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Asset Management
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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.
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August 08, 2024
Kirkland-Led Valor Raises $3.4B Across 3 PE Funds
Private equity shop Valor Equity Partners, advised by Kirkland & Ellis LLP, on Thursday announced that it raised $3.4 billion of investor commitments across three different funds.
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August 08, 2024
Monroe, Triad Team Up In $300M Collab To Buy Rental Loans
Asset manager Monroe Capital LLC, advised by Schulte Roth & Zabel LLP, and Triad Financial Services Inc. on Thursday announced that they have formed a partnership with a roughly $300 million asset-based financing pool to originate and buy commercial community rental loans made to owners of manufactured housing communities.
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August 08, 2024
Deals Rumor Mill: Roche, Thoma Bravo, Klarna
Roche is considering divesting cancer data specialist Flatiron Health, Thoma Bravo is exploring a sale of compliance software maker Cority, and fintech startup Klarna is preparing a secondary-share sale ahead of a planned IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 07, 2024
4th Circ. Approves Payout Plan In $550M Ponzi Case
Investors defrauded in a $550 million Ponzi scheme can't reverse a receiver's asset distribution plan on the basis of arguments that the plan unfairly divides up recovered funds among claimants, the Fourth Circuit has determined.
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August 07, 2024
Republican Lawmakers Target Union Pension Overpayments
Two struggling union pension plans have returned excess bailout funds they received because deceased pensioners weren't removed from their directories, but the Pension Benefit Guaranty Corp. hasn't said whether 60 other plans with deceased pensioners in their directories returned any extra funds, two Republican congresspeople said.
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August 07, 2024
Highland, Co-Founder Battle Over $70M Debt In 5th Circ.
Venture capital firm Highland Capital and a company owned by Highland co-founder James Dondero squared off before a Fifth Circuit panel on Tuesday, debating whether a jury was needed to weigh defenses against claims that he and his companies owe the VC firm more than $70 million.
Expert Analysis
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.