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Asset Management
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January 30, 2025
Loeb & Loeb Leads $150M Greek Shipping Execs' SPAC IPO
Blank-check company Stellar V Capital Corp., which was formed by Greek shipping executives, launched its projected $150 million initial public offering Thursday, with Loeb & Loeb LLP representing Stellar and Ellenoff Grossman & Schole LLP advising the underwriters.
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January 30, 2025
Industrial Services PE Firm Lands $425M For Debut Fund
An industrial services-focused private equity firm, guided by Kirkland & Ellis LLP, said Jan. 30 it wrapped its inaugural fund with $425 million in tow.
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January 30, 2025
YouTube's 'Nelk Boys' Sued Over 'Snake-Oil' NFTs
A buyer of an apparently worthless crypto product has filed suit against a pair of influencers behind the YouTube channel "Nelk Boys," calling them "snake-oil salesmen" and claiming they talked up the products online, saying they were valuable when, in reality, the promised perks and returns on investment never materialized.
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January 30, 2025
DOJ Calls UnitedHealth Dismissal Bid A Discovery 'End Run'
The U.S. Department of Justice assailed UnitedHealth Group on Wednesday for "masquerading" a "premature" discovery bid as a motion to dismiss the government's Maryland federal court lawsuit challenging the $3.3 billion purchase of home health and hospice giant Amedisys Inc.
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January 30, 2025
SEC Eyes Pretrial Win On $57M Fraud After Lindberg Plea Deal
The U.S. Securities and Exchange Commission asked a North Carolina federal judge to give it a pretrial win on its fraud claims against convicted former insurance mogul Greg Lindberg and his investment adviser firm, arguing multiple convictions in parallel criminal cases against Lindberg and others are a "straightforward" indicator of his liability.
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January 30, 2025
Wachtell Repping Penn Entertainment Amid Activist Pressure
Sports content and casino gaming experiences provider Penn Entertainment Inc. has tapped Wachtell as it faces a proxy contest from activist investor HG Vora Capital Management, which has nominated three director candidates and ripped the company's existing board as having "wasted billions on online sports betting investments despite zero industry expertise or credibility."
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January 30, 2025
Cooley, Latham Steer Beta Bionics' Upsized $204M IPO
Shares of insulin-delivery device maker Beta Bionics Inc. soared in debut trading Thursday after it priced an upsized, $204 million initial public offering at the top of its increased range, represented by Cooley LLP and underwriters' counsel Latham & Watkins LLP.
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January 29, 2025
Jones Day Told To Provide Ex-Attys Family Leave Memo
Jones Day must hand over a memo from December 1993 to two ex-associates suing the firm over its allegedly discriminatory family leave policy, a D.C. federal judge ruled Wednesday, saying the firm had placed it "at issue" in the case and waiving any privilege that might have shielded the document.
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January 29, 2025
Binary Options Fraudsters Must Pay $451.6M To CFTC
An Illinois federal judge on Tuesday ordered three Israeli businessmen and the overseas businesses they owned or ran to pay over $451.6 million to the Commodity Futures Trading Commission, holding them liable for lying about the profitability of binary options transactions and misappropriating customer funds.
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January 29, 2025
German National Again Ordered To Pay $4.6M In Fraud
A Massachusetts federal judge on Wednesday ordered a German national to hand over $4.6 million in profits and interest from a multinational pump-and-dump scheme, money that the government says was parked overseas by his son.
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January 29, 2025
2 Blank Check Cos. Plan IPOs Totaling $325M
Two special purpose acquisition companies, Cartesian Growth III and Gesher Acquisition Corp. II, have launched plans for initial public offerings, expecting to raise a combined $325 million.
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January 29, 2025
Southwest's Plan Oversight Cost Workers Millions, Court Told
Southwest Airlines cost workers millions of dollars in retirement savings by failing to ax a costly and underperforming investment fund from its combined $14 billion retirement plans, according to a proposed class action filed in Texas federal court.
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January 29, 2025
Milbank Adds Ex-Skadden Financial Restructuring Pro In NY
Milbank LLP has added a corporate restructuring attorney previously with Skadden Arps Slate Meagher & Flom LLP as a partner in its New York office, the firm has announced.
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January 28, 2025
Judge OKs Refiling Of Suit Over $20M Austin Nightclub Deal
A Texas federal judge granted a bid to dismiss a suit claiming a title company handed over $3 million to a fraudster, saying Tuesday that she would allow the plaintiff to rework its complaint to show the defendants were indeed more heavily tied to the sham than the current complaint contended.
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January 28, 2025
Ex-SEC Enforcement Chief Says Staff Faced Uptick In Threats
The U.S. Securities and Exchange Commission's recently departed enforcement chief said Tuesday he wishes he could have done more to insulate his staff from the uptick in threats they received while he headed the program, and he urged his successor to do what they could to protect the agency's attorneys.
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January 28, 2025
Cigna Can't Escape Fight Over Prosthetic Coverage In Maine
Cigna must continue facing an Employee Retirement Income Security Act lawsuit by a man who was denied coverage of his prosthetic device, with a Maine federal judge saying she can't rule on the insurer's dismissal motion until she knows what entity funds the man's healthcare plan.
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January 28, 2025
Founder Can't Explain Hedge Fund's Filing Mismatch To Jury
A hedge fund founder told a Denver jury Tuesday that he doesn't know why some of the fund's regulatory filings don't identify it as a director for a Colorado biopharmaceutical company, in a suit brought by stockholders who claim the fund must return $11 million earned from short-swing trades.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Expert Analysis
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Series
Playing Rugby Makes Me A Better Lawyer
My experience playing rugby, including a near-fatal accident, has influenced my legal practice on a professional, organizational and personal level by showing me the importance of maintaining empathy, fostering team empowerment and embracing the art of preparation, says James Gillenwater at Greenberg Traurig.
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What Broker-Dealers Must Know Before Selling Bitcoin ETPs
Interest in bitcoin exchange-traded products is already high, and only expected to grow in light of the incoming Trump administration's pro-crypto stance, but broker-dealers must still consider numerous regulatory requirements before recommending a bitcoin ETP to a client, say Frank Weigand and Justine Woods at Cahill Gordon.
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Cyber Disclosure Is A Mainstay In 2025 SEC Exam Priorities
Despite a new administration and a new U.S. Securities and Exchange Commission chair incoming, the SEC's 2025 examination priorities signal that cybersecurity disclosures and risk management practices will remain important due to the growing threat of cyberattacks, says Anjali Das at Wilson Elser.
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Opinion
No, Litigation Funders Are Not 'Fleeing' The District Of Del.
A recent study claimed that litigation funders have “fled” Delaware federal court due to a standing order requiring disclosure of third-party financing, but responsible funders have no problem litigating in this jurisdiction, and many other factors could explain the decline in filings, say Will Freeman and Sarah Tsou at Omni Bridgeway.
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5 E-Discovery Predictions For 2025 And Beyond
In the year to come, e-discovery will be shaped by new and emerging trends, from the adoption of artificial intelligence provisions in protective orders, to the proliferation of emojis as a source of evidence in contemporary litigation, say attorneys at Littler.
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Best Practices To Find Del. Earnout Provisions That Hold Up
Recent Delaware earnout litigation illustrates the need for careful drafting and proactive planning to avoid later divergent interpretations of the signed contract, and a series of drafting tips can help, say attorneys at Cozen O'Connor.
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5 Evolving Concerns For Family Offices In 2025
Complex regulatory changes and emerging operational risks will force family offices to stay on their toes in 2025, with timely action particularly necessary to address several tax and reporting developments that may affect their investments and business operations, say attorneys at Morgan Lewis.
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2024 Was A Banner Year For Shareholder Activism
Shareholder activism campaigns in 2024 continued at an elevated pace globally, with activist investors exploiting valuation gaps and pushing aggressively for corporate governance reforms, including the ouster of many companies' chief executives, a trend that could continue once President-elect Donald Trump takes office, say attorneys at Sidley.
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7 Ways 2nd Trump Administration May Affect Partner Hiring
President-elect Donald Trump's return to the White House will likely have a number of downstream effects on partner hiring in the legal industry, from accelerated hiring timelines to increased vetting of prospective employees, say recruiters at Macrae.
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E-Discovery Quarterly: Rulings On Custodian Selection
Several recent rulings make clear that the proportionality of additional proposed custodians will depend on whether the custodians have unique relevant documents, and producing parties should consider whether information already in the record will show that they have relevant documents that otherwise might not be produced, say attorneys at Sidley.
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Impact Of Successful Challenges To SEC's Rulemaking Ability
In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
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A Look At PCAOB's Record-Breaking Enforcement In 2024
The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
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Series
Exercising On My Peloton Bike Makes Me A Better Lawyer
While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
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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.
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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.