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Asset Management
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June 24, 2024
Billionaire Drops Case Against IRS Over Tax Info Leak
Billionaire hedge fund founder Ken Griffin dropped his case Monday seeking to hold the IRS accountable for the leak of his tax return information in a data breach that affected thousands of wealthy and powerful taxpayers, including former President Donald Trump.
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June 24, 2024
Teamsters Fund Must Face Pension Conversion Suit
A West Coast-based Teamsters pension fund must keep facing claims that it shortchanged married retirees by using outdated data to convert their benefits from single-life annuity form, with a Washington federal judge deeming the suit strong enough to beat the fund's dismissal motion.
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June 24, 2024
McDermott Investors See Partial Cert. In $6B CB&I Deal Suit
Investors in energy industry engineering company McDermott International Inc. saw part of their proposed investor class certified as a lead plaintiff is sought for a second subclass in litigation over the company's $6 billion acquisition of Chicago Bridge & Iron Company NV.
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June 24, 2024
Fintech Exec Gets 45 Months For Crypto Market Manipulation
A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.
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June 24, 2024
Catching Up With Delaware's Chancery Court
Amendments to Delaware's General Corporation Law topped the news out of the Court of Chancery again last week, as the hotly contested measure sailed through the state's legislature. Tesla and its shareholders continued their tug-of-war over attorney fees for Chancery litigation about Elon Musk's pay package, and new cases were filed involving biotechs, car rental companies, workout platforms, telecom towers, and a cargo ship fire in Brazil.
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June 24, 2024
DOL Still Mulling Changes To Pension De-Risking Guidance
The U.S. Department of Labor told Congress in a new report Monday it hasn't ruled out changing guidance used by retirement plan managers when selecting an annuity provider for pension de-risking transactions, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
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June 24, 2024
Defense Contractor Gresham Inks $83M SPAC Merger
Defense contractor Gresham Worldwide Inc. and special-purpose acquisition company Ault Disruptive Technologies Corp. agreed Monday to merge in a deal that values Gresham at $83 million and enlarges the company's profile, steered by two law firms.
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June 24, 2024
Cooley-Led Therapy Developer Alumis Aims For $300M IPO
Venture-backed drug developer Alumis Inc. launched plans on Monday for an estimated $300 million initial public offering, guided by Cooley LLP and underwriters' counsel Latham & Watkins LLP, joining an active pipeline of IPO prospects this week.
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June 24, 2024
Shipping Co. Agrees To Pay $225K To Resolve 401(k) Fee Suit
A former worker at a shipping company has asked a North Carolina federal court to greenlight a $225,000 settlement that puts an end to her proposed class action accusing the company of saddling its retirement plan with excessive administrative fees and failing to remove its expensive recordkeeper.
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June 24, 2024
2nd Circ. Reopens Insider Trading Suit Against Hedge Fund
The Second Circuit on Monday revived a lawsuit accusing hedge fund Raging Capital Management LLC of profiting off its position as a corporate insider of 1-800-Flowers, rejecting arguments that a recent U.S. Supreme Court ruling overturned circuit precedent allowing shareholders to sue beneficial owners who partake in short-swing trading.
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June 21, 2024
Under Armour To Pay $434M To End Securities Fraud Claims
Under Armour Inc. has agreed to shell out $434 million to put to rest claims it inflated stock prices by hiding declining demand for its products, investors announced Friday, reaching a deal just weeks before a jury trial was set to kick off in Maryland federal court.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
11th Circ. Backs Fla. Agency Win In Ex-Warden's FMLA Suit
The Eleventh Circuit refused Friday to reinstate a former warden's lawsuit accusing the Florida Department of Corrections of transferring and demoting her because she was nearing 60 and took six months of leave, saying she failed to connect the dots to show the agency was motivated by bias.
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June 21, 2024
Chase Didn't Stop Fraudulent Transfers, Fla. Biz Owner Says
Chase Bank has been sued in Miami-Dade County state court, accused of negligence by a business owner who alleged that the bank failed to stop more than $445,000 that was drained from his accounts in a series of fraudulent wire transfers earlier this year.
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June 21, 2024
8 Firms To Lead 4 IPOs Totaling $806M As Action Heats Up
Eight law firms are slated to guide four initial public offerings estimated to raise a combined $806 million during the week of June 24, potentially closing a slow month for new listings with a bang.
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June 21, 2024
Kona Ice Nabs $533K In Toppings Dispenser Patent Trial
A Florida federal jury has come to the conclusion that a small shaved ice franchise from Boca Raton owes the Kona Ice brand a little over half a million dollars for infringing a patent covering a "liquid toppings dispensing system."
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June 21, 2024
American Airlines Can't Shake ESG Retirement Class Action
A Texas federal judge won't free American Airlines from a class action claiming its pilots' $26 billion retirement plan focused too heavily on environmental and social factors, ruling the airline's failure to push investment managers to abandon the strategy buttresses the plaintiffs' case that American endorsed it.
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June 21, 2024
Ontrak Founder Convicted In Novel Insider Trading Case
A California federal jury found Ontrak founder and former CEO Terren Peizer guilty on Friday of three counts of insider trading, following a first-of-its-kind prosecution on allegations he dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal.
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June 21, 2024
3 Firms Build $540M Take-Private Sale Of Healthcare Data Biz
Digital health company Sharecare Inc. on Friday announced that it has agreed to be bought by healthcare-focused private equity firm Altaris LLC in a $540 million take-private deal built by three law firms.
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June 21, 2024
5 ERISA Cases To Watch In 2024's Second Half
The U.S. Department of Labor will be playing defense in the second half of 2024, battling injunction bids in Texas seeking to halt the agency's recently finalized retirement security regulations, as well as fighting to uphold a DOL rule tackling social and environmental factors in retirement plan investment decisions. Here, Law360 looks at five Employee Retirement Income Security Act cases that attorneys say they will have on their radar.
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June 21, 2024
Attys Eye $1.4M Slice Of State Street Retirement Plan Deal
Class counsel are requesting a one-third cut from a $4.3 million settlement with State Street Corp. to resolve claims the bank stocked its employees' 401(k) plan with imprudent funds that it managed or that were run by its subsidiaries or affiliates.
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June 20, 2024
Del. House Sends Controversial Corp. Law Changes To Gov.
Delaware legislation that would allow corporate boards to cede some governance rights to chosen stockholders cleared the state's House by a wide margin late Thursday, heading to Gov. John Carney after debate that saw dire predictions for either outcome.
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June 20, 2024
Kraken Unlikely To Escape SEC's Crypto Exchange Case
A California federal judge said Thursday that he was not inclined to dismiss a U.S. Securities and Exchange Commission lawsuit claiming that cryptocurrency exchange Kraken illegally operated as an unregistered securities exchange, telling the company's lawyer, "You've got your work cut out for you" to change his mind.
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June 20, 2024
Ontrak Founder's Insider Trading Case Goes To Calif. Jury
Federal prosecutors delivered closing arguments Thursday in the insider trading trial of Ontrak's founder, telling jurors that he hurriedly dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal, while defense counsel argued he was simply exercising expiring warrants.
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June 20, 2024
Chancery Preserves Most Of Hertz Shareholder Buyback Suit
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery that they breached their fiduciary duties to the company.
Expert Analysis
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9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims
In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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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.