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Asset Management
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
AI Biz Hits $2.8B Valuation After Latest Funding Round
Artificial intelligence inference platform Groq on Monday announced that it reached a $2.8 billion valuation after successfully closing a $640 million Series D funding round.
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August 02, 2024
Industry Backs Commonwealth's Appeal Of SEC's $93M Win
The Financial Services Institute is calling on the First Circuit to overturn the U.S. Securities and Exchange Commission's $93 million victory against member firm Commonwealth Financial Network, arguing the lower court's disgorgement analysis undermines a U.S. Supreme Court decision and leaves other investment advisers fearing "outsized" enforcement actions.
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August 02, 2024
Corporate Battles Thrust Activist Investing Into The Spotlight
Disney and Starbucks are among the big-name corporations that have recently gone toe to toe with activist investors, spotlighting an upswing in activist demands against U.S. companies in the first half of the year.
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August 02, 2024
Chancery Won't Force Open Paramount's Books On Skydance
A pension fund shareholder that sued Paramount Global for more information on its pending merger with Skydance Media may not have access to the entertainment company's corporate documents because the pension fund hasn't shown a "credible basis" to suspect wrongdoing, Delaware's Court of Chancery ruled Friday.
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August 02, 2024
Auto Parts Co. To Pay $2.9M To End 401(k) Class Action
Auto parts manufacturer Magna International agreed to pay $2.9 million to end a class action alleging it cost employees millions of dollars in retirement savings because it failed to remove flawed investment options from its retirement plan, workers told a Michigan federal court.
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August 02, 2024
Ex-Dropbox Exec Says JPMorgan Can't Block Arbitration
A billionaire co-founder of the file sharing platform Dropbox has asked a California federal court to declare that he can take a JPMorgan wealth management unit to arbitration for more than $225 million in damages he says he suffered at the hands of an investment adviser who previously worked for units of First Republic Bank that JPMorgan acquired last year.
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August 02, 2024
SDNY Brass Looks To Future After String Of Courthouse Wins
A series of high-profile convictions won by federal prosecutors from the Southern District of New York shows the office is pursuing justice for a diverse community without regard for politics, its senior leaders told Law360, adding they intend to continue on that path.
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August 02, 2024
Ares Sees Single-Best Fundraising Quarter In Firm History
Asset management giant Ares Management Corp. on Friday boasted its most successful period of fundraising in the firm's 27-year history, raising $26 billion of capital in 2024's second quarter and marking $43 billion raised year-to-date.
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August 02, 2024
4 ERISA Excessive Health Fee Suits To Watch
The Third Circuit will decide whether to revive a suit from MetLife workers alleging their pharmacy benefits were mismanaged, while suits proceed in district court against Wells Fargo and Johnson & Johnson alleging they violated the Employee Retirement Income Security Act via high drug costs a pharmacy benefit manager charged workers. Here, Law360 looks at four cases involving claims that employers violated ERISA by charging high healthcare costs — including for prescription drugs — that attorneys are watching.
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August 02, 2024
Allstate Plan Participants Want $70M ERISA Case Kept In Play
Claims by a proposed class of current and former Allstate workers that the insurer cost them nearly $70 million by keeping poor-performing funds in their retirement plan should head to trial, the workers argued Friday while urging an Illinois federal court not to toss the suit.
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August 02, 2024
SEC Narrows Its Rulemaking Focus As Election Looms
The U.S. Securities and Exchange Commission's aggressive rulemaking spree is showing signs of dwindling as November elections loom, although several proposals could be primed for autumn votes if regulators wish to tackle hot-button topics.
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August 02, 2024
Ex-CFO Of Embattled PE Firm Sues In Del. For Legal Fees
The former chief financial officer of 777 Partners LLC has sued the private equity firm in Delaware's Court of Chancery, seeking advancement of his legal fees in connection with a fraud investigation and at least 20 civil lawsuits related to the company's business.
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 01, 2024
GPB Capital Execs Convicted Of Fraud For $1.8B Scheme
A New York federal jury on Thursday convicted former GPB Capital executives of wire and securities fraud charges stemming from allegations they ran the private equity fund like a $1.8 billion Ponzi scheme, according to an announcement from the U.S. Department of Justice.
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August 01, 2024
SEC Wants Win In Suit Over Ex-Morgan Stanley Rep's Scam
The U.S. Securities and Exchange Commission has asked a North Carolina federal judge for a win in a lawsuit against an ex-Morgan Stanley representative serving time for running a $4.8 million Ponzi scheme, arguing summary judgment is proper given the seven-year prison sentence and penalties issued against the defendant in the parallel criminal case.
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August 01, 2024
BNY's Pershing Hit With $1.4M FINRA Recordkeeping Fine
BNY subsidiary Pershing will pay the Financial Industry Regulatory Authority a $1.4 million fine to resolve claims that it misstated interest rates for variable rate securities on millions of account statements for more than 12 years.
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August 01, 2024
Grayscale Wants Rival's $2M Conn. Trade Practices Suit Nixed
Grayscale Investments LLC has asked a Connecticut state court judge to toss a suit launched by asset management firm Osprey Funds LLC, alleging that Grayscale falsely advertised its services in order to lure investors, saying the amended complaint fails to state a claim and, therefore, must be "stricken in its entirety."
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August 01, 2024
Google Beats RNC's Claims It Censored Fundraising Emails
A California federal judge on Wednesday tossed the Republican National Committee's lawsuit accusing Google of being politically motivated and violating the state's Unfair Competition Law by sending RNC fundraising emails to Gmail users' spam folders, finding the conduct may be unfair in a "colloquial" sense, but is not illegal.
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August 01, 2024
Crypto-Forex Co. Defaults In Fla. Civil Fraud Lawsuits
A purported foreign exchange currency broker based in Hong Kong defaulted Thursday in three Florida state court lawsuits alleging multimillion-dollar frauds due to lack of counsel, although a Miami judge allowed the former CEO to respond to the complaints against him as a self-represented party.
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August 01, 2024
Latham, Ellenoff Rank Among Top Firms For July IPOs
Latham & Watkins LLP and Ellenoff Grossman Schole LLP were among the leading law firms that steered the most initial public offerings during July, which marked the year's busiest month in terms of IPO proceeds.
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August 01, 2024
AI-Focused Chipmaker Cerebras Confidentially Files IPO Plans
Silicon Valley-based artificial intelligence startup Cerebras Systems Inc. said Thursday it has confidentially filed plans for an initial public offering with the U.S. Securities and Exchange Commission, joining other AI-linked companies in the IPO pipeline.
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August 01, 2024
TD Bank's $25M Client Poach Case Hits FINRA Snags
Ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial Services Inc. agreed to move a dispute over a restraining order into arbitration to shield themselves from negative press, the bank told a federal judge Thursday after the defendants complained about delays to the proceeding.
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August 01, 2024
EU Approves $18B Grain Deal With Asset Sales
European enforcers on Thursday approved grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, conditioned on the sale of Viterra's oilseed businesses in Hungary and Poland.
Expert Analysis
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Advisers Can Avoid Gaps In SEC Marketing Rule Compliance
A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Banks As Crypto Custodians May Rest On SEC Bulletin's Fate
Banks' willingness to accept custody of cryptocurrency assets, like the exchange-traded funds approved by the U.S. Securities and Exchange Commission this spring, may hinge on whether a 2022 SEC accounting bulletin directing banks to track customers' digital assets on their balance sheets can survive Congress' attempts to strike it down, says Roger Chari at Duane Morris.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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A Framework For Investigating Commercial Loan Fraud
As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.