Capital Markets

  • October 15, 2021

    SEC Awards Total Of $40M To 2 Whistleblowers

    The U.S. Securities and Exchange Commission announced Friday that it had awarded a total of $40 million to a pair of whistleblowers who kick-started a successful enforcement action, despite the fact that one informant waited years to report the misconduct.

  • October 15, 2021

    Rosen Law Firm To Lead Class In Robinhood MDL

    A Florida federal judge appointed the Rosen Law Firm PA on Friday to lead multidistrict litigation that alleges 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.

  • October 15, 2021

    British Asset Manager Wins Signoff For Bitcoin ETF

    Jacobi Asset Management said Friday it received approval from Guernsey regulators to launch a bitcoin-based exchange traded fund, which would be among the first such ETFs in the world and comes before any American counterpart has hit the market.

  • October 15, 2021

    DOL Plan Could Make ESG Retirement Investing Hip — Again

    A new U.S. Department of Labor proposal would rip down Trump-era barriers that discouraged ESG investing by employee retirement funds, but it may only be the latest volley in a fiery debate over whether such investments are economically relevant — and whether they benefit or harm investors.

  • October 15, 2021

    Latham-Led Orthopedics Firm Leads 2 IPOs Totaling $165M

    Latham-led orthopedic implant maker Paragon 28 Inc. rallied in debut trading Friday after the medical device company priced a $125 million initial public offering, joined by cancer-focused biotechnology firm Mink Therapeutics Inc.'s $40 million IPO.

  • October 15, 2021

    Health Care Co. Hit With Stock-Drop Suit Over Medicare Freeze

    An investor in health care delivery platform InnovAge Holding Corp. has filed a proposed securities class action alleging the company lied about its business and operations in its initial public offering, which in turn led its stock price to fall when new enrollment at one of its hospitals was banned by the Centers for Medicare and Medicaid Services.

  • October 15, 2021

    5 SPACs Hit Public Markets For $875M Total

    Five special-purpose acquisition vehicles, steered by nine law firms, went public Friday after raising $875 million combined in initial public offerings, aiming to target companies for mergers in industries including technology, health care and cannabis.

  • October 15, 2021

    3 Firms Construct SPAC Deal For $2.6B Philippines Casino

    The parent of Philippines-based casino and luxury resort Okada Manila will merge with a special-purpose acquisition vehicle in a transaction that features an enterprise value of $2.6 billion and was built by Baker McKenzie, Milbank and Schulte Roth, the companies said Friday.

  • October 15, 2021

    Alston Real Estate Leader Sees More Fundraising Competition

    While Blackstone has dominated the real estate fundraising space for years, a new wave of entrants seeking returns in commercial real estate is likely to chip into some of its market share, one of Alston & Bird LLP's real estate leaders told Law360 in a recent interview.

  • October 15, 2021

    Tether To Pay CFTC $41M Over Stablecoin Reserve Claims

    The U.S. Commodity Futures Trading Commission said Friday that Tether will pay $41 million to resolve allegations that it misled the market about its namesake stablecoin being "fully backed" by U.S. dollars.

  • October 15, 2021

    Banks Still Reporting Significant Libor Exposures, EBA Warns

    Banks still have €50 trillion ($58 trillion) in derivatives exposures tied to Libor and face high transition risks as the scandal-plagued benchmark rate goes out of service in two months, the European Union's banking watchdog warned.

  • October 14, 2021

    SEC Resurrects Proposed Rules For Clawing Back Exec Pay

    The U.S. Securities and Exchange Commission on Thursday reopened the comment period on proposed rules requiring executives at publicly traded companies to pay back certain bonuses and other incentive-based compensation in the event of an accounting restatement, regardless of whether they were at fault.

  • October 14, 2021

    After SEC Rejection, Bitwise Tries Again For A Bitcoin ETF

    Bitwise Asset Management is taking another shot at launching a bitcoin exchange-traded fund, this time based on the price of bitcoin instead bitcoin futures, that will build on an application previously rejected by the U.S. Securities and Exchange Commission.

  • October 14, 2021

    3 Firms Pilot Tempo Automation's $919M SPAC Deal

    Software-driven electronics manufacturer Tempo Automation Inc. said Thursday it plans to go public with a $919 million equity value by combining with a special purpose acquisition vehicle, in a deal guided by Latham & Watkins, Skadden and Paul Hastings.

  • October 14, 2021

    Mortgage Biz Accepts Crypto Payments In Industry First

    United Wholesale Mortgage said Thursday it has accepted its first cryptocurrency mortgage payment in what it's calling the industry's first transaction of its kind.

  • October 14, 2021

    Rosen Law To Lead Didi Investor Suit Over China Crackdown

    The Rosen Law Firm PA beat out nine other firms in a bid to represent a putative class of investors in the Chinese ride-hailing giant Didi Global Inc. who sued the company after a crackdown by its home nation's government over alleged data security violations that led its stock to slip below its initial public offering price.

  • October 14, 2021

    Fenwick-Led Software Company Among 3 IPOs Raising $1.2B

    Fenwick-led software development platform GitLab began trading Thursday after pricing an $801 million initial public offering that was above its range, leading two other newly minted public companies that raised a combined $1.2 billion.

  • October 14, 2021

    CFTC Hits UBS With $500K Fine Over Deleted Recordings

    The U.S. Commodity Futures Trading Commission said Thursday that UBS AG will pay a $500,000 penalty after self-reporting a failure to retain more than a thousand hours of audio data related to swaps activity.

  • October 14, 2021

    Deals Rumor Mill: GlaxoSmithKline, Kobalt, Hyphen Group

    Private equity firms are competing for GlaxoSmithKline’s £40 billion consumer business, KKR is nearing a deal for a roughly $1.1 billion stake in Kobalt Music Group, and Hyphen Group is on the verge of a $1 billion SPAC deal. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • October 14, 2021

    Real Estate Rumors: DR Horton, Harbor Group, Starwood REIT

    DR Horton has reportedly paid $20.33 million for a Florida development site, Harbor Group International is said to have scored $558 million in CMBS financing for a New York office tower, and a Starwood Real Estate Income Trust fund has reportedly paid $386.7 million for a Florida apartment complex.

  • October 14, 2021

    Abrams & Bayliss 'On The Line' In Biogen Fee-Shift Request

    Pharmaceutical company Biogen Inc. narrowly avoided a shareholder's demand that it pay for driving up litigation costs in a Delaware Chancery books and records case, but its counsel Abrams & Bayliss LLP nevertheless left court Thursday with a stern warning that the firm was right "on the line" of breaking the rules.

  • October 14, 2021

    McDermott Continues Energy Hiring With Baker McKenzie Atty

    McDermott Will & Emery LLP continued snapping up lateral hires in the energy space with the recent addition of the former head of Baker McKenzie's North American energy transition practice.

  • October 14, 2021

    3 Firms Drive Walgreens' $5.2B Deal For Control Of VillageMD

    Walgreens Boots Alliance will pay $5.2 billion to acquire a majority stake in Chicago-based primary care provider VillageMD, the companies said Thursday, in a transaction stitched together by Sidley, Weil and Latham.

  • October 13, 2021

    SEC's Top Enforcer Says Admissions Are Back On The Menu

    The U.S. Securities and Exchange Commission's top enforcement officials signaled Wednesday that the agency will be pivoting back toward the practice of requiring defendants to admit wrongdoing in certain enforcement action settlements.

  • October 13, 2021

    Sen. Brown Says Tenure Of Fed's Quarles Was 'Failure'

    Sen. Sherrod Brown, D-Ohio, has called for the Federal Reserve to refrain from loosening any banking regulations before President Joe Biden makes his own appointments to the central bank's governing board, slamming the record of its outgoing top bank oversight official as a "failure that must come to a close."

Expert Analysis

  • 4 Antitrust Risk Areas To Watch For Government Contractors

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    To plan for the increased likelihood of detection and stiff penalties for antitrust violations following the anticipated passage of the Infrastructure Investment and Jobs Act, compliance efforts should focus on joint bidding, dual distribution, legal certifications, and hiring and compensation, say Andre Geverola and Lori Taubman at Arnold & Porter.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Practical Implications Of Delaware's New Demand-Futility Test

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    In United Food and Commercial Workers Union v. Zuckerberg, the Delaware Supreme Court adopted a new universal test for assessing a board’s ability to independently assess a shareholder litigation demand, which may close off certain paths for plaintiffs who seek to plead demand futility, say Courtney Worcester and Roger Lane at Holland & Knight.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

  • 10 Years On, SEC's Market Access Rule Still Lacks Clarity

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    The U.S Securities and Exchange Commission adopted the market access rule to address the risks of algorithmic trading, but its failure over the past 10 years to articulate clear standards except through costly enforcement actions has left firms with an informal patchwork of guidance and moving targets for broker-dealers, say Ashley Bashur and Paul Eckert at WilmerHale.

  • How Law Firms Can Rethink Offices In A Post-Pandemic World

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    Based on their own firm's experiences, Kami Quinn and Adam Farra at Gilbert discuss strategies and unique legal industry considerations for law firms planning hybrid models of remote and in-office work in a post-COVID marketplace.

  • Opinion

    Next Fed Supervision Vice Chair Must Restore Bank Oversight

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    President Joe Biden's upcoming pick for vice chair of supervision at the Federal Reserve must undo deregulation of the banking industry carried out since 2017, and address emerging threats with an eye toward racial economic inequality, climate-related risks, fintech, liquidity requirements and more, says Phillip Basil at Better Markets.

  • What To Expect From SEC's Equity Market Recommendations

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    U.S. Securities and Exchange Commission Chair Gary Gensler’s recent comments offer clues as to how the agency's forthcoming report on equity market structure may address issues like payment for order flow, settlement cycle, market data and conflicts of interest, says Justin Chretien at Carlton Fields.

  • Series

    Embracing ESG: Baker Hughes CLO Talks Sustainability Team

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    For businesses focused on addressing environmental, social and governance considerations, a legal team that can coordinate sustainability efforts across the company can help to manage risk and compliance issues, anticipate and prepare for change, and identify new opportunities, says Regina Jones at Baker Hughes.

  • What Mainstreaming Of Litigation Finance Means For Industry

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    The rush of new capital and investors into the litigation funding space is expected to bring heightened competition on price and other key deal terms, but litigants will need to be more in tune with individual financiers' proclivities, says William Weisman at Therium Capital Management.

  • How Investors Can Avoid Falling Prey To Crypto Scams

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    Mr. White Hat's recent theft, and surprising return, of $611 million in cryptocurrency from the Poly Network illustrates that crypto investors must conduct their own due diligence to avoid scams, including by closely scrutinizing coin founders, backers, white papers and token sales, and watching for red flags with respect to transparency, valuation and more, says Dorothy Siron at Zhong Lun.

  • What 9th Circ. Privilege Test Means For Dual-Purpose Advice

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    While the Ninth Circuit's recent ruling in In re: Grand Jury confirms that courts should use the primary-purpose test to determine whether communications with both legal and business purposes are shielded by the attorney-client privilege, questions on the application of the test remain, says Scott Tenley at Michelman & Robinson.

  • Lifting The Veil On The Supreme Court's Shadow Docket

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    Following headline-making U.S. Supreme Court emergency orders on Texas’ new abortion law, COVID-19 restrictions and more, Vetan Kapoor, counsel to Senate Judiciary Committee ranking member Chuck Grassley, R-Iowa, examines the court's so-called shadow docket and its decision-making procedures, including questions around transparency, timing and precedential effect.

  • Series

    Embracing ESG: United Natural Foods GC Talks Bottom Line

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    In prioritizing environmental, social and governance initiatives as strategic value drivers, corporate general counsel can leverage meaningful ESG progress to benefit both the business's bottom line and the wider world, says Jill Sutton at United Natural Foods.

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