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Private Equity
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October 29, 2024
PE-Owned Implant Maker Plagued By Lawsuits Hits Ch. 11
Joint implant maker Exactech Inc. on Tuesday filed for Chapter 11 protection in Delaware bankruptcy court with an offer from its lenders to take over the company, as a wave of lawsuits tied to product recalls weighs on the private equity-owned firm.
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October 29, 2024
Blackstone Brings In $22B Total For Direct Lending Platform
Private equity giant Blackstone, advised by Simpson Thacher & Bartlett LLP, on Tuesday revealed that it successfully closed its inaugural evergreen institutional U.S. direct lending fund after securing a total of $22 billion in capital commitments.
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October 28, 2024
Masimo Sues Founder Over Alleged 'Empty Voting' Scheme
Masimo Corp. has sued its founder for allegedly conspiring with an investment firm and company stockholder to manipulate a shareholder vote in order to maintain his seat on the medical technology company's board of directors.
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October 28, 2024
Ex-Atty Charged With $9.2M Commodities Ponzi Scheme
Federal prosecutors have charged a former New Orleans-based attorney with operating a Ponzi scheme, saying he promised dozens of individuals that he would invest their $9.2 million in low-risk commodities when he was really using the funds to gamble and to pay off personal expenses.
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October 28, 2024
Ex-Oracle Manager, Software Co. Face Trade Secrets Suit
A new lawsuit by Oracle claims that a manager left the company for a competing venture-backed construction software tech outfit and "absconded with thousands of Oracle's trade secret[s]."
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October 28, 2024
Creditors Get Ponzi Finding In Wash. Bankruptcy Trial
A Washington state bankruptcy judge has found that real estate investment firm iCap Enterprises Inc. had operated as a Ponzi scheme, opening up the door for creditors to bring lawsuits and deduct some part of the losses from their taxes, attorneys for the official committee of iCap's unsecured creditors said Monday.
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October 28, 2024
5 Firms Guide Nearly $10B Garda World Security Deal
London-based private equity firm BC Partners is selling its majority equity interest in Garda World Security Corp. to a group led by the security service provider's CEO, in a transaction steered by at least five law firms that values GardaWorld at CA$13.5 billion ($9.7 billion).
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October 28, 2024
Attys Seek $48M Fees For Hooking $152M In Tuna Fixing Deals
Lawyers for a class of consumers that sued three of the largest tuna producers accusing them of conspiring to fix tinned fish prices asked a California federal court to approve nearly $50 million in legal costs after a settlement this summer ended nearly nine years of multidistrict litigation.
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October 28, 2024
AbbVie Paying $1.4B For Alzheimer's-Focused Biotech
AbbVie said Monday it will acquire Aliada Therapeutics, a biotechnology company working on therapies to treat central nervous system diseases including Alzheimer's disease, for $1.4 billion in cash.
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October 28, 2024
Gibson Dunn-Led Lone Star Exiting Chemicals Co. For $2.3B
Lone Star Funds said Monday it has agreed to sell U.S. global specialty chemicals company AOC to Japan's Nippon Paint Holdings Co. for roughly $2.3 billion.
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October 28, 2024
Crown Settles Customer Dispute To Close $924M Revance Buy
Revance Therapeutics has settled a distribution-related dispute with customer Teoxane SA, potentially clearing the path for its planned $924 million acquisition by skincare company Crown Laboratories.
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October 25, 2024
SEC Wants PE Firm's 'Fishing Expedition' Claims Paused
The U.S. Securities and Exchange Commission has asked a Texas federal judge to pause a real estate-focused private equity fund's suit alleging that the regulator subjected it to an unconstitutional "fishing expedition" outside its regulatory purview.
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October 25, 2024
'Starting Point' Algorithm Enough To Fix Prices, DOJ Says
The Justice Department is using the first algorithmic price-fixing case to reach an appeals court to argue that just because an algorithm only set "starting points" doesn't make its use legal, in a Ninth Circuit amicus brief backing efforts to revive a room rate lawsuit against Las Vegas casino hotels.
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October 25, 2024
Glocal, UpHealth May Settle $115M Award Feud
Indian healthcare services platform Glocal and bankrupt digital health services company UpHealth may be on the verge of resolving their bitter dispute over an ill-fated merger that resulted in a $115 million arbitral award, Glocal has informed an Illinois federal court in a recent request to stay enforcement proceedings.
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October 25, 2024
Skadden, Latham Steer Chinese Driverless Tech Startup's IPO
Autonomous driving technology developer WeRide Inc., represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP, on Friday raised $440.5 million combined through a U.S. initial public offering and private placement, saying it will apply fresh capital toward accelerating its global expansion.
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October 25, 2024
Paris Apparel Co. Valued At €505M As Permira Takes Stake
Private equity giant Permira is taking a significant minority stake in Parisian outdoor-inspired lifestyle brand K-Way from Italian apparel giant BasicNet in an agreement that values K-Way at an enterprise value of €505 million ($545.3 million), the parties announced in a Friday statement.
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October 25, 2024
Frontier Urges Approval Of 'Highly Attractive' Verizon Deal
Frontier Communications on Friday urged shareholders to support its planned $20 billion sale to Verizon, calling the $38.50 per-share price tag "highly attractive" despite mounting opposition from top investors, one of which claimed the company may be worth double that.
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October 25, 2024
Big Lots Inc. Gets OK For Oct. 30 Ch. 11 Asset Auction
A Delaware bankruptcy judge Friday approved discount retailer Big Lots Inc.'s plans to put itself on the block next week after hearing the provider of the baseline bid for the sale had secured the financing for its $760 million offer.
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October 25, 2024
Self-Driving Car Co. Waymo Snags $5.6B In Series C Funding
Self-driving car company Waymo on Friday announced that it closed a behemoth investing round, raising $5.6 billion from private equity and venture capital investors.
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October 25, 2024
Kirkland-Led Nautic Closes Largest-Ever Fund At $4.5B
Kirkland & Ellis LLP-advised Nautic Partners LLC on Friday announced that it closed its largest fund yet after securing $4.5 billion from investors.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Goodwin, Cooley Guide Septerna's Upsized $288M IPO
Clinical-stage drug developer Septerna Inc. is set to debut trading on Friday after pricing an upsized, $288 million initial public offering above its initial range, under guidance from Goodwin Procter LLP and underwriters' counsel Cooley LLP, extending a recent surge in biotechnology IPOs.
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October 24, 2024
FTC Official Doubts Election Will Deter Antitrust 'New Era'
The Federal Trade Commission's Bureau of Competition director defended the agency's new guidelines and its track record during a wide-ranging discussion at the 34th annual Golden State Institute on Thursday, and he expressed confidence that whichever presidential candidate wins, a new administration won't deter this "new era" of FTC antitrust enforcement actions.
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October 24, 2024
Truth Social SPAC Founder Wants $1M Award For Payout Suit
The investment sponsor of the special purpose acquisition company, or SPAC, that took former President Donald Trump's Truth Social media company public has asked for a $1 million fee award for driving the Delaware Chancery Court litigation over the Trump camp's attempts to slash a SPAC deal stock conversion ratio that would have cost some preferred investors millions.
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October 24, 2024
Cooper Hefner's $100M Bid To Buy Playboy Brand Is Rejected
The owner of Playboy, PLBY Group Inc., has turned down a reported $100 million offer from Cooper Hefner, the youngest son of late founder Hugh Hefner, to buy the Playboy brand, stating Thursday that the bid is too low.
Expert Analysis
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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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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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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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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Arbitration Implications Of High Court Coinbase Ruling
The U.S. Supreme Court's recent Coinbase v. Suski ruling not only reaffirmed the long-standing principle that arbitration is a matter of contract, but also established new and more general principles concerning the courts' jurisdiction to decide challenges to delegation clauses and the severability rule, say Tamar Meshel at the University of Alberta.
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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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The Current State Of Healthcare Transaction Reviews In Calif.
As of April, certain healthcare transactions in California have been subject to additional notification compliance requirements, and complying with these new rules could significantly delay and discourage some deals, says Andrew Demetriou at Husch Blackwell.
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Practical Private Equity Lessons From 2 Delaware Deals
A pair of Delaware Chancery Court cases remind private equity sponsors that specificity is crucial through the lens of deal certainty, particularly around closing conditions and agreement sections of acquisition agreements, say Robert Rizzo and Larissa Lucas at Weil Gotshal and William Lafferty at Morris Nichols.
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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.