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Asset Management
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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.
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October 16, 2024
En Banc DC Circ. Will Revisit Campaign Finance Appeal
The full D.C. Circuit will revisit an appeal implicating the court's authority to review the Federal Election Commission's decisions on campaign finance complaints when those decisions rest on commissioners' so-called prosecutorial discretion.
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October 16, 2024
Hawaii Utility Beats Investor Suit Over Wildfire, For Now
A California judge on Tuesday dismissed a shareholder suit filed against Hawaiian Electric Industries Inc. in the wake of a deadly fire on Maui in 2023, but will allow plaintiffs to amend their claims that the company failed to warn investors about its inadequate risk mitigation program.
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October 16, 2024
NYSE Seeks To Curb Reverse Splits In Latest Crackdown
The New York Stock Exchange wants to limit companies' ability to rely on reverse stock splits to raise their share prices and avoid delisting, submitting a proposal shortly after regulators approved a Nasdaq plan to rein in such splits.
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October 16, 2024
PE Firm Trashed Exec To Avoid Payout In $98M Deal, Suit Says
A Summit Partners affiliate and several executives concocted false allegations of misconduct to get out of fully compensating the owner of an investment management firm as part of an acquisition worth a reported $97.6 million, according to a complaint filed in Massachusetts state court.
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October 16, 2024
Duquesne University Beats Ex-Gift Officer's Age Bias Suit
Duquesne University defeated a former gift officer's suit claiming he was fired for complaining that his boss reassigned work to a younger employee because he was in his 60s, with a Pennsylvania federal judge ruling that he failed to identify a comparable colleague who was treated better.
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October 16, 2024
Skadden Drives Forest Road To Formula E Team Acquisition
Los Angeles-based investment firm The Forest Road Company, advised by Skadden Arps Slate Meagher & Flom LLP, has purchased the ERT Formula E team. The team is rebranding as Kiro Race Co as it prepares to enter the 11th season of the ABB FIA Formula E World Championship under new ownership.
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October 15, 2024
10th Circ. Won't Reboot Short Sellers' Suit Against Overstock
In a decision dealing with matters of first impression, the Tenth Circuit on Tuesday declined to revive a hedge fund's proposed class action accusing Overstock.com Inc. and its leadership of manipulating the market when it said it would pay shareholders using cryptocurrency but abandoned the plan to force short sellers into a "squeeze."
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October 15, 2024
Kirkland-Led Boeing Seeks Up To $35B Amid Labor Strike
Boeing notified regulators on Tuesday of plans to raise up to $35 billion through securities offerings and a credit agreement, guided by Kirkland & Ellis LLP, as the aviation giant seeks access to cash amid a prolonged strike and production cuts.
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October 15, 2024
Benefit Cos. Urge Justices Take Up Cert. Fight From 5th Circ.
Three benefit companies urged the U.S. Supreme Court to review a Fifth Circuit decision upholding certification of a class of more than 290,000 workers in a suit alleging excessive health and retirement plan fees, arguing the justices need to iron out a circuit split on standing requirements.
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October 15, 2024
Hedge Fund Urges Justices To Hear Swing-Trade Case
The U.S. Supreme Court has been asked by a hedge fund facing insider trading allegations to address "significant and recurring issues" that allowed a 1-800-Flowers.com shareholder to proceed with his derivative lawsuit despite failing to prove that the company was harmed in any way by the fund's short-swing trades.
Expert Analysis
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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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.