Capital Markets

  • December 04, 2023

    Catching Up With Delaware's Chancery Court

    Blockchain gaming, lithium-battery production, nutrition supplements and Activision's $68.7 billion sale to Microsoft — nothing is too big or complicated for Delaware's Chancery Court to put on its agenda. The year is winding down, but things haven't slowed in the nation's top court of equity. Check here for all the latest news from the Chancery Court.

  • December 01, 2023

    Justices Call O'Connor 'American Hero,' 'Perfect Trailblazer'

    Following news of retired U.S. Supreme Court Justice Sandra Day O'Connor's death at the age of 93, current and former high court justices paid public homage to her trailblazing career, devotion to the rule of law and illuminating charisma.

  • December 01, 2023

    SIFMA Slams States' Bid To Rewrite Broker Conduct Rules

    The Securities Industry and Financial Markets Association urged a coalition of North American securities regulators Friday to withdraw a proposal to revise a model rule governing broker-dealer conduct, arguing it is largely federally preempted and conflicts with a U.S. Securities and Exchange Commission regulation.

  • December 01, 2023

    Former Clerks Say Justice O'Connor Still Worth Emulating

    BigLaw attorneys mentored by former U.S. Supreme Court Justice Sandra Day O'Connor, who died Friday after a lengthy battle with dementia, say she'll be remembered as an incisive jurist who always put facts and practical considerations above abstract ideological commitments, as well as a deeply gracious and down-to-earth woman who never let her dedication to the law overshadow her zest for life.

  • December 01, 2023

    Therapy Co. SPAC Investors Fight Del. Stock-Drop Suit Toss

    An attorney for a blank-check company that took ATI Physical Therapy Inc. public in a deal valued at $2.5 billion in 2021 told a Delaware chancellor Friday that a shareholder lawsuit seeking damages for the venture's immediate nose-dive in stock price failed to acknowledge the deal architects' shared stake.

  • December 01, 2023

    K&L Gates Adds ETF Firm GC To Asset Management Practice

    K&L Gates LLP has added a partner to its asset management and investment funds practice who was most recently a general counsel and chief compliance officer at exchange-traded fund issuer Innovator ETFs, the firm has announced.

  • December 01, 2023

    Crypto Site Blockas Hit With User Suit Over $2.5M Account

    Crypto lending platform Block Assets LLC has been hit with a proposed class action alleging it is operating a Ponzi scheme in which it is illegally withholding its clients' funds, including $2.5 million belonging to the user who filed the suit.

  • December 01, 2023

    UiPath Brass Puffed Up Co. To Enrich Themselves, Suit Says

    Shareholders of automation software company UiPath Inc. have filed a derivative suit against the company's executives and board members for allegedly misrepresenting UiPath's technological advancements, market share and revenue in order to artificially inflate the stock price to maximize their own personal profits.

  • December 01, 2023

    Judge Threatens SEC With Sanctions In Crypto Case

    A Utah federal judge has ordered the U.S. Securities and Exchange Commission to explain why it shouldn't face sanctions after he found that the agency may have misrepresented key facts to obtain a temporary restraining order against cryptocurrency project Debt Box.

  • December 01, 2023

    4 Decisions For Which Justice O'Connor Will Be Remembered

    Many of the hotly divided cases at the U.S. Supreme Court came down to Justice Sandra Day O’Connor, a central force on the bench whose savviness at striking compromises and taking a pragmatic approach to resolve disputes is on full display in four opinions.

  • December 01, 2023

    Off The Bench: NBA Sales, More Crypto Woes, Favre Appeal

    In this week's Off The Bench, two NBA franchises engineer massive shake-ups in their ownership structures, new lawsuits target the sports world's entanglement with cryptocurrency, and NFL Hall of Famer Brett Favre appeals his loss in a defamation case.

  • December 01, 2023

    Justice O'Connor Shattered Barriers, Built Bridges

    A Southwestern cowgirl who will always be known as the first woman to sit on the U.S. Supreme Court, Justice Sandra Day O’Connor inspired those around her with an indomitable work ethic, a deep affection for public service and an innate ability to drive consensus among her colleagues.

  • December 01, 2023

    NJ Panel Says Public Contractor Law Applies To Joint Venture

    A New Jersey township was right to reject a joint venture's bid to build a new library and municipal complex because it was not registered as a contractor under the state's public bidding laws, an appellate panel ruled Thursday, backing a trial court's order upholding the bid rejection.

  • December 01, 2023

    SPAC Eyeing AirAsia Parent Merger Risks Nasdaq Delisting

    Special-purpose acquisition company Aetherium Acquisition Corp. is at risk of having its securities delisted from the Nasdaq following multiple bouts of noncompliance with listing rules, according to an announcement Friday — just a month after the SPAC announced plans to merge with and take public Malaysian airline AirAsia's parent company.

  • December 01, 2023

    Sandra Day O'Connor, First Woman On Supreme Court, Dies

    Retired U.S. Supreme Court Justice Sandra Day O'Connor, the court's first female member, died Friday at 93, according to the court. Justice O'Connor's position at the ideological center of the court gave her outsized influence in controversial cases during her 25-year tenure.

  • November 30, 2023

    PCAOB Fines PwC Units In 1st Actions Against Chinese Firms

    The Public Company Accounting Oversight Board said Thursday that PwC's Shanghai and Hong Kong offices, as well as another Chinese public accounting firm, will pay nearly $8 million in fines for violating securities laws, marking the board's first enforcement settlements with firms in that area since securing auditing rights last year.

  • November 30, 2023

    SEC Inks Deal In Suit Involving 'Sopranos' Star's Ex-Husband

    The U.S. Securities and Exchange Commission asked a New York federal judge to approve a $3.1 million settlement with a former managing director of an advisory firm over his role in a pump-and-dump scheme with the ex-husband of a star in HBO series "The Sopranos."

  • November 30, 2023

    Expensify Hid Downturn Risks Ahead Of $263M IPO, Suit Says

    Expense management software company Expensify Inc. and some of its executives and directors face an investors' proposed class action alleging they concealed the company's susceptibility to "structural and macroeconomic headwinds" in filings for its nearly $263 million initial public offering in 2021.

  • November 30, 2023

    Del. Power Struggle For NY Lithium Battery Co. Heats Up

    An investor in a New York-based lithium-ion cell manufacturer that sued in Delaware's Court of Chancery to stop its majority equity holder from carrying out a board coup now says an unnamed secured lender for the startup has intervened in the dispute and is alleging it has the right to replace the company's board.

  • November 30, 2023

    PDVSA Says VR Capital Fraud Suit Must Be Nixed

    PDVSA has urged a New York court to toss litigation filed by asset manager VR Capital accusing the Venezuelan state-owned oil company of fraud in connection with its issuance of nearly $2 billion worth of senior secured notes, calling the suit "misguided."

  • November 30, 2023

    FTX Says IRS Tax Estimate Is $24B Too High

    Bankrupt cryptocurrency exchange FTX asked a Delaware bankruptcy judge to set its tax bill at zero dollars, arguing that the Internal Revenue Service's estimated $24 billion in claims threaten to halt any progress in getting a Chapter 11 plan approved.

  • November 30, 2023

    CFPB's Chopra Warns AI Could Spark Flash Crash, Bank Runs

    Consumer Financial Protection Bureau Director Rohit Chopra told senators on Thursday that artificial intelligence could turn market "tremors into earthquakes" and may warrant action from the Financial Stability Oversight Council, a systemic risk watchdog on which he serves.

  • November 30, 2023

    Genesis Gets OK To Resolve $1B In Three Arrows Claims

    A New York bankruptcy judge Thursday approved bankrupt cryptocurrency lending platform Genesis Global Holdco LLC's $33 million settlement resolving $1 billion in claims by bankrupt crypto hedge fund Three Arrows Capital.

  • November 30, 2023

    Unsecured Creditors Oppose Vesttoo's Bid To Hire Israeli Firm

    Unsecured creditors of bankrupt Israel-based fintech business Vesttoo are asking a Delaware federal judge to deny the company's request to retain an Israeli law firm in its Chapter 11 case, saying it hasn't yet been explained what services the firm will provide.

  • November 30, 2023

    Deals Rumor Mill: Humana-Cigna, Shein IPO, Occidental

    Humana and Cigna are exploring a merger that would shake up the health insurance industry, online fashion giant Shein is planning an IPO in 2024, and Occidental Petroleum wants to buy energy producer CrownRock for $10 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.

Expert Analysis

  • New Regs Will Strengthen Voluntary Carbon Offset Market

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    Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.

  • How FinCEN's Proposed Rule Stirs The Pot On Crypto Mixing

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    The Financial Crimes Enforcement Network’s recently issued proposal aims to impose additional reporting requirements to mitigate the risks posed by convertible virtual currency mixing transactions, meaning financial institutions may need new monitoring techniques to detect CVC mixing beyond just exposure, say Jared Johnson and Jordan Yeagley at Buchanan Ingersoll.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • A Breakdown Of The OCC's New Venture Lending Pointers

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    In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • What SEC Retreat In Ripple Case Means For Crypto Regulation

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    The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Paths Forward For RE Buyers In Turbulent Market Conditions

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    Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.

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