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Asset Management
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December 03, 2024
Crypto Co. Hut 8 Wants Out Of Merger Disclosure Investor Suit
Crypto mining company Hut 8 moved to dismiss a proposed shareholder class action that is based on the claims of a short-seller's report that Hut 8 overpaid for a company with severe operational issues, saying the suit does not show the alleged misrepresentations were false or misleading when made or that investors were actually harmed.
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December 03, 2024
4 Mass. State Court Rulings You May Have Missed In Nov.
An age discrimination case was undone by the fine print of an employment agreement, while an "utterly inadequate" document search led to a five-figure sanctions order, among other notable recent decisions in Massachusetts state court.
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December 03, 2024
Fla.'s 'Mother Teresa' Gets 20 Years For Ponzi Scheme
A Florida federal judge on Tuesday accused the U.S. attorney's office of "abdicating its responsibility" by agreeing to a maximum of 20 years in prison for Johanna Garcia, the former MJ Capital CEO known as "Mother Teresa" who pled guilty to running a $190 million Ponzi scheme.
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December 03, 2024
Feds Urge Justices To Revive Cornell Workers' ERISA Fight
The federal government urged the U.S. Supreme Court to reverse dismissal of a proposed class action alleging Cornell University mismanaged employees' retirement plans, backing Cornell workers' argument that the Second Circuit misapplied the standard for pleading a prohibited transaction claim when it upheld an end to the case.
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December 03, 2024
Skadden, Clifford Chance Guide BlackRock On $12B HPS Buy
BlackRock said Tuesday it has agreed to buy HPS Investment Partners for approximately $12 billion, in a deal that will align HPS' nearly $150 billion global credit portfolio with BlackRock's $3 trillion public fixed income business.
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December 03, 2024
UK Watchdog Probes BlackRock Deal For Data Co. Preqin
The U.K.'s competition regulator said on Tuesday it is delving into whether private equity giant BlackRock Inc.'s proposed £2.55 billion ($3.2 billion) acquisition of private markets data provider Preqin would harm competition in U.K. markets.
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December 02, 2024
FDIC Must Face Some Of SVB Ex-Parent's Claims In $1.9B Suit
A California federal judge has pared down a lawsuit looking to force financial regulators that stepped in after the high-profile collapse of Silicon Valley Bank to return some $1.9 billion in frozen deposits to the bank's former operator as part of a multipronged effort to recover the funds.
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December 02, 2024
Trial Date Set In 3-Way Fight Over Historic Ohtani Baseball
A trial is now scheduled for one of two Florida state lawsuits to decide which of three baseball fans legally owns a home run ball hit by superstar Shohei Ohtani that was later auctioned off for $4.39 million.
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December 02, 2024
Citi Splits Off Mexican Retail Bank Ahead Of Planned IPO
Citigroup said Monday it has completed the expected spinoff of its Mexican retail banking unit called Banamex — part of a strategy to separate its retail and institutional banking businesses in Mexico — paving the way for an initial public offering of Banamex.
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December 02, 2024
Funds Get $30M Payout From SEC's Fight With Fugitive Trader
A Connecticut federal judge has approved a receiver's plan to distribute $30 million to four Oak Management Corp. funds that were among the victims of a former in-house trader who spent a decade defrauding investors and misappropriating $67 million, court records show.
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December 02, 2024
PE Firms Swap Calisen Stake At Reported $5B Value
A majority stake in Calisen Group is changing hands in a private equity-backed deal that is said to value the British smart metering company at more than $5 billion, according to disclosures made Monday.
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December 02, 2024
Shipping Industry Braces For Waves Of New Trump Tariffs
After a holiday weekend marked by a fresh round of tariff threats from President-elect Donald Trump, the shipping and logistics industry is beginning to feel the heat, warning companies to prepare for massive upheaval if Trump follows through.
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November 27, 2024
GM, Cruise Say DPA Has No Bearing On Securities Fraud Suit
General Motors and its driverless car unit Cruise LLC have told a Michigan federal judge that Cruise's deferred prosecution agreement with the U.S. Department of Justice over a San Francisco pedestrian accident doesn't help investors in a proposed securities fraud class action.
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November 27, 2024
Law Profs Tell Del. Justices Moelis Appeal Would Blunt DGCL
Fourteen law professors have urged Delaware's Supreme Court to reject what they branded as a corporate bar effort to use an appeal from a Chancery Court ruling — potentially mooted for future claims by a new law — in order to "enact a sweeping transformation of the way that Delaware's corporate law gets made."
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November 27, 2024
CFPB Fights Student Loan Servicer's Bid To Pause Deal
The Consumer Financial Protection Bureau has told a Pennsylvania federal court that student loan servicer Pennsylvania Higher Education Assistance Agency shouldn't get to pause its work fulfilling a settlement just because a third party had appealed a separate deal with the loan holders.
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November 27, 2024
5th Circ. Reverses Treasury's Block Of Crypto Mixer
The Fifth Circuit has rejected the government's blacklisting of Tornado Cash for "its role in laundering virtual currency for malicious cyber actors," saying the cryptocurrency service's immutable smart contracts, or lines of privacy-enabling software code, are not "property" and are therefore unownable and cannot be blocked under the International Emergency Economic Powers Act.
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November 27, 2024
AME Church, Retirees Ask To Drop Bishops From $90M Suit
The African Methodist Episcopal Church and employees who alleged the church and its investment providers failed to prevent a rogue employee from embezzling $90 million from their retirement plan asked a Tennessee federal court to dismiss claims against two bishops in the case, citing a settlement reached earlier this year.
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November 27, 2024
Weil-Led Apse Capital Secures €350M For Continuation Fund
British private equity firm Apse Capital Ltd., led by Weil Gotshal & Manges LLP, on Wednesday announced that it closed a €350 million ($370.1 million) continuation fund, which will be used to acquire three portfolio companies from one of the firm's other funds.
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November 27, 2024
SEC Exempts More Debt Securities From New Trading Rules
The U.S. Securities and Exchange Commission is relieving broker-dealers who quote unlisted stocks from increased information-gathering requirements that would have also applied to many fixed-income securities, a development attorneys say will prove welcome for debt issuers.
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November 27, 2024
Davis Polk, Cleary Drive Chinese Robotaxi Firm's Upsized IPO
Chinese robotaxi operator Pony AI Inc. priced an upsized $260 million initial public offering Wednesday, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, raising money that the self-driving startup hopes will turbocharge growth.
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November 27, 2024
3 Argument Sessions Benefits Attys Should Watch In Dec.
The U.S. Supreme Court will hear the federal government's constitutional challenge to Tennessee's ban on gender-affirming care for minors, the Ninth Circuit will weigh if Idaho can ban abortions even in emergencies, and the D.C. Circuit will wade into a pension withdrawal liability fight. Here are three argument sessions benefits attorneys should keep an eye on in December.
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November 26, 2024
GE Inks $362.5M Settlement In Investors' Stock Fraud Suit
General Electric Co. shareholders asked a Manhattan federal judge to greenlight a $362.5 million settlement resolving long-running litigation on the cusp of trial that alleged the industrial giant's stock price plummeted after it was revealed the company fraudulently concealed cash flow problems.
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November 26, 2024
2nd Circ. Nixes VR Capital Venezuela Fraud Suit
The Second Circuit has refused to revive VR Capital's lawsuit accusing Venezuela's state-owned oil company of fraud in connection with its issuance of some $2 billion in since-defaulted bonds, ruling Tuesday that the asset manager hadn't adequately pled its case.
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November 26, 2024
9th Circ. Reopens Teachers' Retirement Savings Interest Suit
The Ninth Circuit on Tuesday revived a class action accusing the Washington state pension agency of unlawfully skimming interest earned by thousands of teachers on their retirement accounts, ruling the trial court went too far when it ruled the educators' suit was untimely.
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November 26, 2024
California's Top Bank, Fintech Regulator To Exit At Year's End
The top banking and fintech regulator for California is departing from the state's Department of Financial Protection and Innovation in a little more than a month, an agency spokesperson told Law360 on Tuesday.
Expert Analysis
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A Preview Of AI Priorities Under The Next President
For the first time in a presidential election, both of the leading candidates and their parties have been vocal about artificial intelligence policy, offering clues on the future of regulation as AI continues to advance and congressional action continues to stall, say attorneys at Mintz.
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How Companies Are Approaching Insider Trading Policies
An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Opinion
Congress Must Do More To Bolster ERISA Protections
As the Employee Retirement Income Security Act turns 50 this month, we applaud Congress for championing a statute that protects worker and retiree rights, but further action is needed to ban arbitration clauses in plan provisions and codify regulations imperiled by the U.S. Supreme Court’s Chevron ruling, say Michelle Yau and Eleanor Frisch at Cohen Milstein.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.
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How Fund Advisers Can Limit Election Year Pay-To-Play Risks
With Minnesota Gov. Tim Walz now the Democratic candidate for vice president, politically active investment advisers should take practical steps to avoid triggering strict pay-to-play rules that can lead to fund managers facing mutli-year timeouts from working with public funds after contributing to sitting officials, say attorneys at Dechert.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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9 Liability Management Tips As Debt Maturity Cliff Looms
As the debt maturity cliff swiftly approaches in this challenging environment, attorneys at Winston & Strawn highlight the top considerations for boards of directors and finance professionals to think about when structuring and executing liability management transactions, including reviewing capital structure, evaluating debt covenants, and more.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Ways Life Sciences Cos. Can Manage Insider Trading Risk
In light of two high-profile insider trading jury decisions against life sciences executives this year, public companies in the sector should revise their policies to account for regulators' new and more expansive theories of liability, says Amy Walsh at Orrick.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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Series
After Chevron: SEC Climate And ESG Rules Likely Doomed
Under the U.S. Supreme Court's recent decision in Loper Bright, without agency deference, the U.S. Securities and Exchange Commission's climate disclosure and environmental, social and governance rules would likely be found lacking in statutory support and vacated by the courts, says Justin Chretien at Carlton Fields.
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Assessing Whether Jarkesy May Limit FINRA Prosecutions
The U.S. Supreme Court’s recent decision in Jarkesy v. U.S. Securities and Exchange Commission, holding that civil securities fraud defendants are entitled to jury trials, may cause unpredictable results when applied to Financial Industry Regulatory Authority prosecutions, say Barry Temkin and Kate DiGeronimo at Mound Cotton.
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Series
Being An Opera Singer Made Me A Better Lawyer
My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.
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Amid SEC Rule Limbo, US Cos. Subject To ESG Regs In EU
Though the U.S. Securities and Exchange Commission is facing legal challenges to its climate-disclosure rulemaking, the implementation of the Corporate Sustainability Reporting Directive in the European Union will force U.S. companies to comply with exactly the kinds of ESG disclosures that are not yet mandated in the U.S., say attorneys at Squire Patton.