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Asset Management
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November 08, 2024
Meet The Attys Arguing Nvidia Securities Case At High Court
Two former BigLaw colleagues and a onetime Consumer Financial Protection Bureau litigator are set to appear before the U.S. Supreme Court on Wednesday to argue a closely watched case that could change the pleading standards shareholders have to meet to sue companies like Nvidia Corp.
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November 08, 2024
Up Next At High Court: Self-Deportation Deadlines & Murder
The U.S. Supreme Court will be closed Monday for Veterans Day, but the justices will return to the bench Tuesday to consider whether a 60-day deadline for immigrants to voluntarily leave the country has a grace period and what evidence is needed to allege securities fraud.
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November 08, 2024
Payments Co. Never Returned $1.5M, Tribal Authority Claims
An Oklahoma tribal financial services authority has sued two owners of a payment processor, alleging that they defrauded the authority out of $1.5 million by confiscating funds purportedly held in reserve before the termination of their relationship.
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November 08, 2024
Invesco To Pay SEC $17.5M Over Misleading ESG Statements
Invesco Advisers Inc. agreed to pay $17.5 million to settle U.S. Securities and Exchange Commission charges that the investment adviser made misleading statements about the percentage of its assets that incorporated so-called ESG factors into investment decisions.
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November 08, 2024
5 Ways Trump's Election Could Change Employee Benefits
Donald Trump's election to a second term as president has attorneys preparing for potentially significant changes to tax, investment and health policy that could directly affect the administration of employee benefit plans.
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November 08, 2024
French Generative AI Startup Seeks Landmark IPO In Paris
French artificial intelligence company LightOn launched plans Friday for an estimated €10.4 million ($11.2 million) initial public offering, paving the way for Europe's first listing of a generative AI business that is scheduled to debut later this month.
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November 08, 2024
Kustom Entertainment's $222M SPAC Merger Goes Kaput
Blank-check company Clover Leaf Capital is terminating its planned merger with live entertainment organizer Kustom Entertainment Inc., according to a Friday announcement.
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November 08, 2024
Experienced Dealmakers Lead 3 SPACs Raising $365M Total
Three special purpose acquisition companies began trading Friday after pricing initial public offerings that raised $365 million combined under guidance from four law firms, marking the latest sign that more SPACs, particularly those with prior deals under their belts, are willing to test an improving market.
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November 08, 2024
Mitsubishi Chemical Dodges Ex-Worker's ERISA Suit, For Now
A New York federal judge tossed a former worker's suit claiming Mitsubishi's chemical unit retained pricey and underperforming funds in its $700 million retirement plan while failing to cut fees, finding his claims were either half-baked or he failed to show he suffered an injury.
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November 08, 2024
FTX Investment Firm Seeks Return Of $11M In Crypto Assets
Alameda Research, an investment arm of the now-bankrupt FTX digital asset empire, has filed a lawsuit against cryptocurrency exchange Crypto.com in Delaware bankruptcy court, seeking the return of $11.4 million in assets still held on the platform despite multiple requests from the debtor.
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November 08, 2024
Katten Adds Private Credit Partner From Weil In NY
Katten Muchin Rosenman LLP has added a former Weil Gotshal & Manges LLP banking and finance counsel, who joined the team in New York as a private credit partner.
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November 07, 2024
Ex-Celsius CEO OK'd To Seek Testimony From Abroad
A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform.
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November 07, 2024
JPMorgan Sues Adviser Who Jumped To Morgan Stanley
The broker-dealer arm of JPMorgan has accused a former Michigan-based employee of using its confidential information to lure its customers at her new job at Morgan Stanley's wealth management unit, including a half a dozen clients with nearly $12 million in combined assets who have already jumped ship from JPMorgan.
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November 07, 2024
Vanguard Investors Ink $40M Settlement In Tax Liability Suit
Vanguard investors have asked a Pennsylvania federal judge to give the first green light to a $40 million settlement reached with the firm over it allegedly breaching its fiduciary duty when it triggered a sell-off of assets that left investors with massive tax bills.
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November 07, 2024
FINRA Orders Ga. Broker To Pay $2M Over Trading Strategy
A Georgia-based brokerage firm has agreed to pay $2 million in partial restitution to settle allegations from the Financial Industry Regulatory Authority that the firm recommended a trading strategy to customers without fully understanding it.
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November 07, 2024
Truth Social Tipper Gets 28 Mos. In Trump SPAC Insider Case
A Manhattan federal judge hit a career securities trader from Florida with a 28-month prison sentence Thursday after a jury convicted him of conveying tips that fueled a $23 million insider trading scheme exploiting plans to take Truth Social public.
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November 07, 2024
Fed Chair Powell Says He Won't Step Down If Trump Asks
Federal Reserve Chair Jerome Powell said Thursday that he would not step down from his role if President-elect Donald Trump asked him to, doubling down on his commitment to serving out the remaining two years of his appointment leading the central bank.
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November 07, 2024
FINRA Grants Client Poach Injunction To TD Bank
The Financial Industry Regulatory Authority has issued a permanent injunction against Raymond James Financial and its subsidiary Crescent Point Private Wealth that bars their solicitation of certain TD Bank clients until April 2025, according to a status report filed in a federal lawsuit in the District of Connecticut.
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November 07, 2024
LeBron Eyes Media Merger, AI Startup IPO, And More Rumors
Basketball star LeBron James wants to merge his TV and film production company with a British studio, while AI-focused startup CoreWeave has selected investment banks to manage an initial public offering planned for 2025, plus a women's clothing retailer and a generic-drug maker are planning a pair of listings that could revive Canada's dormant IPO market.
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November 07, 2024
Lynk Global Taps New Execs Amid Deal With A-Rod's SPAC
Lynk Global Inc., the satellite-to-phone business merging with the blank-check company of former New York Yankees star Alex Rodriguez, on Thursday revealed that it has picked a new CEO and CFO while securing capital investments from shareholders.
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November 07, 2024
AT&T Buys UScellular Spectrum Licenses In $1B Deal
United States Cellular Corp. on Thursday announced that it has agreed to sell a portion of its retained spectrum licenses to telecommunications giant AT&T for $1.018 billion, in a deal built by at five law firms.
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November 06, 2024
Trump's Win Likely To Spur Deals For Capital Markets Attys
Former President Donald Trump's decisive win in Tuesday's presidential election will enable deals to proceed on a more certain basis, capital markets advisers said Wednesday, citing pent-up demand to restart capital raising after a long period of subdued activity.
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November 06, 2024
SEC's Gensler Faces Group's Call To Resign After Trump Win
Following Donald Trump's election victory Wednesday, a financial services trade association called on U.S. Securities and Exchange Commission Chair Gary Gensler to "immediately" step down in order to boost trust in the agency.
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November 06, 2024
CMA Probing Outbrain's $1B Altice Video Platform Deal
Britain's competition enforcer is investigating digital advertising technology provider Outbrain's planned purchase of video advertising platform Teads in a deal with European telecommunications company Altice worth around $1 billion.
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November 06, 2024
Sanctioned Supplier, Abbott Strike Deal Over TM Judgment
Abbott Laboratories has resolved a dispute with a diabetes test-strip wholesaler that was ordered to pay Abbott $33.4 million after committing discovery misconduct, with the parties saying they've agreed to a settlement after a federal appeals court upheld Abbott's default win in September.
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.