Capital Markets

  • May 29, 2020

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

    The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.

  • May 28, 2020

    Ripple Securities Suits Consolidated In Calif. Federal Court

    Two cases against Ripple Labs Inc. that allege the company engaged in an unregistered securities offering of the digital currency XRP were consolidated Thursday by a California federal judge aiming to avoid inconsistencies addressing the "novel and nuanced" questions at play.

  • May 28, 2020

    Blockchain Co. To Return $25.5M After Unregistered ICO

    A California blockchain services company agreed to a $29.3 million settlement with the U.S. Securities and Exchange Commission on Thursday for conducting a $25.5 million unregistered initial coin offering.

  • May 28, 2020

    Anonymous Bitcoin Investor Calls Purported Inventor A 'Liar'

    An anonymous online message calling self-styled bitcoin inventor Craig Wright a "liar and a fraud" for claiming to own 145 bitcoin accounts worth more than $64 million has been entered as evidence that Wright forged a list of his bitcoin holdings in a $10 billion ownership dispute.

  • May 28, 2020

    Damages Analysis Tossed From BNY Mellon RBMS Action

    A federal judge in Manhattan on Thursday decided that a damages analysis is no longer admissible in a suit accusing Bank of New York Mellon of failing to protect investors in residential mortgage-backed securities.

  • May 28, 2020

    FINRA Hits Stifel For $3.6M In Year's Top Suitability Settlement

    The Financial Industry Regulatory Authority has ordered broker-dealer Stifel Nicolaus & Co. to pay more than $3.6 million in the largest suitability settlement of 2020, claiming the broker-dealer did not adequately monitor the rollovers of certain customer investments and provided inaccurate information.

  • May 28, 2020

    Bondholder Seeks To Force Venezuelan Oil Co. To Pay $132M

    Engineering company Dresser-Rand Co. urged a New York federal court Wednesday to order a subsidiary of Venezuela's state-owned oil company to pay $132.3 million owed under a defaulted bond, saying further delay will leave it at a disadvantage when trying to compete with other creditors.

  • May 28, 2020

    O'Melveny-Repped Yeti Prices $198M Secondary Offering

    Represented by O'Melveny, heavy-duty cooler manufacturer Yeti said Thursday it was undertaking a secondary share offering raising around $198 million for certain of its shareholders.

  • May 28, 2020

    Canadian Pot Co. Says Investors Knew Of Contamination Risk

    Canadian cannabis company Sundial Growers told a New York federal court that a proposed shareholder class action over contaminated pot falls flat because investors were warned about quality control risks inherent to producing marijuana.

  • May 28, 2020

    Gibson Dunn Guides Gene Test Co.'s IPO Amid COVID Slump

    Genetic testing company Progenity filed a preliminary initial public offering of $100 million and said profits from the offering will likely be used to fund research and development of its products.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

  • May 27, 2020

    Sanofi To Raise $11.1B In Sale Of Regeneron Stake

    Sanofi said Wednesday it will sell an $11.1 billion stake in biotechnology company Regeneron as the global pharmaceutical giant looks to raise funds to pursue its growth strategy.

  • May 27, 2020

    Weil-Led Co. Prices Year's Second-Largest Blank-Check IPO

    Weil-led Foley Trasimene Acquisition Corp. debuted in public markets Wednesday after pricing a $900 million initial public offering that could fund the acquisition of a fintech business, marking this year's second-largest IPO by a blank-check company.

  • May 27, 2020

    Ex-JPMorgan Trader Wants Separate Trial In Spoofing Case

    One of four suspects in a market manipulation scheme run out of the precious metals department at JPMorgan Chase & Co. urged an Illinois federal judge Tuesday to let him have his own trial, arguing that a joint trial with his co-defendants would prejudice the jury against him.

  • May 27, 2020

    Chase Customers Try To Seal $2.5M Crypto Fee Settlement

    Chase credit card holders on Tuesday asked a Manhattan federal judge to approve their proposed $2.5 million settlement with the bank, which would end claims they were unfairly charged cash-advance fees when they used their cards to buy cryptocurrency.

  • May 27, 2020

    Simpson Thacher Guides ZoomInfo's $757M IPO Plans

    Private equity-backed sales and marketing platform ZoomInfo said Wednesday it hopes to raise nearly $757 million in an initial public offering guided by Simpson Thacher & Bartlett LLP.

  • May 26, 2020

    HSBC Launches Equity Product Powered By AI And Big Data

    HSBC has launched a new equity index family powered by artificial intelligence and big data to make investment decisions, announcing the new product on Tuesday which will use data insights from IBM Watson and EquBot.

  • May 26, 2020

    Bank Sued Over $900M Securitization Deal Disrupted By Virus

    An asset-backed securitizer hit The Bancorp Bank with a suit in New York state court Monday, alleging the bank refused to honor a "market disruption" clause when the coronavirus pandemic and ensuing financial volatility killed their $900 million mortgage loan securitization deal.

  • May 26, 2020

    Health-Focused Firms Flood IPO Market With Fresh Filings

    Five issues from the biotechnology and health care fields recently bolstered the initial public offerings pipeline with fresh filings, led by a potential $2 billion offering from a biopharmaceutical royalty owner, signaling a busier June for an IPO market rebounding from a coronavirus-related pause.

  • May 26, 2020

    Latest Deals In Libor Suit Boost Lenders' Recovery To $35M

    A Manhattan federal judge signed off Tuesday on settlements worth $4 million between lenders who accuse a group of global banks of rigging Libor and three of the defendant banks, JPMorgan Chase, Bank of America and UBS, bringing the lenders' total recovery to $35 million.

  • May 26, 2020

    Warner Music Group Plans IPO To The Tune Of $1.7B

    Media giant Warner Music Group Corp. on Tuesday set a price range on an estimated $1.7 billion initial public offering, represented by Debevoise & Plimpton LLP, setting the stage for the largest U.S. IPO since February.

  • May 26, 2020

    Facebook Rebrands Unlaunched Libra Wallet

    The unlaunched digital wallet for Facebook-affiliated digital currency network Libra has gotten a makeover following Libra's reconfiguration, the social media giant said Tuesday.

  • May 26, 2020

    CFTC Seeks Win Against Currency Trader Accused Of Fraud

    The U.S. Commodity Futures Trading Commission has asked a Colorado federal judge to declare a default judgment in its suit against a trader who allegedly defrauded would-be investors out of nearly a half-million dollars.

  • May 26, 2020

    Goodwin, MoFo Guide Fibrosis Biotech's $90M IPO Plans

    Clinical-stage biopharmaceutical company Pliant Therapeutics said Tuesday it plans to raise roughly $90 million in a Goodwin Procter- and Morrison & Foerster-steered initial public offering, plus an additional $10 million in a private placement to Novartis.

  • May 26, 2020

    Investors Seek To Wrap $95M Deal On Bond Price-Fix Claims

    Investors accusing Bank of America, Deutsche Bank and HSBC of rigging the market for bonds issued by foreign governments are urging a New York federal court to approve a proposed allocation of the $95.5 million in settlements reached with the banks over the proposed class action.    

Expert Analysis

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • Retail Investors Hit By Oil Price Drop May Turn To The Courts

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    The recent large drop in oil prices — and in the prices of futures contracts tied to oil — resulting from the COVID-19 pandemic has generated substantial losses for many retail investors, and precedent suggests this may lead to a wave of litigation against fund managers, say economists at Bates White.

  • Early Securities Litigation Trends Stemming From Recent IPOs

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    Attorneys at WilmerHale analyze Securities Act complaints against companies that went public immediately prior to and during the COVID-19-induced market volatility, providing preliminary insights into whether, when and on what basis recent issuers are facing securities litigation.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Leaving The Tort System Behind Via Corporate Risk Transfer

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    With an increasingly litigious tort environment for corporate defendants, companies holding legacy liabilities would do well to investigate a capital markets solution for transferring their risks, say Mark Hemmann at FARA LLC and Peter Kelso at Roux Associates.

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

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    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • 2 New Accounting Fraud Cases Offer Lessons For Boards

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    Luckin Coffee and TAL Education Group — two high-profile Chinese companies listed in the U.S. — recently announced suspected cases of colossal revenue fraud, and these case studies may help companies recognize the germinating seeds of accounting fraud, say Fabian Roday at Fangda Partners and William Fotherby at Meredith Connell.

  • A Tax Primer For PE Investment In Distressed Real Estate Debt

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    Investors interested in discount purchases of distressed real estate debt in the wake of the pandemic must consider potential tax obligations, many of which may be triggered without concurrent receipt of cash proceeds to pay the tax, says Peter Elias at Pillsbury.

  • How CFTC's Agricultural Enforcement May Evolve Amid Crisis

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    The U.S. Commodity Futures Trading Commission recently singled out agricultural commodities market manipulation as an area of focus, potentially representing a return to the agency’s core mission that could shape enforcement during the current crisis, say attorneys at Latham.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Funding Considerations Amid COVID-19 Liquidity Crunch

    Excerpt from Lexis Practice Advisor
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    Companies and creditors in search of funding during the pandemic should analyze available options under existing bond and term loan covenants, and explore creative ways to establish priority status where necessary in the critical search for liquidity, say attorneys at Shearman.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • What COVID-19 Means For The M&A Insurance Market

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    Alvin Reynolds and Richard French at Atlantic Global Risk address the impact of COVID-19 on M&A insurance market dynamics, policy terms and claims, and explain new applications to support distressed transactions. 

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