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Asset Management
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July 03, 2024
Weil Adds Mayer Brown Corporate Partner In New York
Weil Gotshal & Manges LLP has hired a former Mayer Brown LLP partner, who joins the firm's New York office to work on private funds issues and with investors, according to an announcement Tuesday.
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July 02, 2024
Even If There's A Better Reading, Follow Arbitrator, 9th Circ. Says
The Ninth Circuit has affirmed an arbitration award requiring two venture capital funds to dissolve in a suit alleging the funds' general partners breached their fiduciary duty, saying "even if there is a better interpretation, the arbitrator's interpretation controls, 'however good, bad, or ugly.'"
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July 02, 2024
Harvest Capital Class Ends Chancery Merger Suit For $3.85M
Stockholder attorneys who secured a $3.85 million pretrial class settlement for an allegedly unfair Harvest Capital Credit Corp. merger deal won an above-average 25% share of the award Tuesday, in what a Delaware vice chancellor indicated was a move to reward top-flight attention to smaller-stakes litigation.
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July 02, 2024
Steel Co. Escapes 401(k) Mismanagement Suit, For Now
A Florida federal judge tossed a suit claiming a steel manufacturer saddled its $655 million retirement plan with pricey investment funds and fees, ruling Tuesday the plan participant behind the claims needed to formally show the court that he brought his concerns to the plan's committee before filing suit.
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July 02, 2024
Asia-Focused SPAC Eureka Raises $50M To Pursue Merger
Eureka Acquisition Corp. began trading Tuesday after the special-purpose acquisition company priced a $50 million initial public offering, embarking on a search to acquire a Chinese or Greater Asian business, guided by three law firms.
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July 02, 2024
Pharma Co. Scores Exit In Investor Suit Over Primate Imports
A Massachusetts federal judge tossed every claim in a proposed class action claiming that pharmaceutical company Charles River Laboratories and its executives concealed their involvement in the illegal importation of nonhuman primates for research, ruling that the disputed statements are not false or misleading.
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July 02, 2024
Amway Parent Inks $1.5M Deal To End Retirees' 401(k) Suit
Amway's parent company will pay over $1.5 million to resolve a class action claiming it loaded its employee 401(k) plan with shoddy investments and excessive fees, plan participants leading the suit told a Michigan federal court.
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July 02, 2024
Bond-Rigging Suit Revived Over Judge's Wife's Stock Conflict
The Second Circuit on Tuesday revived a proposed class action accusing big banks of rigging corporate bonds, ruling that the New York federal judge who previously dismissed the suit should have recused himself due to his wife's ownership of Bank of America stock.
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July 02, 2024
FTC Challenges Tempur Sealy's $4B Mattress Firm Deal
The Federal Trade Commission moved Tuesday to block Tempur Sealy International Inc.'s planned $4 billion purchase of Mattress Firm Group Inc., saying the world's largest mattress supplier intends to use the deal to block its rivals from accessing the largest retail mattress chain in the U.S.
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July 02, 2024
Justices Skip Highland Capital Ch. 11 Plan Look After Purdue
The Supreme Court declined to weigh in Tuesday on the exculpations in the Chapter 11 plan from venture capital firm Highland Capital after parties in the case argued that more clarity was needed following the high court's recent rejection of third-party claims releases in the Purdue Pharma reorganization.
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July 01, 2024
GoDaddy Shareholders Balk At Further Chancery Delay
A special litigation committee that GoDaddy Inc. created in September 2023 in response to shareholder litigation over an $850 million tax asset buyout has 30 days to convince a Delaware Chancery Court judge that it is conducting a good-faith investigation and cooperating with the suing shareholders.
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July 01, 2024
CFPB, Loan Trusts Push Back On PIMCO Deal Objections
The U.S. Consumer Financial Protection Bureau and multiple student loan trusts have urged a Pennsylvania federal judge to ignore objections from investment giant PIMCO to a proposed $5 million settlement of claims tied to alleged servicing violations by Pennsylvania's Higher Education Assistance Agency.
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July 01, 2024
Wash. Law Firm, Ex-Atty Aided In $20M Fraud, Suit Alleges
A Washington attorney and her former law firm are accused of lending "an air of legitimacy" to an alleged scheme to bilk an asset management firm out of $20 million by using forged invoices to obtain financing for computer equipment, according to a complaint filed in Washington state court.
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July 01, 2024
Metals Recycler Strikes $170M Go-Public SPAC Merger
American Resources Corp. on Monday announced that its metals recycling subsidiary will go public by merging with special-purpose acquisition company AI Transportation Acquisition Corp., in a deal that values American Metals LLC at $170 million and that was steered by three law firms.
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July 01, 2024
Justices Told Clarity Needed On Ch. 11 Exculpations
Highland Capital and parties opposed to the venture capital firm's Chapter 11 plan asked the U.S. Supreme Court to clear up how the high court's recent rejection of third-party claims releases in the Purdue Pharma reorganization applies to Chapter 11 exculpations.
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July 01, 2024
IPO Rebound Leads Capital Markets Recovery At Midyear
Capital markets activity moderately accelerated in the year's first six months, buoyed by the highest level of initial public offerings in three years, signaling a busy second half for deal-makers at least until the November presidential election.
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July 01, 2024
Chemical Co. Escapes Ex-Workers' 401(k) Fee Suit
A New Jersey federal judge threw out a class action brought by retirees accusing a chemical company of stocking its workers' 401(k) plan with underperforming funds, saying the company put forward sufficient details to beat the former employees' allegations that its investment selection process was imprudent.
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July 01, 2024
FC Barcelona Media Arm's $1B SPAC Merger Is Scrapped
A deal that would have taken the digital media arm for Spanish soccer giant FC Barcelona public through a $1 billion merger with special-purpose acquisition company Mountain & Co. I Acquisition Corp. has been called off, both parties have announced.
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July 01, 2024
Catching Up With Delaware's Chancery Court
Two multimillion-dollar settlement approvals, a $25 million fee-shifting demand, and a biotech merger spoiled by murder: This was just the beginning of the drama last week in the nation's preeminent court of equity. Shareholders in satellite companies filed new cases, a cannabis company headed toward trial, and there were new developments in old disputes involving Tesla and Truth Social.
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July 01, 2024
Simpson Thacher Guides $15.4B New Mountain Fund Close
New York private equity firm New Mountain Capital said Monday it wrapped its New Mountain Partners VII LP fund at $15.4 billion, with legal guidance from Simpson Thacher & Bartlett LLP.
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June 28, 2024
Cahill Hires SDNY Vet Who Prosecuted 'Real Housewives' Star
Cahill Gordon & Reindel LLP has hired an eight-year veteran of the U.S. Attorney's Office for Southern District of New York who was a senior member of the office's Securities and Commodities Fraud Task Force and prosecuted a former U.S. congressional representative and a star of one of "The Real Housewives" TV series.
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June 28, 2024
Chevron's End Is Just The Start For Energized Agency Foes
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.
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June 28, 2024
Stock Clearing Orgs Slam Firm's 'Bizarre' Constitutional Attack
Two of the nation's largest securities clearing agencies are fighting an attempt to declare their in-house disciplinary procedures unconstitutional, telling the Tenth Circuit that brokerage firm Alpine Securities Corp.'s attack on the private entities is unprecedented and threatens the stability of the capital markets.
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June 28, 2024
In Chevron Case, Justices Trade One Unknown For Another
The U.S. Supreme Court's decision to overrule a decades-old judicial deference doctrine may cause the "eternal fog of uncertainty" surrounding federal agency actions to dissipate and level the playing field in challenges of government policies, but lawyers warn it raises new questions over what rules courts must follow and how judges will implement them.
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June 28, 2024
Ontrak Exec Conviction Shows Trading Plans Aren't Shields
Executives who use so-called Rule 10b5-1 trading plans to buy and sell shares of their company's stock don't have an automatic shield against insider trading charges, attorneys said following the first criminal conviction of an executive based exclusively on his use of the plans, which are facing increased scrutiny from financial regulators.
Expert Analysis
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New CMS Rule Will Change Nursing Facility Disclosures
A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.
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Navigating The Sunset Of Sibor And Other Key Benchmarks
Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.
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Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
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What Shareholder Approval Rule Changes Mean For Cos.
The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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The FINRA Reports That May Foreshadow New AI Rules
By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.