Capital Markets

  • November 27, 2023

    NY Judge OKs $1.65B Voyager Settlement With FTC

    A New York federal judge has approved a settlement ordering bankrupt cryptocurrency lender Voyager Digital and its ex-CEO to pay $1.65 billion for misleading investors about the safety of their money prior to the firm's collapse.

  • November 27, 2023

    SEC's High Court Opponent Is A Supreme Court Newcomer

    The U.S. Securities and Exchange Commission on Wednesday will battle for the future of its administrative court with the help of a seasoned high court litigator, while the agency's challenger is placing his hopes on a loyal attorney who has yet to argue a case before the justices.

  • November 27, 2023

    Perkins Coie Inks Prelim. Deal In Cryptocurrency Class Action

    Perkins Coie LLP and a proposed class that sued the BigLaw firm for allegedly misappropriating $10 million in cryptocurrency reached a preliminary settlement to end the case for $4.5 million, according to a filing made in Washington state federal court on Monday. 

  • November 27, 2023

    Celsius Creditors Balk At $281K In Bidder's Ch. 11 Fees

    The official committee of unsecured creditors in the Chapter 11 case of cryptocurrency lending platform Celsius Network opposed the payment of $281,000 in fees requested by a bidder that lost an auction for the reorganized debtor's assets, saying the code doesn't cover such expenses from a debtor's estate.

  • November 27, 2023

    Did OCC Get Duped? Ex-Fintech Official's Resume Unravels

    The Office of the Comptroller of the Currency hired its first-ever chief financial technology officer earlier this year, touting him as a nearly 30-year financial sector veteran. But records obtained by Law360 indicate a fabricated professional background that suggests the agency may have been hoodwinked when hiring him.

  • November 27, 2023

    FTX Settles BlockFi Dispute Over $744M Crypto Sale

    Bankrupt cryptocurrency exchange FTX said it has settled lender BlockFi's objection to its proposed sale of $744 million in cryptocurrency held in Grayscale Investments trust funds, agreeing to explicitly reference liens the lender is asserting on the funds.

  • November 27, 2023

    Judge OKs Investor Attys' $19.2M Fee For Libor-Rigging Deals

    A New York federal judge on Monday approved a $19.2 million award for attorneys representing investors in a Libor-rigging case against several financial institutions for their role in securing multiple settlements totaling over $74 million.

  • November 27, 2023

    Ex-JPMorgan Traders Want CFTC Spoofing Case Kept On Ice

    A convicted pair of former JPMorgan Chase precious metals traders have asked an Illinois federal judge to continue a stay on a parallel Commodity Futures Trading Commission action against them, arguing that the CFTC is trying to rush judgments before appeals on their criminal convictions can be heard.

  • November 27, 2023

    Investment Co. Can't Send Coverage Suit Back To State Court

    A Connecticut federal court refused to send an investment firm's suit seeking coverage for an employment discrimination action back to state court, finding that the firm's insurer satisfied the requirements for removal.

  • November 27, 2023

    SEC Can't Get More Time To Fix 'Defects' In Buyback Rules

    A panel of the Fifth Circuit has denied the U.S. Securities and Exchange Commission's bid for additional time to rework its share-repurchase rules, meaning the agency's new disclosure requirements will remain suspended unless regulators craft a solution by a Thursday deadline.

  • November 27, 2023

    Elliott Slams Crown Castle For 'Profound Lack Of Oversight'

    Activist investor Elliott Investment Management LP on Monday took a jab at telecommunications company Crown Castle Inc., saying the company suffers from a "profound lack of oversight" and a "breathtaking magnitude" of underperformance, and calling for an executive shake-up if the company does not make significant changes.

  • November 27, 2023

    Robinhood User Says Platform Withheld Info From Investors

    Robinhood and four companies whose shares were available for purchase through the platform are being accused of failing to alert an investor to significant developments, including a reverse stock split and two acquisitions, in a pair of lawsuits filed in Massachusetts state court.

  • August 10, 2023

    Investor Attys Want $19.2M For $74M Libor-Rigging Deals

    Attorneys representing California State Teachers Retirement System in the Libor-rigging case against several financial institutions asked a New York federal judge for a $19.2 million award for their role in securing several settlements totaling nearly $74 million.

  • November 27, 2023

    Goodwin Procter Gets Ex-SEC Atty From Morrison Foerster

    Goodwin Procter LLP has hired the former chief counsel of the U.S. Securities and Exchange Commission's division of corporation finance and the past co-chair of one of Morrison Foerster LLP's practice groups to lead its public company advisory practice.

  • November 27, 2023

    Ohio Firm Accused Of Filing False Doc In Shareholders' Fight

    The minority shareholder of vinyl decking business Plextrusions Inc. is asking an Ohio federal judge to disqualify Roderick Linton & Belfance LLP from representing the company's majority shareholder in litigation between the two, accusing the firm of submitting a "demonstrably false document" to the court on its client's behalf.

  • November 27, 2023

    Catching Up With Delaware's Chancery Court

    Delaware's Chancery Court stuffed a lot into a shortened Thanksgiving week, with new cases involving wrestling promoter Vince McMahon, billionaire Howard Lutnick and activist investor Carl Icahn.

  • November 27, 2023

    Beard Energy Transition SPAC Axes Tie-Up With Solar Biz

    Blank-check company Beard Energy Transition Acquisition Corp. and solar and home energy solutions company Suntuity Renewables jointly announced Monday they have called off their planned merger that would have taken Suntuity public at a pro forma enterprise value of $249 million.

  • November 27, 2023

    Binance Founder Can't Yet Return To UAE Amid Bail Dispute

    A Seattle federal judge has temporarily barred Changpeng Zhao, the founder of the embattled cryptocurrency exchange Binance, from returning to his home in the United Arab Emirates while the court considers bail conditions imposed by a magistrate judge.

  • November 27, 2023

    Split 2nd Circ. Partially Revives Nine West Buyout Fraud Suit

    A split Second Circuit panel revived some claims in a Chapter 11 suit brought by trustees of women's clothing retailer Nine West over more than $1 billion in allegedly fraudulent transfers, finding the U.S. Bankruptcy Code's safe harbor provision doesn't protect claims tied to $78 million in payroll transfers in the case.

  • November 27, 2023

    Paul Hastings Hires NY Investment Funds Atty From Skadden

    Paul Hastings LLP has continued its investment funds and private capital practice growth by adding an investment funds partner in New York from Skadden Arps Slate Meagher & Flom LLP.

  • November 24, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Glencore face a claim from collapsed hedge fund Eton Park in the wake of its bribery scandal, the ex-CFO of Peppa Pig and Teletubbies toymaker bring data protection proceedings against the employment barrister who represented him at tribunal, and Delta Airlines check in to fresh trademark proceedings against hotel chain Marriott. Here, Law360 looks at these and other new claims in the U.K.

  • November 22, 2023

    Binance Founder Poses 'Serious Risk Of Flight,' DOJ Says

    One day after Binance founder Changpeng Zhao pled guilty to failing to maintain an effective anti-money laundering program at the cryptocurrency exchange, prosecutors told a Seattle federal judge Wednesday that Zhao "poses a serious risk of flight" and should remain in the country ahead of his February sentencing.

  • November 22, 2023

    Genesis Seeks $689M Clawback From Ex-Crypto Partner

    Cryptocurrency lending platform Genesis wants to recoup more than half a billion dollars it says its former investment program partner distributed in the months before it filed for Chapter 11, the company told a New York bankruptcy court.

  • November 22, 2023

    Major Shareholders In Water Co. Can't Dodge Self-Dealing Suit

    An Oregon federal judge declined to dismiss a suit from a former minority shareholder of industrial wastewater treatment company PPV Inc. that claimed the majority shareholder engaged in self-dealing by issuing loans to another company, saying the minority holder has rights under state law to pursue his claims.

  • November 22, 2023

    Up Next At High Court: SEC Courts, Repeat Offender Sentences

    The U.S. Supreme Court returns Monday from a long holiday weekend to hear arguments over the proper standard to apply when sentencing a repeat felony offender under the Armed Career Criminal Act and the constitutionality of the U.S. Securities and Exchange Commission's in-house courts system.

Expert Analysis

  • 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.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

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    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

  • When Courts Engage In Fact-Finding At The Pleading Stage

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    It remains to be seen whether the Ninth Circuit's pleading-stage factual determination in a securities class action against Nvidia was sui generis or part of a trend, but the court has created a template for district courts to follow, says Jared Kopel at Alto Litigation.

  • A Deep Dive Into FSOC's Expansion Of Nonbank Oversight

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    The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.

  • 9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal

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    The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

  • Are CCOs Really In The SEC's Crosshairs?

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    U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.

  • 2nd Circ. Holding Could Disrupt SEC Disgorgement Methods

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    A recent Second Circuit decision in U.S. Securities and Exchange Commission v. Govil that held disgorgement to be an equitable remedy has the potential to substantially disrupt the SEC's long-standing approach to monetary remedies in many of the cases the agency brings, say attorneys at Debevoise.

  • Breaking Down The SEC's 2024 Examination Priorities

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    The U.S. Securities and Exchange Commission’s recently released examination priorities for the year ahead signal a steady course from prior years, but they also include some specific new concerns and important twists on perennial risk areas, say Kurt Gottschall and Kit Addleman at Haynes Boone.

  • Preparing Law Students For A New, AI-Assisted Legal World

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    As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.

  • SolarWinds Ushers In New Era Of SEC Cyber Enforcement

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    The U.S. Securities and Exchange Commission's recent lawsuit against software company SolarWinds Corp. and its chief information security officer is the first time the SEC has ever filed suit over scienter-based fraud involving cybersecurity failures, illustrating that both companies and CISOs need to be extra cautious in how they describe their cybersecurity practices, say attorneys at Jenner & Block.

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