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Asset Management
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September 25, 2024
Feds Say 'Wall Of Evidence' Supports Petrobras Bribery Case
A Connecticut oil trader violated the Foreign Corrupt Practices Act by sending millions in bribes to officials at Brazilian state oil giant Petrobras through a shady intermediary, federal prosecutors told a jury during closing arguments Wednesday, arguing that a "wall of evidence" points to the defendant's intent.
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September 25, 2024
IP Protection Firm's $426M SPAC Merger Is Scrapped
Intellectual property management firm Zacco Holdings, formerly known as OpSec Group, and blank check company Investcorp Europe Acquisition Corp. I on Wednesday announced that they will be terminating their merger plans.
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September 25, 2024
Merrill, Harvest To Pay SEC $9.3M For Ignoring Clients' Limits
The U.S. Securities and Exchange Commission on Wednesday announced that investment advisory firms Harvest Volatility Management LLC and Merrill Lynch Pierce Fenner & Smith Inc. will pay a combined $9.3 million to settle claims that they exceeded clients' designated investment limits over a two-year period, causing those clients to incur higher fees and losses.
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September 25, 2024
7th Circ. Doubts London Depo Should Trigger New Fraud Trial
Seventh Circuit judges appeared skeptical Wednesday of a former investment manager's bid for a new trial after he was convicted of bilking investors of roughly $10 million because he could not physically confront a key witness who testified via deposition in London, saying he failed to adequately object to the circumstance.
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September 25, 2024
Cancer Detection Biz To Go Public Via $694M SPAC Merger
Special purpose acquisition company Breeze Holdings Acquisition Corp. on Wednesday announced that it has agreed to merge with and take public clinical-stage biopharmaceutical company YD Biopharma Ltd. in a deal that gives the combined company an estimated enterprise value of $694 million and was built by three firms.
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September 25, 2024
2nd Circ. Eyes New Trial In Yale Retirement Fee Fight
The Second Circuit appeared inclined Wednesday to revive a class action against Yale University from employees alleging their $5.5 billion retirement plan was mismanaged, as all three judges on the panel pointed out possible issues with jury instructions before a post-trial verdict in Yale's favor in 2023.
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September 25, 2024
NYSE Cancels Proposal To Extend SPAC Merger Deadlines
The New York Stock Exchange has pulled a proposal that would have provided special purpose acquisition companies with more time to complete mergers while remaining listed, several months after it sought regulatory approval for the extension.
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September 24, 2024
Bank Regulators, SEC Face GOP Inquiry Over Crypto Bulletin
House Republicans have called for the Federal Reserve and other agencies to turn over a host of documents for what the lawmakers say is an inquiry into the origins and behind-the-scenes policymaking impact of the U.S. Securities and Exchange Commission's cryptocurrency accounting guidance.
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September 24, 2024
'Be Careful What You Wish For' Post-Jarkesy, SEC Atty Says
A trial lawyer for the U.S. Securities and Exchange Commission told the defense bar Tuesday to "be careful what you wish for" after the U.S. Supreme Court dealt a blow to the agency's in-house court system, saying cases against gatekeepers "are not going away."
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September 24, 2024
'Joker' Producer's Broker To Pay $60M In Ponzi Scheme Suit
An investor asked an Illinois state judge Tuesday for his early approval of a $60 million settlement with an investment adviser who convinced her and others to put money toward an international Ponzi scheme she says movie producer Jason Cloth carried out by raising new funds to pay off older investors.
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September 24, 2024
Ex-Foot Locker Exec To Pay $236K For Insider Trading
A laid-off Foot Locker executive agreed to pay nearly $236,000 to resolve U.S. Securities and Exchange Commission claims that he engaged in insider trading during and after his time with the sportswear company, the agency announced Tuesday.
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September 24, 2024
'The Predators Are Back,' Mich. Tax Foreclosure Attys Warn
Lawyers for a proposed class accusing Michigan counties of unlawfully keeping proceeds of their tax-foreclosed home sales urged a federal judge Monday to bar a third-party claims firm and a "conspiring" Michigan attorney from trying to snatch away class members using tactics they called abusive and illegal.
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September 24, 2024
SEC Says Blockchain Cybersecurity Co. Ran $5M Fraud
The U.S. Securities and Exchange Commission sued a former blockchain cybersecurity and supply chain management company and its founder, alleging they deceived investors and fraudulently raised more than $5 million by falsely claiming that the company had secured contracts and that it expected to generate millions in revenue.
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September 24, 2024
Norfolk Southern Says Stock Drop Suit Based On 'Hindsight'
Norfolk Southern Corp. is urging a Georgia federal court to throw out a proposed class action alleging it duped stockholders by misleading them about the safety of its operations, leading to a stock drop after last year's derailment in East Palestine, Ohio, saying the claims are a bid to capitalize in hindsight on the crash.
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September 24, 2024
Dish Slams 'Entitled' Standard General Exec's Race Bias Suit
Dish Network has called for sanctions against Soo Kim, his hedge fund Standard General and their attorneys, calling Kim's racial discrimination suit against Dish, the Federal Communications Commission and a collection of other media players "an expensive temper tantrum."
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September 24, 2024
Star Witness Against Bankman-Fried Gets 2 Years In FTX Case
A Manhattan federal judge sentenced former cryptocurrency executive Caroline Ellison to two years in prison Tuesday, crediting her decision to testify against FTX founder Sam Bankman-Fried but saying the $11.2 billion fraud was too big to warrant a "get out of jail free card."
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September 24, 2024
King & Spalding, Skadden Rep $1.7B DE Shaw-Macquarie Deal
Australian investment firm Macquarie Asset Management, advised by King & Spalding LLP, on Tuesday announced that it has agreed to take a "significant" minority stake in renewable energy company D.E. Shaw Renewables Investment Group, led by Skadden Arps Slate Meagher & Flom LLP, for up to $1.73 billion.
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September 24, 2024
Commercial REIT Unveils $251M IPO As Pipeline Builds
Real estate investment trust FrontView Inc. on Tuesday launched plans for an estimated $251 million initial public offering, represented by Fried Frank Harris Shriver & Jacobson LLP and underwriters' counsel DLA Piper LLP, joining a growing IPO pipeline.
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September 24, 2024
3 Firms Rep As Blackstone, Vista Ink $8.4B Smartsheet Buy
Work management platform Smartsheet Inc. will be purchased by private equity giants Blackstone and Vista Equity Partners in an all-cash, take-private deal valued at around $8.4 billion that was built by three law firms, the companies said Tuesday.
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September 23, 2024
Credit Suisse Can't Ditch Investor Fraud Suit, But PwC Can
A New York federal judge has declined to fully dismiss a proposed class action alleging Credit Suisse misled investors about its condition in the run-up to its collapse and takeover by UBS, ruling that a narrow part of the litigation can proceed while much of it — including claims against PwC — must go.
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September 23, 2024
3rd Circ. Revives $60M Moroccan Hotel Award Fight
The Third Circuit has sent a decision over a $60 million arbitral award favoring the Royal Mansour Hotel's current owner back to a lower court for further consideration, saying the company has plausibly argued that it didn't cause the Moroccan establishment to fall into financial ruin.
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September 23, 2024
Coinbase Brings On Ex-Citadel Legal Chief With SEC Chops
Coinbase announced on Monday it has hired Ryan VanGrack to serve as its vice president of legal, where he will be overseeing civil litigation, regulatory probes, employment and intellectual property matters for the crypto exchange after spending seven years with Citadel Securities as general counsel.
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September 23, 2024
Petco, Shareholders Battle In Chancery Over Controller Clout
Attorneys for Petco Health & Wellness Co. Inc. face an "uphill battle" in branding as "wrongly decided" a landmark Court of Chancery ruling earlier this year that struck down an agreement giving a company's controlling stockholder board-trumping power, Delaware's chancellor cautioned on Monday.
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September 23, 2024
CFTC Fines Piper Sandler $2M In Latest Text Messaging Action
The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission both announced settlements Monday in their ongoing probe into the financial industry's use of personal devices to discuss company business, with the CFTC issuing a fine against a subsidiary of Piper Sandler & Co. while the SEC said that a cooperative investment adviser would not have to pay anything.
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September 23, 2024
DOJ Adds AI Risk To Corporate Compliance Program
The U.S. Department of Justice's Criminal Division is now weighing how companies manage risk related to artificial intelligence and potentially stymie whistleblowers, one of several updates to the division's policies on evaluating corporate compliance programs announced by a senior official on Monday.
Expert Analysis
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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How Banks Should Respond To Calif. AG's Overdraft Warning
Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.