Capital Markets

  • May 13, 2024

    Investor Seeks Info On Visa Denied For Money Exchanger Use

    A Vietnamese woman challenging U.S. Citizenship and Immigration Services' denial of her EB-5 petition hauled the agency into a D.C. federal court, accusing it of withholding information that may reveal why her use of a money exchanger doomed her petition.

  • May 13, 2024

    Justices Deny Review Bid From Convicted REIT Execs

    The U.S. Supreme Court on Monday declined to hear a bid by four incarcerated executives with Texas real estate investment trust United Development Funding to overturn a Fifth Circuit ruling upholding their convictions in a Ponzi scheme.

  • May 13, 2024

    Semisubmersible Co. CEO Convicted Of Fraud, Fleeing Law

    The CEO of a semisubmersible manufacturer has been convicted by a Hawaii federal jury of financial fraud, witness tampering and attempting to escape law enforcement in one of his company's ocean vessels.

  • May 13, 2024

    Archegos Boss Blew $36B, But It Was His To Lose, Jury Told

    The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.

  • May 10, 2024

    Rivian's Cert. Oppo Not How 'Real World Works,' Judge Says

    A California federal judge told Rivian's attorney Friday that his arguments opposing class certification for investors alleging the carmaker misled them on material costs appeared to say that unless a company practically admits fraud in a disclosure it's not a "corrective" disclosure, but "that is not how the real world works."

  • May 10, 2024

    SEC Opposes Quick Appeal Of 'Crystal Clear' Coinbase Order

    The U.S. Securities and Exchange Commission on Friday urged a Manhattan federal court to reject Coinbase's bid for a Second Circuit review of an order allowing an agency enforcement action to proceed, saying the company's cries of uncertainty over how securities laws apply to crypto assets ignore the "crystal-clear" order it is trying to contest.

  • May 10, 2024

    EV Startup Says California Settlement Covers Stockholder Suit

    Backers of a transaction that took electric vehicle startup Faraday Future Intelligent Electric Inc. public with a $1 billion value in 2021 have asked Delaware's Court of Chancery to block discovery in a stockholder challenge to the deal, citing pending settlement of a similar federal action in California.

  • May 10, 2024

    Zeekr's US Debut Could Spur More IPOs From China

    Electric-vehicle maker Zeekr's robust initial public offering sent an encouraging signal to Chinese companies considering whether to tap U.S. markets after a long lull, despite continued risks stemming from fractured U.S.-China relations, experts said Friday.

  • May 10, 2024

    Guess? Sued To Stop Founders' Alleged Pending Equity Grab

    A pension fund stockholder of Guess? Inc. has sued the company, its founders, and its board in Delaware's Court of Chancery, alleging "a covert attempt to strip the company's public stockholders of their contractual right to equal treatment" in connection with a merger or sale of Guess.

  • May 10, 2024

    FINRA Fines Merrill Lynch $825K Over Supervisory Failures

    Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.

  • May 10, 2024

    Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes

    Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.

  • May 10, 2024

    5th Circ. Upholds SEC Proxy Rule On ESG Disclosures

    The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.

  • May 10, 2024

    Financial Tech Co. Wants New Trial In $7.8M Breach Suit

    A financial technology company ordered to pay more than $7.8 million to an Atlanta-area capital recruiting firm for violating an agreement to pay the recruiter to connect it with investors has asked a Georgia federal judge for either a new trial or judgment as a matter of law.

  • May 10, 2024

    Digital Platform Xtribe To Go Public Via $141M SPAC Merger

    Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.

  • May 10, 2024

    CFTC Floats Ban On Election Betting Contracts

    A divided U.S. Commodity Futures Trading Commission approved a proposed rule Friday that would ban trading on the outcome of elections, further solidifying its contested position that such activities constitute illegal "gaming" and threaten to thrust the agency into the role of an "election cop."

  • May 10, 2024

    Building Materials Biz To Return Further $300M To Investors

    CRH PLC on Friday rolled out a new chunk worth up to $300 million of its ongoing share repurchase program as the construction materials manufacturer seeks to reduce its outstanding share capital and to reward investors.

  • May 09, 2024

    Davis Polk, Simpson Thacher Drive EV Maker's $441M IPO

    Chinese electrical vehicle maker Zeekr on Thursday priced an upsized $441 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Simpson Thacher & Bartlett LLP, marking the largest U.S. IPO by a China-based company since 2021.

  • May 09, 2024

    SEC Sues 3 Penny Stock Firms Over Failure To Register

    The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.

  • May 09, 2024

    Attys Want $102M In Fees In Stock Loan Antitrust Deal

    Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.

  • May 09, 2024

    Making Borrower Contact Ex Was Reasonable, Court Told

    A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.

  • May 09, 2024

    Skadden-Led Firm Nets $250M In May's Second SPAC Listing

    GP-Act III Acquisition Corp., a Skadden-led special-purpose acquisition company backed by multiple private investment firms, began trading on Thursday after completing a $250 million initial public offering, marking the second SPAC listing this month in an otherwise battered market.

  • May 09, 2024

    CFTC Moves For Win Over Gemini's 'Misleading' Statements

    The U.S. Commodity Futures Trading Commission has told a New York federal judge there's no need to try claims that Gemini Trust Co. LLC misled the regulator on a bitcoin futures contract since discovery "confirmed" that the cryptocurrency exchange made "scores of materially false or misleading statements and omissions."

  • May 09, 2024

    Musk Fights Latest Subpoena Over $44B Twitter Purchase

    Elon Musk's counsel urged a California federal judge on Thursday to undo a magistrate judge's decision requiring the businessman to testify again before the U.S. Securities and Exchange Commission about his $44 billion purchase of the social media platform formerly known as Twitter, calling the subpoena overbroad and unconstitutional.

  • May 09, 2024

    Masimo Makes Offer To End Activist Politan's Proxy Contest

    Medical technology company Masimo Corp. revealed Thursday that it is willing to appoint one of the director nominees put forth by activist investment firm Politan Capital Management LP in exchange for the company dropping its proxy fight, though Politan signaled distaste with the proposed deal.

  • May 09, 2024

    Binance Fined $4.4M By Canadian Regulator

    Canada's anti-money laundering watchdog levied a 6 million Canadian dollars ($4.38 million) fine against crypto exchange Binance after the firm allegedly failed to register as a money services business and didn't report thousands of large transactions on its platform.

Expert Analysis

  • How Private Funds Can Navigate New FinCEN Reporting Rules

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    In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.

  • How AI May Be Used In Fintech Fraud — And Fraud Detection

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    Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.

  • What Recent Study Shows About AI's Promise For Legal Tasks

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    Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.

  • Innodata Suit Highlights 'AI Washing' Liability Risk For Cos.

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    A class action against software company Innodata over so-called AI washing, one of the first of its kind, underscores the litigation and enforcement risks that can arise from the U.S. Securities and Exchange Commission's novel theory about misleading artificial intelligence capabilities, say attorneys at Bracewell.

  • Tips For CCOs Submitting Annual Compliance Reports

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    Recent settlement actions by the U.S. Commodity Futures Trading Commission, coupled with statements made by both CFTC and U.S. Securities and Exchange Commission leadership, demonstrate why this year's chief compliance officer annual report filing is no ordinary exercise, and highlight the increasing importance of the report and its usage, say attorneys at Steptoe.

  • Fintech 'Prenups': Planning For A Card Program Breakup

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    After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.

  • SEC's Final Climate Disclosure Rules: What Cos. Must Know

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    While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.

  • 2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion

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    The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.

  • Opinion

    European Union Criticisms Of The FCPA Are Misguided

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    Some in the European Union have criticized U.S. enforcement of the Foreign Corrupt Practices Act for what they perceive as jurisdictional overreach, but this appears to overlook the crucial fact that jurisdiction is voluntary, and critics should focus instead on the lack of equivalent laws in their own region, say John Joy and YuTong Wang at FTI Law.

  • What Fed's Credit-Linked Note FAQ Means For Capital Relief

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    U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Under The Hood Of The SEC Securitization Conflict Rule

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    Elanit Snow and Julia Vitter of Proskauer consider the U.S. Securities and Exchange Commission's recently finalized rule that prohibits conflicts of interest in certain securitization transactions, uncovering what the new regulation does and doesn’t entail, why it was adopted, and how commenters' remarks affected the process.

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • Can A DAO Be Sued? SDNY Case May Hold The Answer

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    A case pending in the Southern District of New York will examine whether decentralized crypto co-op MakerDAO is a partnership with the capacity to be sued in federal court, and the decision could shape how legal frameworks will adapt to accommodate blockchain technologies moving forward, say attorneys at Haynes Boone.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

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