Asset Management

  • April 15, 2024

    Blackwells Sues Hospitality REIT Amid Board Takeover Row

    Blackwells Capital LLC has accused Braemar Hotels & Resorts Inc. of amending company bylaws, weaponizing a local news outlet and filing misleading materials with the U.S. Securities and Exchange Commission, all to thwart the activist investor's attempt to nominate board members.

  • April 15, 2024

    Apple Hit Faces Two Suits Over IPhone Market Dominance

    Apple has been hit with a pair of suits alleging it has unfairly stifled competition in the smartphone market and that its practices and iPhone sales have violated federal securities and antitrust laws.

  • April 15, 2024

    Cleary Gottlieb Guides APi's $570M Elevator Repair Co. Buy

    Cleary Gottlieb Steen & Hamilton LLP-represented APi Group, which owns contracting businesses serving industries like energy and construction, announced Monday that it has bought an elevator maintenance company in a $570 million cash deal.

  • April 15, 2024

    UK Trading Platform Marex Eyes US Markets For $300M IPO

    Private equity-backed U.K. trading platform Marex Group PLC launched plans Monday for an estimated $300 million initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Kirkland & Ellis LLP, becoming the latest U.K.-area firm to seek capital from U.S. markets.

  • April 15, 2024

    Catching Up With Delaware's Chancery Court

    Last week, Delaware justices mulled whether one Chancery Court vice chancellor properly voided four company bylaws — just as another vice chancellor voided one more. Fights among Truth Social investors continued, and shareholders launched new cases involving Macy's, United Airlines, and Clayton Dubilier & Rice LLC and Stone Point Capital LLC.

  • April 15, 2024

    Endeavor Group's $13B Take-Private Deal Challenged In Del.

    A Swedish bank has sued to block a $13 billion take-private sale of sports and entertainment conglomerate Endeavor Group Holdings Inc., branding the deal a prohibited minority stockholder squeeze-out tilted heavily toward large investors and insiders, including controller and global private equity firm Silver Lake.

  • April 15, 2024

    Republican AGs Ask 5th Circ. To Knock Out DOL Rule For ESG

    A group of Republican-led states urged the Fifth Circuit to scrap a U.S. Department of Labor rule allowing retirement advisers to consider social and political issues when choosing investments, arguing that the agency is flouting protections set in stone by federal benefits law.

  • April 15, 2024

    2nd Circ. Affirms Telecom Co.'s $13M Union Pension Bill

    The Second Circuit on Monday upheld a New York federal court's determination that a telecommunications company owed $13 million in withdrawal liability to a multiemployer pension plan for electrical and contract workers, agreeing with an arbitrator's finding that a construction industry exception didn't apply to the disputed work.

  • April 15, 2024

    EQT To Swap $500M Of Gas Assets As Part Of Divestiture Plan

    EQT Corp. and Equinor said Monday that they have agreed to an asset swap arrangement that will include Equinor paying $500 million in cash for a minority stake in EQT's nonoperated natural gas assets in Northeast Pennsylvania, part of a broader EQT strategy to divest assets and reduce debt ahead of its planned close of an energy mega-deal. 

  • April 15, 2024

    Simpson Thacher, Willkie Build $1.4B Sale Of Snap One

    Willkie Farr & Gallagher LLP-advised Resideo Technologies Inc. on Monday announced plans to buy smart-living products provider Snap One Holdings Corp., led by Simpson Thacher & Bartlett LLP, for $1.4 billion, which will be supported by a $500 million investment from private equity giant Clayton Dubilier & Rice LLC.

  • April 15, 2024

    Italian Cable Giant Prysmian Buying Encore Wire For $4.2B

    Milan-based electric cabling manufacturer Prysmian said Monday it has agreed to purchase McKinney, Texas-based Encore Wire in a transaction with an approximately $4.2 billion enterprise value.

  • April 15, 2024

    Justices Won't Review Ex-NYC Union Head's Bribery Rap

    The U.S. Supreme Court on Monday declined to take up the appeal of a former New York City union president who was convicted of taking bribes from now-defunct hedge fund Platinum Partners, rejecting a petition that argued his attorney failed to tell him about the trial judge's conflicts of interest.

  • April 12, 2024

    S. Korea Must Pay Mason $32M In Samsung Merger Fight

    An international tribunal ordered South Korea to pay Mason Capital Management LLC $32 million in a long-running investor-state suit filed by the New York-based hedge fund over the 2015 merger of two Samsung affiliates, according to the South Korea Ministry of Justice.

  • April 12, 2024

    SEC Fines 5 Advisers Over Alleged Marketing Rule Violations

    The U.S. Securities and Exchange Commission announced Friday that five investment advisory firms have agreed to pay $200,000 in combined penalties to settle allegations that they violated the commission's marketing rule by advertising misleading hypothetical performance.

  • April 12, 2024

    Petition Watch: Judge DQs, 'Excessive' Damages & Price Wars

    A former al-Qaida member has asked the U.S. Supreme Court to clarify disqualification protocol for judges overseeing a case related to their prior work as a government attorney, and energy drink manufacturers want the court to develop a modern-day test to determine if companies qualify as price-discrimination competitors. Here's four high court petitions filed recently that you might've missed.

  • April 12, 2024

    Hedge Fund Fires Back At Hotel REIT With Proxy Contest Suit

    Blackwells Capital LLC has fired back at Braemar Hotels & Resorts Inc. with a lawsuit against the hotel REIT and its board chair Monty Bennett, seeking a green light to move forward with a campaign to place its own candidates on the company's board.

  • April 12, 2024

    Ocean Energy Co. Thwarting Shareholder Vote, Investor Says

    An investor that has been trying for nearly a year to nominate an alternative slate of directors for the board of an offshore renewable energy company sued in Delaware's Court of Chancery late Thursday, alleging the company and its management have been scheming to prevent a fair stockholder vote.

  • April 12, 2024

    Lionsgate Ups PIPE To $225M Before $4.6B SPAC Merger

    Entertainment and production giant Lionsgate on Friday is raising the amount of its private investment in public equity related to its planned $4.6 billion merger with special purpose acquisition company Screaming Eagle Acquisition Corp. to $225 million, according to a filing with the U.S. Securities and Exchange Commission.

  • April 11, 2024

    UnitedHealth Patients' Addiction Coverage Suit Revived, Again

    The Ninth Circuit on Thursday revived for the second time a proposed class action accusing UnitedHealth of wrongly rejecting coverage for outpatient substance use disorder treatments in violation of federal benefits law, finding the plaintiff plausibly alleged the insurer employed an excessively strict review process for those claims.

  • April 11, 2024

    3 Firms Guide Safety Inspection Firm UL's Upsized $946M IPO

    Safety inspection company UL Solutions Inc. on Thursday completed a larger-than-anticipated $946 million initial public offering near the top of its price range, guided by three law firms.

  • April 11, 2024

    Summary Judgment 'Waste Of Time' In 401(k) Suit, Judge Says

    Boston College will face a trial in a suit accusing the school of mismanaging its 401(k) retirement plans after a Massachusetts federal judge issued a 126-page memorandum Thursday in which he blamed himself for a "monumental waste of time" that was the two sides' summary judgment proceeding.

  • April 11, 2024

    JPMorgan Analyst's Acquittal Sinks Stock Tip Case, Man Says

    A Los Angeles man is planning a Ninth Circuit appeal after he was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, reasoning that he could not be guilty because the friend was acquitted at a separate trial.

  • April 11, 2024

    Flopped Casino SPAC Investor Sues In Del. To Block Payout

    An investor in a special purpose acquisition company that made a doomed, $2.7 billion effort to buy a casino in the Philippines has asked Delaware's Court of Chancery to prevent the SPAC from redeeming its outstanding shares, arguing it would violate Delaware law because the SPAC is insolvent.

  • April 12, 2024

    Rash Of 401(k) Forfeiture Suits Approach First Hurdles

    Several recent lawsuits challenging how employers use 401(k) forfeitures — which occur when a worker leaves before an employer's matching contributions fully vest — are approaching critical early tests, with rulings expected on dismissal bids in the coming months. Here, Law360 looks at how this area of Employee Retirement Income Security Act litigation has gained traction, and what to look out for next.

  • April 11, 2024

    Arax Buys US Capital Wealth In Latest Asset Manager Merger

    Wealth management platform Arax Investment Partners, advised by Fried Frank Harris Shriver & Jacobson LLP, announced on Thursday that its assets under management will grow to $16 billion following its acquisition of independent wealth management firm U.S. Capital Wealth Advisors, in a deal marking the latest in a string of mergers between asset managers.

Expert Analysis

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • Series

    Fla. Banking Brief: All The Notable Legal Updates In Q1

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    Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.

  • Management Incentives May Be Revisited After PE Investment

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    As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • How Banks Should Respond To Calif. AG's Overdraft Warning

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    Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

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