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Asset Management
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June 25, 2024
Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot
The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.
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June 25, 2024
IRS Apologizes To Hedge Fund Founder Over Leaked Tax Data
The IRS issued an extraordinary public apology Tuesday to hedge fund founder and billionaire Ken Griffin for the leak of his and others' tax information to the media by a former contractor who admitted to stealing the returns of thousands of wealthy individuals, including former President Donald Trump.
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June 25, 2024
Meadow Partners Raises $530M For Latest Real Estate Fund
Real estate investment manager Meadow Partners announced Tuesday it raised $530 million for the sixth installment of its flagship real estate fund, with capital commitments from a mix of new investors and longtime partners.
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June 25, 2024
Indian AI Data Center To Go Public In $2.75B SPAC Merger
India's Nidar Infrastructure Ltd., an artificial intelligence-focused data center, has agreed to go public through a merger with special-purpose acquisition company Cartica Acquisition Corp. in a deal that values Nidar at $2.75 billion.
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June 24, 2024
GM Financial Pulls FDIC Industrial Bank Application, For Now
General Motors' financing arm said Monday that it has withdrawn its long-gestating bid for Federal Deposit Insurance Corp. approval to open an insured industrial bank, tabling its plans just days after the agency signed off on another such application for the first time in years.
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June 24, 2024
Billionaire Drops Case Against IRS Over Tax Info Leak
Billionaire hedge fund founder Ken Griffin dropped his case Monday seeking to hold the IRS accountable for the leak of his tax return information in a data breach that affected thousands of wealthy and powerful taxpayers, including former President Donald Trump.
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June 24, 2024
Teamsters Fund Must Face Pension Conversion Suit
A West Coast-based Teamsters pension fund must keep facing claims that it shortchanged married retirees by using outdated data to convert their benefits from single-life annuity form, with a Washington federal judge deeming the suit strong enough to beat the fund's dismissal motion.
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June 24, 2024
McDermott Investors See Partial Cert. In $6B CB&I Deal Suit
Investors in energy industry engineering company McDermott International Inc. saw part of their proposed investor class certified as a lead plaintiff is sought for a second subclass in litigation over the company's $6 billion acquisition of Chicago Bridge & Iron Company NV.
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June 24, 2024
Fintech Exec Gets 45 Months For Crypto Market Manipulation
A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.
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June 24, 2024
Catching Up With Delaware's Chancery Court
Amendments to Delaware's General Corporation Law topped the news out of the Court of Chancery again last week, as the hotly contested measure sailed through the state's legislature. Tesla and its shareholders continued their tug-of-war over attorney fees for Chancery litigation about Elon Musk's pay package, and new cases were filed involving biotechs, car rental companies, workout platforms, telecom towers, and a cargo ship fire in Brazil.
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June 24, 2024
DOL Still Mulling Changes To Pension De-Risking Guidance
The U.S. Department of Labor told Congress in a new report Monday it hasn't ruled out changing guidance used by retirement plan managers when selecting an annuity provider for pension de-risking transactions, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.
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June 24, 2024
Defense Contractor Gresham Inks $83M SPAC Merger
Defense contractor Gresham Worldwide Inc. and special-purpose acquisition company Ault Disruptive Technologies Corp. agreed Monday to merge in a deal that values Gresham at $83 million and enlarges the company's profile, steered by two law firms.
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June 24, 2024
Cooley-Led Therapy Developer Alumis Aims For $300M IPO
Venture-backed drug developer Alumis Inc. launched plans on Monday for an estimated $300 million initial public offering, guided by Cooley LLP and underwriters' counsel Latham & Watkins LLP, joining an active pipeline of IPO prospects this week.
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June 24, 2024
Shipping Co. Agrees To Pay $225K To Resolve 401(k) Fee Suit
A former worker at a shipping company has asked a North Carolina federal court to greenlight a $225,000 settlement that puts an end to her proposed class action accusing the company of saddling its retirement plan with excessive administrative fees and failing to remove its expensive recordkeeper.
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June 24, 2024
2nd Circ. Reopens Insider Trading Suit Against Hedge Fund
The Second Circuit on Monday revived a lawsuit accusing hedge fund Raging Capital Management LLC of profiting off its position as a corporate insider of 1-800-Flowers, rejecting arguments that a recent U.S. Supreme Court ruling overturned circuit precedent allowing shareholders to sue beneficial owners who partake in short-swing trading.
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June 21, 2024
Under Armour To Pay $434M To End Securities Fraud Claims
Under Armour Inc. has agreed to shell out $434 million to put to rest claims it inflated stock prices by hiding declining demand for its products, investors announced Friday, reaching a deal just weeks before a jury trial was set to kick off in Maryland federal court.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
11th Circ. Backs Fla. Agency Win In Ex-Warden's FMLA Suit
The Eleventh Circuit refused Friday to reinstate a former warden's lawsuit accusing the Florida Department of Corrections of transferring and demoting her because she was nearing 60 and took six months of leave, saying she failed to connect the dots to show the agency was motivated by bias.
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June 21, 2024
Chase Didn't Stop Fraudulent Transfers, Fla. Biz Owner Says
Chase Bank has been sued in Miami-Dade County state court, accused of negligence by a business owner who alleged that the bank failed to stop more than $445,000 that was drained from his accounts in a series of fraudulent wire transfers earlier this year.
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June 21, 2024
8 Firms To Lead 4 IPOs Totaling $806M As Action Heats Up
Eight law firms are slated to guide four initial public offerings estimated to raise a combined $806 million during the week of June 24, potentially closing a slow month for new listings with a bang.
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June 21, 2024
Kona Ice Nabs $533K In Toppings Dispenser Patent Trial
A Florida federal jury has come to the conclusion that a small shaved ice franchise from Boca Raton owes the Kona Ice brand a little over half a million dollars for infringing a patent covering a "liquid toppings dispensing system."
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June 21, 2024
American Airlines Can't Shake ESG Retirement Class Action
A Texas federal judge won't free American Airlines from a class action claiming its pilots' $26 billion retirement plan focused too heavily on environmental and social factors, ruling the airline's failure to push investment managers to abandon the strategy buttresses the plaintiffs' case that American endorsed it.
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June 21, 2024
Ontrak Founder Convicted In Novel Insider Trading Case
A California federal jury found Ontrak founder and former CEO Terren Peizer guilty on Friday of three counts of insider trading, following a first-of-its-kind prosecution on allegations he dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal.
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June 21, 2024
3 Firms Build $540M Take-Private Sale Of Healthcare Data Biz
Digital health company Sharecare Inc. on Friday announced that it has agreed to be bought by healthcare-focused private equity firm Altaris LLC in a $540 million take-private deal built by three law firms.
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June 21, 2024
5 ERISA Cases To Watch In 2024's Second Half
The U.S. Department of Labor will be playing defense in the second half of 2024, battling injunction bids in Texas seeking to halt the agency's recently finalized retirement security regulations, as well as fighting to uphold a DOL rule tackling social and environmental factors in retirement plan investment decisions. Here, Law360 looks at five Employee Retirement Income Security Act cases that attorneys say they will have on their radar.
Expert Analysis
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q4
As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Corporate Transparency Act Takeaways For Banking Industry
As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Compliance Risk After SEC Warning Against 'AI Washing'
The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.
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Cybersecurity Issues For Financial Industry To Track In 2024
In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.
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5 Recent Developments Family Offices Are Watching In 2024
Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.
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How State AGs Process And Prioritize Consumer Complaints
Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.