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Asset Management
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June 03, 2024
Green Groups Drop Their Challenge To SEC's Climate Rule
The Natural Resources Defense Council and the Sierra Club have voluntarily asked the Eighth Circuit to dismiss their challenges to the U.S. Securities and Exchange Commission's climate disclosure rule, saying they are instead focusing their resources elsewhere.
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June 03, 2024
Treasury Aims To Salvage Corp. Transparency Act At 11th Circ.
The Corporate Transparency Act is a valid exercise of congressional authority to curb money laundering under the commerce clause and the necessary and proper clause in the Constitution, the U.S. Treasury Department told the Eleventh Circuit on Monday in a bid to restore the law's reporting requirements.
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June 03, 2024
Everton's Sale To Embattled PE Firm Off The Table, For Now
Everton Football Club has let its sale to private equity firm 777 Partners LLC lapse amid legal troubles for the buyer and concerns from minority shareholders about the deal, although no official reason was given in its Saturday announcement.
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June 03, 2024
Fla. Judge Won't Trim Mercer's Suit Against Ex-Adviser
A Florida judge on Friday denied an investment adviser's bid to end claims by the parent company of her former employer Mercer Global Advisors' suit accusing her of stealing clients and interfering with its business.
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June 03, 2024
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery pushed out tons of decisions last week, along with a second round of new rules and letters of concern over pending changes to the state's corporate law code. The court's docket was as busy as ever, with new cases involving Tesla CEO Elon Musk, FTX cryptocurrency claims, and more. In case you missed it, here's the latest from Delaware's Chancery Court.
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June 03, 2024
Vanguard Investors Want Class Cert. In Tax Liability Fight
Investors accusing Vanguard and its top brass of violating its fiduciary duties by triggering a sell-off of assets in target retirement funds in an attempt to lower fees, leaving smaller investors with massive tax bills, asked a Pennsylvania federal court to certify them as a class.
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June 03, 2024
Archegos Bets Moved Stock Prices Like A 'Magnet,' Jury Told
An economist on Monday told the Manhattan federal jury hearing charges that Archegos founder Bill Hwang perpetrated a $36 billion market distortion that his big-dollar market moves at the fallen hedge fund pulled share prices like a "magnet."
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June 03, 2024
Biotech Firm, Mobile App Prepare To Enter IPO Fray
Biotechnology firm Rapport Therapeutics Inc. and Australian-listed mobile-sharing app Life360 Inc. unveiled plans on Monday for initial public offerings that are estimated to raise about $311 million combined this week, under guidance from three law firms.
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June 03, 2024
Sullivan, Simpson Guide Ackman's Pershing On $1B Sale
Billionaire investor Bill Ackman's Pershing Square Capital Management announced Monday it sold a 10% common equity stake in the business to a consortium of institutional investors and family offices for $1.05 billion, giving the hedge fund a $10.5 billion value.
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June 03, 2024
Holland & Knight Hires 3 Ex-Loeb Partners In LA
Holland & Knight announced on Monday the hiring of three former finance partners at Loeb & Loeb, including its vice chair, for its Los Angeles office.
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June 03, 2024
Atty May Face Suspension In State Street Billing Row
A Massachusetts disciplinary committee has recommended a six-month suspension for the former managing partner of Thornton Law Firm LLP for his alleged neglect in signing an inflated attorney fees declaration in a class action against State Street.
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June 03, 2024
Chamber Backs Insurers' Suit To Block DOL Fiduciary Rule
The U.S. Chamber of Commerce urged a Texas federal judge to block recently finalized regulations by the U.S. Department of Labor that expands who is considered a fiduciary under federal benefits law, arguing that the new rule will unnecessarily increase costs for consumers.
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June 03, 2024
TIAA Can't Escape Retirees' Rollover Advice Fee Suit
A New York federal judge refused to toss retirees' suit alleging the Teachers Insurance Annuity Association of America violated federal benefits law by coercing them into transferring their assets into higher-fee managed accounts, finding the retirees' new theory of liability should proceed to discovery.
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June 03, 2024
Former Trucking Worker Urges Class Status In 401(k) Fee Suit
A former trucking company employee has urged a South Carolina federal court to certify a 10,000-member class in his lawsuit accusing his former employer of saddling its retirement plan with excessive fees, saying the company's actions affected all plan participants.
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June 03, 2024
High Court Won't Hear Arguments On Madoff Clawback Math
The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.
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June 01, 2024
Blockbuster Summer: 10 Big Issues Justices Still Must Decide
As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.
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May 31, 2024
Thrivent Unit To Pay FINRA $325K Over Lax Forgery Controls
Financial services company Thrivent Investment Management Inc. has agreed to pay $325,000 to resolve Financial Industry Regulatory Authority allegations that it failed to have adequate controls in place to prevent its registered representatives from forging customer signatures over a seven-year period.
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May 31, 2024
WWE Investor Attys Enter Battle Royal To Lead Merger Suit
Two groups of shareholders have filed competing pitches for the lead plaintiff role in a consolidated class suit seeking damages from World Wrestling Entertainment founder Vincent McMahon and others in connection with WWE's $21 billion merger with Endeavor Group, both arguing they have most successfully pursued the suit's claims.
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May 31, 2024
Online Lenders Invoked Calif. Tribe As Usury Cover, Suit Says
Two online lenders that purport to be run by a Native American tribe in California face claims they violated both federal law barring racketeering and Illinois consumer financial protection laws by lending to the state's residents at excessive rates.
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May 31, 2024
Fla. Judge Won't Nix SEC Suit Over $112M Ponzi Scheme
A Florida federal judge declined on Friday to let the owner of a Florida trucking and logistics company escape allegations by the U.S. Securities and Exchange Commission that he scammed more than 1,500 investors out of about $112 million in a Ponzi scheme aimed at Haitian Americans.
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May 31, 2024
Jilted FTX Claim Buyer Sues Crypto Trader In Chancery
An affiliate of Connecticut hedge fund Silver Point Capital has sued a crypto trading firm and a buyer of FTX bankruptcy claims in Delaware Chancery Court, alleging that they breached a sale agreement for "a highly unique and lucrative customer claim" with a face value of $10 million in the FTX bankruptcy case.
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May 31, 2024
Investor To Admit Goosing Getty Stock With Sham Offer
A former corporate executive has agreed to plead guilty to floating a sham deal to buy Seattle-based Getty Images Holdings so that he and a friend could profit off the company's inflated share price, federal prosecutors and securities enforcers said Friday.
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May 31, 2024
Mich. Atty Used Carhartt Heiress As 'ATM,' Jury Told
A Michigan attorney never intended to pay back millions of dollars that he lent himself from his wealthy client's irrevocable trust, state prosecutors told a Detroit jury Friday, and instead used the Carhartt heiress's failing health to create his own business empire.
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May 31, 2024
White & Case-Led Aramco Unveils $11.9B Stock Offering Plans
Saudi Arabian state-backed oil giant Aramco has set a price range on a potential $11.9 billion stock offering, guided by White & Case LLP and underwriters counsel Latham & Watkins LLP, launching a massive stock sale five years after its record-breaking debut.
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May 30, 2024
Morgan Stanley Helped Musk's Stealth Twitter Buys, Suit Says
Elon Musk and his wealth manager tapped Morgan Stanley to help the Tesla CEO quietly acquire billions of dollars in Twitter securities without tipping off the market before he announced plans to take over the social media company, according to an amended complaint filed in New York federal court.
Expert Analysis
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Flexibility Is Key In Hybrid Capital Investment Strategies
Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.
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How American Airlines ESG Case Could Alter ERISA Liability
Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.