Asset Management

  • August 26, 2024

    JPMorgan Cash Sweep 'Shortchanged' Customers, Suit Says

    JPMorgan Chase has been hit with a proposed class action in New York federal court alleging its securities branch "shortchanged" customers by automatically "sweeping" their uninvested cash balances into deposit accounts at its affiliate, Chase Bank.

  • August 26, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's Court of Chancery, Boeing accused shareholders of using a new pressure tactic, Cantor Fitzgerald struck a $12 million deal, and a vice chancellor dealt with zombie companies. New cases involved displaced Pacific Islanders and an insurance customer acquisition platform. In case you missed it, here's a roundup of news from the Chancery Court.

  • August 23, 2024

    Prime Healthcare's 401(k) Was In Good Hands, Judge Rules

    Prime Healthcare Services Inc. beat a proposed class action in a bench trial over claims it allowed its employee 401(k) plan to be saddled with poor-performing investments and high costs, after a California federal judge ruled that the plan was prudently managed.

  • August 23, 2024

    PE Fund Says SEC Is Overstepping With 'Fishing Expedition'

    A large South Carolina private equity fund has sued the U.S. Securities and Exchange Commission for allegedly overstepping its authority by trying to regulate the business' activities through an unconstitutional "fishing expedition" investigation that threatens the building of thousands of housing units.

  • August 23, 2024

    Hong Kong Relaxes Listing Rules For Tech Startups, SPACs

    Hoping to spur more investment into emerging businesses amid a dry spell, Hong Kong's securities watchdog and stock exchange leaders on Friday unveiled relaxed listing rules for technology startups and eased requirements needed to clear mergers involving special purpose acquisition companies.

  • August 23, 2024

    Split 9th Circ. Says Ponzi Schemes Don't Need Proof Of Intent

    A split Ninth Circuit panel affirmed Friday a jury's finding in a fraudulent-transfer fight that a now-bankrupt company was a Ponzi scheme, with the majority writing that jurors didn't need to find an intent to defraud, while a dissenting judge slammed the majority's reasoning as "circular."

  • August 23, 2024

    Cantor, Lutnick OK $12M Deal To End View Inc. Suit In Del.

    Cantor Fitzgerald LP and its billionaire Chair and CEO Howard Lutnick on Thursday agreed to a $12 million settlement to resolve stockholder challenges to a special purpose acquisition company transaction that took window company View Inc. public, with a Delaware Court of Chancery hearing set for Dec. 6.

  • August 23, 2024

    Texas City Can't Avoid Improvement District Bond Payments

    A Texas appeals court has affirmed a Dallas specialty finance company's win over the city of Hutto, finding this week that the finance company made valid transactions despite the city's protests that the bonds at issue weren't valid under state law.

  • August 23, 2024

    Canada Mining Biz Seeks US Listing Via $589M SPAC Merger

    Canadian rare-earth miner Tactical Resources Corp. plans to go public in the U.S. by merging with special purpose acquisition company Plum Acquisition III Corp. at an estimated value of $589 million, both parties announced on Friday, through a deal guided by four law firms.

  • August 23, 2024

    Taxation With Representation: Latham, Wachtell, Paul Weiss

    In this week's Taxation With Representation, Arch Resources merges with Consol Energy in a deal worth $5.2 billion, Advanced Micro Devices agrees to purchase ZT Systems for $4.9 billion, and Japanese tobacco company JT Group inks a deal to buy Vector Group for $2.4 billion.

  • August 22, 2024

    2 Biotech Firms File Plans To Go Public As IPO Pipeline Grows

    Drug developers Bicara Therapeutics Inc. and Zenas Biopharma Inc. filed plans with regulators on Thursday for initial public offerings that could tap the market as early as September, signaling a potential boost in post-Labor Day IPOs, under the combined guidance of three law firms.

  • August 22, 2024

    New SEC Rule Provides Break To Smaller Venture Funds

    The U.S. Securities and Exchange Commission has approved rules that would raise thresholds before certain venture capital funds can be regulated as investment companies, enacting a congressional mandate aimed at easing costs for small funds.

  • August 22, 2024

    Ameriprise Benefits Most From Cash Sweeps, Customer Says

    Ameriprise was hit with a proposed class action in Minnesota federal court by a customer over its cash sweep program that allegedly yields low interest for customers and high fees for the bank, adding to a growing list of customer and regulatory scrutiny financial institutions are facing over the account type.

  • August 22, 2024

    Israeli Tech Co. Cancels SPAC Deal Amid Market Rout

    Pomvom, an Israeli software maker that caters to theme parks, and a special purpose acquisition company announced Thursday they have nixed their planned $125 million merger, which would've taken the tech firm public, citing a "change in global market conditions."

  • August 22, 2024

    Bank, Fintech Groups Say FDIC Should Ice 'Hot Money' Plan

    A broad coalition of bank and fintech trade groups has called for the Federal Deposit Insurance Corp. to back off from a recently proposed revamp of its rules on "hot money," or brokered deposits, arguing the plan was put forward "without sufficient or transparent data or robust policy rationale."

  • August 22, 2024

    Deals Rumor Mill: Saudi Fund, Disney-Reliance, Repligen

    Saudi Arabia’s sovereign wealth fund wants to launch a new cargo airline, India’s antitrust regulators worry about power over cricket rights if the $8.5 billion merger of Walt Disney’s Indian business with Reliance Entertainment is allowed, and drug manufacturing provider Repligen is eyeing Maravai LifeSciences. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • August 22, 2024

    Mining Firm USA Rare Earth Inks $870M SPAC Merger

    Mining and magnet firm USA Rare Earth LLC, advised by King & Spalding LLP, on Thursday announced plans to go public at a pro forma enterprise value of $870 million by merging with White & Case LLP-led special purpose acquisition company Inflection Point Acquisition Corp. II.

  • August 21, 2024

    TD Bank Designates $2.6B For Anti-Money Laundering Fines

    A U.S. subsidiary of Canada's Toronto-Dominion Bank said Wednesday that it has designated an additional $2.6 billion to cover the fines it expects to pay by the end of the year to resolve civil and criminal investigations into its compliance with anti-money laundering regulations.

  • August 21, 2024

    Northern Trust's $2.5M Deal Approved In AutoZone 401(k) Suit

    A Tennessee federal judge on Wednesday granted preliminary approval to a $2.5 million deal to end class claims from participants in AutoZone's 401(k) employee plan who alleged Northern Trust shirked its duties as their 401(k)'s investment adviser.

  • August 21, 2024

    Fla. Adviser Settles SEC Dispute Over Alleged Audit Lies

    A Florida-based investment adviser has settled a dispute with the U.S. Securities and Exchange Commission over allegations he breached his fiduciary duties when he lied to investors about completing required audits on their investment funds, according to documents filed Wednesday in Boston federal court.

  • August 21, 2024

    Kurdish Telecom Co. Investor Says $490M Judgment Is Valid

    An investor in a Kurdish mobile phone operator has asked a New York federal court to enforce a $490 million judgment it claims it won against Iraqi Kurdistan, saying the Kurd government is trying to relitigate issues that were already rejected by a Kuwait court.

  • August 21, 2024

    2nd Circ. OKs Argentine Bondholders' $310M Collateral Win

    The Second Circuit on Wednesday affirmed a finding that Argentina must turn over to its onetime bondholders reversionary interests worth over $310 million in collateral backing so-called Brady Plan bonds from the 1990s that recently matured, rejecting the country's arguments that the Foreign Sovereign Immunities Act shields its interests in the collateral.

  • August 21, 2024

    Western Asset Exec Takes Leave Of Absence Amid SEC Probe

    Western Asset Management's co-chief investment officer, Ken Leech, has taken an immediate leave of absence from the global fixed-income manager after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission and as the company faces parallel government investigations.

  • August 21, 2024

    Investment Firm, Ex-Advisers Settle Dispute Over Clients

    Mercer Global Advisors and former investment advisers accused of stealing clients and starting a competing firm have told a Florida state court that they have settled their dispute just before trial.

  • August 21, 2024

    Hedge Fund Priest Sues SEC Over Proposed Industry Ban

    A Greek Orthodox priest and hedge fund founder who beat most civil claims brought by the U.S. Securities and Exchange Commission at a 2021 trial sued the agency Wednesday, claiming it is unconstitutionally trying to implement a lifetime ban from the securities industry through an administrative case.

Expert Analysis

  • 3 Leadership Practices For A More Supportive Firm Culture

    Author Photo

    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

  • Series

    After Chevron: Don't Let Loper Lead To Bank Compliance Lull

    Author Photo

    Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

    Author Photo

    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling

    Author Photo

    While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

    Author Photo

    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • 2nd Circ. Case Reinforces Need For Advance Notice Bylaws

    Author Photo

    The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.

  • Series

    Teaching Scuba Diving Makes Me A Better Lawyer

    Author Photo

    As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.

  • 3 Ways To Lower Insider Trading Risk After First 10b5-1 Case

    Author Photo

    In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.

  • Lawyers Can Take Action To Honor The Voting Rights Act

    Author Photo

    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • Evolving Regulatory Oversight For AI And Asset Management

    Author Photo

    Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.

  • Series

    After Chevron: ERISA Challenges To Watch

    Author Photo

    The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

    Author Photo

    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

    Author Photo

    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Why Calif. Courts Are Split On ERISA Forfeited Contributions

    Author Photo

    A split between two California federal courts, in deciding whether an employer’s use of forfeited retirement plan contributions to offset future costs violates the Employee Retirement Income Security Act, suggests employers should soon expect more ERISA cases to advance this novel legal theory when making anti-inurement and breach of fiduciary duty claims, says Blake Crohan at Alston & Bird.

  • Series

    Rock Climbing Makes Me A Better Lawyer

    Author Photo

    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Asset Management archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!