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Asset Management
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July 16, 2024
Whataburger Wants Out Of Worker's 401(k) Fund Suit
Whataburger urged a Texas federal judge to throw out a former employee's proposed class action accusing it of stocking its employees' $215 million retirement plan with poorly performing funds, saying the worker waived his right to sue when he signed a severance agreement.
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July 16, 2024
Former CFPB Counsel Joins Davis Wright In DC
Davis Wright Tremaine LLP announced that a former senior counsel with the Consumer Financial Protection Bureau joined the firm's financial services group as a Washington, D.C.-based partner.
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July 16, 2024
Ex-CBD Cos. GC Says Owner Hasn't Paid What Deal Promised
The former general counsel of several CBD companies has told a Pennsylvania federal judge that their owner failed to keep up her end of a settlement agreement that ended his suit to obtain over $600,000 in back pay and benefits he and his wife felt they were owed.
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July 16, 2024
Baker Hughes 401(k) Participant Wants Class Cert.
An ex-worker for Baker Hughes claiming his employee 401(k) plan lost millions because of unreasonably high recordkeeping fees asked a Texas federal court to certify a class of more than 23,000 retirement plan participants accusing the company of mismanagement, following a failed attempt to mediate the dispute.
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July 16, 2024
Stradley Ronon Hires 2 Corporate Attorneys In DC
Stradley Ronon Stevens & Young LLP has hired two corporate partners in Washington, D.C., and one of those new additions will co-lead the firm's private investment funds practice, according to a Monday announcement.
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July 16, 2024
Kirkland-Led Blue Owl Buys Atalaya Capital For Up To $800M
Kirkland & Ellis LLP-advised private-equity shop Blue Owl Capital Inc. on Tuesday unveiled plans to buy alternative credit manager Atalaya Capital Management LP, led by Cravath Swaine & Moore LLP, for up to $800 million, continuing a trend seen earlier in the year of private-equity firms merging with or acquiring other asset managers.
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July 16, 2024
The 2024 Diversity Snapshot: What You Need To Know
Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Latham-Led Warehouse Giant Launches Potential $3.6B IPO
Cold-storage warehouse giant Lineage Inc. on Tuesday set a price range on an estimated $3.6 billion initial public offering, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP, bolstering the near-term IPO pipeline.
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July 15, 2024
CD&R Tells Del. Court Covetrus Sale 'Fully Informed'
An attorney for private equity firm Clayton Dubilier & Rice LLC told a Delaware vice chancellor Monday that stockholders of animal health company Covetrus Inc. were fully informed when they approved a $21-per-share takeover by CD&R and TPG Capital in 2022, disputing allegations of knowing standstill agreement violations and disclosure failures.
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July 15, 2024
SEC Pans Database Privacy Challenge As Too Little, Too Late
The U.S. Securities and Exchange Commission is looking to rid itself of a proposed class action targeting a market surveillance tool known as the consolidated audit trail, telling a Texas federal judge that shutting down a critical market stability tool 12 years after its creation would harm the public without providing any benefit to suing investors.
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July 15, 2024
Fed's Powell Says He's Not Going Anywhere As Chairman
Federal Reserve Chair Jerome Powell said Monday that he will serve out the remaining two years of his appointment leading the central bank, signaling his intent to stick around despite questions about his future in a second potential Trump administration.
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July 15, 2024
Judge Says Attys Must Hash Out Conflict In Twitter Row
A California federal judge has rebuked both sides of a suit alleging Twitter violated federal labor laws amid a mass layoff in late 2022, ordering lead attorneys to attend a meet and confer session in August to work through ongoing conflicts that have arisen since the claims were filed in April 2023.
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July 15, 2024
Chancery Finds Truth Social SPAC Should Get Docs
The sponsor of the special purpose acquisition company that took former President Donald Trump's Truth Social public must turn over most of the documents the SPAC sought as part of the parties' Delaware litigation, a Chancery Court judge ruled Monday, teeing the case up for trial on July 29.
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July 15, 2024
Gray Reed Helped Water Now CEO In Fraud, Investors Say
Investors in the now-defunct water purification company Water Now have added law firm Gray Reed & McGraw LLP and attorney George Diamond to their suit against the company, saying in an amended complaint Monday the firm helped the company's CEO run the business into the ground while enriching himself.
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July 15, 2024
SEC Says German Flouting Discovery In $150M Fraud Probe
A German national suspected of receiving proceeds of a $150 million "pump and dump" scheme from his son can't pick and choose when to avail himself of U.S. legal processes, the U.S. Securities and Exchange Commission said Monday as it seeks to recover funds.
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July 15, 2024
Insurance Groups Want DOL Investment Advice Regs Blocked
Several insurance groups urged a Texas federal court to halt the U.S. Department of Labor's new regulations that broaden who qualifies as a fiduciary under federal benefits law, saying the agency's new rule is no different from one the Fifth Circuit invalidated in 2018.
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July 15, 2024
Cigna, Chuck Close Estate Settle Reneged Benefits Suit
The estate of renowned artist Chuck Close told a New York federal judge that Cigna has agreed to settle a suit claiming the company wouldn't pay for more than $686,000 in at-home skilled nursing care that it claimed was owed to him under his Pace Gallery employee benefit plan.
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
B. Riley, Others Sued In Del. After Franchise Group Buyout
Four Franchise Group LLC stockholders sued the company's principals and top investors in Delaware's Court of Chancery Friday, alleging that they and others were shortchanged by an insider-controlled $2.8 billion take-private sale of the business after an allegedly sham marketing effort and undisclosed conflicts.
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July 15, 2024
Unilever Sells Water Purification Biz To AO Smith For $120M
Water technology company A.O. Smith has agreed to buy residential water purification solutions provider Pureit from Unilever for roughly $120 million in cash, the two parties announced in separate Monday statements.
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July 15, 2024
Union Fund Asks Justices To Reject Withdrawal Liability Case
A pension fund for the International Association of Machinists urged the U.S. Supreme Court not to disturb its win in a dispute with two employers over the correct way to calculate how much employers must pay when they withdraw from multiemployer retirement plans, saying retroactive recalculations are valid.
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July 15, 2024
Catching Up With Delaware's Chancery Court
Chancery Court news was full of fees and settlements last week, with three multimillion-dollar deals getting a court OK, and a daylong discussion over a potentially multibillion-dollar fee award for attorneys who got Tesla CEO Elon Musk's astronomical pay package thrown out. The court also banged the gavel in cases involving e-payment venture SwervePay and managed care company Centene Corp., and heard arguments from software company SAP SE and biotech Renmatix Inc.
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July 15, 2024
Health Services Spinoff Leads 3 IPO Launches Totaling $1.1B
Occupational health services provider Concentra Group Holdings Parent Inc. unveiled a price range Monday for an estimated $551 million initial public offering, leading a trio of companies that launched plans for new listings that would exceed $1.1 billion combined.
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July 15, 2024
TPG Real Estate Buys MHC Portfolio In $740M Deal
Canadian Apartment Properties Real Estate Investment Trust on Monday revealed it has agreed to sell its manufactured-home community portfolio to private equity giant TPG's real estate platform for $740 million.
Expert Analysis
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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.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.