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Asset Management
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August 12, 2024
NC Court Won't Stop 'Ultimate Relief' In Mogul's $524M Case
The North Carolina Court of Appeals refused on Monday to issue an immediate halt to a court-ordered receiver being appointed to manage the assets of convicted insurance mogul Greg Lindberg, saying it would consider blocking the appointment after further court proceedings.
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August 12, 2024
2nd Circ. Says Arbitration Ban Protects Sex Harassment Suit
The Second Circuit said Monday that because a financial services worker said she continued to experience harassment after a law went into effect curbing mandatory arbitration for workplace sex misconduct disputes, her case can't be kicked out of court.
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August 12, 2024
Asian Streaming Platform Plans US Listing Via SPAC Merger
Asia-focused animation and streaming platform Global IBO Group Ltd. plans to go public in the U.S. at an estimated $8.3 billion valuation by merging with special purpose acquisition company Bukit Jalil Global Acquisition 1 Ltd., under guidance from two law firms.
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August 12, 2024
Scotiabank Lands Minority Stake In KeyCorp In $2.8B Deal
Scotiabank, advised by Cravath Swaine & Moore LLP, has agreed to invest roughly $2.8 billion in Sullivan & Cromwell LLP-led KeyCorp in order to take a minority ownership stake in the financial services company, the two companies announced in separate Monday statements.
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August 12, 2024
DOL Tweaks 2 Parts Of Asset Manager Exemption
The U.S. Department of Labor's employee benefits arm made two mostly technical changes Monday to a popular exemption used by asset managers who also manage retirement assets known as the qualified professional asset manager exemption.
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August 12, 2024
Catching Up With Delaware's Chancery Court
Multimillion-dollar share conversions, power struggles in a classic rock band, a good deal for fandom collectibles, and a pindown by two heavyweights were all part of the spectacle in Delaware's Court of Chancery last week. New cases involved pharmaceutical companies, cannabis, drones and liquid-gas exports. In case you missed it, here's the latest from the Chancery Court.
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August 09, 2024
SEC Settles With EV Fleet Co., 3 Execs For More Than $5M
Electric vehicle company Ideanomics and its former CEO Bruno Wu, a wealthy Chinese entrepreneur, have agreed along with other executives to pay a combined roughly $5.1 million to settle U.S. Securities and Exchange Commission claims of accounting and disclosure fraud, the agency said Friday.
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August 09, 2024
Biotech Firms Mull Acquisition Offers Amid Shaky IPO Climate
Amid a shaky outlook for initial public offerings, more private biotechnology firms are exploring acquisition offers from larger pharmaceutical companies as a more certain exit strategy, according to experts who advise emerging drug developers.
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August 09, 2024
6th Circ. Partially Revives Crypto IRS Reporting Challenge
The Sixth Circuit issued a mixed ruling Friday in a suit brought by a group of cryptocurrency users challenging the IRS' pending mandate to report large crypto transactions, reversing the dismissal of the suit's Fourth and First Amendment violation claims but affirming that some of the case's claims are not ripe.
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August 09, 2024
DC Circ. Says Mining Cos. Can't Appeal Retiree Health Win
Four former subsidiaries of the now-defunct coal company Consol Energy Inc. can't challenge an arbitration award that banned unilateral changes to union-represented retirees' health benefits plan, the D.C. Circuit held Friday, saying the ex-subsidiaries weren't parties to the award and aren't injured by it.
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August 09, 2024
Healthcare-Focused SPAC Voyager Nets $220M IPO
Shares of healthcare-focused Voyager Acquisition Corp. began trading publicly on Friday after the company priced its $220 million initial public offering.
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August 09, 2024
Amynta Lodges Fraud Suit In Chancery Over $105M Merger
An affiliate of multinational insurance services provider Amynta Group filed a lawsuit on Friday in Delaware's Court of Chancery against two top officers of Clearview Risk Holdings Inc., accusing both of playing a role in a multiyear Ponzi scheme allegedly designed to protect post-deal earnouts after a purportedly overpriced $105 million merger.
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August 09, 2024
Virtu Financial Can't Cut Down SEC's Information Security Suit
A Manhattan federal judge declined Friday to trim a U.S. Securities and Exchange Commission lawsuit over Virtu Financial Inc.'s protection of customer investment data, saying discovery is needed to determine whether the platform designed reasonable safeguards to wall this information off from its own in-house traders.
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August 09, 2024
Investor Can't Drop Fraud Suit Against Crowdfunding CEO
A California cannabis investor cannot withdraw his lawsuit against a CEO he accused of helping to operate a $2 million crowdfunding scheme, a federal judge ruled, saying the investor now needs the defendant's permission.
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August 09, 2024
Home Depot's ERISA Win At 11th Circ. Deepens Circuit Split
The Eleventh Circuit's recent ruling backing Home Depot's defeat of a suit from workers who showed their 401(k) plan was mismanaged, but couldn't tie those lapses to financial losses, adds to a growing circuit split that attorneys say warrants guidance from the U.S. Supreme Court.
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August 08, 2024
Investors, Banks Pitch Next Steps In Saved Bond-Rigging Suit
Investors accusing major banks of conspiring to rig corporate bonds have told a New York federal court they want to file a new complaint after the Second Circuit revived the suit last month over a potential conflict with the previous judge, while the defendants say this would take the case "back to square one."
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August 08, 2024
Uber's $200M Deal To End Investors' 'Train Wreck' IPO Suit OK'd
A California federal judge granted preliminary approval Thursday to Uber's $200 million class action deal with investors who claim the ride-hailing giant made false and misleading statements ahead of its $8.1 billion initial public offering regarding its passenger safety record, financial condition and the legality of its business model.
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August 08, 2024
Fed Hits Customers Bank With Crypto-Related Consent Order
The Federal Reserve said Thursday that it had entered into an enforcement action with Pennsylvania-based Customers Bank, pointing to risk management and anti-money laundering compliance deficiencies tied to the bank's "digital asset strategy."
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August 08, 2024
Fla. Judge Won't Pause E-Scooter Co.'s Ch. 11 Plan
California plaintiffs with tort claims against Bird Global Inc. can't stop a Chapter 11 plan for the bankrupt e-bike and e-scooter rental company while they appeal its confirmation because of the plan's third-party releases, a Florida bankruptcy judge ruled Thursday.
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August 08, 2024
Wash. Firm, Atty Say Rehashed $20M Con Claims Can't Stick
A Washington attorney and her former law firm have urged a Washington judge to toss a lawsuit alleging they were part of a scheme to con an asset management company out of $20 million, arguing that they were following instructions as escrow agents making sure funds were disbursed.
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August 08, 2024
Nasdaq Seeks To Step Up Delistings For Cheap, Risky Stocks
Nasdaq is proposing to accelerate delisting procedures for companies whose shares fall below $1 for extended periods by tightening compliance deadlines and cracking down on those companies that seek to avoid delisting by enacting reverse stock splits, marking the exchange's latest effort to combat risky stocks.
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August 08, 2024
BlackRock Asia COO To Become Global Compliance Head
BlackRock has tapped its chief operating officer for the Asia-Pacific region to become the firm's global head of compliance, with the investment giant's current head of global compliance planning to retire from the firm, according to an internal company memo.
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August 08, 2024
SEC Wins Jurisdiction Over German As Sanction For Default
A German national who the U.S. Securities and Exchange Commission says has ignored discovery requests in its attempt to recover proceeds from a $150 million international pump and dump scheme involving his son is subject to personal jurisdiction in the U.S., a Boston federal judge ordered as a sanction.
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August 08, 2024
Olympic Museum Scores Partial Win In $2M COVID Relief Suit
A D.C. federal judge handed the U.S. Olympic and Paralympic Museum a victory over the Small Business Administration on Wednesday, ruling the agency unfairly denied its application for a $2 million pandemic relief grant.
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August 08, 2024
Apollo Stockholder Suit Held Until Del. Justices Hear Moelis
Both sides in a Delaware Court of Chancery challenge to an Apollo Global Management Inc. stockholder agreement adopted in 2022 have agreed to a litigation pause, citing the import of a possible Delaware Supreme Court appeal targeting a case that upended state corporate law on similar pacts.
Expert Analysis
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims
In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.