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Asset Management
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October 07, 2024
Seinfeld-Inspired Investors Sue Bitwise Over $2M Crypto Losses
A group of family-owned investment companies named after a gag from "Seinfeld" sued crypto asset manager Bitwise and its executives for allegedly duping them into staying invested in one of its funds as it sought a conversion to a less-preferable structure, causing them $1.9 million in losses.
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October 07, 2024
Activist Short Seller Blasts 'Preposterous' SEC Fraud Suit
The founder of Citron Research, a newsletter for short sellers, has asked a California federal court to dismiss the U.S. Securities and Exchange Commission's fraud suit against him and his investment advisory firm, arguing the suit "strategically omits" the disclaimers it accused the founder of not making.
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October 07, 2024
Morgan Lewis Taps SEC Enforcement Vet As DC Partner
Morgan Lewis & Bockius LLP announced on Monday that it has bolstered its securities enforcement and litigation team by hiring as a new partner the former U.S. Securities and Exchange Commission division of enforcement associate director, a 17-year agency veteran who supervised many of the SEC's groundbreaking or noteworthy crypto actions, including one against Kim Kardashian.
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October 07, 2024
5th Circ. Casts Doubt On SEC's Updated Short-Selling Rules
A Fifth Circuit panel on Monday appeared skeptical of the U.S. Securities and Exchange Commission's arguments for maintaining two regulations aiming to bolster transparency around short selling in the marketplace, with one judge asking whether the agency was "having cake and eating it too," by claiming that the rules were not interconnected in a way that was fatally flawed.
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October 07, 2024
Biotech, Medical Device Firms Prep Three IPOs Totaling $376M
Two venture-backed biotechnology startups and a medical device maker launched plans on Monday for three initial public offerings projected to raise about $376 million combined, adding to a busy schedule of IPOs this week.
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October 07, 2024
Chancery Holds Status Quo On Md. Data Center Pending Trial
Delaware's Court of Chancery issued a partial status quo freeze Saturday on control of a $165 million site development project for a proposed $5 billion gigawatt data center complex near Frederick, Maryland, pending trial on claims that the original project managers had defaulted, but challenged their purported replacement.
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October 07, 2024
Trio Of 1st Circ. Criminal Cases Turned Away By Top Court
The U.S. Supreme Court on Monday declined to review three white collar cases on appeal from the First Circuit, including challenges to a cryptocurrency founder's conviction for investor theft and an Illinois attorney's fraud and money laundering conspiracy verdict.
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October 07, 2024
Kirkland-Led Shore Capital Lands Almost $2B Across 3 Funds
Lower-middle-market private equity shop Shore Capital Partners, led by Kirkland & Ellis LLP, on Monday announced that it wrapped three funds with a combined total of nearly $2 billion in commitments.
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October 07, 2024
Manafort Associate's Bribery Case Won't Get Top Court Look
The U.S. Supreme Court on Monday declined to take up the case of a former bank CEO who had argued the Second Circuit's decision to uphold his conviction for bribing former Donald Trump staffer Paul Manafort wrongly criminalized even the smallest of benefits a bank executive receives from a customer.
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October 07, 2024
Justices Want SG's Take On Union Pension Withdrawal Case
The U.S. Supreme Court asked the federal government Monday to weigh in on an employer-side petition in a fight over what actuarial assumptions multi-employer pension funds are allowed to use under federal benefits law when determining an employer's withdrawal liability.
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October 07, 2024
Alta Fox Latest Activist To Take Aim At Forward Air Corp.
Forward Air Corp. shareholder Alta Fox in a Monday letter blasted the "disastrous record of ignoring shareholders' views" by the asset-light transportation services provider and demanded immediate change, marking the second activist investor to take aim at the company in recent months.
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October 07, 2024
Mayer Brown Partner Returns To Hunton In DC
A partner at Mayer Brown LLP, who started his legal career nearly a decade ago with Hunton Andrews Kurth LLP, has rejoined the firm as a partner in its Washington office, the firm announced Monday.
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October 07, 2024
Chevron Nets $6.5B In Sale Of Canadian Oil Assets
Chevron Canada Ltd. said Monday it has agreed to sell off its stakes in the Athabasca Oil Sands Project and the Duvernay shale to Canadian Natural Resources Ltd. for $6.5 billion.
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October 07, 2024
3 Firms Advise $1B Blue Owl Buy Of Data Center Firm IPI
Asset manager Blue Owl Capital said Monday that it will pay $1 billion to acquire digital infrastructure fund manager IPI Partners, in a deal advised by Gibson Dunn & Crutcher LLP, Morrison Foerster LLP and Kirkland & Ellis LLP.
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October 07, 2024
3 Firms Guide Apollo, Barnes Group On $3.6B Take-Private
Barnes Group said Monday that funds managed by Apollo Global Management will acquire the aerospace parts maker in a deal valued at $3.6 billion, with Wachtell Lipton Rosen & Katz advising Barnes and Latham & Watkins LLP and Paul Weiss Rifkind Wharton & Garrison LLP guiding Apollo.
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October 04, 2024
Top 5 Supreme Court Cases To Watch This Fall
The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.
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October 04, 2024
Milbank LLP Lands Departing SEC Enforcement Chief Grewal
Departing U.S. Securities and Exchange Commission enforcement director Gurbir Grewal will land at Milbank LLP in New York after he leaves the agency later this month, joining the law firm's litigation and arbitration group, according to a person familiar with the matter.
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October 04, 2024
Real Estate Execs Accused Of NYC Deed Theft Scheme
Three real estate executives have been arrested in connection with a purported $500,000 deed theft scheme that preyed upon a vulnerable home owner in the Bronx, according to the Office of the New York State Attorney General.
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October 04, 2024
SEC Suit Over Fund Adviser's $1B Loss Teed Up For Trial
An Illinois federal judge has declined to grant the U.S. Securities and Exchange Commission a win in its suit accusing a now-defunct Chicago investment adviser of mismanaging $1 billion in assets, finding that a jury will need to consider many of the suit's claims around whether investors were misled about the firm's trading strategy and risk management practices.
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October 04, 2024
Thrivent Unit Pays SEC Fine Over Alleged Reg BI Lapses
Thrivent Investment Management Inc. has settled the U.S. Securities and Exchange Commission's allegations that it violated Regulation Best Interest when recommending certain investments to customers enrolled in college savings plans when lower-priced options were available.
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October 04, 2024
SEC Should Take Over Market Database, Investor Group Says
An investor-side trade association is pushing the U.S. Securities and Exchange Commission to take control of a controversial market surveillance tool out of the hands of the nation's stock exchanges, saying in a recent rulemaking petition that a failure to do so could be "catastrophic" if either the government or the courts decide to shut down the database.
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October 04, 2024
High Court Agrees To Hear Hamas Banking Case
The U.S. Supreme Court on Friday agreed to take up a Lebanese bank's bid to end a suit brought by victims of Hamas terrorist attacks, which the bank argued is settled because the victims waited too long to move to vacate a lower court's judgment in the bank's favor.
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October 04, 2024
Credit Suisse Investors Joust Over Bids To Be Class Leader
A Credit Suisse investor in a class action alleging the bank misled investors about its condition in the run-up to its collapse and takeover by UBS has asked a New York federal judge to toss the current lead plaintiff in favor of himself, while the current lead plaintiff shot back with an opposition.
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October 04, 2024
Tempur Sealy, Mattress Firm Sue To Block FTC Merger Case
Tempur Sealy International Inc. and Mattress Firm Group Inc. told a Texas federal court on Friday that the Federal Trade Commission's in-house process violates the Constitution, so the agency's case challenging their planned $4 billion merger should be blocked.
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October 04, 2024
Pool Equipment-Maker Sinks Shareholder Suit, For Now
A New Jersey federal judge Wednesday dismissed a proposed investor class action against pool supply company Hayward Holdings Inc. over claims that the company concealed it was struggling with ballooning inventory and lowered demand, saying the investors do not sufficiently explain why the alleged misstatements cited in the complaint are actionable.
Expert Analysis
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Boeing Saga Underscores Need For Ethical Corporate Culture
In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Takeaways From SEC's New Data Breach Amendments
The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.