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Asset Management
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November 18, 2024
Latham-Led Software Startup ServiceTitan Joins IPO Pipeline
Venture-backed software startup ServiceTitan Inc. filed plans on Monday for an initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Wilson Sonsini Goodrich & Rosati PC, joining a growing list of IPO prospects.
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November 18, 2024
Chancery Orders Paybacks In Decade-Old Lease Co. Suit
Former directors of a global temporary housing business that served corporations worldwide must repay indemnification payouts under a multipart Court of Chancery ruling on a suit originally brought in 2014 alleging breaches of a shareholder agreement and fiduciary duty.
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November 18, 2024
Bain Capital Lands $5.7B For Global Special Situations Fund
Private equity giant Bain Capital, advised by Ropes & Gray LLP, on Monday announced that it finished fundraising for its second global special situations fund after securing $5.7 billion from investors.
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November 18, 2024
Wachtell-Led CVS Adds Glenview CEO, Others To Board
CVS Health, represented by Wachtell Lipton Rosen & Katz, said Monday it has struck a deal with activist investor Glenview Capital Management to appoint four new board members, including Glenview CEO Larry Robbins.
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November 18, 2024
Bechtel Retiree Seeks Class Status In 401(k) Fee Suit
A Bechtel Global Corp. retiree asked a Virginia federal judge to let her represent 7,000 retirement plan participants in her suit claiming the engineering company overcharged its $5.7 billion plan by tapping a pricey default investment option.
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November 18, 2024
Comtech Agrees To Board Shake-Up With Ex-CEOs
Comtech Telecommunications Corp. said Monday it has reached an "amicable resolution" with an investor group that includes two former CEOs who had sought a board shake-up, agreeing to the appointment of two new directors and the withdrawal of the CEOs' proposed full slate of directors.
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November 18, 2024
Silver Point Clinches 3rd Credit Fund With $8.5B In Tow
Connecticut-based credit investing firm Silver Point Capital on Monday announced that it closed its latest credit fund with more than $8.5 billion in tow.
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November 15, 2024
Trump's SDNY Pick A Familiar Face In Wall Street's Legal Wing
Jay Clayton's nomination to be the Manhattan U.S. attorney would seat a highly regarded Wall Street lawyer in one of the top law enforcement jobs in the country, but he may face headwinds over his industry relationships and lack of criminal prosecution experience.
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November 15, 2024
Venezuelan Lawyer Relied On Ex-Dentons Atty In $54M Swap
A Venezuelan lawyer suing Dentons over a failed $54 million bolivar-to-dollars currency swap admitted Friday on the stand that he did not do any due diligence for the transaction but instead relied on what he called misinformation from an ex-Dentons attorney that she relayed to his representative.
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November 15, 2024
3rd Circ. Won't Rehear Moroccan Hotel Fight Over $60M Award
The Third Circuit has declined to rethink its decision reviving a dispute over the enforcement of a $60 million arbitral award favoring the current owner of a luxury hotel in Casablanca, despite an investment group's claims that the ruling is unprecedented and disregards well-established Delaware law.
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November 15, 2024
SEC Says Risky Bond Recommendations Violated Reg BI
A Texas-headquartered broker-dealer has agreed to pay nearly $154,000 to resolve U.S. Securities and Exchange Commission allegations that it improperly recommended risky bonds in violation of the federal investor protection measure known as Regulation Best Interest.
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November 15, 2024
SEC's Top Cop Says Election Hasn't Slowed Enforcers Down
The U.S. Securities and Exchange Commission's enforcement attorneys continue to work with "urgency" in the waning months of the Biden administration, the acting leader of the enforcement division said Friday at an event where he also spoke about a shuttered task force and the agency's approach to pursuing cases involving cybersecurity breaches.
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November 15, 2024
Hedge Fund Group Urges Trump To Reject 'Punitive' Policies
A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.
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November 15, 2024
Tenneco Asks Justices To Review 6th Circ. Arbitration Denial
Automotive parts company Tenneco asked the U.S. Supreme Court on Friday to review a Sixth Circuit decision from August that refused to force individual arbitration of a proposed class action from workers alleging retirement plan mismanagement, arguing lower courts had disagreed on how to apply federal arbitration law.
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November 15, 2024
Chinese Self-Driving Startup Pony Revs Up $180M IPO
Chinese autonomous-driver technology provider Pony AI Inc. has launched plans for an estimated $180 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, marking the latest self-driving startup to seek U.S. capital in order to fund its growth ambitions.
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November 15, 2024
MVP: Weil's Stephanie E. Srulowitz
Stephanie E. Srulowitz of Weil Gotshal & Manges LLP's U.S. private funds practice led real estate investment firm Crow Holdings Capital Partners in raising a $3.1 billion Fund X, guided Lee Equity Partners to close an oversubscribed $1.3 billion Fund IV and shepherded Graycliff Partners in a $600 million fundraise push, earning her a spot as one of the 2024 Law360 Fund Formation MVPs.
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November 15, 2024
Katten Atty Brings Derivatives Expertise To Faegre Drinker
Faegre Drinker Biddle & Reath LLP announced a new addition to its New York office on Thursday, touting the derivatives focus the former Katten Muchin Rosenman LLP partner takes to the firm's investment management group.
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November 15, 2024
Taxation With Representation: Cravath, MoFo, Gibson Dunn
In this week's Taxation With Representation, Cardinal Health takes a majority stake in GI Alliance and acquires Advanced Diabetes Supply Group, Just Eat offloads Grubhub to Wonder Group, Rivian Automotive and Volkswagen Group launch a joint venture, and Ovintiv Inc. buys Montney Basin assets from Paramount Resources Ltd.
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November 15, 2024
Biden Withdraws Cohen Weiss Atty's PBGC Nomination
President Joe Biden has withdrawn his nomination of a Cohen Weiss & Simon LLP attorney to lead the Pension Benefit Guaranty Corp., four months after putting her name forward and less than two weeks after former President Donald Trump secured a return to the White House.
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November 14, 2024
Student Loan Servicer Wants CFPB Deal Paused Amid Appeal
The Pennsylvania Higher Education Assistance Agency has asked a Pennsylvania federal judge to pause its obligation to pay more than $3.2 million as a part of a settlement with the Consumer Financial Protection Bureau that is being challenged in the Third Circuit by a third party.
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November 14, 2024
Ex-JP Morgan Rep To Stop Soliciting Clients Amid Arbitration
A former J.P. Morgan Securities LLC employee who left to work for Morgan Stanley has agreed not to solicit customers from her former employer while the parties arbitrate the broker-dealer's claims she lured clients with more than $12 million in assets away to its rival.
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November 14, 2024
Judge Presses SEC Over 'Rogue Employee' In PE Fund Fight
A Texas federal judge grilled the U.S. Securities and Exchange Commission over the circumstances that led to a private equity fund suing the regulator alleging it carried out a "fishing expedition" investigation, asking the agency about a "rogue employee" during a hearing Thursday.
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November 14, 2024
3 Firms Guide UAE Grocery Giant Lulu's $1.7B Market Debut
United Arab Emirates grocery chain Lulu Retail Holdings PLC's shares closed flat in debut trading Thursday following an upsized, $1.7 billion initial public offering that marked the largest UAE listing of 2024, guided by three law firms.
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November 14, 2024
Crypto And Private Fund Groups Push SEC On Dealer Rule
Crypto industry groups and private fund associations tag-teamed the U.S. Securities and Exchange Commission on Thursday during a hearing over two cases relating to the agency's expanded definition of securities dealers, telling a Texas federal court that the new rule marked a dramatic overreach by the regulator.
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November 14, 2024
Fenwick-Led AI Firm CoreWeave Inks $650M Secondary Sale
Artificial intelligence-focused startup CoreWeave Inc. has closed a secondary share sale totaling $650 million, represented by Fenwick & West LLP, enabling existing shareholders to sell stock to new investors before an expected initial public offering.
Expert Analysis
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Predicting Shareholder Activism Trends In New Trump Admin
While President-elect Donald Trump has promised tax policies, deregulation and lax antitrust enforcement — which all fuel shareholder activism — a closer look at his first administration's track record suggests that his second presidency might be a mixed bag for activist investors and companies alike, say attorneys at Sidley.
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What Trump's 2nd Presidency Could Mean For Crypto Sector
Trump's second term will bring a fundamental shift from the Biden administration's approach to crypto-asset regulation and banking supervision, with the most significant changes likely taking effect in the first two quarters of 2025 and broader policy shifts emerging over the next year, say attorneys at Cahill.
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Promoting Diversity In The Selection Of ADR Neutrals
Excerpt from Practical Guidance
Choosing neutrals from diverse backgrounds is an important step in promoting inclusion in the legal profession, and it can enhance the legitimacy and public perception of alternative dispute resolution proceedings, say attorneys at Lowenstein Sandler.
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Series
Playing Ultimate Makes Us Better Lawyers
In addition to being fun, ultimate Frisbee has improved our legal careers by emphasizing the importance of professionalism, teamwork, perseverance, enthusiasm and vulnerability, say Arunabha Bhoumik and Adam Bernstein at Regeneron.
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Dissecting New Circuit Split Over SEC's Proxy Adviser Rule
The Sixth Circuit recently upheld the U.S. Securities and Exchange Commission's partial rescission of enhanced conflict-of-interest disclosure requirements for proxy voting advice businesses, creating a circuit split over broader questions concerning the standard for assessing the legality of agency actions in general, say attorneys at Cahill Gordon.
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E-Discovery Quarterly: Recent Rulings On Metadata
Several recent rulings reflect the competing considerations that arise when parties dispute the form of production for electronically stored information, underscoring that counsel must carefully consider how to produce and request reasonably usable data, say attorneys at Sidley.
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Parsing SEC's Emerging Trend Of Section 204A Enforcement
The U.S. Securities and Exchange Commission recently settled with Sound Point Capital Management for violating Section 204A of the Investment Advisers Act, adding to a slew of charges against investment advisers that allegedly failed to safeguard material nonpublic information, say attorneys at Cozen O'Connor.
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2nd Circ. Hostile Workplace Ruling Widens Arbitration Pitfalls
The Second Circuit’s recent decision, affirming the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act applies to a worker whose workplace hostility claims arose before the law’s 2022 enactment, widens the scope of the law — and the risks of unenforceable arbitration agreements for employers, say attorneys at Hinshaw.
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Striking A Balance Between AI Use And Attorney Well-Being
As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.
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Insurance Industry Impacts If DOL Fiduciary Rule Is Revived
If implemented following an ongoing appeal at the Fifth Circuit, the U.S. Department of Labor’s rule expanding the Employee Retirement Income Security Act's definition of "fiduciary" could chill insurance agents’ and brokers' ability to sell annuities, and lead to an increase in breach of fiduciary duty lawsuits, say attorneys at Alston & Bird.
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Empathy In Mediation Offers A Soft Landing For Disputes
Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.
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A Look At The Increased Scrutiny Of Cash Sweep Programs
Financial industry regulators have increasingly probed the adequacy of so-called cash sweep disclosures and policies, underscoring the heightened risk faced by investment advisers and broker-dealers, as well as the importance of adequately disclosing material conflicts of interest, say attorneys at Dechert.
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Election Outcome Could Reshape Financial Industry
The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.