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Asset Management
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May 17, 2024
Kirkland-Led Hotpot Chain Sizzles In US Listing Debut
Shares of Super Hi International Holdings Ltd. rallied in debut trading Friday after the Singaporean hotpot restaurateur priced a $53 million U.S. initial public offering, represented by Kirkland & Ellis LLP and underwriters' counsel Paul Hastings LLP, marking the latest of several cross-border listings in the U.S. pipeline.
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May 17, 2024
Kohl's Directors' Aversion To Sale Was Self-Serving, Suit Says
A Kohl's shareholder has hit the retailer's brass with a derivative suit alleging they covered up the results of a disastrous shift in business strategy and takeover offers, all in a bid to protect their own positions.
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May 17, 2024
Koch-Tied Group Says Transparency Law Offends Federalism
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.
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May 17, 2024
Cantor, Lutnick Strike Deal With Window SPAC Investors
Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.
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May 17, 2024
Winston & Strawn Leads Asia-Focused SPAC $100M IPO
Shares of RF Acquisition II, a special-purpose acquisition company targeting the technology sector in Asia, began trading publicly on Friday following the company's $100 million initial public offering.
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May 17, 2024
TD Bank Says Ex-Advisers Enticed $25M To Raymond James
TD Bank NA and its subsidiary TD Private Client Wealth LLC are accusing two former employees of "brazenly" breaking nonsolicitation agreements by moving to Raymond James Financial Services Inc. and enticing $25 million in client assets to come with them.
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May 17, 2024
Blackstone Leads $7.5B Financing For AI-Focused CoreWeave
Artificial intelligence-focused infrastructure provider CoreWeave said Friday it had secured an agreement for a $7.5 billion debt financing facility provided by Blackstone with strategic participation from hedge fund Magnetar Capital, the co-lead investor, and tech investor Coatue.
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May 16, 2024
Convicted Insurance Mogul Says He'll Trim Empire
Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.
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May 16, 2024
Carhartt Heiress's Atty Stole Millions, Jury Told
A jury trial kicked off Thursday in a case against a Michigan lawyer accused of embezzling millions of dollars from trusts belonging to the granddaughter of Carhartt Inc.'s founder, with one of her financial managers testifying that the attorney made loans to himself without permission.
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May 16, 2024
3rd Circ. Revives Wesco Retirees' ERISA Fee Case
The Third Circuit reinstated a proposed class action Thursday accusing Wesco Distribution Inc. of letting its employee retirement plan pay exorbitant administrative fees, ruling a trial court's "partly valid" criticisms of the suit weren't enough to warrant dismissal.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
IQVIA To Pay $3.5M To Resolve Ex-Workers' 401(k) Suit
Healthcare technology company IQVIA agreed to pay $3.5 million to end a 9,000-member class action accusing it of choosing investments that consistently underperformed and had excessive risk and expense for its $1.13 billion 401(k) plan, a filing in North Carolina federal court said.
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May 16, 2024
DOL Unveils Long-Delayed Abandoned Retirement Plan Rules
After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.
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May 16, 2024
SEC Adopts Rules For Uncovering, Reporting Data Breaches
The U.S. Securities and Exchange Commission announced the adoption of cybersecurity rules Thursday that will require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised.
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May 16, 2024
No Relief For Struggling SPACs Under Buyback Tax Proposal
Special-purpose acquisition companies won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal that otherwise provides helpful clarity on the tax's implications for the subdued SPAC market, lawyers say.
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May 16, 2024
Ex-Execs Accuse Truist Of Hijacking Control Of Mortgage Unit
Three former executives who spearheaded the real estate finance arm of Truist Financial Corp. before they left for a competitor are countersuing the bank for allegedly usurping control of the business, saying Truist then tried forcing them out to skirt paying severance.
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May 16, 2024
C3.ai Shareholder Sues In Del., Citing Baker Hughes Pact
A shareholder of artificial intelligence-driven software developer C3.ai Inc. filed a derivative suit in Delaware's Court of Chancery late Wednesday, alleging breaches of fiduciary duty and unjust enrichment related to the California company's strategic partnership with Baker Hughes Co.
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May 16, 2024
Top Linklaters Attys See PE Rebound In Run-Up To Elections
After a subtle uptick in private equity deal values in the first quarter, the global chair of Linklaters LLP's corporate department in New York, George Casey, and one of its top PE dealmakers in London, Alex Woodward, believe the pace of transactions is picking up and the market is primed for a comeback.
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May 16, 2024
US Must Produce Emails Between IRS Managers, Docs Leaker
The government must produce emails between Internal Revenue Service managers and a former contractor who leaked thousands of wealthy people's tax returns, a Florida federal judge has ordered, saying the materials are relevant to a billionaire's case accusing the agency of responsibility for the leak.
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May 16, 2024
3 Firms Assist As AIG Sells $3.8B Corebridge Stake To Nippon
Latham & Watkins LLP is guiding Japan's Nippon Life Insurance Co. on a new deal to buy 120 million shares of Corebridge Financial Inc. common stock from AIG for $3.8 billion, with Debevoise & Plimpton LLP guiding Corebridge and Wachtell Lipton Rosen & Katz representing AIG, the purveyors of insurance products said Thursday.
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May 16, 2024
Lithuania PM Wants Frozen Russian Assets To Help Ukraine
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from frozen assets should be only a first step.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
'Uber Files' Scandal Can't Prop Up Investor Suit, Judge Says
Uber Technologies has beaten back a proposed class action alleging that a trove of leaked internal records harmed shareholders by revealing corporate misconduct, with a California federal judge saying plaintiffs failed to prove that any of Uber's statements about the leak were false.
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May 15, 2024
Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?
A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.
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May 15, 2024
Lawmakers Move To Kill DOL's ERISA Fiduciary Regs
A group of 16 mostly Republican senators introduced a resolution Wednesday to overturn the U.S. Department of Labor's new rule broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, saying the regulations threaten Americans' ability to save for retirement.
Expert Analysis
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.