Asset Management

  • January 13, 2025

    CFPB Can't Get $43M Fine From Telemarketing Debt Co. Yet

    An Illinois federal judge Friday waited to order the owner of a defunct debt company to pay $43 million for misrepresenting to customers they could eliminate their student loans, pointing to a U.S. Supreme Court decision holding the accused has a right to a jury trial when financial penalties are on the line.

  • January 13, 2025

    Hotel Asset Manager Ashford Settles SEC Cyber Report Suit

    Ashford Inc. has agreed to pay more than $115,000 to settle the U.S. Securities and Exchange Commission's charges that the asset manager failed to properly disclose a cyberattack that led to the leak of hotel customers' personal information.

  • January 13, 2025

    SEC To Collect $63M In Latest Recordkeeping Sweep

    The U.S. Securities and Exchange Commission announced Monday that subsidiaries of Blackstone Inc. and Charles Schwab Corp. were among those swept up in the latest round of recordkeeping fines, promising to collect over $63 million from 12 firms whose employees are accused of discussing business through their personal devices.

  • January 13, 2025

    Tax-Lien Biz Atty Accused Of Duping Bank Can't Touch Money

    A Manhattan federal judge declined Monday to unfreeze assets on behalf of a former compliance lawyer accused of duping a bank into lending his tax-lien investment firm $20 million, complicating his plan to go to trial with private counsel.

  • January 13, 2025

    Natural Gas Exporter Venture Global Gears Up For $2.2B IPO

    Liquefied natural gas producer Venture Global Inc. on Monday launched plans for an estimated $2.2 billion initial public offering, potentially marking the year's first billion-dollar-plus listing, represented by Davis Polk & Wardwell LLP and underwriters counsel Skadden Arps Slate Meagher & Flom LLP.

  • January 13, 2025

    Latham-Led StepStone Tops $1B For Infrastructure Fund

    Private markets investment firm StepStone Group Inc., advised by Latham & Watkins LLP, on Monday announced it had clinched its inaugural infrastructure co-investment fund and related separate accounts after securing more than $1.4 billion in capital commitments.

  • January 13, 2025

    Justices Won't Review Reversal Of Firm's Tax Penalty Win

    The U.S. Supreme Court let stand Monday a Fifth Circuit decision overturning a jury ruling that a wealth management company didn't owe $579,000 in tax penalties because an employee's mental health problems excused the company's failure to file information returns on time.

  • January 13, 2025

    3 Firms Build Clearwater's $1.5B Buy Of Enfusion

    Software company Clearwater Analytics on Monday unveiled plans to buy investment management and hedge fund industry-focused software company Enfusion in a $1.5 billion deal built by three law firms.

  • January 13, 2025

    Bechtel Escapes 401(k) Suit Alleging Shoddy Default Fund

    A Virginia federal judge dismissed a retiree's suit claiming Bechtel Global Corp. tapped a pricey and underperforming fund for its retirement plan's default investment option, tossing the suit a second time for failing to show that a comparable fund was a better option.

  • January 13, 2025

    BMO Unit To Pay SEC $40M Over Bond Desk Supervision

    BMO Capital Markets has agreed to pay $40 million to end a U.S. Securities and Exchange Commission investigation into the broker-dealer's supervision of its mortgage-back bonds salespeople, with the SEC saying Monday that the brokerage firm failed to stop employees from providing inaccurate information about the bonds.

  • January 13, 2025

    Justices Won't Hear Auto Parts Co.'s ERISA Arbitration Push

    The U.S. Supreme Court declined Monday to review the Sixth Circuit's refusal to force arbitration of a suit accusing an auto parts company of packing its employee retirement plan with subpar investment options.

  • January 10, 2025

    X Fights Finding Severance Row Contract Claims Can Survive

    X Corp. and Elon Musk squared off with ex-Twitter workers in Delaware federal court, filing dueling briefs that took opposing stances over whether a district judge should adopt a recommendation to keep alive some breach-of-contract allegations in the workers' proposed class action claiming they were cheated out of severance benefits.

  • January 10, 2025

    Health Co. Wants To Quit Nicotine Surcharge Suit

    Nonprofit health system Advocate Aurora Health is urging an Illinois federal judge to permanently toss former employees' lawsuit targeting an allegedly illegal tobacco-use surcharge in its health plan, arguing that after three tries they still have failed to bring a viable claim.

  • January 10, 2025

    4 Trends That Will Shape Venture Capital Funding In 2025

    Venture capital funding appears primed to improve in 2025 as market participants shake off the effects of a post-pandemic crash, with surging demand for artificial intelligence, expectations of friendlier government policies, and more exits through public listings and acquisitions.

  • January 10, 2025

    SEC's $93M Win Not Backed By Proof, Adviser Tells 1st Circ.

    Commonwealth Financial asked a First Circuit panel Friday to undo a $93 million award the U.S. Securities and Exchange Commission won last year, saying the lower court was too quick to find that the firm's disclosure practices harmed investors.

  • January 10, 2025

    American Airlines Faulted For ESG Focus In 401(k) Plan

    A Texas federal judge ruled Friday that American Airlines violated federal benefits law by emphasizing environmental, social and governance factors in its 401(k) plan decisions, but he put off deciding whether the retirees suffered losses and what remedy they should receive.

  • January 10, 2025

    SafeMoon CEO Wants 'Misleading' Reddit Post Explained

    The CEO of bankrupt cryptocurrency asset company SafeMoon LLC asked a Brooklyn federal judge Friday to order the government to explain whether it had a role in a social media user's "misleading" post that promised to connect SafeMoon investors with the U.S. government.

  • January 10, 2025

    Cruise Contractors Drop $2.8M Union Fund Debt Row

    Two cruise ship contractors and a union pension fund have wrapped up their dispute over the contractors' $2.8 million debt to fund, indicating to a Louisiana federal judge Friday that they've settled the last outstanding issue in the case and are ready for the litigation to be dismissed.

  • January 10, 2025

    KKR, PSP Buy $2.8B Stake In American Electric Power Units

    Private equity giant KKR and Canada-based Public Sector Pension Investment Board, both advised by Simpson Thacher & Bartlett LLP, have agreed to take a minority stake in Morgan Lewis & Bockius LLP-led American Electric Power's transmission companies in Ohio, Indiana and Michigan, in a $2.82 billion deal.

  • January 10, 2025

    Taxation With Representation: Kirkland, Davis Polk, Wachtell

    In this week's Taxation With Representation, Constellation acquires Calpine, Cintas seeks a deal with UniFirst Corp., Stryker Corp. acquires Inari Medical Inc., and Paychex Inc. buys Paycor.

  • January 10, 2025

    Law Firm's Fee Suit Can't Proceed In Ga., Investment Co. Says

    A Michigan-based investment firm has asked a Georgia federal judge to toss a suit accusing it of failing to pay more than $180,000 in legal fees owed to an Atlanta-area law firm, arguing the court lacks jurisdiction under the state's long-arm statute.

  • January 09, 2025

    SEC Sues To Enforce $3M Cannabis Investment Fraud Deal

    The U.S. Securities and Exchange Commission has asked a Utah federal court to enforce an administrative cease-and-desist order requiring a wealth management company and its owner to give the regulator over $3 million they previously agreed to pay to end claims they defrauded investors in a $19.5 million cannabis-linked fund raise.

  • January 09, 2025

    FINRA Fines Fidelity Unit $600K Over Ex-Employee's Theft

    Fidelity Brokerage Services LLC has agreed to pay $600,000 to resolve the Financial Industry Regulatory Authority's claims that the firm had an inadequate supervisors system in place from 2012 through 2020 that failed to detect an associated person's theft of $750,000 from customer accounts.

  • January 09, 2025

    Lutnick, Cantor Seek Toss Of BGC Reorganization Suit In Del.

    An attorney for billionaire Howard Lutnick and Cantor Fitzgerald told a Delaware vice chancellor on Thursday that former BGC Partners LP stockholders who sued over allegedly unfair terms in its conversion into a public company raised derivative claims that instead belong to the converted company.

  • January 09, 2025

    Sentara Health Workers Say Retirement Fund Is Mismanaged

    Two Sentara Health employees have filed proposed class action in Virginia federal court accusing the company's retirement fund managers of failing to properly manage a $136 million plan, arguing it lost millions due to the committee's retention of an underperforming stable value fund in the face of better options.

Expert Analysis

  • Parsing SEC's Emerging Trend Of Section 204A Enforcement

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    The U.S. Securities and Exchange Commission recently settled with Sound Point Capital Management for violating Section 204A of the Investment Advisers Act, adding to a slew of charges against investment advisers that allegedly failed to safeguard material nonpublic information, say attorneys at Cozen O'Connor.

  • 2nd Circ. Hostile Workplace Ruling Widens Arbitration Pitfalls

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    The Second Circuit’s recent decision, affirming the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act applies to a worker whose workplace hostility claims arose before the law’s 2022 enactment, widens the scope of the law — and the risks of unenforceable arbitration agreements for employers, say attorneys at Hinshaw.

  • Striking A Balance Between AI Use And Attorney Well-Being

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    As the legal industry increasingly adopts generative artificial intelligence tools to boost efficiency, leaders must note the hidden costs of increased productivity, and work to protect attorneys’ well-being while unlocking AI’s full potential, says Ed Sohn at Factor.

  • Insurance Industry Impacts If DOL Fiduciary Rule Is Revived

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    If implemented following an ongoing appeal at the Fifth Circuit, the U.S. Department of Labor’s rule expanding the Employee Retirement Income Security Act's definition of "fiduciary" could chill insurance agents’ and brokers' ability to sell annuities, and lead to an increase in breach of fiduciary duty lawsuits, say attorneys at Alston & Bird.

  • Empathy In Mediation Offers A Soft Landing For Disputes

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    Experiencing a crash-landing on a recent flight underscored to me how much difference empathy makes in times of crisis or stress, including during mediation, says Eydith Kaufman at Alternative Resolution Centers.

  • A Look At The Increased Scrutiny Of Cash Sweep Programs

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    Financial industry regulators have increasingly probed the adequacy of so-called cash sweep disclosures and policies, underscoring the heightened risk faced by investment advisers and broker-dealers, as well as the importance of adequately disclosing material conflicts of interest, say attorneys at Dechert.

  • Series

    Being An Artist Makes Me A Better Lawyer

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    My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.

  • Election Outcome Could Reshape Financial Industry

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    The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.

  • How Judiciary Can Minimize AI Risks In Secondary Sources

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    Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.

  • Nvidia Case's Potential Impact On Securities Class Actions

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    In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.

  • How Attorneys Can Break Free From Career Enmeshment

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    Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.

  • Short-Seller Implications Of 10th Circ.'s Overstock Decision

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    The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.

  • Lawyers With Disabilities Are Seeking Equity, Not Pity

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    Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.

  • Opinion

    Judicial Committee Best Venue For Litigation Funding Rules

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    The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.

  • The Strategic Advantages Of Appointing A Law Firm CEO

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    The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.

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