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Capital Markets
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September 11, 2025
Capital One Unit Can't Nix OT Misclassification Case
A Virginia federal judge ruled that a former Capital One employee can concurrently pursue claims under federal and state overtime laws, adding that the bank made some premature arguments when it tried to toss a suit accusing it of misclassifying learning associates as overtime-exempt.
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September 11, 2025
Cooley-Led LB Pharmaceuticals Raises Upsized $285M IPO
LB Pharmaceuticals, a clinical-stage biopharma company developing therapies for a number of neuropsychiatric diseases, hit the public markets on Thursday after raising $285 million in an upsized initial public offering.
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September 11, 2025
Media, Sports-Focused SPAC's $240M IPO Guided By 3 Firms
Trailblazer Acquisition, a blank-check company whose target businesses include media and sports and entertainment, was steered by three law firms as it raised $240 million in an upsized initial public offering with 24 million units at $10.
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September 11, 2025
BlackRock, Pictet Back Swiss Marketplace's $1.3B IPO
Online marketplace owner SMG said on Thursday that it expects to raise up to approximately 1.04 billion Swiss francs ($1.3 billion) in its initial public offering scheduled to take place on the SIX Swiss Exchange on Sept. 19.
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September 10, 2025
Chinese Real Estate Co. Inks $5M Deal To End Investor Suit
Investors in Chinese real estate giant KE Holdings Inc. have asked a New York federal judge to give an initial nod to a nearly $5 million deal ending claims the company misled the markets about certain key performance metrics in filings associated with its secondary public offering.
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September 10, 2025
Latham-Led Stablecoin Firm Figure Prices Upsized $788M IPO
Stablecoin issuer Figure Technology Solutions began trading Thursday after it priced an upsized initial public offering that raised $787.5 million above its marketed range, in an offering guided by Latham & Watkins LLP and Davis Polk & Wardwell LLP.
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September 10, 2025
SEC Says Adviser Startup Broke Investor Data Privacy Rule
An investment adviser representative and his firm were hit with a suit from the U.S. Securities and Exchange Commission on Wednesday over claims that the adviser, among other things, emailed himself confidential client information from his former employer as a step in creating his own investment firm.
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September 10, 2025
Coupang Escapes Securities Suit Over IPO Disclosures
A New York federal judge has dismissed a securities class action against South Korean e-commerce company Coupang Inc., several of its executives and offering underwriters alleging they failed to disclose that Coupang was participating in "illicit practices" and ruled that some of the alleged omissions were publicly available information.
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September 10, 2025
Ex-NYPD Officer Gets 3 Years For Forex Fraud Scheme
A former New York City police officer turned foreign currency exchange investor on Wednesday was sentenced to three years in prison for defrauding investors out of over $4 million through lies about nonexistent risk mitigation measures.
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September 10, 2025
Fla. Judge Chides Attys Over Discovery In High-Rise Ch. 11
A Florida federal judge on Wednesday chided attorneys over discovery deadlines in a Chapter 11 bankruptcy case involving a downtown Miami high-rise development, setting an October deadline to produce documents after requests weren't fulfilled on time.Â
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September 10, 2025
Airbnb Presses Bid To Toss Conservative Shareholders' Suit
Airbnb Inc. is urging a Delaware federal judge to reject a lawsuit from two conservative institutional shareholders, arguing that delivery of the groups' shareholder proposals to the company's mail room doesn't suggest executives sought to exclude the submissions from the company's 2025 proxy materials.
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September 10, 2025
3rd Circ. Questions NJ's Bid To Block Kalshi's Sports Bets
The Third Circuit seemed prepared on Wednesday to block New Jersey from enforcing a sports gambling ban on trading platform KalshiEx, with at least one judge arguing the U.S. Commodity Futures Trading Commission's authority to regulate the event contracts space "seems quite broad."
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September 10, 2025
FINRA Fines Jefferies $1M Over Inaccurate Reserve Math
Financial services giant Jefferies LLC has been fined $1 million by the Financial Industry Regulatory Authority after its improper reserve calculations caused the firm to file a number of inaccurate reports, it said.
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September 10, 2025
Trump To Take Fed Gov. Cook's Removal Case To DC Circ.
President Donald Trump on Wednesday told a Washington, D.C., federal judge that the government will appeal the judge's decision granting a temporary win to Federal Reserve Gov. Lisa Cook in her challenge to the president's attempt to remove her from her position.
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September 10, 2025
Trump's Pick For Fed Board Seat Moves Ahead To Full Senate
The U.S. Senate Banking Committee on Wednesday endorsed President Donald Trump's bid to install Stephen Miran, a top White House economist, at the Federal Reserve, advancing his nomination over Democratic objections that he would be a Trump loyalist rather than an independent central banker.
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September 10, 2025
DOJ Must Hand Over Documents To Ex-JPMorgan Trader
A Washington, D.C., federal judge has ruled that the U.S. Department of Justice did not properly withhold portions of documents that reference grand jury exhibits from a former JPMorgan trader that were part of a market manipulation case that he beat in 2018, and ordered the DOJ to turn over the documents in question.
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September 10, 2025
AI Infrastructure Startup Nebius Seeks $3B To Fuel Expansion
Dutch artificial intelligence infrastructure company Nebius Group N.V. on Wednesday announced plans to raise up to $3 billion to further fuel its growth, a move that comes just days after the tech company revealed a multibillion-dollar partnership with Microsoft.
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September 10, 2025
SEC Taps Gibson Atty To Head Corporation Finance Division
The U.S. Securities and Exchange Commission on Wednesday named the co-chair of Gibson Dunn & Crutcher LLP's securities regulation practice as the new leader of its Division of Corporation Finance, which is responsible for writing rules and providing guidance to publicly traded companies on shareholder disclosure matters, among other things.
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September 10, 2025
Molson Coors Kept Subpar Fund In $2B 401(k) Plan, Suit Says
Molson Coors kept a risky and poorly performing fund in its nearly $2 billion employee 401(k) plan, costing plan participants millions of dollars in retirement savings, a former worker for the brewing giant said in a proposed class action in Wisconsin federal court.
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September 10, 2025
Kirkland Adds Fintech Regulatory Partner From McDermott
Kirkland & Ellis LLP has enhanced its fintech regulatory compliance capabilities in New York with the addition of an experienced corporate partner who joins the firm from McDermott Will & Schulte.
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September 09, 2025
Fed Reserve Gov. Cook Wins Removal Reprieve For Now
Federal Reserve Gov. Lisa Cook, for now, can stay on the Fed's board while she challenges President Donald Trump's attempt to strip her of her position, a D.C. federal judge ruled late Tuesday, saying Cook has "made a strong showing" that her purported removal was likely illegal.
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September 09, 2025
Davis Polk Leads Klarna's Above-Range $1.4B IPO
Swedish fintech startup Klarna, led by Davis Polk & Wardwell LLP, priced its highly anticipated initial public offering above its range on Tuesday, raising $1.37 billion, a move that comes months after its public debut was paused amid backlash to President Donald Trump's tariff announcement in April.Â
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September 09, 2025
Ex-SEC Trading And Markets Special Counsel Joins Skadden
Skadden Arps Slate Meagher & Flom LLP has added a former U.S. Securities and Exchange Commission attorney to its white collar defense and regulatory team in its Washington, D.C., office, the firm announced Tuesday.
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September 09, 2025
McKinsey Expects $106T Global Infrastructure Spend By 2040
McKinsey said in a report Tuesday that over the next 15 years, $106 trillion is needed worldwide to keep up with demand for new and improved infrastructure, an industry that's expanding in definition along with advances in technology.
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September 09, 2025
SEC Sued To Lift Private Market Investment Cap
A U.S. Securities and Exchange Commission regulation that prohibits individuals making less than $200,000 a year from investing in the private markets is unconstitutionally discriminatory, according to a lawsuit launched against the agency in Texas federal court.
Expert Analysis
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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.
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Nev. Steps Up Efforts To Attract Incorporations With New Law
Recent amendments to Nevada corporate law, which will narrow controlling stockholders’ liability, streamline mergers and allow companies to opt out of jury trials, show the interstate competition to attract new and reincorporating companies is still heating up, say attorneys at Simpson Thacher.