Asset Management

  • May 24, 2024

    Petition Watch: Forum Shopping, Monopolies & Gun Safety

    Law360 looks at four U.S. Supreme Court petitions filed in the past two weeks, including the FDA's request that the justices curb an increase in forum shopping at the Fifth Circuit, and two veterinarians who want the justices to allow plaintiffs to pursue antitrust claims for actions allegedly leading to the creation of a monopoly.

  • May 24, 2024

    OCC Orders Controls Improvements At Comerica

    The Office of the Comptroller of the Currency has ordered a Comerica unit to strengthen its asset management controls and address other "unsafe or unsound practices," according to a newly released consent order.

  • May 24, 2024

    House Lawmakers Want New Hearing With FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.

  • May 24, 2024

    Engineering Co. Mismanaged 401(k) Plan, Ex-Worker Says

    An engineering company forced participants in its $5.1 billion retirement plan to pay lofty administrative fees by automatically enrolling them into expensive managed account programs, thereby breaching federal benefits law, according to a proposed class action filed in Virginia federal court Friday.

  • May 24, 2024

    CFTC's Johnson Is Under Consideration For FDIC Top Job

    The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.

  • May 24, 2024

    Biden's Judicial Impact And What's Left On The Wish List

    President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

  • May 24, 2024

    Off The Bench: NCAA Settles House NIL Class Action

    In this week’s Off the Bench, the NCAA settles its court dispute with hundreds of thousands of athletes over name, image and likeness compensation, NFL rookie Marvin Harrison Jr. is taken to court over an endorsement contract, and former Super Bowl champion Antonio Brown’s post-career life is burdened further by bankruptcy. If you were sidelined this week, Law360 is here to catch you up on the sports and betting stories that had our readers talking.

  • May 24, 2024

    DC Circ. Says Bainbridge Can't Have Argentina's Building

    The D.C. Circuit on Friday denied an appeal from Bainbridge Fund Ltd. in a property dispute with Argentina, saying the company can't take possession of the property in an effort to satisfy a $95 million judgment over defaulted bonds.

  • May 24, 2024

    ERISA Arbitration Backers See Hope In 2nd Circ. Dissent

    A split Second Circuit panel backed workers — and joined three other circuits — when it rejected an attempt to force a proposed class action Employee Retirement Income Security Act lawsuit into individual arbitration, but employers are seizing on a dissent from the recent ruling to try to turn the tide.

  • May 24, 2024

    2nd Circ. Wary Of Deloitte Workers' 401(k) Suit Revival Bid

    The Second Circuit appeared reluctant Friday to revive a proposed class action against Deloitte alleging workers' employee 401(k) plans were weighed down by excessive recordkeeping fees, with multiple judges on a panel pointing to a lack of specific cost comparisons to other plans in an amended complaint.

  • May 24, 2024

    NYSE Companies Could Face Heat If Business Focus Changes

    A New York Stock Exchange proposal seeking additional authority to delist companies that enact wholesale business changes after going public could subject certain companies to more scrutiny, attorneys say, though such drastic actions are expected to be rare.

  • May 24, 2024

    Foley & Lardner Given All-Clear To Exit SEC Suit

    A North Carolina federal judge permitted Foley & Lardner LLP on Friday to exit as counsel for a Malta-based registered investment adviser that is defending claims in a $75 million lawsuit brought by the U.S. Securities and Exchange Commission, despite the judge's previous concerns about the firm's withdrawal.

  • May 24, 2024

    Ace Global Nixes $150M Greenhouse Farming Services Merger

    Special-purpose acquisition company Ace Global Business Acquisition Ltd. on Friday announced that its planned merger with Chinese LED company LE Worldwide Ltd. has been canceled due to "significant" declines in LE Worldwide's revenues.

  • May 24, 2024

    Big Win For Activist As Full Gildan Activewear Board Resigns

    The entire board of apparel company Gildan Activewear Inc., including its president and CEO Vince Tyra, have all resigned from the company after months of facing pressure from activist investor Browning West.

  • May 23, 2024

    SEC Opens Gate To Ether ETFs, But Firms Await Green Light

    The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.

  • May 23, 2024

    Governance In Focus As ESG Gains Ground This Proxy Season

    Support for corporate governance and compensation shareholder proposals has reached a five-year high this year, while support for environmental and social proposals has risen slightly after two years of decline, according to a new report.

  • May 23, 2024

    'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error

    The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings. 

  • May 23, 2024

    FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation

    The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.

  • May 23, 2024

    Big Banks Hit With Claims Of Turning Man Into 'Money Mule'

    A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.

  • May 23, 2024

    7th Circ. Unsure VIX-Fix Claims Were Wrongly Tossed

    The Seventh Circuit seemed unsure Thursday that two investment companies should be allowed to pursue volatility index manipulation claims against Barclays, Morgan & Stanley Co. and other financial institutions after a lower court found that one lacked standing and the other missed a statutory deadline.

  • May 23, 2024

    TRO Against Ex-TD Bank Employees Revised

    A federal judge in Connecticut walked back part of a temporary restraining order against ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial, saying the previous order may have been more restrictive than necessary.

  • May 23, 2024

    Wiz Khalifa Settles Suit Over Cannabis Venture

    Rapper Wiz Khalifa has settled a lawsuit filed by the co-owner of his cannabis enterprise who claimed he was cut out of a $20 million deal to license the artist's name and likeness to promote cannabis products.

  • May 23, 2024

    Apple Investor Again Seeks Green Light For $490M Settlement

    An Apple Inc. investor has asked a California federal judge to revisit a $490 million settlement deal that would end claims the tech giant misled investors about iPhone sales in China, telling the court that it had addressed the judge's critique that parts of the relevant filings were "convoluted."

  • May 23, 2024

    Ex-Fund Manager Settles SEC's $264M Offering Fraud Claims

    A former private fund manager has agreed to pay $250,000 to resolve U.S. Securities and Exchange Commission claims he violated securities fraud laws by making promises that funds he handled would invest almost $264 million that they did not actually have on hand in issuers, including two special purpose acquisition vehicles.

  • May 23, 2024

    Archegos Witness Admits Lying To Exec Charged In Collapse

    An Archegos manager who pled guilty to fraud and is cooperating with prosecutors conceded to a Manhattan federal jury Thursday that he fostered an effort to mock his former boss and hide information before the hedge fund's $36 billion collapse.

Expert Analysis

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    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.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    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.

  • Series

    ESG Around The World: Canada

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    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.

  • Lessons From Country Singer's Personal Service Saga

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    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.

  • Arbitration Is Still On The Table To Fight ERISA Class Actions

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    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.

  • Inside Del. Determinations Of Specific Performance In M&A

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    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.

  • After Watershed Year, Clean Hydrogen Faces New Challenges

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    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.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    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.

  • FERC Actions Signal Concern Over Investors' Utility Stakes

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    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.

  • 3 Areas Of Focus In Congressional Crosshairs This Year

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    Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.

  • ERISA Litigation Faces New Frontiers In 2024

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    As plaintiffs firms explore novel theories for recovery and the Department of Labor attempts to broaden the definition of an investment advice fiduciary, 2024 could see new types of Employee Retirement Income Security Act litigation after just 100 class actions were filed last year, say attorneys at Groom Law.

  • Del. Ruling Guides On Advance Notice Bylaw Amendments

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    The Delaware Chancery's Court's recent denial of investment fund Paragon Technologies' injunction motion against Ocean Power Technologies underscores the importance of carefully crafting and enforcing corporate advance notice bylaw amendments, especially in light of universal proxy rules, say attorneys at Venable.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

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