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Asset Management
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October 29, 2024
Alameda Research Wants Crypto Exchange To Return $50M
Alameda Research, the crypto trading affiliate of the bankrupt FTX digital asset empire, has sued the operators of KuCoin cryptocurrency exchange in Delaware bankruptcy court seeking the return of $50 million of assets that continue to be held on the platform despite the debtors' requests.
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October 29, 2024
Ex-Cleveland Councilman Can't Cut 6-Year Fraud Sentence
An Ohio federal judge will not allow a former Cleveland city councilman to get out of jail on compassionate release, ruling the ex-politician "has never demonstrated any remorse for his criminal conduct" and should serve the remainder of his six-year fraud sentence.
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October 29, 2024
Argent Strikes Symbria ESOP Suit Settlement Deal
A class of Symbria Inc. workers alleging mismanagement of their employee stock ownership plan told an Illinois federal court they had reached a settlement with ESOP trustee Argent Trust Co. to end their federal benefits lawsuit.
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October 29, 2024
Sham Getty Stock Offer Lands Investor 10-Month Prison Term
A former Massachusetts corporate executive will serve 10 months in prison for launching a sham takeover bid for Seattle-based Getty Images Holdings to drive up its share price and make hundreds of thousands of dollars in profit, a Boston federal judge said Tuesday.
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October 29, 2024
Cash-Strapped Boeing Prices Upsized $21B Share Sale
Boeing said Tuesday it had priced an upsized sale of common and depositary shares to raise more than $21 billion, in an offering guided by Kirkland & Ellis LLP and Davis Polk & Wardwell LLP that would bolster the plane maker's cash balances amid a protracted strike.
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October 29, 2024
Oil Trader's Brother Gets Probation, Fine For Brazilian Bribes
An ailing Connecticut man who admitted to helping his brother pull off a scheme to bribe officials at Brazil's state-owned oil company has been sentenced to probation, a fine and asset forfeiture, federal court records showed Tuesday.
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October 29, 2024
M&A Rebounded As Equity Issuance, IPOs Faltered In Q3
The number of global M&A deal announcements increased for the second consecutive quarter in the third quarter, but global equity issuance and IPO activity slowed, according to a Tuesday report from S&P Global Market Intelligence.
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October 29, 2024
Crescent Inks Oncology Merger With $200M In Private Funding
Crescent Biopharma Inc. has agreed to take fellow cancer-focused biotech GlycoMimetics Inc. private in a deal that includes $200 million of investments from well over a dozen firms to help fund the combined company's operations through 2027, GlycoMimetics revealed Tuesday.
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October 29, 2024
Blackstone Brings In $22B Total For Direct Lending Platform
Private equity giant Blackstone, advised by Simpson Thacher & Bartlett LLP, on Tuesday revealed that it successfully closed its inaugural evergreen institutional U.S. direct lending fund after securing a total of $22 billion in capital commitments.
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October 28, 2024
Ex-Atty Charged With $9.2M Commodities Ponzi Scheme
Federal prosecutors have charged a former New Orleans-based attorney with operating a Ponzi scheme, saying he promised dozens of individuals that he would invest their $9.2 million in low-risk commodities when he was really using the funds to gamble and to pay off personal expenses.
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October 28, 2024
Investment Firm's Head Indicted For Alleged Ponzi Scheme
Federal prosecutors have unsealed an indictment accusing a Utah man of carrying out a Ponzi scheme to embezzle millions of dollars from private investors who believed they were contributing to restaurant ventures.
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October 28, 2024
Fidelity Investments Sued Over Money Market Fund's Fees
Fidelity Investments has been hit with a class action suit in New York federal court alleging it charged high fees, mismanaged the administration of one of its money market funds, and failed to act in the best interests of the fund's shareholders.
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October 28, 2024
$4M Settlement Over NBA-Themed NFTs Gets Final OK
A New York federal judge on Monday granted final approval to a $4 million settlement between the firm behind NBA-focused non-fungible tokens and a class of purchasers who accused the digital assets company of selling the tokens as unregistered securities, and awarded roughly a third of the settlement fund in attorney fees.
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October 28, 2024
Surge In Nicotine Fee Suits Shows Wellness Program Risks
A recent crop of suits accusing large employers of violating nondiscrimination provisions in federal benefits law by making workers who use nicotine pay more for health insurance underscore the risk of using fees to offset healthcare costs, attorneys say. Here are five nicotine surcharge suits to keep an eye on.
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October 28, 2024
Boeing Moves Ahead With $19B Share Sale Amid Cash Crunch
Boeing launched plans Monday to sell common and preferred stock estimated to raise nearly $19 billion, potentially easing the aviation giant's cash crush amid a prolonged strike and production setbacks, represented by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP.
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October 28, 2024
Tribe-Linked Lenders Flouted Interest Laws, Borrower Says
A Florida man and his purported data analytic companies face a proposed class action alleging they improperly touted a relationship with a small Native American tribe as they made consumer loans with triple-digit annual interest rates.
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October 28, 2024
Linklaters Adds 4 A&O Shearman Finance Partners In NY
Linklaters LLP announced Monday the addition of four partners from the recently merged Allen Overy Shearman Sterling to the firm's finance division, deepening its U.S. capital markets and restructuring offerings in New York.
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October 25, 2024
SEC Wants PE Firm's 'Fishing Expedition' Claims Paused
The U.S. Securities and Exchange Commission has asked a Texas federal judge to pause a real estate-focused private equity fund's suit alleging that the regulator subjected it to an unconstitutional "fishing expedition" outside its regulatory purview.
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October 25, 2024
Off The Bench: Toss-Up For Ohtani Ball, UFC Fighters' Payday
In this week's Off The Bench, the three claimants to a historic baseball now know how much is at stake for the winner, a long fight against wage suppression for mixed martial arts fighters is a step closer to ending, and WNBA players want a bigger piece of a growing revenue pie.
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October 25, 2024
Spirit Airlines Eyes $80M In Cost Cuts Amid New Deal Rumor
Spirit Airlines will implement layoffs as part of a plan to cut roughly $80 million in costs and has agreed to sell 23 Airbus aircraft to GA Telesis for about $519 million, disclosing the measures as the company is said to be in renewed talks to potentially sell itself to Frontier Airlines.
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October 25, 2024
Skadden, Latham Steer Chinese Driverless Tech Startup's IPO
Autonomous driving technology developer WeRide Inc., represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP, on Friday raised $440.5 million combined through a U.S. initial public offering and private placement, saying it will apply fresh capital toward accelerating its global expansion.
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October 25, 2024
Frontier Urges Approval Of 'Highly Attractive' Verizon Deal
Frontier Communications on Friday urged shareholders to support its planned $20 billion sale to Verizon, calling the $38.50 per-share price tag "highly attractive" despite mounting opposition from top investors, one of which claimed the company may be worth double that.
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October 25, 2024
Self-Driving Car Co. Waymo Snags $5.6B In Series C Funding
Self-driving car company Waymo on Friday announced that it closed a behemoth investing round, raising $5.6 billion from private equity and venture capital investors.
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October 25, 2024
Kirkland-Led Nautic Closes Largest-Ever Fund At $4.5B
Kirkland & Ellis LLP-advised Nautic Partners LLC on Friday announced that it closed its largest fund yet after securing $4.5 billion from investors.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
Expert Analysis
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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.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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A Timeline Of Antisemitism Legislation And What It Means
What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.