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Asset Management
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June 07, 2024
Terraform Funder Must Face Class Claims In Illinois
Terraform Labs' financial backer Jump Trading LLC cannot consolidate a pair of proposed class actions accusing it of propping up the failing crypto platform, with a federal judge ruling that purchasers of a massively devalued crypto token can keep their lawsuit against the high-speed trading firm in Illinois.
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June 07, 2024
6th Circ. Revives Investors' Suit Over Leech Tishman Advice
A Sixth Circuit panel has revived a group of investors' claims that Pittsburgh-based Leech Tishman Fuscaldo & Lampl's lawyers gave fraudulent and negligent advice about clean energy investments that turned out to be a Ponzi scheme, reasoning that a one-year statute of limitations had been tolled for some claims and didn't apply to others.
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June 07, 2024
Goodwin, Cooley Lead J&J-Backed Neurological Firm's IPO
Johnson & Johnson-backed neurological firm Rapport Therapeutics Inc. rallied in debut trading Friday after it completed a $136 million initial public offering within its price range, guided by Goodwin Procter LLP and underwriters counsel Cooley LLP.
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June 07, 2024
White & Case, Latham Lead Aramco's $11.2B Stock Offering
Saudi Arabian state-backed oil giant Aramco on Friday priced an $11.2 billion stock offering within the lower end of its range, guided by White & Case LLP and underwriters counsel Latham & Watkins LLP, representing one of the largest secondary offerings in years.
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June 07, 2024
Support Co. Can't Revive Suit Blaming Lindberg For Lost Biz
A customer support company that claimed its ties to convicted insurance mogul Greg E. Lindberg cost it an important client can't revive a fraudulent concealment suit, with the Fourth Circuit ruling Friday that Lindberg wasn't obligated to disclose his criminal conduct.
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June 07, 2024
Carhartt Heir's Atty Cleared On 2 Counts; Deadlock On Rest
A Michigan state jury in Detroit on Friday partially cleared a Michigan attorney accused of stealing millions of dollars from his wealthy client, the late Carhartt company heiress Gretchen Valade, but jurors could not agree on two of four charges.
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June 07, 2024
DLA Piper Steers Tech-Focused SPAC's $250M Filing
Special-purpose acquisition company GigCapital7 on Friday announced plans to raise up to $250 million in an initial public offering, and said that it intends to use the proceeds to fund a future merger with a company in the technology sector.
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June 07, 2024
Shein's Pursuit Of London IPO Proves US-China Rift Persists
Online fashion giant Shein's expected pivot to London rather than the United States for its initial public offering — triggered by persistent tensions between China and the U.S. — will be closely watched by IPO prospects mulling where to list their shares in a dicey geopolitical climate, experts say.
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June 07, 2024
Faegre Drinker Hires K&L Gates Investment Management Head
Faegre Drinker Biddle & Reath LLP has hired the former head of investment management at K&L Gates LLP as a partner in the firm's investment management practice group in London, the firm announced Thursday.
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June 07, 2024
Emboldened SEC Spells Double Trouble For Defense Bar
The U.S. Securities and Exchange Commission's enforcement division has taken an increasingly aggressive stance in recent years thanks in part to an influx of federal prosecutors joining the agency and court decisions that have gradually become more permissive on parallel civil and criminal investigations, defense lawyers say.
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June 07, 2024
Former Allianz Unit Exec Admits Role In $6B Fund Fraud
A former portfolio manager at Allianz SE's U.S. unit told a Manhattan federal judge Friday that he lied to investors about the risks of the German finance giant's now-defunct Structured Alpha Funds, admitting to his role in a $6 billion fraud.
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June 07, 2024
Davis Polk Guides Emerson On $3.5B Copeland JV Exit
Davis Polk & Wardwell LLP represented Emerson on a newly inked agreement to sell its remaining stake in its Copeland joint venture to Blackstone in a $3.5 billion deal.
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June 06, 2024
Health Co. CEO Sold Stock Amid Souring Cigna Deal, Jury Told
A stock analyst told California federal jurors Thursday he noticed in disclosure forms that the founder of healthcare company Ontrak Inc. was starting to sell company shares a few weeks before Cigna announced it was terminating its $90 million contract with the company.
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June 06, 2024
Treasury Eyes AI As OCC Chief Calls For More 'Accountability'
The U.S. Department of the Treasury on Thursday launched an inquiry into the rollout of artificial intelligence in financial services, a move that came as the Office of the Comptroller of the Currency's acting chief cautioned that a Wall Street "nightmare" scenario involving the technology "seems uncomfortably plausible."
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June 06, 2024
White Collar Boutique Sued By Ex-Client Over Representation
White collar boutique Clark Smith Villazor LLP and one of its name partners is facing a lawsuit from a former client, a convicted securities fraud defendant who claims the firm caused him to be arrested by the FBI and face millions of dollars in fines.
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June 06, 2024
Calif. Judge Pauses Wells Fargo Investor Row Over State Case
A California federal judge has paused a pension system's proposed class action accusing top Wells Fargo & Co. officers of enabling a "culture of lawlessness," making way for a state court suit that alleges similar wrongdoing.
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June 06, 2024
Ameriprise Says Father-Son Ex-Reps Stole Client Info
Ameriprise Financial seeks a restraining order against two former employees, a father-son duo, and their new employer, saying the men took boxes of confidential documents "in the dark of the night" to transfer to their new roles.
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June 06, 2024
SEC Sued For Info On Text Message Sweeps
The American Securities Association sued the U.S. Securities and Exchange Commission in Florida federal court on Thursday, pushing for the disclosure of evidence it says could shed light on how the regulator came to impose billions of dollars' worth of fines against firms whose employees communicate business-related information over unmonitored texting and chat apps.
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June 06, 2024
Investors Say Fund Preyed On Alums For RICO Scheme
A group of Chinese and American investors alleged this week that they were ripped off to the tune of millions of dollars by a group of fraudsters who, through a series of fraudulent bank loans, bogus tax filings and false advertising, induced them into putting their money into a Los Angeles real estate project.
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June 06, 2024
Simpson Thacher, Latham Guide Waystar's $968M IPO
Private equity-backed hospital billing firm Waystar Holding Corp. priced a $967.5 million initial public offering within its range on Thursday, represented by Simpson Thacher & Bartlett LLP and underwriters' counsel Latham & Watkins LLP, marking the largest IPO since April.
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June 06, 2024
AT&T Says Pension De-Risking Move Expressly Allowed
AT&T is trying to ditch two suits by retirees who claimed the telecom giant put their savings at risk by transferring pension obligations to an annuity provider, arguing that the retirees were attempting to "attach fiduciary liability to a non-fiduciary decision."
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June 06, 2024
5 Firms Steer Pair Of Cross-Border IPOs Totaling $230M
Australian-listed location app Life360 Inc. and Israeli nanotechnology startup Gauzy Ltd. began trading on Thursday after pricing two cross-border initial public offerings that raised a combined $230 million, steered by five law firms.
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June 06, 2024
Haynes Boone Guides Natural Gas Producer's SPAC Merger
An Italian natural gas producer has said that it will merge with a Nasdaq-listed blank-check company to help accelerate its transition to clean energy in a deal steered by Haynes and Boone and Greenberg Traurig.
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June 05, 2024
Dems Urge SEC To Double Down On Climate Enforcement
A group of 38 Democratic lawmakers is urging U.S. Securities and Exchange Commission Chair Gary Gensler to step up enforcement of the agency's existing climate disclosure-related guidance, as the agency faces court challenges to its controversial climate rule.
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June 05, 2024
Wells Fargo Sued For Allegedly Aiding $300M Ponzi Scheme
Wells Fargo Bank NA has been hit with a proposed class action in Florida federal court alleging that it aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, most of whom were elderly and lost substantial life savings due to the scheme.
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.