Asset Management

January 28, 2025
Citron Research Founder Slams DOJ's Fraud Suit

Citron Research's founder urged a California federal judge to throw out the federal government's securities fraud case alleging he published unfavorable reports about companies to manipulate stock prices, arguing Monday he never published false information about any public company, and prosecutors fail to allege he intended to defraud his audience.
January 28, 2025
Drugs Made In America SPAC Nets $200M To Buy Pharma Biz

Blank-check company Drugs Made In America Acquisition Corp. began trading Tuesday after completing a downsized $200 million initial public offering with the intention of acquiring a U.S.-based pharmaceutical business, represented by Loeb & Loeb LLP and underwriter's counsel Winston & Strawn LLP.
January 28, 2025
SEC Wells Meetings Likely Back On The Table, Official Says

The U.S. Securities and Exchange Commission's acting deputy director of enforcement said Tuesday that leadership was open to meeting more frequently with those facing SEC investigations and hinted at the possibility that it would pursue fewer industry bars against those who violate the securities laws.
January 28, 2025
Union Worker Entitled To Higher Pension Benefits, Judge Says

A plumbing union pension plan violated federal benefits law when it refused to increase a worker's monthly payments because he opted to retire late, a Minnesota federal judge ruled, finding the plan's terms didn't prevent him from receiving a bump.
January 28, 2025
Trader Joe's Accused Of Badly Stocked 401(k), High Fees

Grocery chain Trader Joe's mismanaged its retirement plan for employees to the tune of tens of millions of dollars, according to a potential class action filed Tuesday in Massachusetts federal court.
January 28, 2025
Cement Maker Carve-Out Titan America Plans For $396M IPO

The U.S. business of worldwide cement producer Titan Cement Group on Tuesday announced the terms for its initial public offering, planning to raise $396 million.
January 28, 2025
Paul Hastings, Cravath Lead Smithfield's Reduced $522M IPO

Shares of pork producer Smithfield Foods Inc., which has spun off from China's WH Group, began trading Tuesday after the company priced a downsized $522 million initial public offering below its initial range, with Paul Hastings LLP advising Smithfield in the offering and Cravath Swaine & Moore LLP representing its underwriters.
January 28, 2025
Chancery Bars More Disclosures In Sage-Biogen Fight

A Delaware vice chancellor on Tuesday prohibited Biogen Inc. and its human therapeutics product subsidiary from making public statements regarding a potential buyout of Sage Therapeutics Inc. after Sage sued for enforcement of a standstill provision in an earlier Biogen deal for Sage stock.
January 28, 2025
Holland & Knight Adds Financial Services Partner In New York

Holland & Knight LLP has brought on a former Mayer Brown LLP partner who specializes in asset securitization and structured finance to its growing financial services team.
January 27, 2025
Virtu, Insiders Sued In Del. Over Stock Buybacks

Stockholders of Virtu Inc. have sued the global financial services venture's top brass in Delaware's Court of Chancery, alleging they diverted roughly $400 million from public stockholders through share repurchases that took advantage of the company's two-tiered corporate structure.
January 27, 2025
Fund Tells Jury No Need To Return $11M Short-Swing Profits

A hedge fund told a Denver federal jury Monday that the $11 million it earned from the short-swing sales of a biopharmaceutical company's stock doesn't need to be returned because the transactions fall under an exception to securities law on insider trading.
January 27, 2025
Civil Liberties Org. Says FDIC's Court 'Eviscerates' Civil Rights

The New Civil Liberties Alliance told the Fifth Circuit on Monday to spurn the Federal Deposit Insurance Corp.'s attempt to level a fraud judgment against a banker, saying the agency's in-house court sidesteps the constitutional right to a jury trial.
January 27, 2025
Allstate Beats Plan Participants' $70M Poor-Performance Suit

An Illinois federal judge handed Allstate a pretrial win Monday over retirement plan participants' claim that the insurer cost them nearly $70 million by holding on to poor-performing funds, saying the plaintiffs' "apples and oranges" comparisons will not sway a jury in their favor.
January 27, 2025
HSBC Bankers Fall Short Of Pay Class Cert., Judge Suggests

A New York federal magistrate judge recommended that proposed classes of HSBC Bank personal bankers be denied class certification for allegations that the company shortchanged them on pay in various ways, finding the evidence presented to establish commonality of the claims is full of hearsay.
January 27, 2025
Perella Weinberg Had $47M Motive To Ax Partners, Judge Told

Counsel for former partners of investment banking firm Perella Weinberg on Monday signaled to a New York state trial judge that the firm had a financial motive to fire them and pointed to emails calling one a "destructive influence."
January 27, 2025
Archegos CFO Gets 8 Years For $100M Stock Fraud Ploy

The former chief financial officer of defunct hedge fund Archegos on Monday was sentenced in New York federal court to eight years in prison for his role in a $100 billion scheme to manipulate the market and defraud banks.
January 27, 2025
Obesity-Focused Metsera Leads Biotech Firms Eyeing IPOs

Obesity-focused drug developer Metsera launched plans on Monday for an estimated $275 million initial public offering, joined by kidney-disease focused Maze Therapeutics, both of which plan to tap the markets this week under combined guidance of four law firms.
January 27, 2025
Ga. Accountant Must Face Fintech Co.'s Share Price Suit

A Georgia federal judge has declined to dismiss most of a British fintech company's suit against Atlanta-based accounting firm Frazier & Deeter LLC over an allegedly bungled stock valuation, ruling Monday that a hold harmless clause in the companies' contract was largely unenforceable.
January 27, 2025
Drone Co., Media Biz And Tire-Maker Announce SPAC Mergers

Three overseas companies spanning industries from drones to fashion media and tire manufacturing announced plans on Monday to go public in the U.S. by merging with special purpose acquisition companies in deals projected to exceed $1.1 billion in value, guided by at least eight law firms.
January 27, 2025
Jimmie Johnson Takes Majority Stake In NASCAR Cup Team

Seven-time NASCAR champion Jimmie Johnson has become the majority owner in the Legacy Motor Club, a NASCAR Cup Series racing team, as part of a restructuring that includes a minority investment from Milbank-represented Knighthead Capital Management LLC, according to a Legacy MC statement Monday.
January 27, 2025
Widow Says Century Homebuilders' Atty Conspired To Move Assets

The widow of Sergio Pino, the late founder and CEO of Century Homebuilders Group LLC, has sued Century Homebuilders' attorney, accusing him of setting up fraudulent transfers of the company's assets during the Pinos' contentious divorce to keep her from getting her half of the company.
January 27, 2025
High Court Skips Golf Course Investors' Class Cert. Bid

The U.S. Supreme Court on Monday rejected a review petition filed by Chinese investors who wanted class certification for their Ponzi scheme suit against a Chinese citizen accused of misusing the investors' money to buy multiple golf courses and other properties in South Carolina.
January 27, 2025
Justices Decline $400M Argentina Bond Default Case

The U.S. Supreme Court on Monday declined to review Argentina's petition asking the justices to clarify the parameters of the commercial activity exception in sovereign immunity law, in a long-running case relating to some $400 million in defaulted sovereign bonds.
January 24, 2025
EEOC Disability Bias Suit Tossed Following Nixed Evidence

A mortgage and financial services company on Friday defeated a U.S. Equal Employment Opportunity Commission lawsuit alleging it unlawfully refused to hire a woman because she took pain medication, after a Washington federal judge ruled midtrial that a key piece of evidence shouldn't have been shown to jurors.
January 24, 2025
SEC Names New Top Enforcer, GC And Other Temp Leaders

The U.S. Securities and Exchange Commission's acting chair, Mark Uyeda, announced the appointment of five new department heads Friday to at least temporarily fill the vacancies left by the recent departures of several senior staff members at the agency.

Expert Analysis

Predicting What's Next For SEC By Looking At Past Dissents

While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
Exploring Venue Strategy For Trump-Era Regulatory Litigation

Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
What 2024's Noncompete Turmoil Means For Banks In 2025

A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
8 Trends And Predictions Following PE's Late 2024 Surge

Private equity will remain at the forefront of value creation in 2025, and anticipated market trends include sponsors' desire to return capital to investors and a more business-friendly tack by the Antitrust Division of the U.S. Department of Justice, say attorneys at Weil.
Series

Playing Esports Makes Me A Better Lawyer

Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
An Associate's Guide To Career Development In 2025

As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
The Securities Litigation Trends That Will Matter Most In 2025

2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
What To Watch For In The 2025 Benefits Landscape

While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.
How White Collar Enforcement May Shift In Trump's 2nd Term

After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
The Justices' Securities Rulings, Dismissals That Defined '24

The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
10 Noteworthy CFPB Developments From 2024

In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
Series

Fixing Up Cars Makes Me A Better Lawyer

From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
2024 Has Been A Momentous Year For ESG

Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
Making The Pitch To Grow Your Company's Legal Team

In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.