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Asset Management
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February 14, 2025
Simpson Guides KKR On $850M-Plus Real Estate Credit Fund
Global investment giant KKR, advised by Simpson Thacher & Bartlett LLP, announced on Friday it had clinched its second opportunistic real estate credit fund, raising over $850 million for a dedicated strategy of investments in senior loans and real estate securities in the U.S. and Western Europe.
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February 14, 2025
DOJ Takes Military Bias Dispute With Nev. To 9th Circ.
The U.S. Department of Justice said it will appeal to the Ninth Circuit after a federal judge tossed its suit accusing the state of Nevada and its public employees retirement system of overcharging service members for pension credits.
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February 13, 2025
9th Circ. Panel Doubts SEC's 'Gag Rule' Violates Free Speech
A Ninth Circuit panel on Thursday appeared to doubt a First Amendment challenge to the U.S. Securities and Exchange Commission's "gag rule" that settling parties cannot deny allegations against them, as each judge noted that the agreements are voluntary.
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February 13, 2025
Fake Hedge Funder Pleads Out To $5M AI Trading Scam
The head of Tadrus Capital on Thursday admitted lying to investors who collectively spent more than $5 million investing in his supposedly artificial intelligence-powered hedge fund, which he claimed would pay out guaranteed double-digit returns.
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February 13, 2025
Judge In SEC Case Asks If Fugitive Trader Really Died
A Connecticut federal judge on Thursday directed the receiver managing the distribution of clawed-back funds diverted in a fraud by fugitive trader Iftikar Ahmed to look into claims that Ahmed has died and report to the court on their veracity.
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February 13, 2025
NC Biz Court Bulletin: Defaulted Notes, EB-5 Investor Fraud
The North Carolina Business Court has been handed in the first half of February a receivership case involving a defaulted $17.5 million promissory note, a fraud suit by Chinese EB-5 investors and a request to depose the chief legal officer of Smithfield Foods Inc.
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February 13, 2025
NYC Man Pleads Guilty To $62.8M Crowdfunded CRE Scheme
A New York City man who raised $62.8 million through commercial real estate platform CrowdStreet for sham developments in Atlanta, Georgia, and Miami Beach, Florida, has pled guilty to a federal wire fraud charge.
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February 13, 2025
Musk's $97B OpenAI Bid Dubbed A 'Stunt' Amid Other Rumors
After a Wall Street Journal report on Monday revealed that a consortium of investors led by Elon Musk was offering $97.4 billion to buy the nonprofit that controls OpenAI, rumors began to swirl regarding the true intentions behind the billionaire's bid.
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February 13, 2025
GOP Rep. Moves To Nix SEC's Enhanced Fund Disclosures
A Republican congressman has introduced a resolution that would repeal a recently adopted U.S. Securities and Exchange Commission regulation requiring more detailed and frequent disclosures from mutual funds.
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February 13, 2025
Willkie-Led Defense Firm Karman Prices Upsized $506M IPO
Shares of Karman Holdings Inc. soared in debut trading Thursday after the defense and space systems firm priced an upsized $506 million above its marketed range, raising money for Karman and its private equity shareholders, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Latham & Watkins LLP.
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February 13, 2025
Paul Hastings, Cooley Lead Obesity-Focused Aardvark's IPO
Obesity-focused Aardvark Therapeutics Inc. began trading Thursday after pricing a $94 million initial public offering at the bottom of its range, represented by Paul Hastings LLP and underwriters' counsel Cooley LLP, joining a string of biotechnology firms to go public recently.
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February 13, 2025
Kirkland, Davis Polk Steer SailPoint's Upsized $1.38B IPO
Private equity-backed cybersecurity firm SailPoint began trading Thursday following an upsized $1.38 billion initial public offering that priced at the top of its range, represented by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP, marking its return to public markets three years after being taken private.
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February 12, 2025
Trump Picks Encore Fiduciary Founder As DOL Benefits Chief
The Trump administration on Wednesday nominated Encore Fiduciary's principal and professional fiduciary liability expert Daniel Aronowitz to steer the US Department of Labor's employee benefits division, which produces and enforces federal regulations that apply to employer-provided retirement and healthcare plans.
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February 12, 2025
SEC Rescinds Stricter Gensler-Era Proxy Exclusion Guidance
The U.S. Securities and Exchange Commission on Wednesday rescinded Biden-era guidelines around excluding certain shareholder proposals from proxy statements, reverting the agency's posture to an era that was generally more receptive to companies seeking such exclusions.
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February 12, 2025
Klarna Accused Of Intercepting Creators' Commissions
Online retail finance company Klarna Inc. got hit with a proposed class action by an internet content creator who claims the firm's automatic coupon-finding browser extension redirects customers who click creators' product affiliate links so that Klarna can take the referral commissions those creators depend on.
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February 12, 2025
Ex-Schwab Employee Enjoined From Using Client Info
A Texas federal judge on Wednesday barred a former Charles Schwab employee from using the brokerage firm's allegedly stolen client information, requiring him to return all records and submit any devices with relevant materials for forensic examination.
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February 12, 2025
House GOP Eyes Medicaid Cuts, Work Requirements
House Republicans set their sights on potential cuts and changes to Medicaid on Wednesday, arguing Congress and Elon Musk's Department of Government Efficiency should target improper payments, institute work requirements and repeal a Biden-era rule that made enrolling in the federal healthcare program easier.
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February 12, 2025
Connell Foley Can't Refute DQ Bid, NJ Investment Firm Says
A Black-owned investment firm suing New Jersey for discrimination in federal court said the court must disqualify Connell Foley LLP from representing the state because of a conflict of interest, even though the supposedly conflicted attorney has denied any ethical breach.
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February 12, 2025
Sidley Litigator Tapped For Treasury GC Post
President Donald Trump has nominated Sidley Austin LLP regulatory litigation and white collar partner Brian P. Morrissey to become the U.S. Department of the Treasury's top lawyer, which would mark a return to the department where he was previously the number two lawyer.
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February 12, 2025
Software-Focused PSG Secures $8B Across 2 New Funds
Software-focused growth equity firm PSG, advised by Davis Polk & Wardwell LLP and Weil Gotshal & Manges LLP, on Wednesday revealed that it clinched its two latest funds after securing a combined $8 billion in capital commitments.
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February 12, 2025
NYSE Plans To Launch New Exchange In Texas
The New York Stock Exchange on Wednesday announced plans to launch a new exchange in Texas, as competition for listed companies in that region intensifies.
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February 12, 2025
Crypto Platform EToro Confidentially Files IPO Proposal
Crypto platform eToro Group on Wednesday announced that it has confidentially submitted plans to U.S. regulators regarding a proposed initial public offering, marking the latest development in the trading and investment platform's yearslong attempt to go public.
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February 12, 2025
Trump Picks Crypto Policy Advocate Quintenz To Lead CFTC
President Donald Trump has nominated Brian Quintenz, a former member of the U.S. Commodity Futures Trading Commission and current head of policy for venture capital firm a16z's crypto fund, to lead the derivatives market regulator.
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February 11, 2025
CFPB's Closure Not 'A Free Pass' For Financial Compliance
Banks and other consumer lenders shouldn't let their compliance efforts around Consumer Financial Protection Bureau regulations go idle despite the uncertainty caused by the Trump administration's closure of the agency, experts say, as its rules are still on the books and other regulators may pick up the slack.
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February 11, 2025
J&J Allies Dub Milestone Fee Reversal 'Crucial' To Del.
The National Association of Manufacturers pushed back Tuesday against Fortis Advisors LLC opposition to a NAM amicus brief seeking Delaware Supreme Court reversal of a medical robotics developer's $1 billion merger milestone damage award after its acquisition by Johnson & Johnson.
Expert Analysis
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Losing A Motion To Dismiss Ruling Isn't Necessarily The End
A recent Delaware Court of Chancery ruling, that the Manti Group had not demonstrated any conflicts of interest favoring private equity fund operator The Carlyle Group, serves as an important reminder that a decision on a pleading motion is not the end of the story, say attorneys at Sidley.
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How Cos. Can Prepare Now For SEC E-Filing System Changes
The U.S. Securities and Exchange Commission's amendments to the Electronic Data Gathering, Analysis and Retrieval system are designed to improve access to and management of EDGAR accounts, and with the March 24 effective date fast approaching, and the transition requiring significant coordination, companies should begin planning now, say attorneys at Debevoise.
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Imagine The Possibilities Of Openly Autistic Lawyering
Andi Mazingo at Lumen Law, who was diagnosed with autism about midway through her career, discusses how the legal profession can create inclusive workplaces that empower openly autistic lawyers and enhance innovation, and how neurodivergent attorneys can navigate the challenges and opportunities that come with disclosing one’s diagnosis.
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Series
Documentary Filmmaking Makes Me A Better Lawyer
Becoming a documentary filmmaker has allowed me to merge my legal expertise with my passion for storytelling, and has helped me to hone negotiation, critical thinking and problem-solving skills that are important to both endeavors, says Robert Darwell at Sheppard Mullin.
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Litigation Funding Disclosure Debate: Strategy Considerations
In the ongoing debate over whether courts should require disclosure of litigation funding, funders and plaintiffs tend to argue against such mandates, but voluntarily disclosing limited details about a funding arrangement can actually confer certain benefits to plaintiffs in some scenarios, say Andrew Stulce and Marc Cavan at Longford Capital.
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Justices Likely To Stay In ERISA's Bounds On Pleadings
The arguments in Cunningham v. Cornell showed the U.S. Supreme Court's willingness to resolve a circuit split regarding Employee Retirement Income Security Act pleading standards by staying within ERISA's confines, while instructing courts regarding what must be pled to survive a motion to dismiss, says Ryan Curtis at Fennemore Craig.
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Top Considerations For Insurance Companies In 2025
As insurance industry participants look to plan for the year, regulatory changes, climate-related challenges, the ongoing effects of social inflation and the potential for significant mergers and acquisitions will be among the key items for insurer boards and management to have on their radar, say attorneys at Debevoise.
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Series
Adventure Photography Makes Me A Better Lawyer
Photographing nature everywhere from Siberia to Cuba and Iceland to Rwanda provides me with a constant reminder to refresh, refocus and rethink the legal issues that my clients face, says Richard Birmingham at Davis Wright.
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Future Of Crypto-Asset Classification Is In 2nd Circ.'s Hands
A definitive ruling from the Second Circuit in a rare interlocutory appeal in the U.S. Securities and Exchange Commission's ongoing court battle with Coinbase could finally establish clear guidelines on the classification of digital assets, influencing how they are regulated and traded in the U.S., say attorneys at Manatt.
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5 Ways To Create Effective Mock Assignments For Associates
In order to effectively develop associates’ critical thinking skills, firms should design mock assignments that contain a few key ingredients, from messy fact patterns to actionable feedback, says Abdi Shayesteh at AltaClaro.
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Assessing Gary Gensler's Legacy At The SEC
Gary Gensler's tenure as U.S. Securities and Exchange Commission chair is defined by a record of commonsense regulation in some areas and social activism in others, and by increasing judicial skepticism about the SEC's authority to fulfill its regulatory, enforcement, administrative law and adjudicatory functions, say attorneys at Arnold & Porter.
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Takeaways From DOJ Fraud Section's 2024 Year In Review
Attorneys at Paul Weiss highlight notable developments in the U.S. Department of Justice Fraud Section’s recently released annual report, and discuss what the second Trump administration could mean for enforcement in the year to come.
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Recent SEC Actions Highlight Importance Of Filing Form D
The U.S. Securities and Exchange Commission's enforcement action against three companies last month for failing to timely file Form D is an unprecedented step that should put an end to Regulation D issuers' views that filing these forms is a technical requirement or somewhat voluntary, says Patrick McCloskey at McCloskey Law.
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Recent Suits Show Antitrust Agencies' Focus On HSR Review
The U.S. Department of Justice's suit this month against KKR for inaccurate and incomplete premerger filings, along with other recent cases, highlights the agency's increasing scrutiny of Hart-Scott-Rodino Act compliance for private equity firms, say attorneys at Willkie.
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The 7th Circ.'s Top 10 Civil Opinions Of 2024
Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2024, and explain how they may affect issues related to mass arbitration, consumer fraud, class certification and more.