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Asset Management
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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.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
5 Firms Steer Chinese EV Co.'s $1B SPAC Merger
Chinese electric vehicle maker Huture Ltd. plans to go public at an estimated $1 billion value through a merger with special purpose acquisition company Aquaron Acquisition Corp., both parties announced Friday, in a deal steered by five law firms.
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July 12, 2024
Apollo Seeks Chancery Toss Of Stockholder Pact Challenge
Pointing in part to a pending Delaware law that would allow corporate directors to cede some board powers to big stockholders, Apollo Global Management Inc. has asked a Delaware vice chancellor to dismiss a suit challenging its own stockholder pact.
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July 12, 2024
Va. Tax Head Upholds Denial Of Resident's Subtraction
Virginia residents were properly denied an income tax subtraction that they claimed because of recaptured depreciation that came from the sale of a rental property, the state tax commissioner ruled.
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July 12, 2024
American Airlines Pilot Pushes For $16M Win After ERISA Trial
An American Airlines pilot urged a Texas federal court to make the airline cough up nearly $16 million following a June bench trial in a retirement savings class action, arguing the company breached its fiduciary duties to its retirement plan by focusing too heavily on environmental and social factors in investments.
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July 12, 2024
7 Gender-Affirming Care Cases To Watch In 2024's 2nd Half
The U.S. Supreme Court has agreed to review a constitutional challenge by the federal government to Tennessee's ban on gender-affirming care for minors, while other appeals courts are weighing the constitutionality of states' and employers' restrictions on gender dysphoria treatment. Here are seven cases involving gender-affirming care access that attorneys will be tracking in the second half of the year.
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July 12, 2024
Litigation Funding 'Abuses' Targeted By Federal Lawmakers
Federal lawmakers are seeking to put the reins on third-party investors bankrolling litigation, with Rep. Darrell Issa, R-Calif., introducing legislation that would require disclosure of third-party financing deals in civil lawsuits, and Rep. James Comer, R-Ky., asking Chief Justice John Roberts on Friday to have the Judicial Conference review the practice.
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July 12, 2024
FINRA's Remote Inspection Pilot Met With Praise, Caution
The Financial Industry Regulatory Authority's new pilot program for remote inspections of broker-dealers has earned praise from attorneys, who say the measures accommodate the reality of remote work routines, but they're waiting to see how the chips fall on questions including the adequacy of the regulator's data security measures.
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July 12, 2024
Healthcare SPAC Launches $200M IPO To Pursue Acquisition
Launch One Acquisition Corp. began trading Friday after raising a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel King & Spalding LLP, joining an uptick in special-purpose acquisition companies targeting the healthcare sector.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
Ex-Greenberg Traurig Atty Joins Holland & Knight As Partner
A former Greenberg Traurig LLP shareholder recently joined Holland & Knight LLP's private wealth services group as a partner in its Chicago office, where he can use his experience as a certified public accountant to help navigate estate and trust administration matters.
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July 12, 2024
CFTC, DOJ Convene 'Pig Butchering' Working Group
The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.
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July 11, 2024
Biden Taps Warren Protege, Ex-CFPB Atty For CFTC Seat
President Joe Biden on Thursday nominated a senior Office of Management and Budget official and former Consumer Financial Protection Bureau attorney to the U.S. Commodity Futures Trading Commission to replace one of two current CFTC members who themselves have been nominated for other offices.
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July 11, 2024
Tempur Sealy, Mattress Firm Blast FTC's Merger Challenge
Tempur Sealy and Mattress Firm fired back at the Federal Trade Commission's bid to block a proposed merger between the mattress companies, contending in separate filings that the FTC's ambiguous allegations require tossing the agency's administrative complaint.
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July 11, 2024
South Korea Looks To Nix $32M Award To U.S. Hedge Fund
South Korea said Thursday that it will look to overturn an arbitral award ordering it to pay some $32 million to a U.S. hedge fund following a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
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July 11, 2024
Judge 'Not Moved' By Coinbase's Call For Gensler's Emails
The New York federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against Coinbase Inc. cautioned the crypto firm Thursday against pursuing a subpoena targeting the private emails of SEC Chair Gary Gensler, saying she was "surprised, and not in a good way" by the request and warning that it could tarnish defense counsel's credibility.
Expert Analysis
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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.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.