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Capital Markets
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June 11, 2025
Senate Dems Probe Meta, Trump Stablecoin Plans And Deals
U.S. Sens. Elizabeth Warren and Richard Blumenthal sent a pair of letters this week asking for more information on Meta's renewed plans to launch its own stablecoin as well as details on MGX's decision to use Donald Trump's World Liberty stablecoin to make a $2 billion investment in the cryptocurrency exchange Binance.
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June 11, 2025
Link Motion Investor's Suit Should Be Trimmed, Judge Says
A New York federal judge should trim some but not all common law fraud claims from an investor's lawsuit against China-based software company Link Motion Inc. over allegations its chairman fleeced the company, a magistrate judge has recommended.Â
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June 11, 2025
Glass Lewis To GOP: No 'Ideological Agenda' In Proxy Advice
The head of the proxy advisory firm Glass Lewis & Co. has pushed back against allegations from the Senate Banking Committee concerning the firm's "expansive, opaque, and ideologically driven influence" on U.S. companies, saying it evaluates all shareholder proposals on a case-by-case basis.
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June 11, 2025
SEC Asks To Pause CAT Suit As It Weighs Audit Trail Rework
The U.S. Securities and Exchange Commission called Wednesday for the temporary suspension of a class action lawsuit accusing it of illegally collecting the private information of millions of American investors, arguing that potential changes to the way that its market surveillance tool operates could moot the case.
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June 11, 2025
Regulators Delay Compliance On Private Fund Disclosures
A divided U.S. Securities and Exchange Commission agreed on Wednesday to extend compliance dates for new Form PF rules that require additional disclosure from private funds, overcoming objections from one dissenting commissioner who feared the "11th-hour" extension could lead to abandoning the rules altogether.
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June 11, 2025
CarLotz's $13M Investor Settlement Headed To Final Approval
A New York federal judge said Wednesday that he intends to grant final approval to a $13 million settlement between CarLotz and its investors who accused it and a special purpose acquisition company of misleading statements about CarLotz's profitability before it went public via merger.
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June 11, 2025
Fintech Startup Chimes In With $864M IPO Above Price Range
Venture-backed fintech startup Chime Financial Inc. priced an $864 million initial public offering above its marketed range on Wednesday, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters counsel Davis Polk & Wardwell LLP, furthering the IPO market's recent momentum.
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June 11, 2025
Senate Advances Stablecoin Bill As Dems Decry Swift Pace
The Senate's proposal to regulate stablecoins cleared another procedural hurdle on Wednesday with bipartisan support despite some Democratic outcry over an allegedly limited opportunity to amend the bill.
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June 11, 2025
AGs Press Meta To Do More To Stop Pump-And-Dump Scams
Attorneys general from states and territories around the country, as well as the District of Columbia, sent an open letter to Meta Platforms Inc. Wednesday urging the social media giant to help stem the tide of widespread investment scams across Facebook and WhatsApp that they said have caused people to lose "life-changing" amounts of money.
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June 11, 2025
Stripe Buying Crypto Wallet Co. Privy Amid Expansion
Privy, a startup offering crypto wallet technology for developers, said Wednesday that it will be acquired by payments company Stripe and expects to close the transaction "in the coming weeks."
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June 11, 2025
Latham, Skadden-Led Insurer Joins IPO Wave With $113M IPO
Small business-focused excess and surplus insurer Ategrity Specialty Holdings LLC began trading Wednesday after pricing a $113 million initial public offering above its marketed range, represented by Latham & Watkins LLP and underwriters Skadden Arps Slate Meagher & Flom LLP, as more insurance firms tap public markets.
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June 10, 2025
House Ag Committee Advances Crypto Market Structure Bill
The House Committee on Agriculture on Tuesday advanced a bill to regulate digital asset markets with broad bipartisan support despite concerns from Democrats that the U.S. Commodity Futures Trading Commission will need more funding to accomplish the broad crypto mandate contemplated by the bill.
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June 10, 2025
Chamber Calls On Justices To Hear Auditor Fraud Case
The U.S. Chamber of Commerce is among the parties calling on the U.S. Supreme Court to take up a case accusing BDO USA LLP of securities fraud, telling the justices that allowing a Second Circuit ruling to stand could lead to more lawsuits against accountants, lawyers and underwriters.
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June 10, 2025
9th Circ. Revives Real Estate Investor Securities Suit, Again
The Ninth Circuit on Tuesday once again revived a proposed securities class action accusing investment guru Grant Cardone of making misleading social media statements to sell interests in his companies' real estate investment funds, holding, among other findings, that the complaint sufficiently alleged Cardone "subjectively disbelieved" certain stated projections.
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June 10, 2025
First Republic Brass Beat Investor Suit Over Bank Failure
A California federal judge dismissed for good a shareholder suit against the former directors and officers of now-failed First Republic Bank and its auditor over the lender's 2023 collapse, finding that the plaintiffs failed to first exhaust their required administrative remedies and, therefore, the court does not have jurisdiction to hear the case.
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June 10, 2025
Senate Dems Seek To Slow GOP Roll On ÃÛÌÒÊÓÆµ Defunding Bill
Senate Banking Committee Democrats are demanding a hearing on GOP budget legislation that would defund the Consumer Financial Protection Bureau and make other financial agency cuts, arguing that its "sweeping" plans should be scrutinized before going to the floor.
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June 10, 2025
Shaq To Pay $1.8M Over FTX Investors' Promotion Claims
Retired NBA star Shaquille O'Neal has agreed to pay $1.8 million to resolve claims he promoted crypto exchange FTX to the detriment of investors prior to its stunning collapse.
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June 10, 2025
Trump's CFTC Pick Won't Push To Fill Leadership Vacancies
President Donald Trump's pick to lead the U.S. Commodity Futures Trading Commission told senators Tuesday that the financial regulator would likely need to beef up its staff should Congress grant it more authority over the cryptocurrency industry, but he would not commit to pushing the president to fill vacancies at the top of the agency.
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June 10, 2025
Space Exploration Co. Voyager Prices Upsized $383M IPO
Defense and space exploration firm Voyager on Tuesday priced a larger-than-projected $383 million initial public offering above its marketed range, guided by Latham & Watkins LLP and underwriters' counsel Simpson Thacher & Bartlett LLP.Â
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June 10, 2025
Electric Truck Co. Lordstown Wants Investors' Suit Tossed
Electric truck startup Lordstown Motors Corp. has asked an Ohio federal judge to dismiss consolidated class claims from investors alleging the company misrepresented its production capacity and demand, saying it made no misleading representations about pre-orders.
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June 10, 2025
Edward Jones Among 5 Firms Paying $9.3M Over Inflated Fees
Edward Jones, TD Ameritrade and three other wealth adviser firms have reached a $9.3 million settlement with the North American Securities Administrators Association after having been accused of overcharging fees for small-dollar investors.
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June 10, 2025
Healthcare, Tech-Focused SPAC Prices $220M IPO
Special purpose acquisition company Blue Water Acquisition Corp. III began trading on the Nasdaq on Tuesday after pricing its $220 million initial public offering.
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June 10, 2025
Farella Braun Wins Partial Fee Award In FDIC Dispute
A California federal judge has awarded Farella Braun & Martel LLP around $10,000 in attorney fees for the work its lawyers did for the bankrupt parent of Silicon Valley Bank, finding the receiver for the bank, the Federal Deposit Insurance Corp., failed to comply with discovery orders.
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June 10, 2025
Match.com Settles Reverse Spinoff Suit For $30M In Del.
A mediator-recommended, $30 million settlement proposal has tentatively ended a five-year Delaware Court of Chancery stockholder challenge to the fairness of Match.com's 2019 reverse spinoff from the Barry Diller-controlled IAC/Interactive.
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June 10, 2025
SEC To Resume Review Of Swiss Adviser Registrations
Switzerland-based investment advisers seeking to do business in the U.S. can immediately resume submitting new and pending registration applications for consideration with the U.S. Securities and Exchange Commission, regulators said Tuesday.
Expert Analysis
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How 2025 Is Shaping The Future Of Bank Mergers So Far
Whether the long-anticipated great wave of consolidation in the U.S. banking industry will finally arrive in 2025 remains to be seen, but the conditions for bank mergers are more favorable now than they have been in years, say attorneys at Skadden.
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Series
Adapting To Private Practice: From SEC To BigLaw
As I adjusted to the multifaceted workflow of a BigLaw firm after leaving the U.S. Securities and Exchange Commission, working side by side with new colleagues on complex matters proved the fastest way to build a deep rapport and demonstrate my value, says Jennifer Lee at Jenner & Block.
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What's Old And New In The CFTC's Self-Reporting Advisory
Attorneys at Blank Rome analyze the U.S. Commodity Futures Trading Commission's recent advisory that aims to provide clarity on self-reporting violations of the Commodity Exchange Act, and review whether market participants should shift their thinking — or not — when it comes to cooperation with the CFTC.
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How Trump's Crypto Embrace Is Spurring Enforcement Reset
The U.S. Securities and Exchange Commission's recent willingness to step away from ongoing enforcement investigations and actions underscores the changing regulatory landscape for crypto under the new administration, which now appears committed to working with stakeholders to develop a clearer regulatory framework, say attorneys at Sheppard Mullin.
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Making The Case For Rest In The Legal Profession
For too long, a culture of overwork has plagued the legal profession, but research shows that attorneys need rest to perform optimally and sustainably, so legal organizations and individuals must implement strategies that allow for restoration, says Marissa Alert at MDA Wellness, Carol Ross-Burnett at CRB Global, and Denise Robinson at The Still Center.
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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Why A Rare SEC Dismissal May Not Reflect A New Approach
While the U.S. Securities and Exchange Commission's pending dismissal of its case against Silver Point is remarkable to the extent that it reflects a novel repudiation of a decision made during the prior commission, a deeper look suggests it may not represent a shift in policy approach, say attorneys at Weil.
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Deficiency Trends In National Futures Association Exams
A recent notice from the National Futures Association outlining the most common deficiencies uncovered during exams gives member firms an opportunity to review prior guidance, particularly regarding the hot topic of implementing procedures governing the use of outsourced service providers, say attorneys at Akin.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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What's Potentially In Store For CFTC Under New Leadership
Under the leadership of acting U.S. Commodity Futures Trading Commission Chairman Caroline Pham, and with the nomination of former commissioner Brian Quintenz to serve as permanent chair, the commission is set to widely embrace digital assets and event contracts, say attorneys at Davis Wright.
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Examining Trump Meme Coin And SEC's Crypto Changes
While the previous U.S. Securities and Exchange Commission tended to view most crypto-assets as securities, the tide is rapidly changing, and hopefully the long-needed reevaluation of this regulatory framework is not tarnished by an arguable conflict of interest due to President Donald Trump's affiliation with the $Trump meme coin, say attorneys at Thompson Coburn.
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Why Acquirers Should Reevaluate Federal Contract Risk
Long thought of as a stable investment, the scale with which the Trump administration is attempting to eliminate federal contracts is unprecedented, and acquirer considerations should include the size and scope of all active and pending government contracts of target companies, say attorneys at Winston & Strawn.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.