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Asset Management
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October 09, 2024
Team Of 3 Firms Seeks To Lead UBS Cash Sweep Case
Two UBS customers suing the investment bank on allegations of shortchanging them with low-yielding cash sweep accounts moved Tuesday to consolidate their proposed class actions in New York federal court and install three firms at the helm.
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October 09, 2024
Chancery Keeps $5B Md. Data Center Project Fight In Del.
A court battle over control and management of early work on a potential $5 billion data complex in western Maryland will remain in the First State despite a marginally earlier-filed suit in Texas' new business court, a Delaware vice chancellor ruled late Wednesday.
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October 09, 2024
Hedge Fund Agrees To Drop Spoofing Claims Against TD Bank
Broker-dealer affiliates of TD Bank will no longer face a hedge fund's claims that they manipulated markets by placing trade orders they never intended to fulfill, the parties told a Manhattan federal judge.
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October 09, 2024
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
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October 09, 2024
Atty, Claims Firm Barred From Soliciting Foreclosure Class
A Michigan law firm and a third-party claims firm agreed Wednesday not to solicit potential members to an action alleging Michigan counties kept profits from foreclosures of tax-delinquent properties, following a meeting with class attorneys who had urged a judge to bar them from attempting to poach class members.
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October 09, 2024
Del. Justices Told Noncompete Toss Will Upend State Doctrine
An attorney for an Illinois-based auto parts company urged Delaware's Supreme Court on Wednesday to clarify recent court precedent on employee "forfeiture-for-competition" agreements, saying a federal court strike-down of the company's forfeit action against a former manager would be "anathema" to Delaware's "contractarian doctrine and tradition" if upheld.
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October 09, 2024
Kohl's Sued After Vendor Hack Leaks 1.9M Customers Files
Kohl's department store customers hit the retail giant on Wednesday with a putative breach of implied contract class action in Pennsylvania federal court alleging the store failed to protect data from 1.9 million customers from a hack targeting a contractor the retailer uses for debt collection.
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October 09, 2024
Insurer Wins Ex-PwC Exec's Long-Term Disability Suit
An Illinois federal judge handed Hartford Life and Accident Insurance Co. a win in a federal benefits lawsuit from a former PricewaterhouseCoopers LLP executive who alleged she was wrongly denied long-term disability benefits after fibromyalgia left her unable to continue working.
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October 09, 2024
Payment Processor Accuses Pot Biz Of Ending Contract Early
A Florida-based payment processor accused a cannabis merchant of ending a three-year contract early and blowing off requests for an agreed-upon termination fee, putting the processor out nearly $320,000.
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October 09, 2024
Spanish Baker Europastry Delays But Won't Give Up On IPO
Family-owned frozen bakery products giant Europastry S.A. has iced plans for an initial public offering, four months after unveiling plans to raise €225 million ($246 million) on Spanish stock exchanges.
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October 09, 2024
SEC Equity Trading Reforms Spark DC Circ. Challenge
The U.S. Securities and Exchange Commission is facing a legal challenge in the D.C. Circuit over recent equity trading regulatory changes that allow stocks to be quoted in half-penny increments and lower access fee caps.
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October 09, 2024
SEC Awards $5M To 3 Whistleblowers, Denies Award To 4th
The U.S. Securities and Exchange Commission awarded more than $5 million to three unidentified whistleblowers while denying a fourth applicant's bid for a payout, in a partially redacted order saying the applicant's provided information did not cause the commission to open an investigation or inquiry.
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October 09, 2024
Duane Morris Adds Corporate, Banking Partner In New York
Duane Morris LLP has brought on a former Stinson LLP partner for its corporate practice group in New York, the firm said Wednesday.
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October 09, 2024
7 Firms Lead Deal Forming Insurance, Asset Management Biz
Private investment firm CC Capital and Canadian financial services company The Westaim Corp. on Wednesday announced plans to launch an integrated insurance and asset management platform through a partnership built by seven law firms.
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October 09, 2024
Fla. University Inks $1.5M Deal In 401(k) Mismanagement Suit
A Florida university struck a $1.5 million deal with a class of employees that claimed the school weighed down its $400 million retirement plan with excessive recordkeeping fees and shoddy investment funds.
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October 09, 2024
Ropes & Gray Leads PE-Backed KinderCare's $576M IPO
Private equity-backed early childhood education provider KinderCare rose in debut trading Wednesday after pricing a $576 million initial public offering within its range, represented by Ropes & Gray and underwriters' counsel Kirkland, igniting a busy week for new listings that could include up to five IPOs.
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October 08, 2024
Genting Unit Used Bahamas Resort To Hide Fraud, Suit Says
A Bahamanian real estate development company on Monday sued a U.S. company organized under destination resorts and casino giant Genting Group, saying in a Florida federal complaint that the Genting company used a resorts in the Bahamas as a "financial wasteland" that obscured fraudulent activities.
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October 08, 2024
Texas Looks To Sink Suit Challenging Anti-ESG Law
Texas officials have asked a federal court to toss claims brought against them over a law restricting state investments with financial firms and businesses that want to reduce their reliance on fossil fuels, arguing they have sovereign immunity and the law doesn't violate the First Amendment.
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October 08, 2024
PetroSaudi Says US Not Entitled To All Of $380M Award
A PetroSaudi unit said it wants a California federal court to make clear that only 5% of funds should go to the Biden administration in a dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds.
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October 08, 2024
SEC Texting Sweep: Message Received, Guidance Needed
After financial firms have paid billions of dollars in recordkeeping fines around employees' use of off-channel communications, recent criticism of the U.S. Securities and Exchange Commission's approach by its Republican members has drawn support from attorneys who worry the agency is pushing for an impossible standard of perfect compliance.
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October 08, 2024
Homeowners Again Seek Class Cert. In Tax Foreclosure Suit
A group of former property owners has asked a Michigan federal judge to recertify a class action seeking to recover profits county treasurers made selling their tax-delinquent properties, saying the addition of class representatives fixes the flaw that dismantled the class.
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October 08, 2024
SEC Approves Nasdaq Plan To Accelerate Delistings
The U.S. Securities and Exchange Commission has approved a Nasdaq rule change that would enable the stock exchange to accelerate removals of struggling companies that try to delay delistings through the use of reverse stock splits.
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October 08, 2024
Apollo Plugs $1.6B Into SCI Capital's Continuation Vehicle
Affiliates of private equity giant Apollo Global Management have agreed to invest $1.6 billion as part of a portfolio vehicle managed by SCI Capital Partners LP that oversees portfolio companies Morton Salt and Reddy Ice, in an agreement shaped by Gibson Dunn and Proskauer Rose.
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October 08, 2024
Honeywell To Spin Off Materials Biz Amid $9B Buying Spree
Skadden-advised Honeywell said Tuesday it will spin off its advanced materials business into an independent publicly traded company, the latest maneuver in a $25 billion strategic restructuring that the company said has included about $9 billion deployed for acquisitions in 2024.
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October 08, 2024
1st Circ. Eyes Revival Of Welch's Execs' Pension Fight
The First Circuit appeared receptive Tuesday to former Welch's executives who are seeking to revive a suit claiming they were shortchanged by a supplemental retirement plan, with two judges pointing out conflict-of-interest disputes on appeal that the lower court left unaddressed.
Expert Analysis
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Applying High Court's Domestic Corruption Rulings To FCPA
After the U.S. Supreme Court narrowed the domestic corruption statutes in three decisions over the past year and a half, it’s worth evaluating whether these rulings may have an impact on Foreign Corrupt Practices Act enforcement, and if attorneys can use the court’s reasoning in international bribery cases, says James Koukios at MoFo.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Del. Dispatch: Cautionary Tales Of 2 Earnout Effort Breaches
The Delaware Court of Chancery's tendency to interpret earnout provisions precisely as written, highlighted in two September rulings that found buyers breached their shareholder obligations when they failed to make reasonable efforts to hit certain product development milestones, demonstrates the paramount importance of precisely wording these agreements, say attorneys at Fried Frank.
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Takeaways From TOTSA Settlement And Critical CFTC Dissent
The U.S. Commodity Futures Trading Commission's recent settlement with TOTSA highlights the agency's commitment to enforcing market integrity and deterring manipulative practices, while Commissioner Caroline Pham's dissent to the settlement spotlights the need for transparency and consistency in enforcement actions, say attorneys at Davis Wright.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Payward And The Secondary Crypto Transaction Confusion
Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Key Takeaways From DOJ's New Corp. Compliance Guidance
The U.S. Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
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Basel Endgame Rules: A Change Is Coming
The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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SEC Settlement Holds Important Pay-To-Play Lessons
The U.S. Securities and Exchange Commission’s recent fine of an investment adviser, whose new hire made a campaign contribution within a crucial lookback period, is a seasonable reminder for public fund managers to ensure their processes thoroughly screen all associates for even minor violations of the SEC’s strict pay-to-play rule, say attorneys at Lowenstein Sandler.