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Asset Management
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December 13, 2024
3 Firms Guide Pair Of SPAC Listings Totaling $410M
Two special purpose acquisition companies began trading on Friday after completing initial public offerings that raised a combined $410 million, under guidance from three law firms, targeting industries spanning cybersecurity, artificial intelligence and financial technology.
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December 12, 2024
Cantor Fitzgerald To Pay SEC $6.75M Over SPAC Disclosures
Cantor Fitzgerald on Thursday agreed to pay a $6.75 million penalty to the U.S. Securities and Exchange Commission to resolve claims that it caused two special purpose acquisition companies that it controls to make misleading statements to investors ahead of the SPACs' initial public offerings.
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December 12, 2024
SEC Fines Investment Co. For Adviser's Cherry-Picking Scheme
The U.S. Securities and Exchange Commission announced Thursday that it fined SeaCrest Wealth Management $375,000 for allegedly failing to implement policies and procedures that would have possibly prevented the cherry-picking scheme of a former adviser, who is separately being sued by the agency.
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December 12, 2024
SEC Will Be GOP-Only Without Crenshaw's Vote, Groups Warn
More than 40 organizations sent a collective letter to U.S. senators in support of Democrat Caroline Crenshaw's reconfirmation to the U.S. Securities and Exchange Commission on Thursday, a day after Senate Republicans blocked a closed-door vote on her nomination.
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December 12, 2024
Fla. Judge Awards $114M To Crypto-Forex Exchange Investors
A Florida judge issued a directed verdict Thursday against absent foreign exchange currency broker FxWinning Ltd. awarding investors more than $114 million after they told the court how they were swindled out of their investments when the company abruptly stopped honoring withdrawal requests.
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December 12, 2024
DC Circ. Leans Toward BofA In Pandemic Market Loss Bout
The D.C. Circuit is set to decide whether Bank of America had a duty to try harder to stop one of its clients from dumping his investments when the market tanked at the beginning of the COVID-19 pandemic, but at arguments Thursday morning, the panel did not seem to think so.
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December 12, 2024
Biden Steel-Deal Block, Walgreens For Sale, And More Rumors
President Biden is reportedly ready to block the U.S. Steel-Nippon merger on national security grounds, pharmacy giant Walgreens is exploring selling itself to private equity firm Sycamore, and cryptocurrency-related trading platform EToro is preparing an initial public offering.
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December 12, 2024
TD Bank Sued Over AML Controls After Ex-Employee's Arrest
Toronto-Dominion Bank and its top brass concealed and downplayed issues with the bank's anti-money laundering controls, according to a class action filed one day after a former employee was arrested and charged with assisting in a money laundering scheme that sent millions of dollars in narcotics proceeds from the U.S. to Colombia.
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December 11, 2024
PE Fund Made Investments In 'Worthless' Startup, Suit Says
An investor in a private equity fund has filed a suit in the North Carolina Business Court alleging the fund's asset manager and its majority owner exchanged the fund's $43 million alternative asset portfolio for an equity stake in a "nearly worthless" startup company.
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December 11, 2024
Latham, Wilson Sonsini Lead ServiceTitan's $625M IPO
Venture-backed software platform ServiceTitan Inc. priced an above-range $625 million initial public offering on Wednesday, guided by Latham & Watkins LLP and underwriters' counsel Wilson Sonsini Goodrich & Rosati PC, likely marking the year's last major IPO.
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December 11, 2024
Seattle Kraken Owner, TPG Co-Founder Dies At 82
David Bonderman, the co-founder of private equity giant TPG Capital LP and founding owner of the NHL's Seattle Kraken, died Wednesday at age 82, his family and TPG announced.
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December 11, 2024
SEC Sues Disbarred Calif. Atty And Son For Securities Fraud
The U.S. Securities and Exchange Commission has filed a suit against a father-son duo and a broker for allegedly running a Ponzi-like scheme disguised as an investment company for a start-up content streaming app, raising over $17 million from at least 40 investors.
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December 11, 2024
Nigerians Impersonated US Brokers For $3M Scam, Feds Say
Three Nigerian nationals were charged on Wednesday with running a nearly $3 million internet investment fraud scheme in which they impersonated legitimate securities brokers and investment advisers, misappropriated the seal of the U.S. Securities and Exchange Commission and stole from at least 28 investors.
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December 11, 2024
Connell Foley Faces DQ Bid In Investment Firm's Bias Suit
A Black-owned investment firm accusing BlackRock Inc. and New Jersey of squeezing it out of a lucrative contract are urging a federal court to disqualify Connell Foley LLP from representing the state, claiming the firm used privileged information from an attorney who has advised it throughout the dispute in a separate action.
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December 11, 2024
CFPB's Chopra Won't Head For Exit Ahead Of Trump's Arrival
Consumer Financial Protection Bureau Director Rohit Chopra signaled Wednesday that he won't leave his post early unless and until the incoming Trump administration fires him next month, indicating that he plans to keep running the agency in the meantime.
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December 11, 2024
6 Firms Guide Nippon Life's $8.2B Resolution Life Acquisition
Japanese life insurer Nippon Life said Wednesday that it has agreed to buy the remaining 77% stake in holding group Resolution Life that it does not already own for $8.2 billion.
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December 10, 2024
SEC Says Ex-Rep Defrauded Investors With Short-Term Bets
A former registered representative of broker-dealer Western International Securities Inc. has agreed to pay over $2.1 million to end U.S. Securities and Exchange Commission allegations he orchestrated a scheme to defraud retail clients by recommending costly investment strategies, and then covered up their "substantial" losses with phony financial statements.
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December 10, 2024
SEC Outlines Municipal Adviser Exam Process
The U.S. Securities and Exchange Commission's Division of Examinations has issued a risk alert outlining its process for selecting municipal advisers to examine, how advisers can prepare for exams, and the types of information examiners may request.
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December 10, 2024
4th Circ. Casts Doubt On Broker's FINRA Challenge
A Fourth Circuit panel wondered Tuesday whether it was too soon to hear one North Carolina broker's constitutional challenge against the Financial Industry Regulatory Authority, with the circuit judges pointing out that FINRA's case against the broker was not yet over.
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December 10, 2024
Nippon Life In Late Talks To Buy Resolution Life For $8.2B
Global insurer Resolution Life said Tuesday that it was in the "final stages of discussions" to sell the business to Nippon Life Insurance, reportedly for $8.2 billion.
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December 09, 2024
Blockchain Co. IP Fight With Investment Firm Teed Up For Trial
A California federal judge has said a jury should decide whether the investment firm Franklin Templeton misappropriated trade secrets of Blockchain Innovation LLC and breached its fiduciary duty and contract with the firm when it shut down a digital asset startup that Blockchain later acquired.
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December 09, 2024
Morgan Stanley Pays SEC $15M Over Theft By Ex-Reps
The U.S. Securities and Exchange Commission announced a $15 million penalty against a Morgan Stanley subsidiary Monday, saying the company failed to put in place procedures that may have earlier caught four former employees who spent years stealing from clients.
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December 09, 2024
Kellogg Retirees Say DOL's Brief Backs 6th Circ. Revival
A proposed class of married Kellogg retirees alleging their pension annuity payouts were lowballed by the cereal company due to outdated mortality assumptions used in conversions is urging the Sixth Circuit to heed a recently filed brief from the U.S. Department of Labor backing workers seeking to revive a similar dispute in the Eleventh Circuit.
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December 09, 2024
Bed Bath & Beyond Irons Out 401(k) Fee Suit Deal
Bed Bath & Beyond has agreed to settle a suit from workers alleging mismanagement of an employee 401(k) plan, according to a joint filing from the parties entered Monday in New Jersey federal court.
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December 09, 2024
SEC's Trading And Markets Director Zhu To Leave Agency
Haoxiang Zhu is stepping down as head of the U.S. Securities and Exchange Commission's Division of Trading and Markets, the agency announced Monday, leaving the group that oversees orderliness of U.S. markets as leadership continues to change at regulatory bodies following President-elect Donald Trump's election victory.
Expert Analysis
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3 Ways To Limit Risks Of Black-Box AI In Financial Services
As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Opinion
Texas Judges Ignored ERISA's Core To Stall Fiduciary Rule
Two recent rulings from Texas federal courts, which rely on a plainly wrong reading of the Employee Retirement Income Security Act to effectively strike a forthcoming rule that would impose functional fiduciary duties onto sellers of investment services, may expose financially unsophisticated 401(k) participants to peddlers of misleading advice, says Mark DeBofsky at DeBofsky Law.
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2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing
The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.