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Asset Management
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November 25, 2024
J.S. Held Acquires Forensic Accounting Firm Luttrell Wegis
J.S. Held, a global consulting firm, has acquired Lutrell Wegis LLP, a California-based forensic accounting and business valuation firm, in a move one of the new company's co-founders said will strengthen their companies' capabilities.
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November 25, 2024
Vanguard, Investors Get Initial OK On $40M Deal In Tax Suit
A Pennsylvania federal judge gave initial approval Monday to a $40 million settlement between Vanguard and investors who claimed the firm breached its fiduciary duty when it triggered a sell-off of assets that left investors with hefty tax bills.
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November 25, 2024
NC Biz Owner Settles SEC's $28M Fraud Claims
An investment firm owner has agreed to return the proceeds of an alleged $28 million Ponzi-like manufacturing debt investment scheme and pay a civil penalty to the U.S. Securities and Exchange Commission, according to an order signed by a North Carolina federal judge.
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November 25, 2024
Kirkland, Milbank Shape $3.5B Blackstone-EQT Corp. JV
EQT Corp., led by Kirkland & Ellis, will form a $3.5 billion joint venture with Blackstone Credit & Insurance to take over ownership of the Mountain Valley Pipeline and other midstream assets that EQT got in its re-acquisition of Equitrans Midstream, the partners announced Monday.
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November 25, 2024
Macy's Delays Earnings Report After $154M Employee Error
Macy's said Monday that an employee had misstated up to $154 million in delivery expenses since 2021, forcing the retailer to delay releasing its third-quarter results for the year, just ahead of the holiday shopping season.
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November 25, 2024
SDNY's Williams To Resign Before Trump Takes Office
Manhattan U.S. Attorney Damian Williams said Monday he will resign Dec. 13, clearing the way for President-elect Donald Trump's nominee, former U.S. Securities and Exchange Commission chair Jay Clayton, to run the office next year.
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November 25, 2024
5 Firms Build CA$12.1B Take-Private Of CI Financial
Canada-based asset and wealth management company CI Financial Corp. on Monday announced that it has agreed to go private through an acquisition by Mubadala Capital that boasts an enterprise value of roughly CA$12.1 billion ($8.7 billion) and was built by five law firms.
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November 22, 2024
Private Cos. Seek Pre-IPO Share Sales Amid Liquidity Crunch
Following a dearth of initial public offerings in recent years, more private companies are arranging secondary-share sales to help employees and early investors pare down equity stakes without waiting for a public listing, a trend capital markets attorneys expect will continue for the foreseeable future, even if IPOs rebound.
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November 22, 2024
Democratic SEC Member To Step Down Amid GOP Takeover
U.S. Securities and Exchange Commission member Jaime Lizárraga said Friday that he plans to step down before President-elect Donald Trump takes office, a day after SEC Chair Gary Gensler announced his plans to leave, further clearing the way for new Republican Party leadership.
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November 22, 2024
Chinese EV Maker's European Unit Eyes $410M SPAC Merger
Hudson Acquisition I Corp. and Aiways Automobile Europe GmbH said Friday they have inked an agreement to go public through a SPAC merger, with the electric vehicle maker achieving a $410 million pre-merger equity valuation.
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November 22, 2024
Software-Focused VC Firm Closes 2nd Fund At $450M
Software-focused venture capital firm Theory Ventures on Friday announced that it closed its second fund with $450 million in tow.
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November 22, 2024
Taxation With Representation: Stradley Ronon, Davis Polk
In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.
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November 21, 2024
FDIC's 'Hot Money' Revamp Gets Bank, Fintech Cold Shoulder
Banking and fintech lobbyists are calling on the Federal Deposit Insurance Corp. to scrap its proposal to overhaul rules on brokered deposits, also known as "hot money," arguing the effort represents a step backward for the industry that would raise costs for everyone.
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November 21, 2024
FirstEnergy Investors Slam Ex-Execs' Info 'Bogeyman' Story
FirstEnergy shareholders have accused two former executives of the energy company of exploiting confidentiality rules by seeking to shield documents relevant to their suit over a stock plummet that followed a massive bribery scheme, telling an Ohio federal judge he should reject the executives' "informational bogeyman" story.
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November 21, 2024
Forex Trader Gets 23 Years For $93M Investor Fraud
A Colorado federal judge on Thursday sentenced a retired Marine convicted of wire fraud and conspiracy to 23 years in prison for his role in a scheme that swindled investors out of $93 million.
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November 21, 2024
SEC Seeks More Data On Nasdaq Plan To Speed Up Delistings
The U.S. Securities and Exchange Commission has postponed deciding on a Nasdaq proposal that would accelerate delistings of companies with low-priced stocks that take extended time to regain compliance or rely on reverse-stock splits to elevate their share prices, saying more data is needed before it takes action.
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November 21, 2024
Tempur Gave UK Co. 'Total Autonomy' Post-Merger, CEO Says
The CEO of a United Kingdom-based mattress company acquired by Tempur Sealy in 2021 told a Houston federal judge Thursday that his new parent company has provided him "total autonomy" since the acquisition.
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November 21, 2024
Legal Fee Suit Widens Paragon Tech Control Fight In Del.
A running feud at the top of publicly traded investment company Paragon Technologies Inc. widened Thursday with a former CEO's filing of a Delaware Court of Chancery suit for company-paid legal fees prompted by the ex-CEO's ouster, a board investigation and other recent developments.
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November 21, 2024
Prime Core's Ch. 11 Trust Sues To Reclaim $10M Payout
The liquidating trust for Prime Core Technologies Inc., a troubled cryptocurrency technology business, sued in Delaware bankruptcy court Thursday to claw back what it described as a fraudulent transfer of more than $10 million that was paid to a creditor while the company was insolvent.
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November 21, 2024
Grayscale Says Rival In $2M Suit Misled Bitcoin Investors
Digital asset management firm Osprey Funds LLC "engaged in the same conduct" for which it is suing Grayscale Investments LLC in Connecticut state court, Grayscale said in defending itself against a $2 million lawsuit from its smaller rival while also countersuing for violation of the Connecticut Unfair Trade Practices Act.
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November 21, 2024
Kirkland-Led LLCP Secures $575M For Continuation Fund
Middle-market private equity shop Levine Leichtman Capital Partners, advised by Kirkland & Ellis LLP, on Thursday announced that it closed a multiasset continuation fund after securing $575 million in capital commitments, which will be used to buy interests in three portfolio companies.
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November 21, 2024
Dentons Atty Owed No Duty In $54M Currency Deal, Jury Says
A Florida state court jury found Thursday that a former Dentons US LLP attorney didn't intentionally make a false statement or commit malpractice in a failed $54 million dollars-to-bolivares currency swap in which a Venezuelan lawyer lost millions of dollars.
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November 21, 2024
11th Circ. Says Fla. Law Bars Workers' Comp Suit
The Eleventh Circuit backed the dismissal of a worker's suit claiming a chemical company didn't do enough to shield him from particles that caused a lung condition, ruling that a Florida workers' compensation law blocks him from pursuing the company in court for negligence.
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November 21, 2024
2 Energy Transition-Focused SPACs Raise $210M Combined
Two special purpose acquisition companies looking to capitalize on energy transition opportunities began trading publicly on Thursday after announcing pricing for their respective initial public offerings, which combined would raise $210 million.
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November 21, 2024
PE Posting Near-Record Megadeal Numbers, Report Shows
Private equity dealmaking has built significant momentum this year, notching respectable deal volume and posting a record number of megadeals over $5 billion, according to a new report from S&P Global Market Intelligence.
Expert Analysis
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50 Years Later, ERISA Remains A Work In Progress
A look at the 50 years since the Employee Retirement Income Security Act’s passage shows that while the law safeguards benefits through vesting rules, fiduciary responsibilities and anti-discrimination provisions, the act falls short in three key areas, says Carol Buckmann at Cohen & Buckmann.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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2nd Circ. ERISA Ruling May Help Fight Unfair Arb. Clauses
The Second Circuit recently held that a plaintiff seeking planwide relief under the Employee Retirement Income Security Act cannot be compelled to individual arbitration, a decision that opens the door to new applications of the effective vindication doctrine to defeat onerous and one-sided arbitration clauses, say Raphael Janove and Liana Vitale at Janove.
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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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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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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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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 37 different rulemaking and litigation areas.