Asset Management

  • August 01, 2024

    SEC Wants Win In Suit Over Ex-Morgan Stanley Rep's Scam

    The U.S. Securities and Exchange Commission has asked a North Carolina federal judge for a win in a lawsuit against an ex-Morgan Stanley representative serving time for running a $4.8 million Ponzi scheme, arguing summary judgment is proper given the seven-year prison sentence and penalties issued against the defendant in the parallel criminal case.

  • August 01, 2024

    BNY's Pershing Hit With $1.4M FINRA Recordkeeping Fine

    BNY subsidiary Pershing will pay the Financial Industry Regulatory Authority a $1.4 million fine to resolve claims that it misstated interest rates for variable rate securities on millions of account statements for more than 12 years.

  • August 01, 2024

    Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed

    Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."

  • August 01, 2024

    Google Beats RNC's Claims It Censored Fundraising Emails

    A California federal judge on Wednesday tossed the Republican National Committee's lawsuit accusing Google of being politically motivated and violating the state's Unfair Competition Law by sending RNC fundraising emails to Gmail users' spam folders, finding the conduct may be unfair in a "colloquial" sense, but is not illegal.

  • August 01, 2024

    Crypto-Forex Co. Defaults In Fla. Civil Fraud Lawsuits

    A purported foreign exchange currency broker based in Hong Kong defaulted Thursday in three Florida state court lawsuits alleging multimillion-dollar frauds due to lack of counsel, although a Miami judge allowed the former CEO to respond to the complaints against him as a self-represented party.

  • August 01, 2024

    Latham, Ellenoff Rank Among Top Firms For July IPOs

    Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.

  • August 01, 2024

    AI-Focused Chipmaker Cerebras Confidentially Files IPO Plans

    Silicon Valley-based artificial intelligence startup Cerebras Systems Inc. said Thursday it has confidentially filed plans for an initial public offering with the U.S. Securities and Exchange Commission, joining other AI-linked companies in the IPO pipeline.

  • August 01, 2024

    TD Bank's $25M Client Poach Case Hits FINRA Snags

    Ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial Services Inc. agreed to move a dispute over a restraining order into arbitration to shield themselves from negative press, the bank told a federal judge Thursday after the defendants complained about delays to the proceeding.

  • August 01, 2024

    EU Approves $18B Grain Deal With Asset Sales

    European enforcers on Thursday approved grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, conditioned on the sale of Viterra's oilseed businesses in Hungary and Poland.

  • August 01, 2024

    Weil-Led Goldman Sachs Plugs $440M Into Power Biz

    Renewable power company BrightNight on Thursday announced that it has secured a $440 million strategic investment from Goldman Sachs Alternatives' infrastructure business, which is led by Weil Gotshal & Manges LLP.

  • August 01, 2024

    GE Retirees Reach Deal To Resolve Pension Benefits Dispute

    General Electric retirees announced Thursday they'd struck a deal with their former employer to resolve claims that GE improperly used a company spinoff to renounce responsibility for supplemental pension benefits reserved for senior executives, the plaintiff-side firm that represented the retirees said.

  • August 01, 2024

    Brookfield Buys Thermal Management Biz In $1.7B Deal

    nVent, a London-based electrical connection and protection solutions provider advised by Foley & Lardner, announced Thursday it has agreed to sell its thermal management segment to funds run by private equity shop Brookfield Asset Management, represented by Simpson Thacher, for $1.7 billion in cash.

  • August 01, 2024

    Outbrain Buys Video Platform Teads From Altice In $1B Deal

    Advertising platform Outbrain, advised by three law firms, on Thursday revealed plans to acquire global omnichannel video advertising platform Teads from telecommunications company Altice, led by two law firms, in a $1 billion deal meant to create an open internet advertising platform giant.

  • August 01, 2024

    Mass. Could Be New Front In The Battle Over Jury Trial Right

    Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.

  • August 01, 2024

    UK Capital Gains Tax Liabilities Decline, HMRC Says

    Capital gains tax liability in the U.K. declined in the 2022-2023 tax year, HM Revenue & Customs said in a news release Thursday.

  • July 31, 2024

    Ackman's New Investment Fund Calls Off Planned $2B IPO

    Bill Ackman's new investment fund Pershing Square USA on Wednesday called off its initial public offering just a day after setting a $2 billion fundraising target, which was down significantly from earlier estimates.

  • July 31, 2024

    Wells Fargo Hit With Suit Over Cash Sweep Program

    Wells Fargo was hit with a proposed class action by a customer claiming the bank's cash sweep investment program only allows users to sweep their cash into Wells Fargo-selected accounts, a practice the suit says has drawn regulatory scrutiny because it disproportionately benefits the bank.

  • July 31, 2024

    SEC Settles Reg BI Case Against Calif. Broker-Dealer

    The U.S. Securities and Exchange Commission announced Wednesday it has agreed to settle allegations that Western International Securities Inc. sold more than $13 million in high-risk debt securities to those with lower risk profiles, marking the potential end of a first-of-its kind enforcement action claiming violations of Regulation Best Interest.

  • July 31, 2024

    Chancery Goes With Deal Price In Exchange Co. Appraisal

    A venture capital firm that sued for an appraisal of its investment in FairXchange Inc. is entitled to $10.42 per share, the same as the $330 million deal price that Coinbase Global Inc. offered when it bought the securities exchange startup in 2022, a Delaware vice chancellor ruled Tuesday.

  • July 31, 2024

    Ares Rakes Up Nearly $34B For 3rd Direct Lending Fund

    Alternative investment management giant Ares Management Corp., advised by Proskauer Rose LLP, said Wednesday that it had successfully closed its third direct lending fund, which is expected to boast a total capital base of roughly $33.6 billion.

  • July 31, 2024

    Black Worker Says PBGC Didn't Promote Him Due To His Race

    The Pension Benefit Guaranty Corp. passed over a Black worker for a senior director role in favor of a less qualified white woman and retaliated against him for a previously filed race discrimination complaint, a lawsuit filed in D.C. federal court said.

  • July 31, 2024

    NYC Fraudster Gets Two Years For Crime Borne Of 'Nastiness'

    A Manhattan federal judge sentenced a New York City woman to two years in prison Wednesday for stealing $290,000 from investors who backed her purported investment club, saying the defendant's criminal conduct, including threats to victims, was uncommonly callous.

  • July 31, 2024

    Dutch Regulators OK Freshfields-Guided Asset Exchange

    A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.

  • July 31, 2024

    Del. Justices Reject 'Half-Hearted' Arbitration Bid In Fee Fight

    Delaware's Supreme Court has affirmed a ruling that an entity that invests in tech companies waited too long to try to arbitrate a manager's legal fee advancement suit, rejecting a "half-hearted suggestion" that it was unaware of an arbitration provision until "its third set of counsel" joined the case.

  • July 31, 2024

    Mental Health Biz Hits $3.3B Valuation After Funding Round

    Behavioral health solutions provider Spring Health announced Wednesday it reached a valuation of $3.3 billion following the closing of its Series E funding round, in which the company raised $100 million.

Expert Analysis

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • 2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach

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    The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.

  • 2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

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    Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • SEC Amendments May Launch New Execution Disclosure Era

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    The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

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