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Asset Management
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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August 21, 2024
Wells Fargo Hires Jones Day After $22M ADA Trial Loss In NC
Wells Fargo has beefed up its legal representation with a powerhouse appellate litigator and an employer-side labor lawyer, both from Jones Day, following a jury's decision last month to enter more than $22 million in damages against it in a former director's disability discrimination case in North Carolina federal court.
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August 21, 2024
6th Circ. Rules Man Can Pay Restitution To Himself
The Sixth Circuit ruled that a Kentucky man who pled guilty to defrauding his mother can pay $332,000 in restitution to her estate even though he is the sole beneficiary, disagreeing with a lower court judge who tried to amend the judgment after her death so the money would go to the federal Crime Victims Fund.
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August 21, 2024
3rd Circ. Rejects Ex-Engineering Co. GC's Benefits Suit
The Third Circuit refused Wednesday to revive a former general counsel for an engineering company's suit claiming he was stiffed on over $100,000 in retirement benefits, rejecting his argument that a $1 million payout he got from the company should have been factored into his benefits package.
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August 21, 2024
7 Firms Build $175M All-Stock Sale Of Bitcoin Mining Biz
Bitcoin data center company Bitfarms Ltd. on Wednesday announced plans to buy Stronghold Digital Mining Inc. in an all-stock merger valued at roughly $175 million and built by seven law firms.
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August 20, 2024
SEC Fines Equiniti Trust After Cyberattacks Stole $6.6M
New York-based Equiniti Trust Co. has agreed to pay a $850,000 fine over claims it did not safeguard clients' funds from two cyber intrusion incidents that resulted in over $6 million in total losses, the U.S. Securities and Exchange Commission announced Wednesday.
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August 20, 2024
Ex-SEC Senior Counsel, AUSA Joins Tech Co. As CCO
A former assistant U.S. attorney with senior counsel experience at the U.S. Securities and Exchange Commission has joined technology company Tools For Humanity, a startup co-founded and chaired by OpenAI head Sam Altman, as deputy general counsel and chief compliance officer.
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August 20, 2024
Split 6th Circ. Revives FCRA Claims Against Experian
A partially divided Sixth Circuit has reversed a lower court's decision to toss a consumer's Fair Credit Reporting Act claims against Experian concerning alleged delinquent spousal support payments, ruling in part on Monday that Experian failed to properly investigate court orders acknowledging the man's compliance with the payments.
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August 20, 2024
A Deep Dive Into Law360 Pulse's 2024 Women In Law Report
The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.
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August 20, 2024
These Firms Have The Most Women In Equity Partnerships
The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.
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August 20, 2024
Kirkland-Led Dermody Closes $1B Real Estate-Focused Fund
Real estate-focused private equity shop Dermody Properties, advised by Kirkland & Ellis LLP, on Tuesday announced that it successfully closed its fourth commingled fund after securing just over $1 billion in capital commitments.
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August 20, 2024
Catching Up With Delaware's Chancery Court
A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.
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August 20, 2024
Philadelphia, Insurer Settle Trans Firefighter's Surgery Suit
The city of Philadelphia, Independence Blue Cross and a firefighters union agreed to settle a transgender firefighter's suit claiming she was unlawfully denied coverage for facial feminization surgery, just weeks after a Pennsylvania federal judge refused to let the insurer out of the case.
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August 19, 2024
Arden Trust Co. Sued In Del. Over Bikini Atoll Fund Depletion
Representatives of Pacific Islanders displaced by early nuclear testing on Bikini Atoll sued Arden Trust Co. in Delaware's Court of Chancery on Monday, accusing the company of mismanaging and quickly dissipating tens of millions of dollars in congressionally authorized aid funds after years of careful management.
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August 19, 2024
Chancery Resets Del. Hearing In Masimo-Politan Proxy Battle
Pointing to "very significant stockholder franchise issues at play" and a dwindling Masimo Corp. stockholder vote countdown, a Delaware vice chancellor on Monday scheduled a Sept. 13 hearing on Politan Capital Management LP challenges to Masimo's actions in the run-up to the contested Sept. 19 vote.
Expert Analysis
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Dueling Calif. Rulings Offer Insight On 401(k) Forfeiture Suits
Two recent decisions from California federal courts regarding novel Employee Retirement Income Security Act claims around 401(k) forfeitures provide early tea leaves for companies that may face similar litigation, offering reasons for both optimism and concern over the future direction of the law, say Ashley Johnson and Jennafer Tryck at Gibson Dunn.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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A Timeline Of Antisemitism Legislation And What It Means
What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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50 Years Later, ERISA Remains A Work In Progress
A look at the 50 years since the Employee Retirement Income Security Act’s passage shows that while the law safeguards benefits through vesting rules, fiduciary responsibilities and anti-discrimination provisions, the act falls short in three key areas, says Carol Buckmann at Cohen & Buckmann.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.