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Asset Management
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November 01, 2024
Law Profs Urge Del. Reversal Of Chancery's Moelis Ruling
Four prominent law professors have weighed in with an amicus brief on the side of a Delaware Supreme Court appeal seeking to reverse a Court of Chancery ruling earlier this year that struck down a company charter amendment ceding some corporate governance rights to the business' founder.
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November 01, 2024
Newbury Street SPAC Returns To Market With $150M Offering
Special purpose acquisition company Newbury Street II Acquisition Corp. began trading Friday after raising a $150 million initial public offering, guided by three law firms, and marking the second Newbury Street vehicle to go public under similar management.
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November 01, 2024
4 Appellate Arguments Benefits Attys Should Watch In Nov.
The Second Circuit will weigh battles over retirement plan fees and union benefit contributions, teachers will ask the Ninth Circuit to revive their suit over interest they say is owed on their retirement accounts and the Eleventh Circuit will mull a constitutional challenge to a Florida gender-affirming care ban. Here are four upcoming arguments that benefits lawyers should have on their radar.
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November 01, 2024
Blockchain Coinvestors SPAC To Dissolve With No Biz Combo
Special purpose acquisition company Blockchain Coinvestors Acquisition Corp. I will dissolve and return investors their money after two failed merger attempts, the company has announced, marking the latest SPAC to close shop amid lean market conditions.
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November 01, 2024
ISS Advises Frontier Shareholders To Abstain On Verizon Vote
Proxy advisory firm Institutional Shareholder Services on Friday recommended that Frontier Communications shareholders abstain from voting on Verizon's planned $20 billion takeover, noting that there could be an advantage to waiting to see if the company can generate more value.
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November 01, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation with Representation, BC Partners sells its majority equity interest in GardaWorld, Lone Star Funds sells specialty chemicals company AOC to Nippon Paint Holdings, Crescent Biopharma takes GlycoMimetics private, and Francisco Partners buys AdvancedMD from Global Payments.
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November 01, 2024
Chinese National Stole Investment Firm's Code, Feds Say
A Chinese national has been indicted on charges he stole trade secrets from his employer, an unnamed global investment management company in Boston, to set up his own firm in China.
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October 31, 2024
Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense
Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.
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October 31, 2024
Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr
Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr.
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October 31, 2024
JPMorgan To Pay $151M To Resolve SEC Disclosure Claims
The U.S. Securities and Exchange Commission announced Thursday that two JPMorgan Chase & Co. affiliates agreed to pay $151 million to resolve five separate enforcement actions over a number of allegations, including making misleading disclosures to investors and failing to make recommendations in the best interest of customers.
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October 31, 2024
Feds: No 'Willfulness' Needed In Texas AG-Tied Investor Case
Federal prosecutors asked a Texas federal judge to reject an attempt by an investor at the center of the failed impeachment of Texas Attorney General Ken Paxton to toss the fraud case, saying Wednesday that "willfulness" isn't needed for a conspiracy to commit wire fraud conviction.
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October 31, 2024
Supreme Court Sets Jan. Arguments In Cornell ERISA Suit
The U.S. Supreme Court on Thursday scheduled oral argument for January in an appeal from Cornell University workers who said their retirement plan was mismanaged.
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October 31, 2024
King & Spalding Atty Joins Mayer Brown's Private Credit Team
Mayer Brown LLP has tapped a King & Spalding LLP partner to oversee its private credit practice in New York, saying Thursday that his hiring will solidify its place in the New York market as a destination for finance transactions.
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October 31, 2024
3rd Circ Rejects Charter Co. Exec's Ineffective Counsel Claims
The co-founder and former executive of a now-defunct public air charter operator has lost a bid to escape a fraud conviction on the grounds her lawyers provided ineffective counsel in her criminal trial, with a unanimous Third Circuit panel determining the jury would not have been swayed by a different trial strategy.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 31, 2024
Storage Co. Strikes Deal To End 401(k) Excessive Fee Suit
A storage and information management company has agreed to settle a proposed class action in Massachusetts federal court claiming it caused workers to lose millions in retirement savings by allowing their $650 million plan to be slapped with steep recordkeeping fees.
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October 30, 2024
CFTC's Mersinger Wants Cooperation, Self-Reporting Reforms
The Commodity Futures Trading Commission should reform its process for crediting those who self-report, cooperate and remediate in connection to enforcement proceedings, one of the agency's commissioners said Wednesday.
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October 30, 2024
Equifax Doesn't Report Ch. 7 Discharges, Suit Says
Credit reporting bureau Equifax was recently hit with a proposed class action accusing it of failing to note discharged debts when debtors converted their bankruptcy cases from Chapter 13 to Chapter 7.
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October 30, 2024
Kirkland Leads Berkshire Partners To $7.8B Fund Close
Boston-based private equity shop Berkshire Partners, advised by Kirkland & Ellis LLP, announced on Wednesday that it clinched its largest fund ever after securing $7.8 billion in investor commitments.
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October 30, 2024
O'Neill Brand Owner Says La Jolla Flouted Pre-Sale Deal
The owner and maker of O'Neill sportswear accessories is suing La Jolla Sport in California federal court over claims it breached a longstanding agreement that requires the company to provide certain due diligence information so the plaintiff can finalize a planned sale of the O'Neill brand.
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October 30, 2024
FTX Witness Who Saw Bankman-Fried's 'Evil' Avoids Prison
A Manhattan federal judge allowed FTX's former chief engineer to avoid prison Wednesday, crediting his trial testimony against the crypto exchange's founder Sam Bankman-Fried, his ongoing cooperation and his relatively small role in the $11.2 billion fraud.
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October 30, 2024
AI-Focused SPAC Joins Pipeline With $200M IPO Filing
Archimedes Tech SPAC Partners II Co., a special purpose acquisition company targeting the artificial intelligence industry, filed plans on Wednesday for an estimated $200 million initial public offering, while another SPAC, energy-transition focused Tavia Acquisition Corp., downsized plans.
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October 29, 2024
Alameda Research Wants Crypto Exchange To Return $50M
Alameda Research, the crypto trading affiliate of the bankrupt FTX digital asset empire, has sued the operators of KuCoin cryptocurrency exchange in Delaware bankruptcy court seeking the return of $50 million of assets that continue to be held on the platform despite the debtors' requests.
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October 29, 2024
Ex-Cleveland Councilman Can't Cut 6-Year Fraud Sentence
An Ohio federal judge will not allow a former Cleveland city councilman to get out of jail on compassionate release, ruling the ex-politician "has never demonstrated any remorse for his criminal conduct" and should serve the remainder of his six-year fraud sentence.
Expert Analysis
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Empathy In Mediation Offers A Soft Landing For Disputes
Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.
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A Look At The Increased Scrutiny Of Cash Sweep Programs
Financial industry regulators have increasingly probed the adequacy of so-called cash sweep disclosures and policies, underscoring the heightened risk faced by investment advisers and broker-dealers, as well as the importance of adequately disclosing material conflicts of interest, say attorneys at Dechert.
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Election Outcome Could Reshape Financial Industry
The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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Nvidia Case's Potential Impact On Securities Class Actions
In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Short-Seller Implications Of 10th Circ.'s Overstock Decision
The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Don't Phone A Friend: Disclosing Friendships With Executives
The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.
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Why Diversity Jurisdiction Poses Investment Fund Hurdles
Federal courts' continued application of the exacting rules of diversity jurisdiction presents particular challenges for investment funds, and in the absence of any near-term reform, those who manage such funds should take action to avoid diversity jurisdiction pitfalls, say attorneys at Sher Tremonte.
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The Ups And Downs Of SEC's Now-Dissolved ESG Task Force
The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.