Capital Markets

  • May 15, 2024

    Bolt Financial Cancels $37M In Shares To End CEO Loan Suit

    Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.

  • May 15, 2024

    Chancery Nixes BuzzFeed Worker Arbitration Bid

    Delaware's Court of Chancery dismissed from an arbitration access dispute on Wednesday 85 BuzzFeed Media Enterprises employees who sued for arbitration of a stock conversion right, rejecting claims that company employment agreements require Delaware courts to handle the issue.

  • May 15, 2024

    'Uber Files' Scandal Can't Prop Up Investor Suit, Judge Says

    Uber Technologies has beaten back a proposed class action alleging that a trove of leaked internal records harmed shareholders by revealing corporate misconduct, with a California federal judge saying plaintiffs failed to prove that any of Uber's statements about the leak were false.

  • May 15, 2024

    UnitedHealth Concealed DOJ Merger Investigation, Suit Says

    UnitedHealth Group has been hit with a proposed shareholder class action alleging that it failed to disclose that the U.S. Department of Justice had reopened an antitrust investigation into the health insurance giant following its acquisition of a healthcare data company, and that top executives had sold more than $120 million of shares knowing about the investigation before a news report revealed it to the public.

  • May 15, 2024

    Arizona Judge Revives Opendoor Investors' Securities Suit

    An Arizona federal judge has revived a consolidated securities class action accusing real estate company Opendoor Technologies Inc. of misleading investors about the benefits of its pricing algorithm software in order to go public in a reverse merger with a special-purpose acquisition company.

  • May 15, 2024

    Startup Consultant Hits Hemp Co. With $2.1M Fee Suit

    A consulting firm focused on helping startup companies raise capital is taking an industrial hemp firm, its owners and a guest lecturer at the University of Michigan's business school to Ohio federal court over $2.1 million in consulting fees it says it never got to collect.

  • May 15, 2024

    Colo. Says Lending Law Challenge Aims To Strip Federal Right

    The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.

  • May 15, 2024

    Tesla Fires Back At Claims It Bullied Retired Law Professor

    Tesla has pushed back against allegations that it tried to bully a retired law professor out of weighing in on an investor suit over CEO Elon Musk's $56 billion compensation plan, according to new filings in Delaware.

  • May 15, 2024

    Chancery Orders $199M Penalty In TransCanada Deal Suit

    Citing "non-cumulative" damages award offsets, a Delaware vice chancellor on Wednesday ordered the former TransCanada Corp. to pay $199 million of a potential $283 million judgment issued in a post-trial ruling last year on amounts owed to former Columbia Pipeline Group Inc. shareholders shorted in a 2016 merger.

  • May 15, 2024

    Chinese Art Marketplace, EV Co. Ink SPAC Deals Worth $834M

    Two Chinese companies, art marketplace Tyfon Culture Holdings and electric-vehicle maker Aiways Europe have announced plans to go public in the U.S. via mergers with special-purpose acquisition companies in deals that are together valued at around $834 million.

  • May 15, 2024

    Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark

    A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.

  • May 15, 2024

    Archegos Ex-Accountant Tells Jury Of 'Vendetta' Inside Fund

    A key cooperating witness had a "personal vendetta" against a former Archegos executive charged in the government's $36 billion market distortion case, according to testimony Wednesday by an ex-accountant at the fallen fund.

  • May 15, 2024

    Linklaters Helps Computer Biz Raspberry Pi's Planned UK IPO

    Raspberry Pi, which makes card-sized computers, said on Wednesday that it is planning to float on the London Stock Exchange, providing a rare boost for a U.K. capital market which has struggled to attract new listings.

  • May 14, 2024

    Musk Can't Avoid Another Deposition In SEC Twitter Dispute

    A California federal judge on Tuesday ordered Elon Musk to testify once again in the U.S. Securities and Exchange Commission's suit over his $44 billion acquisition of X, formerly known as Twitter, finding that the SEC's subpoena "reasonably seeks" information relevant to the agency's investigation.

  • May 14, 2024

    In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg will tell House lawmakers Wednesday that he is taking "full responsibility" for his agency's workplace misconduct scandal and eyeing "fundamental" structural reforms, striking a humbled but determined tone as he faces the first of two hearings that could be make-or-break for his job.

  • May 14, 2024

    Asset Manager Cops To $1.2B Venezuelan Oil Co. Fraud

    An asset manager pled guilty Tuesday to one count of conspiracy to commit money laundering for his role in a $1.2 billion scheme to embezzle money from Venezuela's state-owned oil company and launder it through false investment schemes in the U.S. and abroad.

  • May 14, 2024

    Apache Investors Get First OK On $65M Deal In Drilling Suit

    A U.S. magistrate judge has given the first green light to a $65 million settlement resolving a lawsuit against oil and gas company Apache Corp. filed by investors alleging they were deceived by promises of a potentially lucrative drilling project that ultimately led to a $3 billion write-down when it went bust.

  • May 14, 2024

    5th Circ. Expresses Doubt On Nasdaq Board Diversity Rules

    Lawyers for the U.S. Securities and Exchange Commission and Nasdaq Stock Market LLC faced a barrage of questions from the full Fifth Circuit on Tuesday, with judges wondering whether rules requiring corporations to disclose board diversity information would open the door to investor questions on religious practices, political beliefs or Taylor Swift fandom.

  • May 14, 2024

    Mich. Biz Attys Back State's Securities Fraud Enforcement Bid

    Members of Michigan's state bar association have urged the state's highest court to adopt a U.S. Supreme Court test for determining whether promissory notes are securities, in support of an effort by the state securities regulator to bring an enforcement action against a condominium developer accused of failing to pay back investors. 

  • May 14, 2024

    Crystallex Special Master Fires Back Against Effort To DQ Him

    The special master appointed to oversee the auction of Citgo's parent company to satisfy billions of dollars worth of Venezuelan debt bristled at the country's allegations that he improperly pressured the U.S. to change its sanctions policy to permit the sale to go through.

  • May 14, 2024

    Vein Tech Maker Faces Investor Suit Over DOJ Kickback Probe

    Vein disease device maker Inari Medical Inc. and three of its current and former executives face a proposed investor class action over claims that the company's share price fell after it disclosed an investigation into its compliance with federal anti-kickback laws.

  • May 14, 2024

    Cannabis Co., Wrigley Heir Settle $7M Investor Suit

    An investor that sank $7.4 million into cannabis operator Parallel has settled its suit with the company and its former CEO and heir to the Wrigley chewing gum fortune, according to a mediation report filed in Florida federal court.

  • May 14, 2024

    White & Case-Led Saudi Hospital Giant Prices $764M IPO

    White & Case-led Saudi Arabian hospital network Fakeeh Care Group on Tuesday set a price in an oversubscribed initial public offering that is set to raise $764 million, making it the largest Saudi listing this year, guided by three law firms.

  • May 14, 2024

    Online Education Biz To Go Public Via $135M SPAC Merger

    Education technology company and online class provider Classover, led by RPCK Rastegar Panchal LLP, on Tuesday unveiled plans to go public via a merger with special purpose acquisition company Battery Future Acquisition Corp., advised by Graubard Miller and Nelson LLP, in a deal with an estimated value of $135 million.

  • May 13, 2024

    Tesla Threatened To Fire Holland & Knight, Law Prof Says

    Tesla tried to bully a law professor out of filing an amicus brief in investors' suit over Elon Musk's $56 billion compensation plan, in part by threatening to fire the company's longtime outside counsel at Holland & Knight LLP if the professor submitted his brief, according to a filing Monday in Delaware.

Expert Analysis

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Intent-Based Theory Of Liability In Hwang Creates Ambiguity

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    A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • A Look At Recent Challenges To SEC's Settlement 'Gag Rule'

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    Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.

  • Flexibility Is Key In Hybrid Capital Investment Strategies

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    Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.

  • How American Airlines ESG Case Could Alter ERISA Liability

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    Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.

  • Defense Attys Must Prep For Imminent AI Crime Enforcement

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    Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.

  • Tipsters May Be Key To Financial Regulators' ESG Efforts

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    The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Opinion

    The SEC Is Engaging In Regulation By Destruction

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    The U.S. Securities and Exchange Commission's recent use of regulation by enforcement against digital assets indicates it's more interested in causing harm to crypto companies than providing guidance to the markets or protecting investors, says J.W. Verret at George Mason University.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

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