets, and Nanosys is mulling a SPAC merger. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • July 29, 2021

    Air Taxi Startup Lowers Enterprise Value Of SPAC Deal By $1B

    Archer Aviation and special purpose acquisition company Atlas Crest said Thursday that they were slicing the enterprise value of their merger by $1 billion, in a move that comes as the U.S. Securities and Exchange Commission seeks to ensure SPAC deals are being adequately regulated.

  • July 29, 2021

    Puerto Rico Restructuring Plan Heads For Creditor Vote

    A New York federal judge on Thursday sent Puerto Rico's $35 billion restructuring plan out for an October creditor vote after being told the island's fiscal oversight board may call on an eight-decade-old law to get the new bond issues needed to make the plan work.

  • July 29, 2021

    Latham, Weil Gotshal Steer Vacasa's $4.5B SPAC Deal

    Vacation home rental platform Vacasa said Thursday it will go public at an equity value of $4.5 billion through a merger with a private equity-backed blank-check company, with legal advice from Latham & Watkins LLP and Weil Gotshal & Manges LLP.

  • July 29, 2021

    Royal Bank Of Canada Unit Let Out Of Forex Rigging Suit

    A subsidiary of the Royal Bank of Canada has been let out of an investor suit brought against more than a dozen global banks for allegedly plotting to manipulate foreign exchange rates, with a New York federal judge granting a dismissal bid for the subsidiary but not the parent company.

  • July 29, 2021

    Bank Hapoalim's US Arm Names New GC From RBC Capital

    BHI, Israel-based Bank Hapoalim's U.S. division, said Thursday it has tapped an RBC Capital Markets LLC senior counsel to serve as its new top attorney.

  • July 29, 2021

    Battery Maker Clarios Delays $1.7B IPO, Citing 'Volatility'

    Vehicle battery manufacturer Clarios on Thursday delayed its $1.67 billion initial public offering due to "market volatility," roughly a week after starting its roadshow.

  • July 29, 2021

    HSBC Says Data Gaps Make FX Rigging Suit Impossible

    HSBC argued at a London court Thursday that a lack of trading data means it is almost impossible for a U.K. currency firm to prove allegations the bank's traders routinely rigged foreign exchange markets in a bid to make dishonest profits.

  • July 29, 2021

    Robinhood Hits The Markets After $2.1B Cravath-Led IPO

    Stock-trading platform Robinhood made its public market debut Thursday after pricing a much-anticipated, $2.1 billion initial public offering guided by Cravath Swaine & Moore LLP.

  • July 29, 2021

    Nikola Founder Charged In NY With Lying To Raise Billions

    The Manhattan U.S. attorney's office unveiled fraud charges against Nikola Corp. founder and onetime chairman Trevor Milton on Thursday, accusing him of lying to investors about his company's ability to build an electric- and hydrogen-powered truck, dubbed the Badger, and unlawfully raising billions of dollars.

  • July 28, 2021

    Vaxart Suit Turns 'Mundane To Nefarious,' Del. Judge Told

    Counsel for top brass of biotech firm Vaxart Inc. pushed at a Delaware Chancery Court hearing Wednesday for dismissal of a derivative suit alleging that company insiders profiteered off news about its COVID-19 vaccine program, saying the case rests on ginned-up "nefarious" conduct.

  • July 28, 2021

    Crypto Developers Seek $701K Sanctions For 'Baseless' Suit

    The developers of cryptocurrency Nano sought over $701,000 in attorney fees and costs as a sanction after a token buyer dropped his proposed class action, telling a California federal court that some of the claims lobbed against them had been "legally baseless."

  • July 28, 2021

    2 Firms Seek To Rep Investors In Sprawling Robinhood Suit

    The Rosen Law Firm PA and Bursor & Fisher PA have filed lead plaintiff bids in consolidated actions that are part of multidistrict litigation alleging stock-trading app Robinhood caused more than $10 billion in market capitalization losses after its customers were hit in January with trading restrictions on certain stocks.

  • July 28, 2021

    Blockchain Co. Drops Trade Secrets Suit Against Early Backer

    Canadian fintech BlockCrushr has agreed to dismiss a suit accusing one of its early investors — blockchain software company ConsenSys — of stealing its trade secrets, according to documents filed in New York federal court.

  • July 28, 2021

    Class Counsel Dodges DQ Bid In Robinhood Marketing Suit

    A federal judge has decertified a class of consumers suing Robinhood Financial over its "refer-a-friend" marketing practices, but declined to disqualify the class counsel, finding that more evidence was needed to support the online trading platform's claims that class attorneys had manufactured the case.

  • July 28, 2021

    Latham-Led Duolingo Prices $520M IPO

    Language learning app Duolingo began trading on the Nasdaq on Wednesday after pricing a $520 million initial public offering guided by Latham & Watkins LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.

Expert Analysis

  • What To Expect Under New SEC Enforcement Director Grewal

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    Newly appointed U.S. Securities and Exchange Commission Director of Enforcement Gurbir Grewal’s record as a public servant provides insight into the SEC’s likely priorities for the coming year, and firms should expect him to work closely with Chair Gary Gensler in pursuing an aggressive enforcement agenda, say attorneys at Ropes & Gray.

  • Law Firms, Know Who's Responsible For Your Cloud Security

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    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

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    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • How Anti-Corruption Push Affects US Cos. Operating Abroad

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    A recent Biden administration memo, and an anticipated increase in enforcement related to transnational fraud, money laundering and corruption, means that U.S. companies and financial institutions with operations abroad should take concrete steps to stave off U.S. Department of Justice scrutiny, says Andrey Spektor at Bryan Cave.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • How Wyoming Is Leading On Cryptocurrency

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    This month, Wyoming became the first state to classify decentralized autonomous organizations as a new form of LLC, which could bring new liability principles and chip away at Delaware's dominance as the corporate capital of the U.S., says Emily DiBenedetto at Shaw Keller.

  • Recent SPAC Settlement Signals SEC Enforcement Wave

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    The U.S. Securities and Exchange Commission's recent settlement with special purpose acquisition company Stable Road — and its sponsor, CEO and proposed merger target — over false representations to investors illustrates the agency's heightened focus on policing SPAC transactions and should prompt participants to ensure adequate due diligence, say attorneys at Pillsbury.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Awaiting High Court Answer On Post-Cyan Discovery Issue

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    The U.S. Supreme Court’s forthcoming decision in Pivotal Software v. Tran next term may clarify a question begat by the court’s 2018 Cyan decision — whether the Private Securities Litigation Reform Act’s automatic discovery stay provision applies in state courts — and thereby lessen the burden on parties litigating amid the ambiguity, says Liz Cassady at Steptoe & Johnson.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • FINRA Shows Subtle Shift On Evaluating Best Execution

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    McGuireWoods’ Elizabeth Hogan and Alexander Madrid analyze the Financial Industry Regulatory Authority's recent notice on best execution and payment for order flow, identifying an isolated focus on price that pivots from prior guidance emphasizing a more holistic approach.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

  • How UK Binance Ban Is Putting Cryptocurrency On Notice

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    The U.K. Financial Conduct Authority's ban on Binance Group, following concerns about insufficient oversight, conveys a significant warning that regulatory scrutiny on cryptocurrency exchanges is increasing and also that crypto users should exercise caution in their transactions, says Josie Welland at Rahman Ravelli.

  • Credit-Sensitive Rates Could Allay Libor Transition Hurdles

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    Adopting a Libor replacement requires careful understanding of the Secured Overnight Financing Rate's performance issues, comprehensive price term negotiation, and consideration of alternative benchmarks — like Ameribor — whose base rate and credit spread advantages come in contrast to U.S. banking officials' recent critiques of credit-sensitive rates, says Jeffrey Armstrong at Berkeley Research.

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