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Private Equity
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December 09, 2024
Trump Media Investors Urge Stay Denial In Del. Suit
Investors in Donald Trump's social media website urged a Delaware Chancery Court to deny a temporary stay brought by the president-elect in order to let Florida litigation play out first, saying presidential immunity doesn't extend to unofficial acts, and the lawsuit can proceed against Trump's affiliates.
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December 09, 2024
$82.5M Cheerleading Antitrust Deal, Atty Fee Gets Final OK
A Tennessee federal judge has granted final approval of an $82.5 million settlement between parents and Varsity Brands in a lawsuit that accused the apparel company of stifling competition and inflating prices, and also allowed $35 million of the award to pay for class counsel's fees.
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December 09, 2024
CFPB Gets Final OK For $950K Student Lender Settlement
A New York federal judge has granted final approval to a $950,000 settlement reached between the Consumer Financial Protection Bureau and an online private student lender and its venture capital backer over claims that they duped borrowers into taking out loans for coding school and other vocational programs with false claims about their educational "return-on-investment."
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December 09, 2024
Apollo, Santander Invest In $370M Infrastructure Portfolio
Private equity giant Apollo and commercial bank Santander on Monday unveiled plans to partner to invest in a $370 million portfolio of infrastructure credit.
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December 09, 2024
Barington And Thor Invest In Macy's, Push For New Direction
Barington Capital Group LP and Thor Equities LLC said Monday they've taken a position in Macy's as they pushed the storied retailer to make strategic changes to help "improve shareholder value," while Macy's acknowledged the development and disclosed it was being counseled by Wachtell Lipton Rosen & Katz on the matter.
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December 09, 2024
Paul Hastings, Paul Weiss Lead $6.7B Pactiv Evergreen Sale
Packaging products maker Novolex, advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced that it will combine with food merchandising product manufacturer Pactiv Evergreen, led by Paul Hastings LLP, in a $6.7 billion take-private deal that is backed by private equity funds.
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December 09, 2024
Arthur J. Gallagher Buying AssuredPartners For $13.5B
Arthur J. Gallagher & Co. has agreed to purchase independent insurance brokerage AssuredPartners for $13.5 billion in cash, in what its seller, private equity firm GTCR, said will be the largest sale of a U.S. insurance broker to a strategic acquiror in the history of the industry.
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December 09, 2024
CVC Makes €1.2B Bid For Germany's CompuGroup Medical
Private equity giant CVC said Monday that it has made a €1.2 billion ($1.3 billion) offer for CompuGroup Medical that will remove the German e-health company from Germany's bourse.
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December 06, 2024
How Paul Atkins' Last SEC Term Might Shape Agency's Future
President-elect Donald Trump's choice to lead the U.S. Securities and Exchange Commission next year is no stranger to the agency, and Paul Atkins' past speeches, statements and actions as a commissioner may offer a road map for how he would lead the agency in areas such as private funds, shareholder activism and multibillion-dollar enforcement sweeps.
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December 06, 2024
$29.75M Deal Proposed To End Del. Latch Inc. SPAC Suit
Attorneys for investors who bought into Latch Inc.'s Tishman Speyer-led, $1.5 billion take-public deal only to see their shares nosedive have tentatively settled consolidated class damage claims for $29.75 million, according to a Delaware Court of Chancery filing.
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December 06, 2024
AI Hype Won't Wash With Canadian Securities Regulators
The Canadian Securities Administration is warning market participants against hyping ties to artificial intelligence in order to drum up interest for investments — a practice called "AI washing" — as the agency invites public comment before crafting AI-focused regulations.
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December 06, 2024
4 Big Developments In ERISA Cases From 2nd Half Of 2024
The Sixth Circuit reopened a retirement plan mismanagement suit against Parker-Hannifin Corp. and revived a manufacturing company worker's disability benefits bid, while the nation's highest court declined to review a plan trustee's unsuccessful attempt to force an employee stock sale dispute into arbitration. Here, Law360 looks at four recent decisions in Employee Retirement Income Security Act cases that benefits attorneys should know.
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December 06, 2024
Freshfields Adds 2 Corporate Laterals In Silicon Valley
Freshfields Bruckhaus Deringer LLP has expanded its offerings in Silicon Valley with the additions of a capital markets attorney from Cooley LLP and an employee benefits and executive compensation attorney from Goodwin Procter LLP.
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December 06, 2024
Taxation With Representation: Skadden, Gibson Dunn
In this week's Taxation With Representation, BlackRock buys HPS Investment Partners, TreeHouse Foods Inc. buys Harris Tea, Aya Healthcare acquires Cross Country Healthcare, and Bruin Capital launches a soccer representation business.
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December 06, 2024
Guardian Group Agrees Observer Sale To Tortoise Media
The owner of Guardian Media Group said Friday that it has agreed in principle to sell The Observer to online startup Tortoise Media in an equity-based transaction that would provide a £25 million ($32 million) investment in the world's oldest Sunday newspaper.
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December 05, 2024
Trump Taps Musk Ally David Sacks As 'AI & Crypto Czar'
President-elect Donald Trump announced Thursday that he has selected David O. Sacks, a tech investor who worked alongside Elon Musk and entrepreneur Peter Thiel in the early days of PayPal, to be the newly created "White House AI & Crypto Czar."
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December 05, 2024
Software Co. Five9 Sued After Surprise Guidance Slash
Cloud-based customer contact center Five9 Inc. and two of its executives face claims they misrepresented that the company was on track for healthy revenue growth, only to hurt investors by reversing course nine weeks later when they slashed Five9's financial guidance for the year.
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December 05, 2024
Investors Sue Pegasystems In Corporate Espionage Case
Business software developer Pegasystems Inc. has been hit with allegations that it misled an asset management firm by concealing its use of illegal and unethical tactics to misappropriate competitor Appian Corp.'s trade secrets, which led to a since-overturned $2 billion Virginia state court judgment for unjust enrichment.
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December 05, 2024
DOL Says Court Erred In Tossing ESOP Claims Against Exec
A medical equipment industry executive should continue facing claims that he ripped off workers by selling overpriced stock to his company's employee stock ownership plan, the U.S. Department of Labor told an Idaho federal judge Thursday, asking him to rethink letting the executive escape the allegations.
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December 05, 2024
Jones Day Reps CNX On $505M Deal For Natural Gas Biz
CNX Resources Corp. said Thursday it has agreed to acquire for about $505 million the natural gas upstream and associated midstream business of Apex Energy II LLC, a portfolio company of funds managed by Carnelian Energy Capital Management LP.
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December 05, 2024
SpaceX Seeks Astronomical $350B Value, And More Rumors
SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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December 05, 2024
Lawhive Secures $40M Series A, Plans US Launch In 2025
Lawhive announced a $40 million Series A funding round Thursday, less than a year after its previous raise.
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December 04, 2024
Trump Chooses Vance Adviser To Lead Army
President-elect Donald Trump on Wednesday nominated Daniel Driscoll, a former soldier, venture capitalist and adviser to incoming Vice President JD Vance, to lead the U.S. Army.
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December 04, 2024
'Patriotic' Marketplace PublicSquare Raises $36M Stock Sale
The money-losing owner of self-described patriotic marketplace PublicSquare bolstered its balance sheet Wednesday through a $36 million registered direct offering guided by two law firms, one day after it named Donald Trump Jr. to its board of directors.
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December 04, 2024
Del. Justices Skeptical $2.4B SPAC Deal Misled Investors
Delaware Supreme Court justices pressed a stockholder attorney on Wednesday to explain how the blank-check company that took electric vehicle venture Canoo Holdings Ltd. public in a $2.4 billion deal breached its duties by failing to reveal information it purportedly had yet to receive.
Expert Analysis
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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Budding Lessons From Landmark Plant Seed Patent Battle
The Corteva v. Inari case involving intellectual property rights in genetically modified plants is now proceeding through discovery and potentially to trial, and will raise critical questions that could have a major impact on the agriculture technology industry, say Tate Tischner and Andrew Zappia at Troutman Pepper.
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Anticipating Jarkesy's Effect On Bank Agency Enforcement
Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.
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Opinion
Legal Institutions Must Warn Against Phony Election Suits
With two weeks until the election, bar associations and courts have an urgent responsibility to warn lawyers about the consequences of filing unsubstantiated lawsuits claiming election fraud, says Elise Bean at the Carl Levin Center for Oversight and Democracy.
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How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.
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Series
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.
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Avoiding Merger Disputes Via Careful LLC Agreement Drafting
The Delaware Court of Chancery recently upheld a merger in a dispute over the process of amending the target's limited liability company agreement, underscoring the importance of understanding the Delaware LLC Act default rules and careful drafting to allow for contractual modifications, says Jane Trueper at Lathrop.
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Opinion
FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos
A proposed Federal Deposit Insurance Corp. rule concerning control over passive index fund investments in banks is outside the agency's remit, clashes with an existing Federal Reserve process and would inhibit competition in the index fund sector, says J.W. Verret at George Mason University.
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Use The Right Kind Of Feedback To Help Gen Z Attorneys
Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.
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Opinion
Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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Series
The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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HSR Amendments Intensify Merger Filing Burdens, Data Risk
The antitrust agencies' long-awaited changes to premerger notification rules under the Hart-Scott-Rodino Act stand to significantly increase the time and cost involved in preparing an initial HSR notification, and will require more proactive attention to data issues, says Andrew Szwez at FTI Technology.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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Making Sure Your Co. Isn't In The Next Section 13(f) Sweep
Enforcement actions taken against 11 institutional investment managers for alleged failures to file forms required by Section 13(f) of the Securities Exchange Act serve as a reminder that firms should carefully monitor their obligations to avoid becoming the target of the next enforcement sweep, say attorneys at Ropes & Gray.