Capital Markets

  • May 02, 2024

    Activist Files New Proxy Fight In REIT Takeover Attempt

    Activist investor Blackwells Capital LLC continued its campaign against hospitality executive Monty J. Bennett by separately urging shareholders of Braemar Hotels & Resorts Inc. and an advisory firm that Bennett controls to approve a board shake-up during upcoming annual meetings.

  • May 02, 2024

    Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House

    Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.

  • May 02, 2024

    Discover Ups Liability Costs For Card Pricing Issue To $1.2B

    Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.

  • May 02, 2024

    Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants

    Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • May 01, 2024

    Republicans Say Bank Merger Reviews 'Need A Shot Clock'

    House Republicans on Wednesday raised concerns with federal banking officials about how long it can take their agencies to sign off on proposed bank mergers, a long-standing industry complaint that the lawmakers say a tight "shot clock" could help address.

  • May 01, 2024

    JPMorgan Says It's Paying $100M More In Trade Penalties

    JPMorgan Chase & Co. said Wednesday that it expects to pay $100 million to yet another U.S. regulator to resolve alleged deficiencies with its program for monitoring employee and client trading activities, a fine that comes on the heels of an additional $350 million in penalties stemming from its trade surveillance.

  • May 01, 2024

    Split 2nd Circ. Backs Arbitration Denial In ERISA Suit

    A divided Second Circuit panel ruled Wednesday that a group of financial services companies can't compel individual arbitration of a proposed class action accusing them of overcharging an employee stock ownership plan, saying that doing so would prevent a plan participant from seeking planwide remedies authorized by federal benefits law.

  • May 01, 2024

    Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge

    Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.

  • May 01, 2024

    Trump's Truth Social Stake Expands To Nearly 65%

    Former President Donald Trump's stake in his social media platform rose to 65%, according to a securities filing, valuing his stake at more than $5 billion based on current trading, though Trump is barred from selling shares for several months.

  • May 01, 2024

    AI Is Top Of Mind For Companies — And Securities Regulators

    As references to artificial intelligence in securities filings soar, attorneys say companies must ground their disclosures in fact and be upfront about risks posed by AI in order to avoid the wrath of regulators, who promise to crack down on misleading claims.

  • May 01, 2024

    PG&E, KKR In Exclusive Talks For Partial Sale Of Power Biz

    Pacific Gas & Electric Corp. is in exclusive talks with private equity giant KKR to sell a minority interest in its subsidiary, Pacific Generation LLC, to KKR's infrastructure strategy in a deal that would reduce customer rates by more than $100 million over the next two decades.

  • April 30, 2024

    2nd Circ. Revives Commerzbank RMBS Suit Against US Bank

    The Second Circuit on Tuesday revived part of a nearly decade-old Commerzbank AG lawsuit brought against U.S. Bank NA over its role as a trustee on a slew of pre-2008 crisis RMBS trusts, sending some of the German bank's previously dismissed claims back to district court for a "closer inspection."

  • April 30, 2024

    SEC Says Penny Stock Firm Failed To Register As A Dealer

    The U.S. Securities and Exchange Commission has sued a New Jersey company for allegedly dealing in penny stock without registering as a securities dealer, echoing claims the agency made against a different lender, which the Eleventh Circuit largely affirmed in February.

  • April 30, 2024

    'Bitcoin Jesus' Dodged Nearly $50M In Taxes, Feds Say

    The U.S. has charged an early bitcoin investor dubbed "Bitcoin Jesus" over allegations that he dodged approximately $48 million in taxes by filing false tax returns and concealing how much of the cryptocurrency he owned, according to an announcement from the U.S. Department of Justice on Tuesday.

  • April 30, 2024

    Skadden, Latham Lead Travel Firm Viking's Upsized $1.5B IPO

    Private equity-backed cruise operator Viking Holdings Ltd. on Tuesday priced an upsized $1.5 billion initial public offering within its price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the largest IPO of 2024. 

  • April 30, 2024

    5th Circ. Questions Texas' Standing In SEC Proxy Rule Battle

    The Fifth Circuit appeared skeptical Tuesday of a Texas-led challenge to a U.S. Securities and Exchange Commission regulation that will require fund managers to make it easier for investors to identify ESG issues on corporate ballots, with the judges wondering whether the Lone Star State and others had standing to bring the lawsuit.

  • April 30, 2024

    Debt Box Wants Attorney Fees Paid If SEC Brings New Action

    Crypto project Debt Box has asked a Utah federal judge to impose multiple "guardrails" if the court allows the U.S. Securities and Exchange Commission to refile its troubled registration suit against the firm, including payment of all attorney fees arising from the original, compromised suit.

  • April 30, 2024

    Genius Sports Investors Urge Chancery To Save Merger Suit

    The special-purpose acquisition company that took Genius Sports Ltd. public in 2021 didn't fully disclose how a newly inked agreement with the National Football League would affect the sports data company, investors told Delaware's Court of Chancery on Tuesday, urging a judge to preserve their case against the SPAC and its directors.

  • April 30, 2024

    Chancery Partially Vacates Trump Media Suit Fast-Track Order

    A Delaware vice chancellor pulled the plug Tuesday on a bid to fast-track part of a suit brought by two co-founders of Trump Media & Technology Group against former President Donald Trump's Truth Social media company before it went public.

  • April 30, 2024

    Crypto Exec Denies $2B Laundering Charges, Is Out On Bail

    The CEO of crypto mixer Samourai Wallet has pled not guilty to charges he helped facilitate over $2 billion in illegal transactions and was released on $1 million bail after surrendering to federal authorities voluntarily.

  • April 30, 2024

    Truth Social Investor Had No Criminal Intent, NY Jury Told

    Counsel for a Florida investment pro accused of insider trading on advance knowledge of a deal to take public former President Donald Trump's media concern Truth Social argued to a Manhattan federal jury Tuesday that he acted in good faith.

  • April 30, 2024

    NY Bank Investors Spar Over Bid To Merge, Pause Suits

    New York Community Bancorp Inc. shareholders traded barbs in filings this week over whether a New York federal judge should allow an individual shareholder to intervene in the larger group's attempt to consolidate and stay their derivative shareholder suits against the bank.

  • April 30, 2024

    Dechert Adds Wilson Sonsini, Ex-SEC Crypto Expert In DC

    A cryptocurrency and financial technology attorney who spent nearly six years with the U.S. Securities and Exchange Commission has left his most-recent role as a partner with Wilson Sonsini Goodrich & Rosati PC to join Dechert LLP in Washington, D.C., the firm announced Tuesday.

  • April 30, 2024

    Software Firm Silvaco Launches Plans For $108M IPO

    Designer of automation software and semiconductor intellectual property solutions Silvaco Group on Tuesday unveiled plans to raise $108 million in its initial public offering, which at midpoint would give the Santa Clara, California-headquartered company a fully diluted market value of $550 million.

  • April 30, 2024

    Binance Founder Gets 4 Mos. For Lax Money Laundering Policy

    Binance founder Changpeng Zhao was sentenced Tuesday to four months in prison for his failure to implement an effective anti-money laundering program at the global crypto exchange, as a federal judge rejected a more severe punishment sought by the government citing concerns about sentencing disparity.

Expert Analysis

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Cos. Must Know How NY, Federal LLC Disclosure Laws Differ

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    Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Opinion

    Exxon Court Should Clarify Shareholder Proposal Exclusion

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    ExxonMobil last month took the unusual action of asking a Texas federal judge whether a proposal from climate activists seeking to limit oil and gas sales could be excluded from its 2024 proxy statement, and the court should use this opportunity to reevaluate SEC policy and set clear limits on when shareholder proposals can be included, says Stephen Bainbridge at UCLA School of Law.

  • Mitigating The Risk Of Post-Closing M&A Earnout Disputes

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    Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.

  • Understanding SEC's Focus Amid Lack Of Final AI Rules

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    Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.

  • Don't Sit On Bankruptcy Sidelines, 5th Circ. Ruling Reminds

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    The Fifth Circuit’s recent In re: Louisiana Pellets decision, holding that a creditor couldn’t assert indemnification defenses in a suit brought by the trustee of a liquidation trust, highlights the risks faced by creditors and other contract parties that choose not to participate in a bankruptcy, say Gregory Hesse and Kaleb Bailey at Hunton.

  • Preparing For DOJ's Data Analytics Push In FCPA Cases

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    After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.

  • How High Court SEC Case Could Affect The ITC

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    While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.

  • Loan Transparency Proposals May Bring Some Clarity

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    U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.

  • Exxon ESG Proxy Statement Suit May Chill Investor Proposals

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    Exxon Mobil’s recent use of a Texas federal lawsuit to intimidate shareholders into withdrawing a climate-friendly proxy proposal could inspire more public companies to sue to avoid adopting ESG resolutions — a power move that would chill activist investor participation and unbalance shareholder-corporate relations, say Domenico Minerva and James Fee at Labaton Keller.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • Implications For Digital Assets After SEC Settlement With DAO

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    The U.S. Securities and Exchange Commission's December settlement with BarnBridge — finding that the decentralized autonomous organization's products were securities under federal law — foreshadows increased enforcement attention on digital assets, and reveals arguments the SEC may use in similar disputes with decentralized finance protocols, say attorneys at K&L Gates.

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