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Capital Markets
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July 22, 2025
Samourai Wallet Execs Could Explore Plea Deals, Judge Says
Two Samourai Wallet executives accused of using the crypto-mixing service to facilitate $2 billion in illegal transactions denied charges in an updated indictment Tuesday, before a Manhattan federal judge suggested they could explore plea talks ahead of their November trial.
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July 22, 2025
McCarter & English Taps Capital Markets Duo For NY Team
Two transactional attorneys specializing in capital markets and corporate securities have recently moved their practices to McCarter & English LLP's New York office from Sichenzia Ross Ference Carmel LLP.
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July 22, 2025
Tax Software Co. Avalara, Universal Music Submit IPO Plans
Avalara Inc. and music giant Universal Music Group NV have confidentially filed plans for initial public offerings with the U.S. Securities and Exchange Commission, marking the latest two companies to join the private-to-public pipeline.
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July 22, 2025
Longtime Sidley Global Finance Atty Jumps To Paul Hastings
Paul Hastings LLP announced Tuesday that it has grown its asset-backed finance platform by bringing on a former Sidley Austin LLP global finance partner in Chicago.
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July 21, 2025
Forescout To Pay $45M To Settle Merger Disclosure Suit
Cybersecurity company Forescout has inked a $45 million deal with investors to settle claims that it deceived investors about the terms of a botched merger several years ago.
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July 21, 2025
Stablecoin Treasury Co. To Go Public In $360M SPAC Deal
A company intending to give investors exposure to the stable-value token Ethena intends to list on Nasdaq as StablecoinX Inc. via a special purpose acquisition deal that will take it public and provide $360 million to build a treasury of the stablecoin, making it one of at least three firms to tout the adoption of a crypto-focused treasury strategy on Monday.
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July 21, 2025
House GOP Would Cut SEC Funds, Curb Cyber Breach Rule
House Republicans are seeking to cut the U.S. Securities and Exchange Commission's budget by 7% in the upcoming fiscal year, presenting a plan that could also undercut a Biden-era regulation requiring publicly traded companies to quickly report cybersecurity breaches.
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July 21, 2025
Traders' Floor Rights Were 'Essential' In CME Shift, Jury Hears
Chicago Mercantile Exchange leaders wanted to honor and preserve longtime floor traders' exclusive access rights as they explored demutualization due to electronic trading's unclear future at the time, but discussions never addressed plans for members in the event of a total technological takeover, Illinois jurors heard Monday.
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July 21, 2025
BitGo, Bullish Join Crypto IPO Wave With Filings
Cryptocurrency custodian BitGo and venture-backed crypto exchange Bullish have both filed with the U.S. Securities and Exchange Commission to go public, marking an increasing number of crypto-related companies that are eyeing public listings in the current favorable regulatory regime under President Donald Trump.
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July 21, 2025
FinCEN Gives Investment Advisers Reprieve On AML Rule
The U.S. Department of the Treasury has pushed back the compliance date for a rule requiring investment advisers to report suspicious activity to the Financial Crimes Enforcement Network while it weighs the future of the Biden-era regulation.
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July 21, 2025
Crypto-Based Polymarket Sets US Return With Exchange Deal
Prediction market platform Polymarket said Monday it's returning to the U.S. with the acquisition of a registered derivatives exchange, a planned reentry that comes after a recently closed FBI investigation and a 2022 civil regulatory settlement that sent it offshore in the first place.
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July 21, 2025
Catching Up With Delaware's Chancery Court
Last week at the Delaware Court of Chancery, a major settlement between Meta Platforms Inc. and its investors reached on the proverbial courthouse steps during day two of a trial ended an $8 billion-plus suit accusing the company's directors and officers of breaching privacy regulations and corporate fiduciary duties tied to allegations dating to the Cambridge Analytica scandal more than a decade ago.
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July 21, 2025
CME Group, NYMEX Dodge Carbon Futures Suit
A New York federal judge has tossed a suit brought by three investment funds against CME Group Inc. and the New York Mercantile Exchange, alleging they improperly interpreted and failed to enforce rules governing carbon offset futures contracts, finding the plaintiffs do not have statutory standing to bring a private right of action under the Commodity Exchange Act.
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July 21, 2025
DOL Rescinds ERISA Guidance On Citi Racial Equity Program
The U.S. Department of Labor rescinded a Biden-era opinion letter Monday that had backed Citi's commitment to pay fees for diverse investment managers overseeing Citi-sponsored benefit plans regulated by the Employee Retirement Income Security Act, saying the letter no longer reflected the department's views.
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July 21, 2025
Reed Smith's Doc Block Motion 'Hyperbolic,' 2nd Circ. Told
Reed Smith LLP cannot block the new owners of reorganized Greece-based international shipping company Eletson from viewing files already in its possession, the company has told the Second Circuit, arguing the law firm's emergency motion to stop the new owners from accessing the files was intentionally timed to head off anticipated district court rulings.
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July 21, 2025
Web Design Giant Figma Launches Plans For $979M IPO
Venture-backed web-design software maker Figma on Monday outlined plans for an estimated $979 million initial public offering, a move that comes after the company's failed $20 billion merger with Adobe Inc.
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July 21, 2025
The Ether Machine Goes Public With $1.5B Via SPAC Merger
Ether generation company The Ether Machine, advised by Skadden Arps Slate Meagher & Flom LLP, on Monday launched as a public company with more than $1.5 billion of committed capital following its merger with Gibson Dunn & Crutcher LLP-advised special purpose acquisition company Dynamix Corp.
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July 18, 2025
Law360 Names 2025's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2025, our list of more than 150 attorneys under 40 whose legal accomplishments belie their age.
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July 18, 2025
As Trump Signs Stablecoin Bill, Attorneys Talk Compliance
President Donald Trump on Friday signed into law a bill to regulate stablecoins, known as the Genius Act, and practitioners are now turning their attention to helping firms comply with both the provisions of the statute and the coming rulemakings from regulators.
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July 18, 2025
CME Exec Defends Traders' Membership Values On The Stand
CME Group CEO Terry Duffy testified on Friday that a data center the company built to accommodate electronic trading did not violate rights promised to members when they were asked to vote on a demutualization he characterized as a "windfall for every single person who owned membership on the exchange."
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July 18, 2025
Crypto Firms' OCC Charter Bids Draw Bank Industry Scrutiny
Major banking industry groups are warning the Office of the Comptroller of the Currency that approving pending bank charter bids from crypto-linked firms like Ripple could "represent a fundamental departure" from long-standing policy, urging the agency to delay action until more information about their plans is made public.
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July 18, 2025
2 Firms Score $35.5M Atty Fees In $71M Rate-Swaps Deal
Cohen Milstein Sellers & Toll PLLC and Quinn Emanuel Urquhart & Sullivan LLP have been awarded $35.5 million for their work on scoring $71 million in settlements of multidistrict litigation with top international investment banks, ending claims they allegedly schemed to limit market competition over interest rate swaps.
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July 18, 2025
9th Circ. Turns Away Wells Fargo's 'Sham' Hiring Appeal
The Ninth Circuit has said it will not hear Wells Fargo's appeal of an investor lawsuit accusing the company of conducting "sham" job interviews to meet a diversity quota, allowing thousands of shareholders to move forward with their claims as a class.
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July 18, 2025
Gibson Dunn Ends SEC Suit Over 'Dealer' Theory
Gibson Dunn & Crutcher LLP has dropped a suit accusing the U.S. Securities and Exchange Commission of violating the Freedom of Information Act by not producing requested records regarding enforcement actions against investors who provided convertible loans to public companies but were not registered as dealers.
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July 18, 2025
Venture-Backed Medical Tech Biz Heartflow Plans $100M IPO
Private equity and venture-backed medical technology company Heartflow has unveiled plans to raise up to $100 million in its initial public offering, with law firm O'Melveny & Myers LLP advising the company and Cooley LLP advising the underwriters.
Expert Analysis
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Series
Law School's Missed Lessons: Navigating Client Trauma
Law schools don't train students to handle repeated exposure to clients' traumatic experiences, but for litigators practicing in areas like civil rights and personal injury, success depends on the ability to view cases clinically and to recognize when you may need to seek help, says Katie Bennett at Robins Kaplan.
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What To Expect As UK, US Gov'ts Develop Stablecoin Policies
While the U.K. and U.S. governments’ policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
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Opinion
4 Former Justices Would Likely Frown On Litigation Funding
As courts increasingly confront cases involving hidden litigation finance contracts, the jurisprudence of four former U.S. Supreme Court justices establishes a constitutional framework that risks erosion by undisclosed financial interests, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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Quantifying Trading-Based Damages Using Price Impact
The U.S. Securities and Exchange Commission will likely increasingly rely on price impact analyses to demonstrate pecuniary harm from trading-related misconduct, meaning measuring price impact will be helpful in challenging SEC disgorgement, determining appropriate remedies, and assessing loss causation and damages in private litigation, says Vyacheslav Fos at Boston College and Erin Smith at Compass Lexecon.
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Congress Crypto Movement Could Bring CFTC 'Clarity' At Last
The Clarity Act's arrival at the House floor during "Crypto Week" in Congress demonstrates enduring bipartisan support for legislation addressing digital assets and the Commodity Futures Trading Commission's important role in a future regulatory structure, say attorneys at DLA Piper.
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Practical Implications Of SEC's New Crypto Staking Guidance
The U.S. Securities and Exchange Commission's recent staff guidance that protocol staking does not constitute securities offerings provides a workable compliance blueprint for crypto developers, validators and custodial platforms willing to keep staking strictly limited to protocol-driven rewards, say attorneys at Cahill.
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Stablecoin Bills Present Opportunities, Challenges For Banks
Stablecoin legislation that Congress is expected to adopt in the coming weeks — the GENIUS and STABLE Acts — would create openings for banks to engage in digital asset activities, but it also creates a platform for certain tech-savvy nonbanks to directly compete, say attorneys at Arnold & Porter.
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How Attys Can Use AI To Surface Narratives In E-Discovery
E-discovery has reached a turning point where document review is no longer just about procedural tasks like identifying relevance and redacting privilege — rather, generative artificial intelligence tools now allow attorneys to draw connections, extract meaning and tell a coherent story, says Rose Jones at Hilgers Graben.
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Leveraging Diligence Findings For Better Life Sciences Deals
Life sciences parties should utilize due diligence strategically to review and draft deal documents, address issues identified during the diligence, and craft solutions to achieve the party's transactional goals, says Anna Zhao at Gunner Cooke.
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Capital One Deal Approval Lights Up Path For Bank M&A
The federal banking regulators' recent approval of Capital One's acquisition of Discover signals the agencies' willingness to approve large transactions and a more favorable environment generally for bank mergers under the Trump administration, say attorneys at Arnold & Porter.
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Gauging The Risky Business Of Business Risk Disclosures
With the recent rise of securities fraud actions based on external events — like a data breach or environmental disaster — that drive down stock prices, risk disclosures have become more of a sword for the plaintiffs bar than a shield for public companies, now the subject of a growing circuit split, say attorneys at A&O Shearman.
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Series
Playing The Violin Makes Me A Better Lawyer
Playing violin in a string quartet reminds me that flexibility, ambition, strong listening skills, thoughtful leadership and intentional collaboration are all keys to a successful legal practice, says Julie Park at MoFo.
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SEC Proposal Could Hurt Foreign Issuers' US Market Access
The U.S. Securities and Exchange Commission’s June call for feedback on potentially narrowing how it designates foreign private issuers of securities could ultimately result in significant new barriers for traders that rely on FPI accommodations to participate in U.S. markets, say attorneys at Gibson Dunn.
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DOJ's 1st M&A Declination Shows Value Of Self-Disclosures
The U.S. Department of Justice's recent decision not to charge private equity firm White Deer Management — the first such declination under an M&A safe harbor policy announced last year — signals that even in high-priority national security matters, the DOJ looks highly upon voluntary self-disclosures, say attorneys at Perkins Coie.
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Series
Law School's Missed Lessons: Practicing Self-Care
Law schools don’t teach the mental, physical and emotional health maintenance tools necessary to deal with the profession's many demands, but practicing self-care is an important key to success that can help to improve focus, manage stress and reduce burnout, says Rachel Leonard​​​​​​​ at MG+M.