Capital Markets

  • August 20, 2019

    Fracking Supply Co. Proposes $80M Ch. 11 Debt-Equity Swap

    Fracking industry supplier Shale Support Global Holdings has filed a Chapter 11 plan with a Texas bankruptcy court that swaps out $80 million of its $128 million debt for equity.

  • August 20, 2019

    Russian Crypto Ratings Agency Settles SEC's Promo Claims

    The U.S. Securities and Exchange Commission on Tuesday said Russia-based cryptocurrency ratings company ICO Ratings has agreed to pay hundreds of thousands of dollars to settle claims that it failed to disclose payments from issuers for publicizing their blockchain-based digital assets.

  • August 20, 2019

    NY AG Gets Go-Ahead To Continue Bitfinex Investigation

    A New York state judge said Monday he would not put an end to the state attorney general’s probe into cryptocurrency exchange Bitfinex, finding that he is obligated by law to facilitate the AG’s investigation.

  • August 20, 2019

    Drugmaker Pays $200K To End SEC Fight Over Study Leaks

    A Florida pharmaceutical company will pay a $200,000 civil penalty to the U.S. Securities and Exchange Commission to end allegations it leaked medical studies that bolstered its case for approval of a drug to market analysts before giving that information to investors.

  • August 20, 2019

    Crypto Co. Veritaseum Asks Court To End SEC's Asset Freeze

    Cryptocurrency company Veritaseum Inc. pushed back in New York federal court Monday against an asset freeze won by the U.S. Securities and Exchange Commission as part of its suit accusing the company's owner of bilking investors out of $15 million through its Veri Token offering.

  • August 20, 2019

    2nd Ex-JP Morgan Metals Trader Cops To Spoofing

    A former JPMorgan Chase metals trader pled guilty in Brooklyn federal court Tuesday to spoofing commodities transactions for most of his 12-year career, making him the second trader at the bank to admit to such a scheme.

  • August 20, 2019

    Crypto Platform Sets $130M Target In Rare IPO Filing

    Cryptocurrency trading platform INX Ltd. filed plans to raise up to $129.5 million in an initial public offering with the help of McDermott Will & Emery LLP, Horn & Co. Law Offices and Hassans International Law Firm, making it one of a few cryptocurrency companies to pursue a U.S. listing. 

  • August 20, 2019

    Bank Regulators Sign Off On Finalized Volcker Rule Changes

    Federal banking regulators on Tuesday approved a final set of changes to the Volcker Rule's proprietary trading ban, dropping an industry-criticized plan to introduce an accounting-based test for vetting whether trades are prohibited under the rule.

  • August 19, 2019

    Commerzbank Bids For Quick Wins In BNY Mellon RMBS Suit

    Commerzbank AG has asked the Manhattan federal judge overseeing its residential mortgage-backed securities trustee suit against the Bank of New York Mellon for key rulings that it said would leave damages as the only question remaining to be tried for nearly half of the dozens of mortgage trusts at issue in the case.

  • August 19, 2019

    SEC Opposes Bid For New Judges In Fla. Microcap Case

    The U.S. Securities and Exchange Commission on Monday opposed a bid for new judges in its case against a Florida attorney and her husband over their involvement in a pair of microcap schemes, arguing they have raised “woefully insufficient” claims of bias.

  • August 19, 2019

    BofA Seeking Patent For 'Multi-Tiered' Crypto Wallet Security

    Bank of America has filed a patent application for a digital wallet security system that can be used to partition cryptocurrency holdings into different tiers with distinct passwords, ostensibly giving wallet holders more control over their digital assets.

  • August 19, 2019

    Binance Eyes Gov't Partnerships With New Crypto Initiative

    Binance, one of the largest cryptocurrency exchanges in the world, on Monday announced its Venus initiative, a blockchain project aimed at developing “localized stablecoins and digital assets” with companies and government partners.

  • August 19, 2019

    Hong Kong Agencies Ink Pact To Combat Financial Crime

    Hong Kong’s Securities and Futures Commission and the Independent Commission Against Corruption on Monday agreed to strengthen their collaboration in order to more effectively combat financial crime.

  • August 19, 2019

    4 Life Science Cos. Lead 5 IPO Filings Totaling $476M

    Four life science companies and a financial services provider have filed initial public offerings preliminarily projected to raise a combined $476 million, adding to a growing pipeline of deals that could price after Labor Day and restart IPO activity after the customary August slowdown.

  • August 19, 2019

    Tower Research Urges Court To Toss CME Spoofing Claims

    Tower Research Capital LLC told an Illinois federal court that after four attempts, investors still haven't shown how they were harmed by an alleged manipulation of futures contract prices on the Chicago Mercantile Exchange.

  • August 19, 2019

    CFTC Fights Kraft's Sanctions Bid Over $16M Wheat Suit Deal

    Any problem Kraft Group Foods Inc. has with the U.S. Commodity Futures Trading Commission's announcement of a $16 million settlement of a wheat price manipulation suit should be taken up with the company's own lawyers, the agency told an Illinois federal court over the weekend.

  • August 19, 2019

    Argentina Hit With €384M UK Suit Over Bond Payout

    Three investment funds holding billions of dollars of Argentinian government bonds sued the country for €384.7 million ($427 million), claiming the South American country had improperly changed the baseline used to assess when payments were owed. 

  • August 16, 2019

    Kraft Says CFTC Press Release Broke $16M Wheat Suit Deal

    Kraft Foods Group Inc. and Mondelez Global LLC urged an Illinois federal judge Friday to impose sanctions against the U.S. Commodity Futures Trading Commission, arguing that the agency violated their $16 million deal in a wheat price manipulation suit by making public statements about the deal.

  • August 16, 2019

    Crypto Co. Gets NY Regulator's OK To Launch Bitcoin Futures

    Cryptocurrency infrastructure company Bakkt announced Friday that it received approval from the New York Department of Financial Services to custody bitcoin, paving the way for it to launch its bitcoin futures marketplace on Sept. 23.

  • August 16, 2019

    BMO Capital To Pay $4M To Settle ADR Mishandling Claims

    BMO Capital will pay nearly $4 million to resolve U.S. Securities and Exchange Commission claims that it mishandled "pre-released" American depositary receipts, and Cantor Fitzgerald will pay roughly $647,000 to settle similar allegations, the agency said Friday.

  • August 16, 2019

    SEC, VW Must Cut Deal In Emissions Fraud Suit, Judge Says

    A California federal judge told the U.S. Securities and Exchange Commission and Volkswagen on Friday to negotiate a deal to end claims the German automaker defrauded U.S. investors in a bond offering that failed to disclose its “clean diesel” emissions cheating scheme.

  • August 16, 2019

    Deals Rumor Mill: JD.com, MPI, Apollo Global

    JD.com could take its online supermarket joint venture public, KKR, Blackstone and CVC are said to have bid for a stake in Metro Pacific Investments’ hospital unit, and Apollo Global reportedly wants to raise upward of $1 billion for an inaugural social impact fund.

  • August 16, 2019

    HK Exchange Seeks To Improve Liquidity, Control Volatility

    The Hong Kong Stock Exchange's owner on Friday proposed measures intended to improve liquidity and restrain price volatility, moves that Hong Kong believes will make its securities trading venues more globally competitive.

  • August 16, 2019

    DC Circ. Won't Review SEC's Paperless Reporting Rule

    The D.C. Circuit on Friday declined to review a U.S. Securities and Exchange Commission rule allowing mutual fund companies to distribute shareholder reports online rather than by mail, taking issue with consumer and paper industry groups’ standing to bring the challenge.

  • August 16, 2019

    Shuttered Investment Co.'s Libor Claims Against UBS Tossed

    A New York federal court on Friday dismissed antitrust claims against UBS in a proposed class action over alleged Libor rigging, finding that a defunct investment company didn't transfer the rights to pursue the claims before it dissolved.

Expert Analysis

  • CFTC's Silence Stings In Wheat Futures Manipulation Case

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    The U.S. Commodity Futures Trading Commission v. Kraft and Mondelez case was expected to clarify new standards for prosecuting market manipulation, but instead ended in a settlement that failed to provide any guidance or context, and even barred the CFTC from publicly commenting on the case, says Braden Perry at Kennyhertz Perry.

  • Crisis Messaging To Protect Law Firm Brand And Bottom Line

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    When crises occur, such as data security incidents or gender bias suits, a well-prepared law firm has a thoroughly tested communications plan at the ready, which ensures the firm is the most proactive news source, prevents the crisis from escalating and notifies stakeholders about mitigation efforts, says Zach Olsen at Infinite Global.

  • Perspectives

    What You Should Know About Courtroom Closures

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    At attorney Greg Craig’s trial in D.C. federal court this week, the courtroom was cleared so prospective jurors could answer sensitive questions. Even seasoned litigators were left wondering about the nature of this subtle, yet significant, issue involving Sixth Amendment public trial rights, says Luke Cass at Quarles & Brady.

  • Chancery Decision Demonstrates When To Skip Appraisal

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    The Delaware Chancery Court's Appraisal of Jarden opinion shows that stockholders should seek out appraisal proceedings arising from mergers with caution, and consider a fiduciary duty action based on an inadequate sales process if the buyer is a strategic buyer, say Michael Maimone and Joseph Schoell at Drinker Biddle.

  • Series

    Why I Became A Lawyer: A Seaweed Scientist's Odyssey

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    In the early 1980s, I was working on my Ph.D. in marine biology and ecology. As part of an international team of scientists studying oil spill impacts on marine ecosystems, I saw a niche opportunity to combine science and law, says Andrew Davis of Shipman & Goodwin.

  • SEC's Amendments Streamline Reporting — In Some Cases

    Excerpt from Lexis Practice Advisor
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    In light of the U.S. Securities and Exchange Commission's newly adopted amendments to Regulation S‑K, reporting companies should take a fresh look at quarterly reports on Form 10‑Q, as well as exhibits in their Form 10‑K, Form 10‑Q or registration statements, say attorneys at Gibson Dunn.

  • Blockstack Token Offering Establishes Reg A+ Prototype

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    The market's first-ever regulated digital token offering — from Blockstack in July — outlines the U.S. Securities and Exchange Commission's position on issuing digital securities under Reg A+, but token-specific guidance is still needed to fill in the gaps, says Daniel Payne at Murphy & McGonigle.

  • Opinion

    Insurance Industry Needs To Build Trust In Digital Securities

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    Traditionally, the role of the insurance industry has been to combine technology and reasonable regulation with risk transfer products, and the time has come for insurance to help integrate digital securities into society, says Ty Sagalow at Assurely.

  • 3rd Circ. Decision Limits Liability Of Board Observers

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    The Third Circuit's ruling that nonvoting board observers did not carry the same fiduciary duties as actual board members in Obasi Investment v. Tibet Pharmaceuticals holds broad applicability for private equity, venture capital funds and other third parties that frequently designate board observers, say attorneys at White and Williams.

  • Opinion

    Clients Benefit From Law Firm Expense Growth

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    Although there continue to be corporate clients who are seduced by the idea that cheapest is always best when it comes to outside counsel, there are many negative implications on service delivery that result from myopically focusing only on cost reduction at the expense of quality and innovation, says Keith Maziarek at Katten Muchin.

  • Opinion

    Changing Ethics Rules Is Key To Law Firm Innovation

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    As demonstrated by the California bar proposal to allow nonlawyers to invest in law firms, we can change the legal ethics rules in a way that protects clients while permitting firms to innovate and serve clients better, say Todd Richheimer of ​​​​​​​Lawfty and Peter Joy of Washington University Law School.

  • 9th Circ. Opinion Validates Broader CFTC Authority

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    The Ninth Circuit's decision last month in U.S. Commodity Futures Trading Commission v. Monex is consistent with the Commodity Exchange Act amendments' intention to expand the regulator's reach beyond futures contracts and into leveraged metals transactions, despite the court's sometimes conflicting reasoning, says Thomas Gorman at Dorsey & Whitney.

  • Series

    Judging A Book: Castillo Reviews 'Raising The Bar'

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    A timely new book, “Raising the Bar: Diversifying Big Law," is one of the first honest assessments of the challenging battleground for people of color at large law firms, and I hope that firm management committee members read it, says U.S. District Judge Rubén Castillo of the Northern District of Illinois.

  • SEC Changes Make Requesting Confidential Treatment Easier

    Excerpt from Lexis Practice Advisor
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    The U.S. Securities and Exchange Commission expects its recent changes to the way companies obtain confidential treatment for competitively sensitive information in public disclosures will eliminate burdensome filing requirements and costs for reporting companies, while expediting the petition process, say Craig Arcella and Aashim Usgaonkar of Cravath.

  • A Road Map For A Cryptocurrency Crackdown: Part 3

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    By supporting a U.S. Securities and Exchange Commission-led sweep of the cryptocurrency arena, President Donald Trump could prevent crypto crime, fortify the capital markets, and reinforce the SEC's mission of investor protection, says cybersecurity consultant John Reed Stark.