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Asset Management
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April 18, 2025
5 Takeaways From Texas Stock Exchange's SEC Filing
The newly formed Texas Stock Exchange LLC is proposing rules that largely resemble those of the New York heavyweights it seeks to challenge, along with some notable differences, leaving questions on how the exchange will distinguish itself. Here are five takeaways from TXSE's securities filing.
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April 18, 2025
DLA Piper Adds Partner To Investment Funds Practice
Ropes & Gray LLP partner Matt Posthuma has jumped ship to DLA Piper, where he joins the firm's investment funds practice as a partner in its Chicago office.
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April 17, 2025
Lawmakers Probing Fire Truck Manufacturing For PE Harms
A bipartisan pair of senators has launched an investigation into the alleged adverse effects of private-equity driven consolidation in the multibillion dollar fire truck industry.
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April 17, 2025
OpenAI Eyes Windsurf, Activist Targets HP, And More Rumors
OpenAI is preparing to bid about $3 billion to acquire coding developer Windsurf, activist fund Elliot Investment Management has purchased a major stake in Hewlett Packard with an eye toward pushing changes at the information technology giant, and private equity giant KKR is considering selling Atlantic Aviation for $10 billion.
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April 17, 2025
Akin-Led Crayhill Clinches $1.31B Principal Strategies Fund
Crayhill Capital Management LP, advised by Akin Gump Strauss Hauer & Feld LLP, announced that it wrapped its third fund with approximately $1.31 billion of capital commitments.
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April 17, 2025
Mubadala Joins $14.5B Education JV With $600M Investment
Mubadala Investment Co. said Thursday it will acquire a minority stake in Nord Anglia Education for $600 million, joining an EQT-led consortium that purchased the international schools organization in a $14.5 billion deal that closed last month.
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April 17, 2025
Alston & Bird-Led GoldState Music Secures $500M In Funding
Alston & Bird LLP-advised music-focused private investment firm GoldState Music on Thursday revealed that it has secured $500 million in new strategic capital.
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April 17, 2025
Chinese Tea Chain Prices $411M US IPO Amid Trade Tension
Chinese teahouse company Chagee Holdings Ltd., represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, on Thursday priced a $411 million initial public offering at the top of its range despite U.S.-China trade tensions.
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April 17, 2025
Justices Revive Cornell Workers' ERISA Fee Suit
The U.S. Supreme Court revived a class action Thursday from Cornell University workers who said their retirement plans were saddled with excessive fees, finding the Second Circuit shouldn't have nixed their claim that the plans' arrangements with recordkeepers violated federal benefits law.
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April 16, 2025
Consumer-Focused SPAC Details $150M IPO Plans
Blank check company Vendome Acquisition Corp. I has filed plans to raise up to $150 million in an initial public offering with the goal of acquiring a business in the consumer sector.
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April 15, 2025
Securities Org. Says SEC Must Hand Over Texting Sweep Data
The American Securities Association has urged a Florida federal court to order the U.S. Securities and Exchange Commission to turn over spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, arguing the SEC's "ever-changing excuses" cannot shield it from Freedom of Information Act requirements.
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April 15, 2025
No Appeal For Green Energy Co. CEO In $40M Investor Suit
The CEO of a company purportedly funded by a green energy outfit can't appeal a judge's determination in a proposed investor class action that found the executive is subject to the Tennessee federal court's jurisdiction, saying he failed to meet the requirements for such an appeal.
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April 15, 2025
Cloud Startup Figma Confidentially Files IPO Amid Volatility
Cloud-based design platform Figma Inc. said Tuesday it confidentially filed for an initial public offering, marking a first step toward going public during tense times for equity markets and coming more than one year after a failed merger with Adobe.
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April 15, 2025
Financial Adviser Fights Ex-Employer's Bid To Pierce Privilege
A financial adviser accused of stealing clients by his ex-employer Wealth Enhancement Group LLC has urged a Connecticut state judge to reject the company's bid to get his communications with legal counsel at Spencer Fane LLP, saying it relies on an "expansive and unfounded reading" of the crime-fraud exception to attorney-client privilege.
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April 15, 2025
Insurer Denies Coverage For Short Seller Cohodes' Libel Case
Short seller Marc Cohodes, who was accused by a financial advisory firm of causing $5 million in reputational damage via libelous posts on X, cannot have coverage for the litigation, an insurer told a Montana federal court, noting that his homeowners policy excluded intentional wrongdoing.
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April 15, 2025
Davis Polk Guides StoneX On $900M RJ O'Brien Buy
Davis Polk & Wardwell LLP is guiding New York-based StoneX Group on its agreement to acquire Mayer Brown LLP-advised futures brokerage R.J. O'Brien, or RJO, at an equity value of approximately $900 million.
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April 15, 2025
Kirkland-Led Linden Wraps $5.4B Healthcare-Focused Fund
Healthcare-focused private equity shop Linden Capital Partners, advised by Kirkland & Ellis LLP, on Tuesday announced that it clinched its sixth fund with $5.4 billion of capital commitments.
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April 14, 2025
SEC Won't Revisit WhatsApp Settlements With 16 Firms
A divided U.S. Securities and Exchange Commission refused Monday to redo settlements it inked with 16 financial firms over their failure to keep records of so-called off-channel communications, finding the "settlor's remorse" the firms are suffering because others received better terms is not reason enough to modify their deals.
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April 14, 2025
Coinbase Wants 3rd Circ. To Look At Share Traceability Ruling
Coinbase has asked a New Jersey federal judge to let the Third Circuit immediately review the court's decision to allow an investor class action to proceed, saying it runs contrary to Fifth and Ninth circuit rulings concerning the traceability of share purchases, particularly in companies like Coinbase that went public via a so-called direct listing.
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April 14, 2025
SEC Clears Green Impact Exchange To Enter Market In 2026
The U.S. Securities and Exchange Commission on Monday cleared a proposal by Green Impact Exchange to launch the first sustainability focused national securities exchange, scheduled to begin operating in 2026.
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April 14, 2025
Ark. PBM Regulation Violates ERISA, Teamsters Fund Says
An Arkansas insurance regulation forcing health plans to turn over information about reimbursement rates negotiated by pharmacy benefit managers, or PBMs, conflicts with federal benefits law, a Teamsters healthcare fund claimed, urging an Illinois federal court to block the state from enforcing the rule.
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April 14, 2025
Wealth Management App Developer Hits Ch. 11 In Delaware
The developer of a wealth management software app filed for Chapter 11 in Delaware bankruptcy court on Monday, seeking to wind down after its Australian parent company collapsed last year.
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April 14, 2025
Real Estate-Focused SPAC Prepares For $200M IPO
Special purpose acquisition company Timber Road Acquisition Corp. filed documents on Monday that outlined its plans for a $200 million initial public offering in search of merger targets in real estate and consumer industries, with Reed Smith LLP representing the company and Loeb & Loeb LLP as counsel for an underwriter.
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April 14, 2025
Morgan Stanley Raises $2.3B For 3rd Co-Investment Fund
Morgan Stanley Investment Management said Monday it has closed its third dedicated private equity co-investment fund at its hard cap of about $2.3 billion, underscoring investor demand for direct exposure to deals alongside leading buyout firms.
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April 14, 2025
Wilson Sonsini, Kirkland Lead $2.5B Driverless Truck Biz Deal
Wilson Sonsini Goodrich & Rosati PC-steered Kodiak Robotics, a firm valued at $2.5 billion that specializes in driverless truck technology, said Monday it plans to go public later this year by merging with blank-check company Ares Acquisition Corp. II, which is being represented by Kirkland & Ellis LLP.
Expert Analysis
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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How The ESG Investing Rule Survived Loper Bright, For Now
A Texas federal court's recent decision in Utah v. Micone upholding the U.S. Department of Labor's 2022 ESG investing rule highlights how regulations can withstand the post-Loper Bright landscape when an agency's interpretation of its statutorily determined boundaries is not granted deference, say attorneys at Miller & Chevalier.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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How The CRE Industry Is Adapting To Tariff Uncertainty
Amid uncertainty about pending tariffs and their potential ripple effects, including higher material costs, supply chain delays and tighter margins, commercial real estate industry players are focusing on strategic planning and risk mitigation, says Daniel Diaz Leyva at Day Pitney.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.