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Capital Markets
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January 01, 2025
IPO Outlook Brightens As More Companies Eye 2025 Listings
Capital markets attorneys are preparing to advise more companies toward initial public offerings in 2025, given evidence that a rising number of candidates are joining the pipeline in expectation of a long-awaited resurgence in new listings. Here, Law360 looks at what deals attorneys and market participants expect.
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January 01, 2025
Trump's Regulatory Agenda Looms Over Compliance In 2025
The world of financial regulatory compliance will be keeping an eye on how Donald Trump's return to the White House will live up to his campaign promises of deregulation, new tariffs and more in the new year, while preparing for the end of various Biden administration priorities.
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December 23, 2024
Ex-Pharma Exec Charged With $38M Insider Trading Scheme
A former chief science officer of pharmaceutical company Humanigen faces charges in New Jersey federal court that he dumped shares of the company before it publicly announced its potential COVID-19 drug did not receive federal approval, according to an indictment unsealed Monday.
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December 20, 2024
SEC's Dealer Rule Loss Is A Lesson To Regulators, Atty Says
A Sullivan & Cromwell LLP attorney who successfully litigated a crypto industry challenge to vacate a U.S. Securities and Exchange Commission rule expanding the definition of dealer said the Texas federal judge's decision is another block in the recent chain of court decisions warning federal agencies to refrain from stretching old statutory terms to reach new contexts that aren't clearly within their authority.
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December 20, 2024
Binance Investors Seek To Update Suit After Federal Charges
A proposed class of Binance investors has asked a Florida federal judge to allow them to file a new complaint that drops some defendants and hones in on the crypto exchange and its former CEO in the wake of their historic settlement with U.S. authorities over alleged compliance failures.
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December 20, 2024
A Look Back At 2024's Major Securities Litigation Moments
The private securities litigation bar experienced a busy 2024, with meaningful and significant rulings in almost all of the nation's leading courts, and corporations, investors, government agencies and executives fighting over pay packages, disclosures, class certifications and mergers.
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December 20, 2024
Suit Slams SEC's Use Of 'Career Death Penalty'
A father and son who settled allegations of defrauding investment advisory clients with the U.S. Securities and Exchange Commission are suing in D.C. federal court to block the agency from barring them from the securities industry, claiming that the administrative case is unconstitutional.
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December 20, 2024
Crypto Trading Co. To Pay SEC $123M Over Terraform Claims
The U.S. Securities and Exchange Commission announced Friday that it secured a $123 million settlement with a Jump Trading subsidiary for allegedly misleading investors about the stability of the now-collapsed Terraform ecosystem by effectively propping up the project's flagship token following a trading arrangement made while the token dipped in value.
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December 20, 2024
Wells Fargo, LPL Financial Fined $3.6M For Bad Trading Data
Wells Fargo Clearing Services LLC and LPL Financial LLC on Friday each agreed to pay separate $900,000 fines to the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority to resolve claims they failed to provide complete and accurate securities trading information, known as blue sheet data.
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December 20, 2024
SEC Fines Entergy $12M Over Alleged Accounting Errors
The U.S. Securities and Exchange Commission on Friday announced a $12 million settlement with Entergy Corp. over claims that the company failed to properly account for what may have been hundreds of millions of dollars in unusable or surplus equipment.
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December 20, 2024
Trump Transfers $4B Equity Stake In Media Startup To Trust
President-elect Donald Trump has transferred control over his estimated $4 billion stake in the company that owns his social media platform to a revocable trust held by his son, according to regulatory flings.
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December 20, 2024
Former Connecticut Bank GC Admits Embezzling $7.4M
A former general counsel and corporate secretary who once worked for suburban New York and Connecticut banks pled guilty on Friday to two counts connected to a nearly 10-year embezzlement scheme that topped $7.4 million before Webster Bank, based in Stamford, terminated his employment in February 2023, federal prosecutors said.
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December 20, 2024
Skadden To Help FedEx Deliver Freight Biz Separation Plan
Skadden Arps Slate Meagher & Flom LLP-advised FedEx on Friday unveiled plans to spin off its FedEx Freight business into a separate, new publicly traded company, a move that comes after the company's board of directors evaluated the role FedEx Freight has in the transport giant's portfolio.
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December 20, 2024
Cooley Capital Markets Pro Joins Sidley In California
Sidley Austin LLP has grown its capital markets offerings in California with the addition of a Cooley LLP attorney as the firm sees demand growth in equity transactions.
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December 20, 2024
Fuji Soft Founder, Bain Band Together On 'Not' Hostile Bid
Bain Capital and Fuji Soft's founder said Friday they are joining forces on a plan to snap up a 50.1% stake in the Japanese IT company and take it private, as a bidding war with Bain rival KKR kicks into high gear.
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December 20, 2024
Capital Markets Attorneys Ready For Reset After Bumpy 2024
Capital markets activity — initial public offerings especially — posted a hesitant recovery in 2024, marginally increasing over prior-year levels before pausing altogether during a heated presidential election and postponing attorneys' hopes for a stronger rebound until 2025.
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December 19, 2024
Atkins-Tied Crypto Group Lays Out Its Priorities For New SEC
Crypto industry group The Digital Chamber, which counts U.S. Securities and Exchange Commission chair nominee Paul Atkins as an advisory board member, has urged the Wall Street regulator to "reset its historically troubled relationship" with the crypto industry by rolling back certain rule proposals and resolving non-fraud suits against crypto firms soon after President-elect Donald Trump takes office next year.
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December 19, 2024
Ex-Biopharma Exec Settles SEC Insider Trading Claim
A former biopharmaceutical executive will pay nearly $156,000 to end U.S. Securities and Exchange Commission claims that he bought up shares of his employer's acquisition target and the target's shareholder ahead of the announcement of the acquisition.
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December 19, 2024
'Hawk Tuah' Memecoin Promoters Sued Over Crypto Flop
Buyers of the viral "Hawk Tuah" meme-themed cryptocurrency sued the project's promoters and developers in New York federal court Thursday for failing to register the asset as a security while they "created a speculative frenzy" that led holders to lose thousands of dollars.
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December 19, 2024
Ropes-Led Bain Capital Trims Stake In Kioxia After $800M IPO
Bain Capital LP trimmed its majority stake in Japanese chipmaker Kioxia Holdings Corp. following the company's $800 million initial public offering, according to a statement Thursday by Ropes & Gray LLP, which represented the private equity giant in the transaction.
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December 19, 2024
Medical Supplies Giant, Drone Operator File Confidential IPOs
Private equity-backed medical supplies giant Medline Inc. and drone operator Airo Group Holdings Inc. said Thursday that they confidentially filed plans for initial public offerings with regulators, joining a growing pipeline of IPO prospects for 2025.
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December 19, 2024
Judge Says Investing Firm Owes Marketer $330K, Not $10M
Following a four-day bench trial, a Colorado federal judge has ruled a marketing company is entitled to $331,000 in damages from an investment advisory firm that shorted it on commission for consulting services, but rejected the $10 million liability the marketer asserted in the nearly decade-old litigation.
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December 19, 2024
Fed, OCC 'Asleep At Wheel' On Merger Policy, Warren Says
Sen. Elizabeth Warren on Wednesday accused top federal bank regulators of blowing off calls for tougher merger scrutiny and leaving the financial system exposed to dangerous megadeals, blasting them as "asleep at the wheel" as the Capital One-Discover merger inched closer to approval.
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December 19, 2024
Honda, Nissan Mulling Merger, And Other Deal Rumors
Japanese automakers Honda and Nissan are discussing a potential merger as they look to compete with the likes of Tesla and Chinese automakers, according to a Wednesday report by Nikkei. A subsequent report in The Wall Street Journal laid out some eye-catching stats about China's growth in the industry, which it said has left automakers elsewhere across the globe scrambling to compete.
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December 19, 2024
Morrison Foerster, Freshfields Guide $1.8B Packaging Deal
Toppan Holdings Inc. confirmed Thursday it has agreed to purchase Sonoco Products Co.'s thermoformed and flexible packaging, or TFP, unit for about $1.8 billion, with Morrison Foerster LLP advising the buyer and Freshfields LLP representing the seller.
Expert Analysis
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How Companies Are Approaching Insider Trading Policies
An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.
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Increased IPOs In '24 Shows Importance Of Strategic Planning
Initial public offerings, debt issuances and M&A activity so far in 2024 have shown substantial increases over comparable periods in 2023, highlighting why counsel should educate clients on market trends and financing alternatives to proactively prepare them to be ready to take advantage of opportunities, say attorneys at Skadden.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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What's Next For Federal Preemption In Financial Services
The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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'Pig Butchering': The Scam That Exploits Crypto Confusion
Certain red flags can tip off banks to possible "pig-butchering," and with the scam's increasing popularity, financial institutions need to take action to monitor entry points into the crypto space, detect suspicious activity and provide a necessary backstop to protect customers, say Brandon Essig and Mary Parrish McCracken at Lightfoot Franklin.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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How Transaction Lookbacks Can Guide Fintech Companies
As transaction lookbacks continue to be a key focus of enforcement actions, newer financial institutions like fintech companies should know they can benefit from proactively investigating their potential failure to identify suspicious activity, creating a compliance road map and building trust with regulators in the process, say attorneys at Jenner & Block.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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Series
A Day In The In-House Life: Narmi GC Talks Peak Productivity
On a work-from-home day in August, Narmi general counsel Amy Pardee chronicles a typical day in her life in which she organizes her time to tackle everything from advising on products and contract negotiations to volunteering and catching up on the New York Times crossword.
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How Ripple Final Judgment Fits In Broader Crypto Landscape
The Southern District of New York's recent $125 million civil penalty levied in U.S. Securities and Exchange Commission v. Ripple will have a broad impact on the crypto industry as it was the first to hold that blind sales of digital assets are not securities, even if deemed securities in other circumstances, say attorneys at BakerHostetler.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
After Chevron: SEC Climate And ESG Rules Likely Doomed
Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.