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Asset Management
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January 08, 2025
Mortgage Cos. Fined $20M Over Cybersecurity Breach
Bayview Asset Management LLC and three affiliates on Wednesday agreed to pay a $20 million fine and improve their cybersecurity programs to settle allegations from 53 state financial regulators that the mortgage companies had deficient cybersecurity practices and didn't fully cooperate with regulators after a 2021 data breach.
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January 08, 2025
SeaWorld Strikes $1.25M Deal In 401(k) Mismanagement Suit
SeaWorld agreed to pay $1.25 million to resolve a class action alleging it hindered its $237 million retirement plan with pricey funds and expensive recordkeeping fees, a California federal court filing said.
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January 07, 2025
Oilfield Services Firm Flowco Set to Drill Down On $392M IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Tuesday launched plans for an estimated $392 million initial public offering, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the latest company to join the new year's IPO pipeline.
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January 07, 2025
NFT Buyers Can't Sue Over Market Fluctuations, Gallery Says
A Metaverse-based art collection club has urged a federal judge to dismiss a fraud suit brought by investors claiming it lied about the benefits of investing in its members-only NFT opportunity, arguing that the alleged losses aren't attributable to anything other than market fluctuations and that New York's consumer protection laws do not protect out-of-state investors.
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January 07, 2025
Carlyle Beats Chancery Challenge To $77.5M Authentix Sale
The Carlyle Group on Tuesday beat a more than four-year-old suit accusing the global investment giant and three directors of authentication provider Authentix Inc. of breaching their fiduciary duties in approving Authentix's $77.5 million sale to private equity firm Blue Water Energy LLP in 2017.
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January 07, 2025
AT&T, Biz Groups Urge Justices To Back Cornell's ERISA Win
Top business and employee benefits industry lobbying groups along with telecommunications giant AT&T urged the U.S. Supreme Court to uphold Cornell University's victory over a federal benefits lawsuit alleging retirement plan mismanagement, in a flood of amicus briefs at the high court before arguments later this month.
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January 07, 2025
'Unflattering' Story Not Defamatory, Gannett Says
A tax firm's defamation suit against USA Today should be tossed, the newspaper's owner told Texas justices Monday, arguing that a 2021 investigative series was not defamatory even if its "gist" was "unflattering."
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January 07, 2025
Canada Needs Catalysts To Heat Up Cold IPO Market
Following another chilly year for initial public offerings in Canada, capital markets lawyers in the Great White North are approaching 2025 with caution, hoping that a few catalysts can break through and thaw an otherwise frozen market for public listings.
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January 07, 2025
5 Argument Sessions Benefits Attys Should Check Out In Jan.
The U.S. Supreme Court will hear from Cornell University workers looking to revive a retirement plan mismanagement suit and a former firefighter who says federal disability bias law protects post-employment benefits, while circuit courts will weigh gender-affirming care restrictions and a battle over pension annuity payments. Here, Law360 looks at five arguments that benefits attorneys ought to keep an eye on this month.
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January 07, 2025
Grayscale Rival Insists Connecticut Law Allows $2M Suit
Digital asset management firm Grayscale cannot duck a smaller rival's unfair trade practices suit based on its argument that the relevant Connecticut state law has a carveout for conduct involving securities transactions, Osprey Funds said in opposing summary judgment.
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January 07, 2025
Treasury Dept. Provides Sanctions Relief To Syria
The U.S. has expanded certain authorizations and issued additional sanctions relief for the Syrian people following the collapse of Bashar al-Assad's government in December, with the goal of ensuring that the current U.S. sanctions on Syria don't impede activities to meet basic human needs.
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January 07, 2025
Bass Pro To Pay $5M To End Worker's Tobacco Penalty Suit
Bass Pro Shops has agreed to pay $4.95 million to settle a proposed class action claiming the retailer unlawfully charged employees who use tobacco an extra $2,000 per year for health insurance without properly telling them how to avoid the charge, according to a Missouri federal court filing.
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January 07, 2025
Davis Polk, Kirkland Guide Paychex's $4.1B Paycor Buy
Human capital management company Paychex Inc., advised by Davis Polk & Wardwell LLP, on Tuesday unveiled plans to buy fellow human capital management, payroll and talent acquisition software company Paycor, led by Kirkland & Ellis LLP, in a deal with an enterprise value of $4.1 billion.
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January 06, 2025
Nasdaq Gets SPAC Investor's Racial Bias Claims Tossed
A federal judge decided Monday to toss a suit from an investor in a minority-led special purpose acquisition company claiming the Nasdaq Stock Market participated in race-based discrimination against investors, saying the plaintiff fails to allege that its injuries were a direct result of Nasdaq's actions.
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January 06, 2025
Law School Grad Gets 2 Years For JPMorgan Insider Trading
A law school graduate was sentenced in California federal court Monday to two years in prison for insider trading on tips from a JPMorgan Chase analyst, while another defendant was spared jail time for his role in the same scheme.
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January 06, 2025
Terraform Victims May Exceed 1M, Feds Say In Notice Request
The U.S. Department of Justice on Monday asked a Manhattan federal judge for permission to issue a public notice to notify potential victims of defunct cryptocurrency firm Terraform Labs' creator Do Kwon's alleged $40 billion fraud, saying there are too many victims — potentially more than one million — to do individual outreach.
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January 06, 2025
Biden OKs Social Security Fix In Move Cheered By Unions
Former government employees who have had their Social Security checks slashed because they receive a pension will see larger payouts this year now that President Joe Biden signed a bill repealing the decades-old benefit cuts, a move applauded by government employee unions.
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January 06, 2025
Investment Adviser Says Attys' Mistakes Cost Him His Career
A Colorado investment adviser has sued two of his former attorneys for malpractice in state court, claiming one failed to clarify that a deal he signed over securities violations also would bar him from working in other states, while the other allegedly failed to timely file an appeal to dispute the settlements.
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January 06, 2025
Teoxane Outbids Crown With New Revance Therapeutics Bid
Teoxane SA said Monday it has submitted a proposal to Revance Therapeutics Inc. to acquire the healthcare biotechnology company for $3.60 per share in cash, one-upping Revance's existing agreement to sell itself to skincare company Crown Laboratories Inc. for $3.10 per share in cash.
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January 06, 2025
Outpatient Surgery Co. Strikes $1.5M Deal To End 401(k) Suit
United Surgical Partners International Inc. will pay about $1.48 million to end a proposed class action alleging the outpatient surgery network loaded its employee 401(k) plan with expensive investment options and excessive fees, according to a filing in Texas federal court.
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January 06, 2025
FTC Blasts Tempur Sealy's New Floor-Space Promise
The Federal Trade Commission told a Texas federal court a revised commitment from Tempur Sealy to preserve floor space for rivals in Mattress Firm stores would not restore the competition lost by a merger of the companies because it cannot be enforced.
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January 06, 2025
Paul Hastings, Cravath Steer Pork Giant Smithfield's IPO Filing
Pork producer Smithfield Foods Inc. on Monday submitted the year's first filing for an initial public offering, part of a spinoff from China's WH Group Ltd., represented by Paul Hastings LLP and underwriters' counsel Cravath Swaine & Moore LLP.
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January 06, 2025
US Wants More Time To Counter Altria's $106M Tax Refund Bid
Tobacco giant Altria's complaint seeking a $106 million tax refund related to its interests in beverage company Anheuser-Busch requires more research to counter in the event a Virginia federal court decides it can move forward, the U.S. government said in requesting time for potential discovery.
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January 06, 2025
Fed's Barr To Step Down As Supervision Head Next Month
Federal Reserve Vice Chair for Supervision Michael S. Barr announced Monday that he will step down from his current role next month, a reversal that paves the way for President-elect Donald Trump to appoint his own head of the central bank's oversight of big banks and regulatory policymaking.
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January 06, 2025
Chinese Billionaire's Deputy Gets 10 Years For $1.4B Fraud
A Manhattan federal judge sentenced a Chinese business manager to 10 years in prison Monday for her role assisting convicted billionaire Miles Guo's $1.4 billion fraud, saying the lawbreaking was egregious because it leveraged talk of bringing democracy to authoritarian China.
Expert Analysis
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CFTC Anti-Fraud Blitz Is A Warning To Carbon Credit Sellers
With its recent enforcement actions against a carbon offset project developer and its senior executives for reporting false information about the energy savings of the company's projects, the Commodity Futures Trading Commission is staking out its position as a primary regulator in the voluntary carbon credit market, say attorneys at Morgan Lewis.
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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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Peeling Back The Layers Of SEC's Equity Trading Reforms
The U.S. Securities and Exchange Commission's recently adopted amendments lowering the tick sizes for stock trading and reducing access fee caps will benefit investors and necessitate broad systems changes — if they can first survive judicial challenges, say attorneys at Sidley.
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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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How Project 2025 Could Upend Federal ESG Policies
If implemented, Project 2025, the Heritage Foundation's policy playbook for a Republican presidential administration, would likely seek to deploy antitrust law to target ESG initiatives, limit pension fund managers' focus to pecuniary factors and spell doom for the U.S. Securities and Exchange Commission's climate rule, say attorneys at Mintz.
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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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What To Make Of Dueling Corporate Transparency Act Rulings
Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.
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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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To Report Or Not To Report Others' Export Control Violations
A recent Bureau of Industry and Security enforcement policy change grants cooperation credit to those that report violations of the Export Administration Regulations committed by others, but the benefits of doing so must be weighed against significant drawbacks, including the costs of preparing and submitting a report, says Megan Lew at Cravath.
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What FDIC Expansion Of Change In Bank Control Could Mean
A recent Federal Deposit Insurance Corp. proposal pertaining to the Change in Bank Control Act has the potential to create uncertainty around investments by mutual fund complexes in banking organizations, which represent a stable source of capital for the banking industry, say attorneys at Sullivan & Cromwell.
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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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How BIS' Rule Seeks To Encourage More Voluntary Disclosure
Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.