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Asset Management
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October 21, 2024
Davis Polk, Kilpatrick Guide $1.6B Mid-Atlantic Bank Merger
Davis Polk & Wardwell LLP and Kilpatrick Townsend & Stockton LLP are guiding a $1.6 billion deal that will see Virginia-based Atlantic Union Bankshares Corp. absorb Maryland's Sandy Spring Bancorp in what the companies said Monday will create a lower Mid-Atlantic region bank holding company with more than $39 billion in assets.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
US Fights PetroSaudi Bid To Limit $380M Seizure
The U.S. on Friday slammed a PetroSaudi company's request for a California federal court to clarify that officials can only seize 5% of a $380 million award, calling the request an improper attempt at revisiting a 3-year-old court ruling.
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October 18, 2024
Hong Kong Regulators Unveil Plans To Quicken IPOs
Hong Kong regulators and stock exchange officials announced a plan on Friday to accelerate their time frames for reviewing initial public offerings, a bid to improve the region's attractiveness for new listings amid intense global competition.
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October 18, 2024
Hogan Lovells Guides Buyer On San Diego Soccer Team Deal
National Women's Soccer League team the San Diego Wave Fútbol Club has assumed new ownership after Hogan Lovells-advised private equity firm Levine Leichtman Family Office bought the team from previous owner Ron Burkle, advised by Loeb & Loeb LLP, marking the latest in a string of NWSL deals this year.
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October 18, 2024
Allianz, Santander End Shareholder Suit Coverage Fight
Allianz has agreed to drop its request in Massachusetts federal court for a ruling that it is not obligated to cover Santander Holdings' defense in a now-settled 2022 shareholder lawsuit, a recent filing showed.
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October 18, 2024
NYC Building Sold After Losing Half Of Tenants To Ch. 11
A historic mixed-use building in New York City's Chelsea neighborhood that was ravaged by the bankruptcies of two major tenants has been acquired and recapitalized by a partnership of RXR Realty and Hudson Bay Capital through a $421 million financing package from Blackstone, the buyers announced Friday.
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October 18, 2024
6 Firms Guide $1.1B Turkish-Kazakh E-Commerce Deal
Six law firms across three countries have guided a transaction announced Friday that will see Kaspi.kz, which runs a popular payments app in Kazakhstan, purchase a majority stake in Turkish e-commerce platform Hepsiburada for more than $1.1 billion in cash.
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October 18, 2024
Conn. Brother Wants No Jail Time In Brazilian Oil Scheme
A Connecticut man who pled guilty to laundering money in a Brazilian oil bribery scheme that also ensnared his brother says he should not be sentenced to jail time because he needs cancer treatments and has been "devastated financially."
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October 18, 2024
Taxation With Representation: Baker, Simpson, Ropes
In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.
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October 18, 2024
FTC Faces More Pressure To Block $16.5B Novo-Catalent Deal
A dozen advocacy groups are pushing the Federal Trade Commission to block Novo Holdings' planned $16.5 billion purchase of Catalent, arguing that the deal would stifle competition for certain obesity and gene therapy drugs — and that no remedy can fix that.
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October 18, 2024
JPMorgan Says Trial 'Needless' After Couple Loses $20M Suit
JPMorgan Chase Bank NA told a Massachusetts federal judge Thursday there is no need for a two-week trial on the bank's counterclaims after it scored a pretrial win in a suit brought by an elderly couple who said bad investments cost them $20 million.
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October 17, 2024
US Sanctions Chinese Cos. For Work On Russian Drones
The U.S. Department of the Treasury on Thursday imposed fresh sanctions on three entities, including two from China, for helping develop long-range Garpiya attack drones used by Russia in its deadly war against Ukraine.
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October 17, 2024
DOL, Red States Spar Over Loper Bright Impact On ESG Rule
Conservative-led states suing the U.S. Department of Labor have told a Texas federal court that the end of the Chevron doctrine boosts their bid to end a rule allowing retirement plan advisers to consider environmental, social and governance factors in investment choices, while the DOL argued that it deserves another summary judgment win.
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October 17, 2024
Chinese Self-Driving Technology Firm Pony AI Files US IPO
Chinese autonomous-driver technology provider Pony AI Inc. filed plans Thursday for an initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, potentially paving the way for a rare U.S. IPO by a Chinese company amid trade tensions between both countries.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
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October 17, 2024
PE-Backed Polish Retailer Zabka Rings Up $1.6B IPO
Private equity-backed Zabka Polska SA closed flat in debt trading on Thursday after the Polish convenience store giant priced an initial price offering that raised 6.45 billion zloty ($1.62 billion) at the top of its range, marking Europe's fourth-largest listing this year.
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October 17, 2024
Hogan Lovells, Ropes & Gray Lead $550M Coatings Biz Sale
Paint and coatings company PPG, advised by Hogan Lovells, has agreed to sell its architectural coatings business in the U.S. and Canada to Ropes & Gray LLP-led investor American Industrial Partners for $550 million, according to a Thursday statement from PPG.
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October 17, 2024
FTX Insider Cites 'Limited' Fraud Role In Bid To Avoid Prison
The former head of engineering at FTX asked a Manhattan federal judge to spare him prison time in light of his cooperation with prosecutors and what he said was a relatively "limited" role in the crypto exchange's billion-dollar fraud.
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October 17, 2024
Randy Newman Sells Music Rights To Carlyle-Backed Litmus
Musician and songwriter Randy Newman has sold his stake in his recorded music and publishing rights to Carlyle-backed music rights business Litmus Music, a transaction that includes decades of popular recordings and music from feature films, including the song "You've Got A Friend In Me" from 1995's "Toy Story," Litmus said Thursday.
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October 17, 2024
Feds Say Accused Embezzler Used Company Card After Arrest
Boston federal prosecutors say a Florida man awaiting trial on charges he embezzled nearly $6 million from his former employer held onto a corporate American Express card and used it for personal items including 14 bottles of pricey Veuve Clicquot champagne.
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October 17, 2024
Simpson-Led Silver Lake Inks $1.7B Deal For Zuora
Simpson Thacher & Bartlett LLP is guiding California-based tech investor Silver Lake on an agreement to buy Zuora Inc., a monetization software platform for businesses, at a $1.7 billion value, Zuora said Thursday.
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October 16, 2024
2 CPAs Get 20 Months For Roles In $1.3B Tax Shelter Scheme
Two certified public accountants were each sentenced in Georgia federal court to nearly two years in prison for selling tens of millions of dollars in false tax deductions to their rich clients as part of a $1.3 billion tax fraud scheme, the U.S. Department of Justice announced Wednesday.
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October 16, 2024
ConocoPhillips Targets Hedge Fund Over Del. Citgo Sale
ConocoPhillips has initiated a new lawsuit in Delaware in an attempt to preserve the value of Citgo's indirect parent company, PDV Holding Inc., for an upcoming auction aimed at satisfying Venezuelan debt, as Connecticut hedge fund Gramercy allegedly threatens to undermine the long-awaited Citgo sales process.
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October 16, 2024
Ex-Davis Polk Atty Drops Appeal Of Bias Verdict Loss
A former Davis Polk & Wardwell LLP associate on Tuesday dropped his appeal of a jury verdict clearing the firm and two lawyers of liability in a suit alleging he was fired in retaliation for airing concerns about racial bias and diversity.
Expert Analysis
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What 11th Circ. Fearless Fund Ruling Means For DEI In Courts
The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Emerging Trends In ESG-Focused Securities Litigation
Based on a combination of shareholder pressure, increasing regulatory scrutiny and proposed rulemaking, there has been a proliferation of litigation over public company disclosures and actions regarding environmental, social, and governance factors — and the overall volume of such class actions will likely increase in the coming years, say attorneys at Mintz.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.