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Asset Management
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July 18, 2024
Pharma Biz Buys Animal Medicine Co. For Up To $520M
Latham & Watkins LLP-advised animal health therapeutics company Invetx, which is currently owned by life sciences-focused investment management firm Novo Holdings, on Thursday announced plans to be bought by veterinary pharmaceuticals company Dechra Pharmaceuticals Ltd., advised by Kirkland & Ellis LLP, for up to $520 million.
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July 18, 2024
Womble Bond Adds Finance Atty With Latin America Focus
Womble Bond Dickinson's growing New York office is welcoming a capital markets and structured finance attorney after his more than 10 years with Hogan Lovells, most recently in Brazil.
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July 18, 2024
6th Circ. Questions If Kellogg 401(k) Claims Can Be Arbitrated
A Sixth Circuit panel on Thursday suggested the terms of Kellogg Co.'s retirement plan may bar a former accountant from bringing claims the plan was mismanaged, as the company tries to enforce an arbitration clause that arguably prevents planwide relief.
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July 18, 2024
Kirkland-Led Calif. PE Firm Secures $1.5B For 3rd Fund
Los Angeles-based private equity shop Kingswood Capital Management LP, advised by Kirkland & Ellis LLP, on Thursday announced that it clinched its third fund after raising $1.5 billion of capital commitments, bringing the firm's total assets under management to roughly $3.2 billion.
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July 18, 2024
Ex-HP Worker Revamps 401(k) Forfeiture Funds Suit
A former HP employee retooled his lawsuit accusing the company of unlawfully using former workers' forfeited 401(k) funds to satisfy its own contributions, telling a California federal court the company was presented with a conflict of interest in deciding how to use the money.
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July 17, 2024
Politan Sues Masimo Over Delayed Board Election Meeting
Activist investment firm Politan Capital Management LP launched a lawsuit Wednesday against Masimo Corp. in Delaware Chancery Court just days after the medical technology company accused it of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
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July 17, 2024
Ex-SEC Lawyer's Fellow Penny Stock Fraudster To Pay $1M
A Texas federal judge handed down final judgment Tuesday to a co-defendant of an ex-SEC lawyer turned fraudster in a civil case involving a penny stock scheme, barring Justin Herman from ever dealing penny stocks again and ordering him to pay over $1 million.
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July 17, 2024
SEC Says Ex-CEO Of Trump-Tied SPAC Hid Merger Talks
The U.S. Securities and Exchange Commission on Wednesday accused the former CEO of Digital World Acquisition Corp. of falsely representing that the special purpose acquisition company had no potential merger targets when he was actually personally discussing a merger with former President Donald Trump's social media company.
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July 17, 2024
Off-Channel Comms Top Concern For Compliance Pros
Investment advisers' compliance officers have listed electronic communications surveillance as their hottest topic, beating out concerns about the U.S. Securities and Exchange Commission's marketing rule, according to a new survey of compliance professionals representing nearly 600 investment advisers.
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July 17, 2024
SEC Awards $37 Million To Whistleblower
The U.S. Securities and Exchange Commission on Wednesday announced a $37 million award to a whistleblower who provided information that the commission did not previously know, which contributed to a successful enforcement action.
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July 17, 2024
1st Circ. Affirms SEC's $32M Win Against Investment Adviser
The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy.
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July 17, 2024
Nasdaq Seeks To Tighten Delisting Rules Governing SPACs
Nasdaq is proposing to strengthen its rules governing delistings and trading suspensions of special-purpose acquisition companies that fail to complete mergers within 36-month deadlines or that violate other listing standards.
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July 17, 2024
Warburg Pincus Pours $100M Into Brazilian Fintech Biz
Brazilian banking software provider Matera on Wednesday revealed that it received a $100 million investment from private equity giant Warburg Pincus, which will be used to fund the fintech company's expansion into the North American market with a focus on growing its product development.
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July 17, 2024
Grayscale Rival's False Ad Suit Won't Move To New Court
A Connecticut state judge on Wednesday denied Grayscale Investments LLC's request to transfer a competitor's unfair trade practices lawsuit from Bridgeport to the state court system's complex litigation docket, sustaining the plaintiff's objection that said the move would unduly delay a July 2025 trial without a valid reason.
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July 17, 2024
Ga. Man Ordered To Pay SEC Over Church Ponzi Scheme
A Georgia federal judge has ordered a company and its owner to pay $1.1 million to settle claims from the U.S. Securities and Exchange Commission that they duped church members into investing in a Ponzi scheme.
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July 17, 2024
Chevron Repeal Doesn't Impact Benefits Rule Fight, DOL Says
The U.S. Supreme Court's rollback of Chevron deference doesn't boost the likelihood of success for a trade group's claims that a U.S. Department of Labor regulation unlawfully expanded the pool of retirement advisers with obligations under federal benefits law, the agency told a Texas federal judge Wednesday.
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July 17, 2024
Ex-Genentech Worker Seeks Revival Of 401(k) Investment Suit
A former Genentech employee asked the Ninth Circuit to reopen his proposed class action alleging the biotechnology company kept unwise investment options in its 401(k) plan for years, arguing a trial court applied an erroneously high standard when it tossed the claim.
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July 17, 2024
Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight
Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."
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July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
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July 17, 2024
Haynes Boone Grows Fund Finance Group With NY Counsel
Haynes and Boone LLP hired commercial finance attorney Meghan O'Reilly to build on more than 500 years of combined experience in the firm’s fund finance group.
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July 17, 2024
PE Firms Plug $300M Into Digital Infrastructure Developer
Digital infrastructure site developer Cloverleaf Infrastructure on Wednesday announced that it has received more than $300 million in commitments from private equity shops NGP, advised by Willkie Farr & Gallagher LLP, and Kirkland & Ellis LLP-led Sandbrook Capital.
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July 16, 2024
Green Dot Brass Hid Declining Biz And Fed Action, Suit Says
The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.
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July 16, 2024
Masimo Accuses Politan Of Deceit In Hostile Takeover
Masimo Corp. has hit the activist investment firm Politan Capital Management LP and its top brass with a lawsuit in California federal court, accusing the hedge fund of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 16, 2024
Apollo's $1.85B Mining Co. Deal Sparks Del. Suit For Docs
An investor sued a mining and logistics company in Delaware's Court of Chancery seeking documents regarding the firm's $1.85 billion go-private deal with affiliates of asset management giant Apollo, approved Tuesday by the mineral producer's stockholders, asserting that there are credible concerns over pre-transaction communications between its executives and Apollo about their jobs.
Expert Analysis
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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.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.