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Asset Management
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September 20, 2024
IPO Trio Looks To Raise $536M Combined As Autumn Begins
Three companies spanning the energy, healthcare and life sciences industries are preparing initial public offerings that could raise $536 million combined in the coming week, guided by six law firms, signaling an upturn in IPOs as autumn begins.
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September 20, 2024
'Con Man' Who Faked Atty Emails In Biz Scam Gets 30 Mos.
A Manhattan federal judge hit a former investment analyst with 30 months in prison Friday for stealing $2.4 million from backers who thought he planned to invest in a retail startup, tricking them in part by impersonating an unnamed New York City lawyer.
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September 20, 2024
Agriculture Tech Biz's $147M SPAC Merger Is Scrapped
Miami-headquartered special purpose acquisition company Agrinam Acquisition Corp. and Boston-based agricultural technology company Freight Farms Inc. have nixed their merger plans that would have seen Freight Farms go public at a market capitalization of around $147 million.
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September 20, 2024
Fed's Surprise Rate Cut Gives M&A Markets Needed Relief
Mergers and acquisitions activity is inextricably linked to borrowing costs, which means the Federal Reserve's larger than expected half-point interest rate cut could provide just the type of relief dealmakers need for a significant rebound, attorneys say.
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September 20, 2024
JPMorgan Chase Sued Again Over Cash 'Sweep' Program
JPMorgan Chase & Co. was hit with another proposed class action in California federal court claiming the bank's cash sweep investment program funnels customer funds into low-interest bearing accounts at its affiliate Chase Bank, a move that benefits the financial giant while depriving customers of the chance to earn the market-rate interest.
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September 20, 2024
US Chamber Warns Del. Justices On TC Energy Case Fallout
The U.S. Chamber of Commerce warned Delaware's Supreme Court Friday of "detrimental and expensive consequences" from an unprecedented, $199 million damages ruling against TransCanada Corp. last year for aiding seller fiduciary breaches in its $13 billion acquisition of Columbia Pipeline Corp.
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September 20, 2024
2 SEC Commissioners Object To Whistleblower Award Secrecy
U.S. Securities and Exchange Commissioners Mark Uyeda and Hester Peirce have objected to the agency's recent decision to hand out a total of $122 million in two awards to four whistleblowers and issued a statement taking issue with the regulator's policy of saying little to nothing about why the rewards are issued.
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September 20, 2024
Taxation With Representation: Gibson Dunn, Holland & Knight
In this week's Taxation With Representation, CACI International buys Azure Summit Technology, Hotel Engine lands a valuation led by Permira, and Knowles Corp. sells its microphone business to Syntiant Corp.
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September 19, 2024
Apple's $490M Deal Over China Sales OK'ed, Attys Get $110M
A California federal judge approved Apple Inc.'s $490 million securities fraud settlement under which class counsel will receive $110.45 million in fees and costs plus interest, resolving years-old litigation alleging Apple and its top brass misled investors about iPhone sales in China.
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September 19, 2024
Potomac Law Group Adds Morgan Lewis Partner
A former Morgan Lewis & Bockius LLP real estate attorney has joined Potomac Law Group, framing the move as a strategic shift out of BigLaw amid a "sluggish" transactional environment.
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September 19, 2024
'Biblical Values' Firm To Pay $300K For Misleading Investors
The U.S. Securities and Exchange Commission on Thursday order Idaho-based investment adviser Inspire Investing LLC to pay a $300,000 fine on allegations it made misleading statements and failed to institute compliance measures related to the firm's execution of its "biblically responsible investing" strategy.
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September 19, 2024
Crypto Exchange Must Refund Bitcoins, But In 2013 Dollars
A New York judge held Thursday that bygone cryptocurrency exchange Bitfloor improperly failed to return more than 200 of its customers' bitcoins upon shutting down in 2013, but said damages will be limited to the dollar value of the digital assets over a decade ago.
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September 19, 2024
Simpson Thacher Reps ICG On $1.9B North American Fund
Simpson Thacher & Bartlett LLP-advised British private equity shop Intermediate Capital Group Inc. on Thursday announced that it clinched its third North American credit fund with $1.9 billion in capital commitments.
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September 19, 2024
Judge Gives Dow Jones Win In Article Thievery Case
A Texas federal judge has handed a win to publisher Dow Jones & Co. in a copyright infringement suit accusing an investment manager of wrongfully copying and distributing thousands of news articles from The Wall Street Journal.
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September 19, 2024
Macquarie Unit To Pay $80M To End SEC's Overvaluation Claims
A subsidiary of Australian financial services company Macquarie Group Ltd. agreed Thursday to pay the U.S. Securities and Exchange Commission nearly $80 million to settle charges it overvalued largely illiquid mortgage-backed securities and carried out cross-trades that favored certain clients over others.
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September 19, 2024
Sidley-Led Knowles Sells Microphones Biz For $150M
High-performance electronics company Knowles Corp., led by Sidley Austin LLP, on Thursday announced plans to sell its Consumer MEMS Microphones business to Latham & Watkins LLP-advised Syntiant Corp. in a $150 million cash and stock deal.
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September 19, 2024
Halted DOL Fiduciary Regs Could Open Lane For SEC Action
The U.S. Securities and Exchange Commission might need to help clear up confusion about fiduciary investment advice standards in the wake of two Texas judges halting new retirement security regulations from the Labor Department, members of an SEC investor advisory committee said Thursday.
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September 19, 2024
Pink Floyd, NFL And PE Take Limelight In Latest Deal Rumors
Sony Music could be on the verge of paying roughly $500 million for the rights to music recorded by Pink Floyd, and NFL teams including the Miami Dolphins and Los Angeles Chargers are exploring options to sell stakes to private equity firms. Here, Law360 breaks down these and other notable deal rumors from the past week.
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September 19, 2024
3 Firms Lead Vistra's $3B Buy Of Leftover Stake In Nuclear Biz
Retail electricity and power generation company Vistra Corp. has agreed to acquire the remaining 15% equity stake in its subsidiary Vistra Vision LLC, which owns nuclear generation facilities, from minority investors Nuveen Asset Management LLC and Avenue Capital Management II LP in a deal valued at more than $3 billion and built by three law firms.
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September 18, 2024
Split 5th Circ. Upholds Oxy's $38M Win Over Wells Fargo Bank
A split Fifth Circuit panel upheld a $38 million judgment against Wells Fargo in a published opinion Wednesday, affirming that the bank breached its trustee duties by failing to timely sell Occidental Petroleum Corp. stock and is judicially estopped from arguing that the trust agreement was not a contract.
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September 18, 2024
SEC Must Clarify Murky Crypto Rules, Ex-Officials Tell House
Two former U.S. Securities and Exchange Commission officials who now represent crypto businesses told House lawmakers Wednesday that the agency's insistence on analyzing the economic realities of every crypto transaction in lieu of clear rulemaking has put the sector and its attorneys in unworkable situations.
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September 18, 2024
FTX Auditor Prager Metis Settles SEC Charges For Negligence
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.
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September 18, 2024
Fed's Powell Sees Final Basel Rule Less Than 1 Year Away
Federal Reserve Chair Jerome Powell said Wednesday that a revamped version of the Basel III endgame capital rules for big banks could be finalized before next summer, adding that the federal banking agencies will be "moving together" as the controversial rulemaking project enters its next phase.
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September 18, 2024
Conn. Investment Adviser Stole Secrets, Ex-Employer Says
An employee of a Connecticut investment advisory firm started a competing company and solicited his employer's clients before suddenly resigning and taking trade secrets to his new business, according to a new lawsuit in state court.
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September 18, 2024
Convicted Pastor, An NYC Mayor Ally, Denied Bail For Appeal
A Brooklyn pastor and reported friend of New York City Mayor Eric Adams who was convicted of fraud in March has been denied bail by the Second Circuit while he appeals the jury verdict and his nine-year prison sentence.
Expert Analysis
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Tips For Lenders Offering Texas Home Equity Lines Of Credit
As interest in home equity lines of credit increases, lenders seeking to utilize such products in Texas must be aware of state-specific requirements and limitations that can make it challenging to originate open-end lines of credit on homestead property, says Tye McWhorter at Polunsky Beitel.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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Series
Being A Luthier Makes Me A Better Lawyer
When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.
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American Airlines ESG Ruling Could Alter ERISA Landscape
The Spence v. American Airlines ESG trial, speeding toward a conclusion in a Texas federal court, could foretell a dramatic expansion in ERISA liability, with plan sponsors vulnerable to claims that they didn't foresee short-term dips in stock prices, say attorneys at Mayer Brown.
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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2 Rulings Serve As Conversion Fee Warnings For Banks
A comparison of the different outcomes in Wright v. Capital One in a Virginia federal court, and in Guerrero v. Bank of America in a North Carolina federal court, highlights how banks must be careful in describing how currency exchange fees and charges are determined in their customer agreements, say attorneys at Weiner Brodsky.
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Dueling Calif. Rulings Offer Insight On 401(k) Forfeiture Suits
Two recent decisions from California federal courts regarding novel Employee Retirement Income Security Act claims around 401(k) forfeitures provide early tea leaves for companies that may face similar litigation, offering reasons for both optimism and concern over the future direction of the law, say Ashley Johnson and Jennafer Tryck at Gibson Dunn.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.