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Asset Management
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December 06, 2024
Two Firms To Rep CVS Investors In Benefit Unit Losses Suit
Bernstein Litowitz Berger & Grossmann LLP and Bleichmar Fonti & Auld LLP will co-lead a proposed class of investors in consolidated litigation alleging CVS Health Corp. hurt investors as it announced its benefit unit's unanticipated losses.
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December 06, 2024
Merrill Lynch Can't Beat Stock Loan Class Cert. Bid
A New York federal judge on Friday overruled objections from Bank of America unit Merrill Lynch to certify a class of investors, with a slightly extended class period, in a suit alleging the financial institution colluded with other major banks to avoid modernizing the stock loan market.
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December 06, 2024
FTX Says Three Arrows Can't Add $1.5B To Ch. 11 Claims
FTX is pushing back against efforts by liquidators for defunct cryptocurrency hedge fund Three Arrows Capital to add more than $1.5 billion to its claims in FTX's Chapter 11 case in Delaware bankruptcy court.
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December 06, 2024
AI Hype Won't Wash With Canadian Securities Regulators
The Canadian Securities Administration is warning market participants against hyping ties to artificial intelligence in order to drum up interest for investments — a practice called "AI washing" — as the agency invites public comment before crafting AI-focused regulations.
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December 06, 2024
4 Big Developments In ERISA Cases From 2nd Half Of 2024
The Sixth Circuit reopened a retirement plan mismanagement suit against Parker-Hannifin Corp. and revived a manufacturing company worker's disability benefits bid, while the nation's highest court declined to review a plan trustee's unsuccessful attempt to force an employee stock sale dispute into arbitration. Here, Law360 looks at four recent decisions in Employee Retirement Income Security Act cases that benefits attorneys should know.
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December 06, 2024
Taxation With Representation: Skadden, Gibson Dunn
In this week's Taxation With Representation, BlackRock buys HPS Investment Partners, TreeHouse Foods Inc. buys Harris Tea, Aya Healthcare acquires Cross Country Healthcare, and Bruin Capital launches a soccer representation business.
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December 05, 2024
Jane Street Ends Trade Secret Fight With Rival Investing Firm
Jane Street Group LLC and Millennium Management LLC have agreed to put to rest their trade secrets dispute over a proprietary trading strategy, according to a joint stipulation of dismissal filed Thursday in New York federal court.
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December 05, 2024
Trump Taps Musk Ally David Sacks As 'AI & Crypto Czar'
President-elect Donald Trump announced Thursday that he has selected David O. Sacks, a tech investor who worked alongside Elon Musk and entrepreneur Peter Thiel in the early days of PayPal, to be the newly created "White House AI & Crypto Czar."
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December 05, 2024
DOL Says Court Erred In Tossing ESOP Claims Against Exec
A medical equipment industry executive should continue facing claims that he ripped off workers by selling overpriced stock to his company's employee stock ownership plan, the U.S. Department of Labor told an Idaho federal judge Thursday, asking him to rethink letting the executive escape the allegations.
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December 05, 2024
First Citizens Accused Of $3M High-Yield Bait-And-Switch
First Citizens Bank & Trust Company faces claims from an agritourism nonprofit and its registered agent that they invested $3 million with the bank expecting a competitive rate of return before finding those funds were actually in products yielding a much lower interest rate.
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December 05, 2024
Chinese Bank Faces New Suit Alleging Reinsurance Fraud
Another group of insurers has accused one of China's largest banks of participating in a "multi-billion-dollar fraud" in the reinsurance market, telling a New York federal court Thursday that the bank, including its New York branch, has refused to honor over $890 million worth of letters of credit.
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December 05, 2024
FTX Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod
A Delaware bankruptcy judge has approved a deal to settle clawback claims by FTX against former Alameda Research Ltd. executive John Samuel Trabucco, who agreed to hand over two San Francisco apartments purchased in 2021 for $8.7 million and a 53-foot yacht bought in 2022 for $2.5 million.
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December 05, 2024
Jones Day Reps CNX On $505M Deal For Natural Gas Biz
CNX Resources Corp. said Thursday it has agreed to acquire for about $505 million the natural gas upstream and associated midstream business of Apex Energy II LLC, a portfolio company of funds managed by Carnelian Energy Capital Management LP.
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December 05, 2024
SpaceX Seeks Astronomical $350B Value, And More Rumors
SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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December 05, 2024
IQVIA Gets Final OK For $3.5M Deal In Ex-Workers' 401(k) Suit
A North Carolina federal judge on Thursday gave his final seal of approval to a $3.5 million settlement for a class of 9,000 employees who accused healthcare technology company IQVIA of mismanaging its $1.13 billion 401(k) plan.
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December 05, 2024
Battery Recycling Firm To Go Public Via $250M SPAC Merger
Renewable energy-focused Ace Green Recycling Inc. has agreed to go public by merging with special purpose acquisition company Athena Technology Acquisition Corp. II in a deal that values Ace Green's equity at $250 million, both parties have announced.
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December 04, 2024
Target Can't Escape Investors' Pride Month Merch Suit
Target Corp. cannot escape claims alleging customer backlash over its 2023 LGBTQ-focused marketing campaign caused the retail giant's sales and stock price to decline, a Florida federal judge ruled Wednesday, finding that the investors have plausibly pled Target made misleading warnings about the risk of customer boycotts.
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December 04, 2024
'Side Deal' Unlikely To Ax Fees In $10M Morgan Stanley Deal
A California federal judge said Wednesday he isn't inclined to strip counsel who negotiated Morgan Stanley's $10 million deal with its financial advisers of their fees over an abandoned "side deal" between the company and the lead plaintiff, saying it should have been disclosed but didn't impact the deal's fairness.
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December 04, 2024
Fla. Ex-Rep Sues Associate Connected To Foreign Agent Case
A former Florida congressman has sued an associate in Miami-Dade County over a breach of contract, alleging that he disclosed a confidential legal memorandum to law enforcement officials and others in connection to a federal indictment charging the ex-lawmaker with unlawfully lobbying on behalf of Venezuela.
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December 04, 2024
Debt Relief Co. Agrees To Be Banned Under CFPB Settlement
The Consumer Financial Protection Bureau informed a California federal court that a purported debt relief services company and its owner have agreed to cease operations and pay civil penalties for allegedly charging customers illegal upfront fees.
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December 04, 2024
CFTC Hits $17.1B Enforcement Record With FTX-Linked Deals
The Commodity Futures Trading Commission secured a record annual enforcement haul of more than $17.1 billion in fiscal year 2024, including a historic $12.7 billion judgment against failed crypto exchange FTX and its affiliated trading firm Alameda Research, the agency announced Wednesday.
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December 04, 2024
5th Circ. Probes $8M Payout For Allegedly Undelivered Services
An investment company on Wednesday found itself before the Fifth Circuit having to justify paying $7.7 million for allegedly undelivered services from an affiliate, as it appeals a $2.6 million bill it got hit with for prematurely ending a contract.
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December 04, 2024
Uber Investors' Attys Awarded $58M In $200M IPO Suit Deal
A California federal judge granted final approval Wednesday to Uber's $200 million deal settling class claims from investors accusing it of making false and misleading statements ahead of its initial public offering, and also awarded $58 million for attorney fees that he called quite "substantial" but "warranted."
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December 04, 2024
Wells Fargo Wants Suits Over $300M Scheme Tossed
Wells Fargo Bank NA urged a Florida federal judge on Wednesday to toss both a proposed class action and a receiver's lawsuit claiming the bank aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, arguing that neither pleading sufficiently shows that Wells Fargo knew about the fraud.
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December 04, 2024
'Patriotic' Marketplace PublicSquare Raises $36M Stock Sale
The money-losing owner of self-described patriotic marketplace PublicSquare bolstered its balance sheet Wednesday through a $36 million registered direct offering guided by two law firms, one day after it named Donald Trump Jr. to its board of directors.
Expert Analysis
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Nvidia Supreme Court Case May Not Make Big Splash
The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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How To Safely Leverage AI In The Digital Assets Industry
Digital asset businesses that use or plan to implement artificial intelligence should assess their risk management frameworks to ensure that AI-related business areas, including customer support and fraud detection, are in compliance with applicable laws and regulatory guidance from the last year, say attorneys at Winston & Strawn.
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What Trump Presidency May Mean For Climate Reporting
While the Trump administration will likely take a hands-off approach to climate-related disclosures and rescind regulations promulgated under the Biden administration, state and international ESG laws mean the private sector may not reverse course on such disclosures, say attorneys at Seyfarth.
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SEC Action Indicates Continued Focus On ESG Disclosures
The U.S. Securities and Exchange Commission's recently settled enforcement action against Invesco Advisers provides a road map for how regulatory agencies will continue to focus on ESG-related disclosures going forward, and underscores a focus on greenwashing, say attorneys at V&E.
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The Bar Needs More Clarity On The Discovery Objection Rule
Almost 10 years after Federal Rule of Civil Procedure 34 was amended, attorneys still seem confused about what they should include in objections to discovery requests, and until the rules committee provides additional clarity, practitioners must beware the steep costs of noncompliance, says Tristan Ellis at Shanies Law Office.
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What's Next For The CFTC After The Election
While much of the U.S. Commodity Futures Trading Commission's enforcement actions in line with its traditional priorities will continue as usual in the near term, postelection leadership changes at the CFTC and new congressional priorities may alter the commission's regulatory framework in 2025 and beyond — particularly its oversight of crypto, say attorneys at WilmerHale.
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Series
Being A Navy Reservist Makes Me A Better Lawyer
Serving this country in uniform has not only been one of the greatest honors of my life, but it has also provided me with opportunities to broaden my legal acumen and interpersonal skills in ways that have indelibly contributed to my civilian practice, says Phillip Smith at Weinberg Wheeler.
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Cos. Should Inventory Issues To Prep For New Congress
As the legislative and oversight agendas of the 119th Congress come into sharper focus, corporate counsel should assess and plan for areas of potential oversight risk — from tax policy changes to supply chain integrity — even as much uncertainty remains, say attorneys at WilmerHale.
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OCC Recovery Guidance Can Help Banks Bounce Back Better
The Office of the Comptroller of the Currency's recently finalized recovery guidelines add to the constellation of exercises that larger banks must undertake, while also aiding information-gathering and preparedness efforts that can help prevent — or better manage — bank failures, say attorneys at Davis Wright.
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Navigating DOJ's Patchwork Whistleblower Regime
In the past few months, the U.S. Department of Justice and several individual U.S. attorney’s offices have issued different pilot programs aimed at incentivizing individuals to blow the whistle on misconduct, but this piecemeal approach may create confusion and suboptimal outcomes, say attorneys at BakerHostetler.
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So You Want To Move Your Law Practice To Canada, Eh?
Google searches for how to move to Canada have surged in the wake of the U.S. presidential election, and if you’re an attorney considering a move to the Great White North, you’ll need to understand how the practice of law differs across the border, says David Postel at Henein Hutchison.
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A Look At Similarities Between SOX And SEC's Cyber Rule
Just as the Sarbanes-Oxley Act paved the way for greater transparency and accountability in financial reporting, the SEC's cybersecurity rule is doing much the same for cybersecurity, ensuring that companies are resilient in the face of growing cyber threats, says Padraic O'Reilly at CyberSaint.
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Class Actions At The Circuit Courts: November Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses six federal court decisions that touch on Rule 23 of the Federal Rules of Civil Procedure, and when individual inquiries are needed to prove economic loss.