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Asset Management
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Activist Investor Demands Against US Firms Spike 9%
The number of U.S. companies subject to shareholder activist demands in the first half of this year increased to 449 from 412 companies in the first half of last year, representing a 9% jump, according to a report published Tuesday by Diligent Market Intelligence.
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July 30, 2024
Kirkland Leads Hidden Harbor Capital To $800M Fund Close
Kirkland & Ellis LLP-advised Hidden Harbor Capital Partners on Tuesday announced that it has clinched its third fund after securing $800 million from investors.
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July 30, 2024
Husch Blackwell Hires UB Greensfelder Partner In St. Louis
Several years after Husch Blackwell LLP's newest partner, Garrett Reuter Jr., graduated from law school, he joined Greensfelder Hemker & Gale PC to work alongside his late father. Now, he's bringing clients he grew up watching his father work with, to a new platform.
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
Ackman's New Investment Fund Lowers IPO Target To $2B
Bill Ackman's new investment fund Pershing Square USA Ltd. set a $2 billion fundraising target for its initial public offering, down significantly from earlier estimates, according to a securities filing Tuesday, under guidance from Sullivan & Cromwell LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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July 30, 2024
Financial Co. To Pay $20M To Resolve DOL Embezzlement Suit
A financial planner agreed to pay $20 million to 17 retirement plans it manages to resolve a lawsuit from the U.S. Department of Labor accusing it of improperly shuffling money between accounts and embezzling at least $5 million in plan assets, a filing in Pennsylvania federal court said.
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July 29, 2024
Truth Social SPAC, Sponsors Battle In Chancery Over Payout
Attorneys for a founding investor in the special purpose acquisition company that took former President Donald Trump's social media site public told a Delaware vice chancellor Monday the SPAC ignored its charter and withheld information about the deal in order to avoid paying tens of millions in anti-dilution protection.
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July 29, 2024
Virtu Pushes For SEC Crackdown On 'Penny Stock' Listings
Virtu Financial Inc. is pressing the U.S. Securities and Exchange Commission to force Nasdaq and other exchanges to crack down on so-called penny stocks, petitioning the agency to initiate rulemaking that would stop companies struggling to stay above $1 per share from continuing to trade on the exchanges.
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July 29, 2024
BofA, Citi Among Banks In $80M Deal To End Bond-Rig Suit
Units of Bank of America, Citigroup and other banking giants have agreed to pay $80 million to settle investor claims accusing them of conspiring to fix European government bond prices.
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July 29, 2024
9th Circ. Axes Limit On DOL Denying Calif. Agencies Grants
The U.S. Department of Labor can shut California transit agencies out of a federal grant because of a conflict between a state pension law and a federal transit law, with the Ninth Circuit lifting a ban Monday on the agency denying grant applications because of that conflict.
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July 29, 2024
Firm Partners Ask Fla. Court To Toss Investor's Derivative Suit
Two partners in a law firm have asked a Florida court to dismiss a derivative lawsuit brought by an investor claiming that they orchestrated a litigation funding fraud, arguing that the investor has no right to bring the suit without a vote from the other members of the company.
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July 29, 2024
4 Takeaways After Courts Block ERISA Advice Regs
Two Texas federal judges' takedowns of the U.S. Department of Labor's recently expanded definition of a fiduciary under the Employee Retirement Income Security Act has limited the agency's authority to oversee certain kinds of retirement investment advice, attorneys say, including some rollover situations. Here, Law360 looks at four things benefits lawyers have taken away from the decisions.
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July 29, 2024
Magistrate Eyes Cuts To Norfolk Southern Investors' Suit
A New York federal magistrate judge has recommended tossing a portion of a securities suit filed against Norfolk Southern Corp. in the wake of the East Palestine, Ohio, train derailment, reasoning that the retirement funds serving as lead plaintiffs fell short of pleading standards.
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July 29, 2024
Ackman's IPO For New Pershing Square Fund Faces Delay
Hedge-fund giant Bill Ackman is still proceeding with an estimated $2.5 billion to $4 billion initial public offering of his new closed-end investment fund, Pershing Square USA Ltd., though the date of pricing is undetermined, according to the new fund.
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July 29, 2024
SEC OKs Award Of More Than $37M To Whistleblower
The U.S. Securities and Exchange Commission has awarded more than $37 million to an anonymous whistleblower the agency credits for spurring a successful enforcement action despite retaliation from an unidentified employer.
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July 29, 2024
Commonwealth Financial Attacks SEC's 'Staggering' $93M Win
Commonwealth Financial Network has asked the First Circuit to overturn what it called a "staggering" $93 million penalty it was ordered to pay to the U.S. Securities and Exchange Commission, arguing that its alleged failure to disclose conflicts of interest to investor clients was harmless.
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July 29, 2024
Kirkland-Led Amulet Closes $1.2B Health-Focused Fund
Kirkland & Ellis LLP-advised private equity shop Amulet Capital Partners LP on Monday announced that it successfully closed its third healthcare-focused private equity fund with roughly $1.2 billion in tow.
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July 29, 2024
Davis Polk Adds Ex-Simpson Thacher Funds Partner In DC
Davis Polk & Wardwell LLP announced Monday that a former Simpson Thacher & Bartlett LLP funds attorney joined the firm's investment management practice as a partner in Washington, D.C.
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July 29, 2024
Mich. AG Drops Remaining Case Against Carhartt Heiress Atty
Prosecutors will not retry a Michigan attorney they claim stole from his wealthy client, the late Carhartt company heiress Gretchen Valade, and have agreed to toss similar embezzlement charges in a separate case.
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July 29, 2024
Catching Up With Delaware's Chancery Court
Litigation linked to Elon Musk sparked several filings in Delaware's Court of Chancery last week, including a call for sanctions and hand-wringing about a proposed multibillion-dollar attorney fee. Here, Law360 looks at this and other highlights from last week in Delaware's Chancery Court.
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July 29, 2024
White Collar Update: 4 Developments To Watch
White-collar lawyers are on the lookout for U.S. Department of Justice actions targeting artificial intelligence "snake oil," aggressive pandemic-relief fraud prosecutions, and carrots for corporations and whistleblowers who expose misconduct. Here's a look at some key developments to watch in the second half of 2024.
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July 29, 2024
ECJ Nixes Swedish Dividends Tax On Foreign Pension Funds
Sweden can't collect a withholding tax on dividends distributed by Swedish companies to public pension funds abroad while exempting its own public funds because that is inconsistent with European Union law requiring the free movement of capital, the European Court of Justice said Monday.
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July 29, 2024
Remainder Of DOL Fiduciary Regs Blocked In Texas
A Texas federal judge froze the remainder of a package of regulations from the U.S. Department of Labor expanding the definition of a fiduciary under the Employee Retirement Income Security Act, after a judge blocked most of the policy in an adjacent district the day before.
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July 29, 2024
EU's Highest Court Upholds Disclosure Law
The European Union's highest court on Monday upheld the bloc's law requiring tax advisers to report potentially aggressive cross-border tax arrangements, rejecting a challenge from Belgian tax attorneys who said their country's implementation of the EU's DAC6 law violated European law.
Expert Analysis
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Recent Wave Of SEC No-Action Denials May Be Slowing
The U.S. Securities and Exchange Commission in March granted no-action relief to Verizon and others on the grounds that a director resignation bylaw proposal would mean violating Delaware law, bucking recent SEC hesitation toward such relief and showing that articulating a basis in state law is a viable path to exclude a proposal, say attorneys at Winston & Strawn.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Circuit Split Brews Over Who's A Securities Seller Under Act
A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.