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Asset Management
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June 20, 2024
Kraken Unlikely To Escape SEC's Crypto Exchange Case
A California federal judge said Thursday that he was not inclined to dismiss a U.S. Securities and Exchange Commission lawsuit claiming that cryptocurrency exchange Kraken illegally operated as an unregistered securities exchange, telling the company's lawyer, "You've got your work cut out for you" to change his mind.
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June 20, 2024
Ontrak Founder's Insider Trading Case Goes To Calif. Jury
Federal prosecutors delivered closing arguments Thursday in the insider trading trial of Ontrak's founder, telling jurors that he hurriedly dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal, while defense counsel argued he was simply exercising expiring warrants.
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June 20, 2024
Chancery Preserves Most Of Hertz Shareholder Buyback Suit
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery that they breached their fiduciary duties to the company.
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June 20, 2024
6 Firms Build Hydrogen Developer's $1.6B SPAC Merger
Chinese hydrogen solutions company United Hydrogen Group Inc. on Thursday announced plans to go public through a merger with special-purpose acquisition company Aimei Health Technology Co. Ltd. in a deal that values the combined business at roughly $1.6 billion on a pro forma basis and was built by six law firms.
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June 20, 2024
Deals Rumor Mill: Carlyle-KKR, Didi IPO, Open AI
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of.
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June 20, 2024
DOL Benefits Head Plans To Attend House Oversight Hearing
The head of the U.S. Department of Labor's employee benefits arm is planning to testify at a House oversight hearing called by a legislator critical of that office's regulations, a DOL spokesperson said Thursday.
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June 20, 2024
AssetMark To Buy $12B In Assets From Financial Services Biz
Davis Polk & Wardwell LLP-advised wealth management platform AssetMark Inc. on Thursday announced a strategic partnership with Morningstar Wealth under which AssetMark will acquire roughly $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platform.
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June 20, 2024
Ex-BVI Ports Director Gets 9 Years For Drug Smuggling Plot
A Florida federal judge on Thursday sentenced the former managing director of the British Virgin Islands Ports Authority to just over 9 years in prison for participating in a scheme involving a former BVI premier to move tons of Colombian cocaine through BVI ports to the United States.
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June 18, 2024
Ex-Twitter Workers Seek Class Cert. In Arbitration Fee Fight
A group of former Twitter workers who accuse X Corp. of stalling their employment disputes by refusing to pay arbitration fees urged a California federal judge Monday to certify multiple classes of workers over allegations their arbitration efforts have been thwarted by the social media giant.
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June 18, 2024
Del. House Panel Splits On Senate-Passed Corp. Law Change
A divided Delaware House committee released on Tuesday contested amendments to the state's general corporation law, sending the measure toward a full House vote after sometimes edgy testimony that included a committee chair's shutdown of an opposing law professor's reference to HBO's seamy corporate drama series "Succession."
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June 18, 2024
4 Firms Steer Family-Owned Baker Europastry's IPO Plans
Family-owned frozen bakery products giant Europastry S.A. said Tuesday that it plans to raise €225 million ($241.7 million) in fresh capital through an initial public offering on Spanish stock exchanges guided by four law firms, adding to a recent uptick in European IPOs.
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June 18, 2024
CFTC Awards $8M To Whistleblower Behind Multiple Actions
The Commodity Futures Trading Commission has announced it awarded more than $8 million to an insider whistleblower who the agency said provided significant information that led to multiple enforcement actions from multiple agencies.
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June 18, 2024
Archegos Trader Doubles Down On Hwang Accusations
A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.
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June 18, 2024
Social Media Stock Promoter Beats Trader's Suit For Good
A Texas federal judge has tossed a suit from a stock trader alleging a social media stock promoter artificially drove up share prices, saying the promoter did not have any duty to disclose to the trader his plans to sell the shares.
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June 18, 2024
Perkins Coie Names Private Capital And Fund Formation Chair
Perkins Coie LLP announced Jacquie Duval as the new chair of the firm's private capital and fund formation practice.
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June 18, 2024
Hamilton Lane Closes Its Largest-Ever Fund With $5.6B In Tow
Private equity shop Hamilton Lane, advised by Ropes & Gray LLP, on Tuesday announced that it has clinched its sixth secondary fund with $5.6 billion in tow, marking the firm's largest fundraise ever, according to a statement Tuesday.
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June 18, 2024
Mich. AG To Pursue Deadlocked Charges In Carhartt Atty Case
Prosecutors will continue pursuing embezzlement charges against a Michigan attorney accused of stealing from his client, a former leader of the Carhartt workwear company, after a Wayne County jury couldn't reach a decision on those claims but acquitted the attorney on other charges.
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June 18, 2024
African Gold Miner To Go Public Via $500M SPAC Merger
African gold miner Namib Minerals said Tuesday it has agreed to go public by merging with special-purpose acquisition company Hennessy Capital Investment Corp. VI at an estimated $500 million value, a deal said to be the largest SPAC acquisition involving an African business to date.
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June 18, 2024
Cooley Adds Ex-Kirkland Global Fund Formation Atty In NY
Cooley LLP has expanded its fund formation practice with the addition of an experienced fund formation attorney who previously worked at Kirkland & Ellis LLP and founded a venture advisory group for asset managers.
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June 18, 2024
HP Escapes 'Novel' 401(k) Suit Over Use Of Forfeited Funds
A California federal judge threw out a proposed class action that accused HP of unlawfully using former workers' forfeited 401(k) funds to satisfy its own contributions, saying nothing in federal benefits law required the company to use the funds to cover plan expenses.
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June 18, 2024
BDO's $2.25M Deal Ending 401(k) Suit Gets Final OK
An Illinois federal judge on Monday gave his final sign-off to a $2.25 million settlement accounting firm BDO agreed to pay to resolve a suit alleging the company failed to verify that retirement plan funds in an employee 401(k) were evaluated properly.
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June 17, 2024
CFPB Reaches $7M Deal In Suit Over Ex-Exec's Money Moves
The Consumer Financial Protection Bureau said Monday that it will accept $7 million from a former online loan executive and his wife to resolve a Kansas federal court lawsuit in which the agency accuses them of trying to keep millions more dollars out of the agency's reach.
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June 17, 2024
Pastor Tied To NYC Mayor Gets 9 Years For Fraud Conviction
A clergyman and self-described mentee of New York City Mayor Eric Adams on Monday was sentenced to nine years in federal prison following his conviction at trial for a series of fraudulent real estate and business loans, among other misdeeds.
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June 17, 2024
PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says
PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.
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June 17, 2024
Ex-CNBC Pundit Caught After Years Of Dodging Fraud Claims
A former frequent CNBC guest who became a fugitive for nearly three years after being accused of defrauding investors has been arrested and faces a seven-count indictment, California federal prosecutors said Monday.
Expert Analysis
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.
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Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.