Capital Markets

  • December 04, 2024

    Starbucks Brass Face Derivative Suit Over 'Reinvention' Flop

    Officers and directors of coffee chain Starbucks are facing shareholder derivative claims over the company's so-called Triple Shot Reinvention strategy after the company disappointed the markets in April with updates about the plan.

  • December 04, 2024

    Developer, Michigan Differ On State, Federal Securities Tests

    A Michigan Supreme Court justice on Wednesday pressed the state's securities administrator and a developer over how Michigan businesses and residents could be affected if the high court were to decide that a state law test rather than a federal one should be used to determine if a promissory note is a security.

  • December 04, 2024

    Uber Investors' Attys Awarded $58M In $200M IPO Suit Deal

    A California federal judge granted final approval Wednesday to Uber's $200 million deal settling class claims from investors accusing it of making false and misleading statements ahead of its initial public offering, and also awarded $58 million for attorney fees that he called quite "substantial" but "warranted."

  • December 04, 2024

    SEC Taps New Co-Leaders For Crypto Enforcement Unit

    The U.S. Securities and Exchange Commission has promoted the assistant director of its crypto and cyber enforcement unit and a counsel to an outgoing Democratic commissioner to co-lead the regulator's crypto enforcement efforts ahead of a coming administration shake-up that could change the agency's approach to the digital asset industry.

  • December 04, 2024

    'Patriotic' Marketplace PublicSquare Raises $36M Stock Sale

    The money-losing owner of self-described patriotic marketplace PublicSquare bolstered its balance sheet Wednesday through a $36 million registered direct offering guided by two law firms, one day after it named Donald Trump Jr. to its board of directors.

  • December 04, 2024

    Viks' Bid To Duck Bank May Hinge On Norway Orders

    A Connecticut state court judge noted repeatedly on Wednesday that Deutsche Bank AG has not provided her with copies of Norwegian judgments to undergird its argument that billionaire Alexander Vik and his daughter tortiously harmed the value of an asset sale, but the bank said the material is not necessary to let its lawsuit escape summary judgment.

  • December 04, 2024

    Del. Justices Skeptical $2.4B SPAC Deal Misled Investors

    Delaware Supreme Court justices pressed a stockholder attorney on Wednesday to explain how the blank-check company that took electric vehicle venture Canoo Holdings Ltd. public in a $2.4 billion deal breached its duties by failing to reveal information it purportedly had yet to receive.

  • December 04, 2024

    Crypto Groups Hail Trump's SEC Pick Paul Atkins

    President-elect Donald Trump on Wednesday said he will nominate former U.S. Securities and Exchange Commission member Paul Atkins to lead the agency next year, a decision that cryptocurrency advocates praised as opening a path for greater acceptance of an industry that has faced a slew of lawsuits under the current SEC.

  • December 04, 2024

    Paul Weiss-Led PE Firm's SPAC Bids £836M For E-Training Biz

    Investor General Atlantic said Wednesday that a company it manages has agreed to buy Learning Technologies Group PLC, a workplace training provider, for a total of £836 million ($1.1 billion) as the U.S. business looks to expand in the growing sector.

  • December 03, 2024

    Top Ex-SEC Officials Warn Of Enforcement Upheaval

    Former top U.S. Securities and Exchange Commission officials on Tuesday predicted a sea change in the agency's enforcement approach in the coming second administration of President-elect Donald Trump, with a lighter touch for corporate wrongdoers and a whole new ballgame with respect to cryptocurrency.

  • December 03, 2024

    Crypto Co. Hut 8 Wants Out Of Merger Disclosure Investor Suit

    Crypto mining company Hut 8 moved to dismiss a proposed shareholder class action that is based on the claims of a short-seller's report that Hut 8 overpaid for a company with severe operational issues, saying the suit does not show the alleged misrepresentations were false or misleading when made or that investors were actually harmed.

  • December 03, 2024

    Coinbase Says It Won't Use Firms That Hire Crypto Enforcers

    Cryptocurrency exchange Coinbase made clear that it won't work with law firms that employ former U.S. Securities and Exchange Commission attorneys who led the charge on crypto enforcement suits, singling out Milbank LLP for its hiring of ex-SEC enforcement director Gurbir Grewal.

  • December 03, 2024

    Unit Of World's Largest Bank Avoids SEC Penalty In Cyber Case

    A broker-dealer subsidiary of the Industrial and Commercial Bank of China will escape civil penalties in a settlement with the U.S. Securities and Exchange Commission over its books and records because of the firm's remediation and cooperation, the agency says.

  • December 03, 2024

    SEC Says Biopharma's Cooperation Helped It Avoid Penalty

    A Houston biopharmaceutical company accused of misleading investors about the regulatory status of two cancer drugs agreed to settle the U.S. Securities and Exchange Commission's action against it on Tuesday without paying a dime, in recognition of what the SEC said was the company's self-reporting and cooperation with investigators.

  • December 03, 2024

    'Bitcoin Jesus' Calls $48M Tax Dodging Case Unconstitutional

    An early Bitcoin investor known as Bitcoin Jesus asked a California federal judge Tuesday to dismiss charges that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much cryptocurrency he owned, arguing that the charges are unconstitutional.

  • December 03, 2024

    Judge Suspects Citigroup 401(k) Suit May Unnerve Fiduciaries

    Allowing discovery in a proposed class action over allegedly imprudent investments in Citigroup Inc.'s employee 401(k) plan may signal to fiduciaries that their decisions are subject to judicial second-guessing, a Hartford federal judge observed Tuesday amid oral argument on the company's motion to dismiss.

  • December 03, 2024

    Software Startup ServiceTitan Launches Plans For $480M IPO

    ServiceTitan Inc., a venture-backed software startup that serves trades-focused professions, launched plans on Tuesday for an estimated $480 million initial public offering under guidance from Latham & Watkins LLP and underwriters' counsel Wilson Sonsini Goodrich & Rosati PC, potentially marking the year's last sizable IPO.

  • December 03, 2024

    Celsius Founder Cops To Fraud That Sunk $25B Crypto Lender

    Celsius Network founder Alex Mashinsky told a Manhattan federal judge Tuesday that he lied when he told the public that the fallen $25 billion crypto lender's tokens were a safe investment, pleading guilty to fraud charges ahead of a January criminal trial.

  • December 02, 2024

    Metropolitan Commercial Bank Aided Voyager Fraud, Suit Says

    Voyager Digital's former bank, Metropolitan Commercial Bank, has been hit with a 53-count complaint in New York federal court alleging it was complicit in bad behavior by the now-defunct crypto lender and should be on the hook for repaying platform users.

  • December 02, 2024

    SEC Crypto Cases To Face Review Under Trump

    President-elect Donald Trump's promises of a friendlier approach to the digital asset industry means a review is coming for the U.S. Securities and Exchange Commission's controversial crypto suits, but experts agreed that this doesn't mean enforcement actions in the space will grind to a halt.

  • December 02, 2024

    Bipartisan Bill Calls For AI Studies From Financial Regulators

    Leaders of the U.S. House Financial Services Committee want to codify their commitment to regulating and cultivating the use of artificial intelligence in the financial services industry with legislation introduced Monday that directs financial and housing regulators to produce reports on the use of AI in their respective sectors.

  • December 02, 2024

    FDIC Must Face Some Of SVB Ex-Parent's Claims In $1.9B Suit

    A California federal judge has pared down a lawsuit looking to force financial regulators that stepped in after the high-profile collapse of Silicon Valley Bank to return some $1.9 billion in frozen deposits to the bank's former operator as part of a multipronged effort to recover the funds.

  • December 02, 2024

    SEC Taps Former Crypto Chief To Head Litigation Efforts

    The former acting chief of the U.S. Securities and Exchange Commission unit in charge of overseeing cybersecurity and cryptocurrency-related cases has been promoted to chief litigation counsel, expanding his oversight authority even as a more crypto-friendly administration is slated to enter the Oval Office in January. 

  • December 02, 2024

    Top Promoter Of $58M IcomTech Crypto Ponzi Gets 10 Years

    A Manhattan federal judge hit a Florida cryptocurrency salesman on Monday with a 10-year prison sentence for his role in promoting the $58 million IcomTech Ponzi scheme, saying he victimized others in a "get rich quick" scam and may do so again.

  • December 02, 2024

    Citi Splits Off Mexican Retail Bank Ahead Of Planned IPO

    Citigroup said Monday it has completed the expected spinoff of its Mexican retail banking unit called Banamex — part of a strategy to separate its retail and institutional banking businesses in Mexico — paving the way for an initial public offering of Banamex.

Expert Analysis

  • What's Next For Federal Preemption In Financial Services

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    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.

  • Increased Scrutiny Raises Int'l Real Estate Transaction Risks

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    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.

  • Why Attorneys Should Consider Community Leadership Roles

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    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.

  • 'Pig Butchering': The Scam That Exploits Crypto Confusion

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    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.

  • 9 Liability Management Tips As Debt Maturity Cliff Looms

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    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.

  • How Transaction Lookbacks Can Guide Fintech Companies

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    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.

  • Firms Must Offer A Trifecta Of Services In Post-Chevron World

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    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.

  • Series

    A Day In The In-House Life: Narmi GC Talks Peak Productivity

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    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.

  • How Ripple Final Judgment Fits In Broader Crypto Landscape

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    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.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    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.

  • Series

    After Chevron: SEC Climate And ESG Rules Likely Doomed

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    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.

  • Assessing Whether Jarkesy May Limit FINRA Prosecutions

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    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.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU

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    Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

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