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Asset Management
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July 05, 2024
Cybersecurity Firm Noventiq Kills Plans To List Via SPAC Deal
London-based cybersecurity services provider Noventiq Holdings PLC and blank-check company Corner Growth Acquisition Corp. have canceled their plans to merge in a deal that sought to take Noventiq public in the U.S. at an estimated $1 billion value, citing market conditions.
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July 05, 2024
4 Benefits Policy Moves To Watch In 2024's 2nd Half
The U.S. Department of Labor and other agencies are expected to issue a final rule implementing a mental health parity-in-coverage statute, and DOL regulations expanding who qualifies as a fiduciary under federal benefits law are set to take effect in the fall. Here are four policy developments benefits attorneys are watching out for in the second half of 2024.
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July 05, 2024
CFTC's Pham Says CCOs Must Be Careful With Agency
U.S. Commodity Futures Trading Commission member Caroline Pham warns that chief compliance officers at CFTC-registered firms may face individual liability for noncompliance matters at their firms, telling Law360 that this shows the need for compliance heads to carefully document their actions to potentially avoid liability.
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July 03, 2024
Enviva Execs Individually Escape ESG Investor Action
A Maryland federal judge dismissed several executives and underwriters for wood pellet giant Enviva Inc. from a proposed securities class action seeking recompense for stock drops over reports they "greenwashed" claims of sustainability, saying the suit failed to show the defendants made conscious misstatements.
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July 03, 2024
NYC Pensions Defeat Challenge To Fossil Fuel Divestments
A trio of New York City pension plans on Wednesday beat a lawsuit claiming they'd damaged public employees' retirement funds by removing $3.9 billion from investments in fossil fuels, with a New York state judge ruling the workers hadn't shown they'd been harmed by the divestments.
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July 03, 2024
California Tribe Sues Over 'Princeology' RICO Scheme
A California tribe is suing its former council chairwoman and two members of her nonprofit's board of directors, alleging they devised a scheme to funnel hundreds of thousands of dollars in legal fees and insurance costs to cover her Prince memorabilia collection and continue to "squat" on its property to block its sale.
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July 03, 2024
5 Argument Sessions Benefits Attys Should Watch For In July
Republican state attorneys general will try to convince the Fifth Circuit to knock down a U.S. Department of Labor rule covering how retirement plan managers can consider environmental and social factors when picking investments, while Kellogg workers will challenge class action waivers at the Sixth Circuit. Here are five argument sessions coming up this month that benefits attorneys should keep an eye on.
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July 03, 2024
Canadian IPO Market Remained Largely 'Deserted' In First Half
Only 12 companies completed initial public offerings on Canadian exchanges in the first half of 2024 — half of which were actual operating businesses — continuing a multiyear decline in new listings for Canada, new data shows.
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July 03, 2024
Blackwells Loses Bid To See Disney Books On ValueAct
The Walt Disney Co. does not have to give activist shareholder Blackwells Capital more information about an agreement that Disney made with ValueAct Capital, a Delaware Chancery Court judge ruled Wednesday, finding that Blackwells had "failed to meet its burden to prove a credible basis to suspect wrongdoing."
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July 03, 2024
SentinelOne Beats Investor Suit Over $27M Revision, For Now
Cybersecurity company SentinelOne Inc. has beaten a proposed investor class action filed after its $27 million downward revision of one of its key business metrics for its 2023 fiscal year, though a California federal judge gave the shareholders a chance to revise their suit.
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July 03, 2024
Deals Rumor Mill: Paramount-Skydance, EuroLeague, Hyundai
Skydance closes in on an agreement to buy Paramount, PE firms eye EuroLeague basketball at a potential $1 billion valuation and Hyundai could raise $3.5 billion in its India unit's IPO. Here, Law360 breaks down the notable deal rumors from the past week.
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July 03, 2024
Hospitality REIT, Activist Investor To Drop Board Feud
Braemar Hotels & Resorts and hedge fund Blackwells Capital said they plan to resolve their litigation in a deal that calls for the activist investor to withdraw from a proxy fight and buy a bigger stake in the real estate investment trust.
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July 03, 2024
Deal Reached In Del. Suit Targeting Gores-Backed UWM SPAC
Architects of a $16 billion special purpose acquisition company merger that took United Wholesale Mortgage public have reportedly agreed to settle a Delaware Chancery Court stockholder suit accusing private equity billionaire Alec Gores and others of misleading investors.
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July 03, 2024
NBA Marketing Arm Must Face NFT Privacy Suit
A California federal judge kept alive a proposed class action against the NBA's marketing arm over privacy concerns related to the nonfungible token marketplace known as NBA Top Shot, saying the amended version of the suit addresses previous deficiencies in pleading that NBA Properties participated in a joint venture.
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July 03, 2024
VC Market Relies On AI Funding To Escape Doldrums
U.S. venture funding rose to its highest quarterly total in more than two years thanks to increased funding for artificial-intelligence focused startups, according to data provider Pitchbook, although capital raising is still far below the boom era of 2021.
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July 03, 2024
4 Firms Guide $183M Nano Dimension, Desktop Metal Deal
Israeli 3D printing company Nano Dimension Ltd. said Wednesday it has inked a deal to buy Massachusetts-based Desktop Metal Inc. for $183 million, a surprise twist that comes after both companies had vied last year to combine with a third rival in transactions that would have been worth upwards of $1.8 billion.
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July 03, 2024
Weil Adds Mayer Brown Corporate Partner In New York
Weil Gotshal & Manges LLP has hired a former Mayer Brown LLP partner, who joins the firm's New York office to work on private funds issues and with investors, according to an announcement Tuesday.
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July 02, 2024
Even If There's A Better Reading, Follow Arbitrator, 9th Circ. Says
The Ninth Circuit has affirmed an arbitration award requiring two venture capital funds to dissolve in a suit alleging the funds' general partners breached their fiduciary duty, saying "even if there is a better interpretation, the arbitrator's interpretation controls, 'however good, bad, or ugly.'"
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July 02, 2024
Harvest Capital Class Ends Chancery Merger Suit For $3.85M
Stockholder attorneys who secured a $3.85 million pretrial class settlement for an allegedly unfair Harvest Capital Credit Corp. merger deal won an above-average 25% share of the award Tuesday, in what a Delaware vice chancellor indicated was a move to reward top-flight attention to smaller-stakes litigation.
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July 02, 2024
Steel Co. Escapes 401(k) Mismanagement Suit, For Now
A Florida federal judge tossed a suit claiming a steel manufacturer saddled its $655 million retirement plan with pricey investment funds and fees, ruling Tuesday the plan participant behind the claims needed to formally show the court that he brought his concerns to the plan's committee before filing suit.
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July 02, 2024
Asia-Focused SPAC Eureka Raises $50M To Pursue Merger
Eureka Acquisition Corp. began trading Tuesday after the special-purpose acquisition company priced a $50 million initial public offering, embarking on a search to acquire a Chinese or Greater Asian business, guided by three law firms.
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July 02, 2024
Pharma Co. Scores Exit In Investor Suit Over Primate Imports
A Massachusetts federal judge tossed every claim in a proposed class action claiming that pharmaceutical company Charles River Laboratories and its executives concealed their involvement in the illegal importation of nonhuman primates for research, ruling that the disputed statements are not false or misleading.
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July 02, 2024
Amway Parent Inks $1.5M Deal To End Retirees' 401(k) Suit
Amway's parent company will pay over $1.5 million to resolve a class action claiming it loaded its employee 401(k) plan with shoddy investments and excessive fees, plan participants leading the suit told a Michigan federal court.
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July 02, 2024
Bond-Rigging Suit Revived Over Judge's Wife's Stock Conflict
The Second Circuit on Tuesday revived a proposed class action accusing big banks of rigging corporate bonds, ruling that the New York federal judge who previously dismissed the suit should have recused himself due to his wife's ownership of Bank of America stock.
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July 02, 2024
FTC Challenges Tempur Sealy's $4B Mattress Firm Deal
The Federal Trade Commission moved Tuesday to block Tempur Sealy International Inc.'s planned $4 billion purchase of Mattress Firm Group Inc., saying the world's largest mattress supplier intends to use the deal to block its rivals from accessing the largest retail mattress chain in the U.S.
Expert Analysis
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Opinion
CFPB Must Clarify When Anti-Fraud Benefits Offset Harms
The Consumer Financial Protection Bureau's ill-explained orders against two banks, concerning legitimate unemployment accounts that were frozen in attempts to control COVID-era fraud, illustrate an urgent need for bureau guidance on when the systemwide benefits of a potentially unfair practice outweigh the risk of harming a minority of consumers, says Jonathan Joshua at Joshua Law Firm.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Series
ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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Arbitration Is Still On The Table To Fight ERISA Class Actions
Despite the U.S. Supreme Court recently denying certiorari in two cases that would have brought clarity to the arbitrability of ERISA claims, it is likely that the issue will remain hotly contested for some time, but lower court decisions provide tools for plan sponsors to curtail their ERISA exposure, say attorneys at Sullivan & Cromwell.
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Inside Del. Determinations Of Specific Performance In M&A
Delaware M&A rulings, including several from the end of 2023, shed light on the facts that courts may consider when determining whether a party to a transaction is entitled to specific performance, say attorneys at White & Case and Odeko.
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After Watershed Year, Clean Hydrogen Faces New Challenges
Clean hydrogen is on the verge of taking off — but over the course of 2023, it became clear that the regulatory landscape will be more stringent than expected, and the cost and timing of major projects will depend on a number of key developments anticipated in 2024, say attorneys at Weil.
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Unpacking PCAOB's Sanctions Against China-Based Auditors
Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.
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FERC Actions Signal Concern Over Investors' Utility Stakes
Two recent orders and a notice of inquiry from the Federal Energy Regulatory Commission on the subject of whether large investors are asserting control of public utilities signal increasing regulatory scrutiny of the investment community's influence over the electric power industry, say attorneys at Day Pitney.