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Asset Management
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November 04, 2024
BofA Unit Escapes Trading Firm's Spoofing Suit For Now
An Illinois federal judge has tossed a trading firm's proposed class action claiming that a Bank of America unit manipulated markets for U.S. Treasury futures and options, ruling that the firm fails to allege actual damages, but giving it an opportunity to amend the suit.
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November 04, 2024
Ex-Dentons Atty Botched $54M Currency Deal, Jury Told
A Venezuelan lawyer blamed a former Dentons US LLP attorney Monday for a $54 million loss in a bolivar-to-dollars currency swap, telling a Miami jury that the attorney never communicated that the buyer of the bolivars had not agreed to deposit the U.S. dollars into escrow and instead proceeded with a doomed transaction.
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November 04, 2024
SEC Dings Adviser For Improper Athlete-Endorsed Ads
The U.S. Securities and Exchange Commission has fined an investment adviser over allegations that its advertisements include endorsements from professional soccer and mixed martial arts athletes without disclosing the athletes were not clients of the firm and were paid for their endorsements.
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November 04, 2024
Finance Cos. Can't Prove Trade Secret Theft, Conn. Court Told
A Connecticut financial adviser denied stealing trade secrets from his former firm and improperly accessing its computer systems after he resigned to run his own company, telling a state court that his onetime employer and its affiliates cannot prove the allegations in a lawsuit they brought against him.
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November 04, 2024
FINRA Fines Morgan Stanley $1M For Controls Violations
Morgan Stanley & Co. LLC has agreed to pay $1 million to resolve Financial Industry Regulatory Authority claims it violated the Exchange Act by failing to safeguard its customers against the entry of orders that were placed in error.
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November 04, 2024
Crypto Industry Hopes Election Will Bring SEC Shake-Up
The White House is poised to take a fresh approach to the digital asset industry regardless of who wins the presidency, but experts said the crypto industry's hopes for more rules and fewer enforcement cases ultimately depend on a new head of the U.S. Securities and Exchange Commission and a renewed push from Congress to pass crypto legislation.
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November 04, 2024
US Must Pay Legal Fees To Challenger Of IRS Guidance
A Michigan federal judge ordered the U.S. to pay roughly $220,000 in attorney fees to a construction company that won its challenge to Internal Revenue Service penalties and overturned underlying agency guidance, rejecting a magistrate judge's recommendation that the company foot its own bill.
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November 04, 2024
UAE Grocery Giant Lulu Seeks $1.7B IPO As Demand Grows
United Arab Emirates grocery chain Lulu Retail Holdings PLC on Monday unveiled additional investment in an upsized initial public offering that could net $1.7 billion, potentially making it the largest UAE listing this year, guided by three law firms.
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November 04, 2024
Haynes Boone Hires 3 More RE Attys From Holland & Knight
Haynes and Boone LLP has hired a trio of attorneys from Holland & Knight LLP in Dallas and Northern Virginia, saying Monday that their additions will complement the firm's real estate and finance offerings.
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November 04, 2024
Proskauer-Led Shamrock Capital Snags $1.6B Across 2 Funds
Proskauer Rose LLP-advised Shamrock Capital on Monday announced that it closed its two latest funds with a combined total of $1.6 billion in commitments, which will be used to invest across sectors such as sports, marketing, media and entertainment.
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November 04, 2024
US IPO Activity Hits Standstill As Election Takes Center Stage
U.S. initial public offerings have screeched to a halt amid peak election season, and dealmakers expect new listings to largely remain iced until next year as market participants sort out ramifications of Tuesday's presidential and congressional contests.
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November 01, 2024
Law Profs Urge Del. Reversal Of Chancery's Moelis Ruling
Four prominent law professors have weighed in with an amicus brief on the side of a Delaware Supreme Court appeal seeking to reverse a Court of Chancery ruling earlier this year that struck down a company charter amendment ceding some corporate governance rights to the business' founder.
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November 01, 2024
Newbury Street SPAC Returns To Market With $150M Offering
Special purpose acquisition company Newbury Street II Acquisition Corp. began trading Friday after raising a $150 million initial public offering, guided by three law firms, and marking the second Newbury Street vehicle to go public under similar management.
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November 01, 2024
4 Appellate Arguments Benefits Attys Should Watch In Nov.
The Second Circuit will weigh battles over retirement plan fees and union benefit contributions, teachers will ask the Ninth Circuit to revive their suit over interest they say is owed on their retirement accounts and the Eleventh Circuit will mull a constitutional challenge to a Florida gender-affirming care ban. Here are four upcoming arguments that benefits lawyers should have on their radar.
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November 01, 2024
Blockchain Coinvestors SPAC To Dissolve With No Biz Combo
Special purpose acquisition company Blockchain Coinvestors Acquisition Corp. I will dissolve and return investors their money after two failed merger attempts, the company has announced, marking the latest SPAC to close shop amid lean market conditions.
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November 01, 2024
ISS Advises Frontier Shareholders To Abstain On Verizon Vote
Proxy advisory firm Institutional Shareholder Services on Friday recommended that Frontier Communications shareholders abstain from voting on Verizon's planned $20 billion takeover, noting that there could be an advantage to waiting to see if the company can generate more value.
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November 01, 2024
Taxation With Representation: Kirkland, Davis Polk, Wachtell
In this week's Taxation with Representation, BC Partners sells its majority equity interest in GardaWorld, Lone Star Funds sells specialty chemicals company AOC to Nippon Paint Holdings, Crescent Biopharma takes GlycoMimetics private, and Francisco Partners buys AdvancedMD from Global Payments.
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November 01, 2024
Chinese National Stole Investment Firm's Code, Feds Say
A Chinese national has been indicted on charges he stole trade secrets from his employer, an unnamed global investment management company in Boston, to set up his own firm in China.
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October 31, 2024
Ex-Goldman Exec Says 1MDB Judge Thwarted His Defense
Former Goldman Sachs executive Roger Ng on Thursday told the Second Circuit that his trial defense over the massive $6.5 billion 1MDB scheme was marred by the wrongful exclusion of video evidence that supported his claim that $35 million he received in alleged kickbacks was actually investment proceeds.
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October 31, 2024
Hinshaw Sees Fintech Pro Rejoin Firm From Ballard Spahr
Hinshaw & Culbertson LLP on Thursday said a former partner has returned to the firm's consumer financial services practice in Los Angeles after two years at Ballard Spahr.
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October 31, 2024
JPMorgan To Pay $151M To Resolve SEC Disclosure Claims
The U.S. Securities and Exchange Commission announced Thursday that two JPMorgan Chase & Co. affiliates agreed to pay $151 million to resolve five separate enforcement actions over a number of allegations, including making misleading disclosures to investors and failing to make recommendations in the best interest of customers.
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October 31, 2024
Feds: No 'Willfulness' Needed In Texas AG-Tied Investor Case
Federal prosecutors asked a Texas federal judge to reject an attempt by an investor at the center of the failed impeachment of Texas Attorney General Ken Paxton to toss the fraud case, saying Wednesday that "willfulness" isn't needed for a conspiracy to commit wire fraud conviction.
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October 31, 2024
Supreme Court Sets Jan. Arguments In Cornell ERISA Suit
The U.S. Supreme Court on Thursday scheduled oral argument for January in an appeal from Cornell University workers who said their retirement plan was mismanaged.
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October 31, 2024
King & Spalding Atty Joins Mayer Brown's Private Credit Team
Mayer Brown LLP has tapped a King & Spalding LLP partner to oversee its private credit practice in New York, saying Thursday that his hiring will solidify its place in the New York market as a destination for finance transactions.
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October 31, 2024
3rd Circ Rejects Charter Co. Exec's Ineffective Counsel Claims
The co-founder and former executive of a now-defunct public air charter operator has lost a bid to escape a fraud conviction on the grounds her lawyers provided ineffective counsel in her criminal trial, with a unanimous Third Circuit panel determining the jury would not have been swayed by a different trial strategy.
Expert Analysis
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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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Perspectives
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.
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Making Sure Your Co. Isn't In The Next Section 13(f) Sweep
Enforcement actions taken against 11 institutional investment managers for alleged failures to file forms required by Section 13(f) of the Securities Exchange Act serve as a reminder that firms should carefully monitor their obligations to avoid becoming the target of the next enforcement sweep, say attorneys at Ropes & Gray.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.