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Capital Markets
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December 09, 2024
EV Carmaker Lucid Wants To Shed More Of Inflated Biz Suit
Electric carmaker Lucid Group has asked a California federal judge to toss most of the latest version of a proposed investor class action alleging its production forecasts were misleading, arguing that parts of the suit that remained intact after a recent dismissal order involved statements taken out of context.
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December 09, 2024
SEC's Trading And Markets Director Zhu To Leave Agency
Haoxiang Zhu is stepping down as head of the U.S. Securities and Exchange Commission's Division of Trading and Markets, the agency announced Monday, leaving the group that oversees orderliness of U.S. markets as leadership continues to change at regulatory bodies following President-elect Donald Trump's election victory.
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December 09, 2024
Feds Seek 2-Year Sentence In Landmark Crypto Tax Case
The first person ever criminally charged for failing to report gains from the sale of cryptocurrency by filing false returns should be sentenced to more than two years in prison after he admitted underreporting $4 million in bitcoin proceeds, prosecutors told a Texas federal court.
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December 06, 2024
Allianz Exec Avoids Prison For $7B Investor Fraud
A New York federal judge on Friday declined to sentence a former portfolio manager for Allianz SE's U.S. unit to any time in prison for lying to investors about the riskiness of a group of private investment funds that lost over $7 billion when the COVID-19 pandemic hit.
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December 06, 2024
$490M Suit Over Kurdish Telecom Loan Paused For Arbitration
A New York federal judge has paused litigation filed by a subsidiary of Kuwaiti logistics firm Agility Public Warehousing Co. to enforce a $490 million judgment against the Kurdistan Regional Government of Iraq while a related arbitration plays out.
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December 06, 2024
How Paul Atkins' Last SEC Term Might Shape Agency's Future
President-elect Donald Trump's choice to lead the U.S. Securities and Exchange Commission next year is no stranger to the agency, and Paul Atkins' past speeches, statements and actions as a commissioner may offer a road map for how he would lead the agency in areas such as private funds, shareholder activism and multibillion-dollar enforcement sweeps.
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December 06, 2024
Merrill Lynch Can't Beat Stock Loan Class Cert. Bid
A New York federal judge on Friday overruled objections from Bank of America unit Merrill Lynch to certify a class of investors, with a slightly extended class period, in a suit alleging the financial institution colluded with other major banks to avoid modernizing the stock loan market.
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December 06, 2024
FTX Says Three Arrows Can't Add $1.5B To Ch. 11 Claims
FTX is pushing back against efforts by liquidators for defunct cryptocurrency hedge fund Three Arrows Capital to add more than $1.5 billion to its claims in FTX's Chapter 11 case in Delaware bankruptcy court.
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December 06, 2024
CFTC Tells DC Circ. Election Bets Turned Kalshi Into 'Casino'
The Commodity Futures Trading Commission has told the D.C. Circuit that trading platform KalshiEx LLC "promptly turned its futures exchange into an online casino" when courts gave it the green light to list election contracts, urging the appeals court to overturn a lower court decision that the contracts don't involve unlawful gaming.
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December 06, 2024
FDIC Asked Banks To 'Pause' Crypto Activity, Letters Show
The Federal Deposit Insurance Corp. directed some financial institutions to pause cryptocurrency-related activity while the agency evaluated regulatory concerns with the services, according to letters made public Friday in response to a suit a research consultancy filed on behalf of the crypto exchange Coinbase Global Inc.
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December 06, 2024
Senate OKs Bill To Ease SEC Reporting Regs On Rural Telcos
The Senate has unanimously passed a bipartisan bill to expand access to broadband in rural areas by reducing the "red tape" on smaller broadband providers.
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December 06, 2024
AI Hype Won't Wash With Canadian Securities Regulators
The Canadian Securities Administration is warning market participants against hyping ties to artificial intelligence in order to drum up interest for investments — a practice called "AI washing" — as the agency invites public comment before crafting AI-focused regulations.
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December 06, 2024
Freshfields Adds 2 Corporate Laterals In Silicon Valley
Freshfields Bruckhaus Deringer LLP has expanded its offerings in Silicon Valley with the additions of a capital markets attorney from Cooley LLP and an employee benefits and executive compensation attorney from Goodwin Procter LLP.
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December 05, 2024
Jane Street Ends Trade Secret Fight With Rival Investing Firm
Jane Street Group LLC and Millennium Management LLC have agreed to put to rest their trade secrets dispute over a proprietary trading strategy, according to a joint stipulation of dismissal filed Thursday in New York federal court.
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December 05, 2024
Trump Taps Musk Ally David Sacks As 'AI & Crypto Czar'
President-elect Donald Trump announced Thursday that he has selected David O. Sacks, a tech investor who worked alongside Elon Musk and entrepreneur Peter Thiel in the early days of PayPal, to be the newly created "White House AI & Crypto Czar."
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December 05, 2024
CFTC Flags AI Compliance Obligations In New Advisory
The Commodity Futures Trading Commission on Thursday issued a staff advisory outlining its registrants' compliance obligations under the Commodity Exchange Act regarding the myriad of ways they may be using artificial intelligence, with the agency's chair painting the guidance as a first step ahead of potential policies.
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December 05, 2024
Software Co. Five9 Sued After Surprise Guidance Slash
Cloud-based customer contact center Five9 Inc. and two of its executives face claims they misrepresented that the company was on track for healthy revenue growth, only to hurt investors by reversing course nine weeks later when they slashed Five9's financial guidance for the year.
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December 05, 2024
Investors Sue Pegasystems In Corporate Espionage Case
Business software developer Pegasystems Inc. has been hit with allegations that it misled an asset management firm by concealing its use of illegal and unethical tactics to misappropriate competitor Appian Corp.'s trade secrets, which led to a since-overturned $2 billion Virginia state court judgment for unjust enrichment.
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December 06, 2024
FINRA Fines Firm $900K Over SPAC Underwriting Fee Issues
The Financial Industry Regulatory Authority has fined New York-based LifeSci Capital LLC nearly $1 million over claims that it received and failed to disclose unfair and unreasonable fees for an initial public offering it underwrote.
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December 05, 2024
Chinese Bank Faces New Suit Alleging Reinsurance Fraud
Another group of insurers has accused one of China's largest banks of participating in a "multi-billion-dollar fraud" in the reinsurance market, telling a New York federal court Thursday that the bank, including its New York branch, has refused to honor over $890 million worth of letters of credit.
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December 05, 2024
FTX Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod
A Delaware bankruptcy judge has approved a deal to settle clawback claims by FTX against former Alameda Research Ltd. executive John Samuel Trabucco, who agreed to hand over two San Francisco apartments purchased in 2021 for $8.7 million and a 53-foot yacht bought in 2022 for $2.5 million.
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December 05, 2024
SpaceX Seeks Astronomical $350B Value, And More Rumors
SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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December 05, 2024
Battery Recycling Firm To Go Public Via $250M SPAC Merger
Renewable energy-focused Ace Green Recycling Inc. has agreed to go public by merging with special purpose acquisition company Athena Technology Acquisition Corp. II in a deal that values Ace Green's equity at $250 million, both parties have announced.
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December 05, 2024
Hunton Gains Capital Markets Pro In Dallas From V&E
Hunton Andrews Kurth LLP has boosted its capital markets practice in Dallas with a former Vinson & Elkins LLP deal lawyer who has particular expertise in the mining and natural resources sector of the energy industry.
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December 04, 2024
Rep. Hill Vows To Tackle Crypto 'De-Banking' In Next Congress
Lawmakers on both sides of the aisle plan to investigate alleged government efforts to cut off cryptocurrency businesses from the traditional banking system, Rep. French Hill, R-Ark., said Wednesday during a House Financial Services Committee hearing that also saw its retiring chair feted with a celebration of bow ties.
Expert Analysis
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Risk Disclosure Issue Remains After Justices Nix Meta Case
After full briefing and argument, the U.S. Supreme Court recently dismissed Facebook v. Amalgamated Bank as improvidently granted, leaving courts with the tricky endeavor of determining when the failure to disclose a past event in an Item 105 risk disclosure is materially misleading, say attorneys at Lowenstein Sandler.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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FTX Exec's Sentencing Shows Pros And Cons Of Cooperation
The sentencing of former FTX tech deputy Gary Wang, whose cooperation netted him a rare outcome of no prison time, offers critical takeaways for attorneys and clients navigating the burgeoning world of crypto-related prosecutions, says Andrew Meck at Whiteford.
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SEC Custody Rule Creates Crypto Compliance Conundrum
While the U.S. Securities and Exchange Commission's application of the custody rule may be a good faith attempt to enhance consumer protections for client assets, it doesn't appreciate the unique characteristics of crypto-assets, forcing advisers to choose between pursuing their clients' objectives and complying with the rule, say attorneys at Willkie.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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Federal Embrace Of Crypto Regs Won't Lower State Hurdles
Even if the incoming presidential administration and next Congress focus on creating clearer federal regulatory frameworks for the cryptocurrency sector, companies bringing digital asset products and services to the market will still face significant state-level barriers, say attorneys at Mayer Brown.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Equitable Mootness Insights From Greenlit Ch. 11 Plan Appeal
A Texas federal court recently allowed a challenge to ConvergeOne's Chapter 11 bankruptcy plan to proceed because it wouldn't disrupt the IT company's confirmed plan or harm creditors, reinforcing the importance of judicial restraint in applying equitable mootness where limited relief is possible, say attorneys at Parkins & Rubio.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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2 Cases Show DAOs May Face Increasing Legal Scrutiny
Two ongoing cases that recently survived motions to dismiss in California federal courts concerning Compound DAO and Lido DAO threaten to expand the potential liability for activity attributed to decentralized autonomous organizations — and to indirectly create liability for their participants, say attorneys at Cahill Gordon.
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How Boards And Officers Should Prep For New Trump Admin
In anticipation of President-elect Donald Trump's proposed tariffs and mass deportation campaign, company officers and board members should pursue proactive, comprehensive contingency planning to not only advance the best interests of the companies they serve, but to also properly exercise their fiduciary duty of care, say attorneys at Winston & Strawn.
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3 Changes Community Banks Should Expect Under Trump
A second Trump administration promises a sea change for regional and community banks, including shifts in the regulatory environment, Community Reinvestment Act rules and the M&A landscape, say attorneys at Manatt.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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5 Ways SEC's Crypto Approach Could Change Under Trump
Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.