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Asset Management
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
Ex-Greenberg Traurig Atty Joins Holland & Knight As Partner
A former Greenberg Traurig LLP shareholder recently joined Holland & Knight LLP's private wealth services group as a partner in its Chicago office, where he can use his experience as a certified public accountant to help navigate estate and trust administration matters.
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July 12, 2024
CFTC, DOJ Convene 'Pig Butchering' Working Group
The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.
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July 11, 2024
Biden Taps Warren Protege, Ex-CFPB Atty For CFTC Seat
President Joe Biden on Thursday nominated a senior Office of Management and Budget official and former Consumer Financial Protection Bureau attorney to the U.S. Commodity Futures Trading Commission to replace one of two current CFTC members who themselves have been nominated for other offices.
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July 11, 2024
Tempur Sealy, Mattress Firm Blast FTC's Merger Challenge
Tempur Sealy and Mattress Firm fired back at the Federal Trade Commission's bid to block a proposed merger between the mattress companies, contending in separate filings that the FTC's ambiguous allegations require tossing the agency's administrative complaint.
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July 11, 2024
South Korea Looks To Nix $32M Award To U.S. Hedge Fund
South Korea said Thursday that it will look to overturn an arbitral award ordering it to pay some $32 million to a U.S. hedge fund following a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
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July 11, 2024
Judge 'Not Moved' By Coinbase's Call For Gensler's Emails
The New York federal judge overseeing the U.S. Securities and Exchange Commission's lawsuit against Coinbase Inc. cautioned the crypto firm Thursday against pursuing a subpoena targeting the private emails of SEC Chair Gary Gensler, saying she was "surprised, and not in a good way" by the request and warning that it could tarnish defense counsel's credibility.
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July 11, 2024
Expensify Says Suit Over IPO Disclosures, Biden Support Fails
Expense management software company Expensify has asked a federal judge to toss a federal lawsuit accusing it of concealing the details of a new pricing strategy and the effects of statements its CEO made urging customers to vote for President Joe Biden in the 2020 election in order to prop up shares ahead of its initial public offering.
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July 11, 2024
Calif.'s Insulin Cost Suit Belongs In Fed. Court, 9th Circ. Told
Express Scripts and Caremark PCSHealth urged the Ninth Circuit on Thursday to reverse a lower court's order sending California's antitrust suit over skyrocketing insulin prices back to state court, with both appellants' counsel arguing the state's claims involve disputes over federal contracts and regulations that must be resolved in federal court.
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July 11, 2024
Chancery Orders Invictus Fund Sides To Provide Case Update
Pointing to hints of clarity in a distressed credit and special-situations fund's murky, 9-month-old battle for documents and cash held by its general partner and investment manager, a Delaware vice chancellor on Thursday ordered the two sides to produce a case update by Tuesday.
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July 11, 2024
SPAC Plans To Merge With Online Game Maker In $500M Deal
Special-purpose acquisition company Relativity Acquisition Corp. on Thursday revealed that it is in talks with online casino game maker Mazaii Corp. Ltd. to acquire the company and take it public in a deal that values the casino game maker at an initial enterprise value of $500 million.
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July 11, 2024
Biden Taps Cohen Weiss Atty As PBGC Director
President Joe Biden on Thursday tapped an attorney who most recently served as of counsel at Cohen Weiss & Simon LLP to head the Pension Benefit Guaranty Corp.
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July 11, 2024
DOL Wants ERISA Investment Advice Regs Kept Afloat
The U.S. Department of Labor is urging a Texas federal court to reject a bid from insurance industry groups to block its new regulations that broaden who qualifies as a fiduciary under federal benefits law, saying the groups are "grasping for a reason" to evade the law.
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July 11, 2024
Deals Rumor Mill: Saudi Aramco, Paramount Global, Carlyle
The Carlyle Group is considering acquiring Baxter International's kidney-care spinoff Vantive for about $4 billion, Aramco attracted more than $31 billion in orders for its $6 billion bond sale, and Paramount Global plans to cut more jobs before its merger with Skydance Media closes. Here, Law360 breaks down these and other notable deal rumors from the past week.
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July 11, 2024
Earned Wealth Secures $200M, Buys Peer Thomas Doll
DLA Piper-advised Earned Wealth announced on Thursday that it received a $200 million growth investment from growth equity investors while simultaneously unveiling its acquisition of fellow medical professional-focused financial services firm Thomas Doll.
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July 11, 2024
Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy
Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday.
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July 10, 2024
Nasdaq Says It's Immune To SPAC's 'Racial Animus' Claims
The Nasdaq Stock Market has asked a Brooklyn federal judge to toss claims it "arbitrarily and capriciously" derailed a minority-led special purpose acquisition company's plans, arguing in a Wednesday filing that it's immune to such claims as a self-regulatory organization.
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July 10, 2024
Pledging 'Accountability,' Biden's FDIC Pick Faces Senate Test
President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. plans to stress her regulatory credentials and determination to fix the agency's troubled work culture when she goes before a U.S. Senate panel on Thursday for a confirmation hearing.
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July 10, 2024
Ellenoff-Led SPAC Raises $200M To Pursue Healthcare Merger
SIM Acquisition Corp. I, a special-purpose acquisition company formed to pursue a healthcare merger, began trading Wednesday after pricing a $200 million initial public offering, represented by Ellenoff Grossman & Schole LLP and underwriters counsel Kirkland & Ellis LLP.
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July 10, 2024
McDermott-Led H.I.G. Secures $1.3B For 3rd Real Estate Fund
Private equity shop H.I.G. Capital, advised by McDermott Will & Emery LLP, on Wednesday announced that it closed its third European real estate-focused fund after raising roughly $1.3 billion of capital commitments.
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July 10, 2024
Archegos Founder Convicted Of $100B Fraud On Wall Street
A Manhattan federal jury on Wednesday convicted Archegos founder Bill Hwang of illegally injecting over $100 billion into Wall Street markets with lies to banks that ballooned stocks and his assets, before running his family-office hedge fund into the ground.
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July 10, 2024
2nd Circ. Won't Rethink Arbitration Denial In ERISA Suit
The Second Circuit declined to reconsider its May ruling that a group of financial services companies can't compel individual arbitration of a proposed class action accusing them of overcharging an employee stock ownership plan, rejecting one company's argument that the panel unfairly displayed "hostility to arbitration."
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July 10, 2024
House Panel Votes To Nix Biden's Retirement Advice Rule
A Republican-controlled panel of U.S. House lawmakers advanced legislation Wednesday to block recently finalized regulations from the U.S. Department of Labor that expand the definition of a fiduciary under the Employee Retirement Income Security Act, after a brief debate on retirement policy that clearly split along party lines.
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July 10, 2024
SEC Probes NYSE's Bid To Extend SPAC Merger Deadlines
The U.S. Securities and Exchange Commision wants more time to investigate a New York Stock Exchange proposal that would lengthen deadlines to complete certain mergers involving special purpose acquisition companies to 42 months, saying NYSE's proposal departs from typical time limits intended to protect investors.
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July 10, 2024
AMD To Buy European AI Biz In $665M Cash Deal
Semiconductor company AMD, advised by Latham & Watkins LLP, on Wednesday announced plans to buy a private European artificial intelligence lab called Silo AI in an all-cash deal valued at roughly $665 million.
Expert Analysis
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9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims
In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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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.