Capital Markets

  • June 20, 2024

    SEC Official Seeks To Ease Concerns Over Cybersecurity Rule

    The director of the U.S. Securities and Exchange Commission's corporation finance division reassured public companies on Thursday that the agency's recently adopted rule requiring them to make certain disclosures regarding material cybersecurity incidents does not prohibit them from sharing additional details with third parties.

  • June 20, 2024

    FDIC Expands Requirements For Big-Bank Resolution Plans

    The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.

  • June 20, 2024

    Colo.'s Opt-Out Interest Rate Law Halted In Trade Group Suit

    A Colorado federal judge has temporarily barred the state from imposing more restrictive interest rate caps on consumer loans made by banks located outside of Colorado, siding with a coalition of lending groups seeking to invalidate a 2023 law aimed at reining in high-cost online loans.

  • June 20, 2024

    Oprah Special Hiked Viacom Price, Archegos Trader Concedes

    An attorney for Archegos Capital Management LP founder Bill Hwang attempted Thursday to undercut testimony that the hedge fund boss had total control over his portfolio companies, getting a key cooperator to agree that ViacomCBS Inc.'s share price was at one point boosted by Oprah Winfrey's interview with Prince Harry and Meghan Markle.

  • June 20, 2024

    Ex-ITT Students Net $12M Win In Predatory Lending Scheme

    A California federal judge has ordered loan servicer Vervent Inc. to pay $12 million to ex-students of bankrupt for-profit college ITT Education Services Inc. for Vervent's role in an alleged predatory lending scheme for ITT's benefit, finding it was appropriate to triple a $4 million jury award.

  • June 20, 2024

    6 Firms Build Hydrogen Developer's $1.6B SPAC Merger

    Chinese hydrogen solutions company United Hydrogen Group Inc. on Thursday announced plans to go public through a merger with special-purpose acquisition company Aimei Health Technology Co. Ltd. in a deal that values the combined business at roughly $1.6 billion on a pro forma basis and was built by six law firms.

  • June 20, 2024

    Crypto Co. Says SEC Won't Bring Case Over Ethereum

    Ethereum-focused software firm Consensys won't face an action over its dealings with the cryptocurrency ether, according to a notice from the U.S. Securities and Exchange Commission, but its preemptive lawsuit against the regulator is set to continue as the agency doesn't appear to have dropped concerns over Consensys products that deal in other assets.

  • June 20, 2024

    Walmart, Capital One Settle Credit Card Agreement Spat

    Capital One NA has reached a settlement with Walmart Inc. resolving the retailer's claims that its credit card partner wasn't meeting the customer service standards laid out in their agreement, according to a joint letter filed in New York federal court.

  • June 20, 2024

    Ex-Popular Bank VP Convicted Of COVID Aid Fraud

    A former vice president and manager of a New York branch of Popular Bank was convicted by a Brooklyn federal jury of fraudulently obtaining money from two pandemic-era aid programs.

  • June 20, 2024

    Deals Rumor Mill: Carlyle-KKR, Didi IPO, Open AI

    The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of.

  • June 20, 2024

    New Navajo Law Expected To Double Infrastructure Funds

    Navajo Nation President Buu Nygren signed into law legislation that will create a new mechanism allowing the federally recognized tribe to transfer $522 million in American Rescue Plan Act funding into a revenue reserve that's expected to nearly double the tribe's infrastructure financing.

  • June 20, 2024

    Dickinson Wright Brings On McDermott, Bell Nunnally Attys

    Dickinson Wright PLLC added a pair of new members who include a commercial finance and real estate attorney from Bell Nunnally & Martin LLP based in Austin, Texas, and a tax and incentives attorney from McDermott Will & Emery LLP in Fort Lauderdale, Florida.

  • June 19, 2024

    Nasdaq Stockholm Fined $9.6M For Compliance Breaches

    The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.

  • June 18, 2024

    9 Firms Vie To Lead Suit Over Ad Tech Co.'s Microsoft Ties

    Pomerantz LLP, Levi & Korsinsky LLP and several other firms have filed competing bids to lead a proposed shareholder class action alleging that shares of ad tech company Perion Network declined nearly 40% after its strategic partner Microsoft Bing "unilaterally" changed its search advertising pricing.

  • June 18, 2024

    SEC's Ether Orders Spur Hope For Crypto, Caution From Attys

    The crypto industry received a step toward clarity when the U.S. Securities and Exchange Commission's approval of exchange-traded products holding the token ether signified the cryptocurrency isn't a security subject to SEC regulation, but attorneys say they remain cautious when counseling clients on how to deal in the asset.

  • June 18, 2024

    4 Firms Steer Family-Owned Baker Europastry's IPO Plans

    Family-owned frozen bakery products giant Europastry S.A. said Tuesday that it plans to raise €225 million ($241.7 million) in fresh capital through an initial public offering on Spanish stock exchanges guided by four law firms, adding to a recent uptick in European IPOs.

  • June 18, 2024

    Crypto Firm Latinum Can't Arbitrate Investors' Fraud Suit

    A Michigan federal judge discerned that crypto firm Bitcoin Latinum can't send claims it duped investors out of promised digital assets to arbitration considering it didn't raise the issue in the two years since the suit was brought.

  • June 18, 2024

    Fed Should Vote Now On Basel Capital Hike Plan, Warren Says

    U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.

  • June 18, 2024

    Archegos Trader Doubles Down On Hwang Accusations

    A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.

  • June 18, 2024

    MoFo Brings On SEC Veteran From Skadden In DC

    Morrison Foerster LLP has expanded its public company advisory and governance offerings in Washington, D.C., with the addition of an attorney from Skadden Arps Slate Meagher & Flom LLP.

  • June 18, 2024

    African Gold Miner To Go Public Via $500M SPAC Merger

    African gold miner Namib Minerals said Tuesday it has agreed to go public by merging with special-purpose acquisition company Hennessy Capital Investment Corp. VI at an estimated $500 million value, a deal said to be the largest SPAC acquisition involving an African business to date.

  • June 18, 2024

    Foley Hoag Hires Former DOJ Fraud Section Deputy

    Foley Hoag LLP has hired a former deputy chief of the U.S. Department of Justice's Fraud Section, who will work with the firm's white collar crime and government investigations practice in Washington, D.C.

  • June 17, 2024

    Trader Claims Firm Owes Bonus On $37M Texas Storm Profits

    A trader told a Denver jury Monday that a Colorado energy marketing company fired him as retaliation after he accused the CEO of failing to pay out his cut of $37 million from trades made during a 2021 Texas storm that caused natural gas prices to spike.

  • June 17, 2024

    PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says

    PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.

  • June 17, 2024

    Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit

    A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.

Expert Analysis

  • What DOL Fiduciary Rule Means For Private Fund Managers

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    Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.

  • Money, Money, Money: Limiting White Collar Wealth Evidence

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    As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.

  • How Associates Can Build A Professional Image

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    As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.

  • How Cooperation Contracts Can Ease Disorder In Loan Trades

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    Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.

  • Emerging Trends In ESG-Focused Securities Litigation

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    Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.

  • Firms Must Rethink How They Train New Lawyers In AI Age

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    As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.

  • Next Steps After 5th Circ. Nixes Private Fund Adviser Rules

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    The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.

  • Think Like A Lawyer: Always Be Closing

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    When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

  • Expected Developments From Upcoming Basel Capital Rules

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    With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.

  • Deciphering SEC Disgorgement 4 Years After Liu

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    Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.

  • Updates To CFTC Large Trader Report Rules Leave Questions

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    The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.

  • Series

    Playing Chess Makes Me A Better Lawyer

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    There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.

  • Beware Shifting Provisions In Middle-Market Loan Documents

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    In recent years, many credit facility provisions previously considered to be market standard have been negotiated, often turning in favor of borrowers, demanding renewed diligence from workout officers and restructuring counsel operating in the middle market, say attorneys at Crowell & Moring.

  • How SEC Could Tackle AI Regulations On Brokers, Advisers

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    The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.

  • Litigation Inspiration: Attys Can Be Heroic Like Olympians

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    Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.

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