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Asset Management
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January 22, 2025
Justices Seem Willing To Reopen Cornell Workers' ERISA Suit
The U.S. Supreme Court on Wednesday seemed inclined to revive a federal benefits lawsuit from Cornell University workers alleging their retirement plan was mismanaged and charged excessive fees, with several justices appearing open to arguments that the Second Circuit overreached when it shut down the case.
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January 22, 2025
Connell Foley Fights DQ Bid In Investment Firm's Bias Suit
A group of current and former New Jersey state officials blasted a motion to disqualify their counsel at Connell Foley LLP in a discrimination suit from a Black-owned investment firm in New Jersey federal court, calling the move a frivolous and bad faith stalling tactic.
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January 22, 2025
Cooley-Led Insulin Device Maker Preps $113M IPO
Insulin delivery system maker Beta Bionics on Wednesday announced the terms for its initial public offering, planning to raise $113 million.
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January 22, 2025
Mounting Pressure For PE Exits To Drive IPO Volume In 2025
Private equity-backed companies will generate nearly half of initial public offerings in 2025, analysts predicted on Wednesday, driven by a growing demand for exit strategies among investors that have owned stakes in companies for lengthy periods.
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January 22, 2025
Novacap Lands Over $1B For Digital Infrastructure Fund
North American private equity shop Novacap, advised by Davies Ward Phillips & Vineberg LLP, on Wednesday announced that it clinched its first fund dedicated solely to digital infrastructure investing after securing more than $1 billion from investors.
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January 22, 2025
Saudi Wealth Fund Selling Biz Service Firm In $907M Deal
Saudi Arabia's Public Investment Fund said Wednesday it has agreed to sell business services and digital solutions firm Thiqah to Elm Company, a Saudi Arabian digital security firm, in a deal valued at $907 million.
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January 21, 2025
SEC Sues Ex-Investment Firm Reps, GC Over 'Sham' Energy Co.
The U.S. Securities and Exchange Commission has accused former representatives of a wealth management firm of selling shares of a "sham" oil and gas company, and separately accused the firm's general counsel and chief compliance officer of playing an "active role" in the alleged misconduct by drawing up liability releases for the firm.
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January 21, 2025
Block Hit With Shareholder Suit Over Cash App AML Protocols
Jack Dorsey's fintech company Block Inc. touted its anti-money laundering protocols designed to prevent criminals from using Cash App and Square for illicit purposes, but in reality, the company's lack of even basic protocols created a "haven for criminal and illicit activities," a California federal lawsuit alleges.
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January 21, 2025
Asset Type Immaterial To Crypto Fraud Claims, SEC Says
The U.S. Securities and Exchange Commission has argued that digital assets referenced in its fraud case in Texas against the principals of a purported cryptocurrency mining operation are "immaterial to the economic reality" of the allegedly fraudulent securities transactions at the heart of its action.
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January 21, 2025
Cornell Case May Be Bellwether For ERISA Transaction Claims
The U.S. Supreme Court will hear arguments Wednesday from Cornell University and workers looking to reinstate a class action alleging their retirement plan paid excessive fees, in a case that could change the strategy for Employee Retirement Income Security Act plaintiffs in the future.
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January 21, 2025
Bacon Giant Smithfields Leads 3 IPOs Primed To Exceed $1B
Bacon maker Smithfields Foods Inc. led a trio of companies unveiling price ranges for initial public offerings Tuesday that could raise $1.3 billion combined over the next week, with 10 law firms guiding the IPOs in various capacities.
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January 21, 2025
Crypto Firm To Plead Guilty In Market Manipulation Case
A financial services firm based in the United Arab Emirates has agreed to plead guilty to a fraudulent "wash trading" scheme and will stop working in the U.S. cryptocurrency industry as part of a deal announced Tuesday by Boston federal prosecutors.
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January 21, 2025
Payment Co. Says Okla. Tribe Lacks Jurisdiction In Fraud Suit
Two owners of a payment processor have asked an Oklahoma federal judge to toss a Native American tribal entity's lawsuit claiming they defrauded it out of $1.5 million, arguing that it isn't a citizen for the purposes of diversity jurisdiction under Tenth Circuit precedent.
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January 21, 2025
New SEC Task Force Eyes 'Sensible' Crypto Regulations
A day after being appointed acting chairman of the U.S. Securities and Exchange Commission, Mark T. Uyeda on Tuesday launched a cryptocurrency task force to develop "a comprehensive and clear regulatory framework" for such assets.
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January 21, 2025
Weil Adds SEC's Asset Management Co-Chief To NY Group
A more-than 12-year veteran of the U.S. Securities and Exchange Commission, who most recently co-led the agency's Asset Management Unit, is joining Weil Gotshal & Manges LLP as the firm continues adding former regulators to begin the new year.
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January 21, 2025
Thoma Bravo Clinches $3.6B Credit Fund III
Software investor Thoma Bravo on Tuesday announced that it wrapped fundraising on its most recent credit fund after securing $3.6 billion in total available capital.
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January 17, 2025
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.
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January 17, 2025
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.
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January 17, 2025
DOL Says It Recovered $1.4B For Plans, People In Fiscal '24
The U.S. Department of Labor's Employee Benefits Security Administration announced Friday that it recovered nearly $1.4 billion in direct payments to plans, participants and beneficiaries in 2024, largely stemming from enforcement actions and informal complaint resolutions.
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January 17, 2025
SEC Fines Transamerica $2.9M Over Retirement Biz Conflicts
The U.S. Securities and Exchange Commission on Friday fined registered investment adviser Transamerica Retirement Advisors LLC $2.9 million to settle claims it concealed conflicts of interest generated by Transamerica's incentive compensation payments to representatives.
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January 17, 2025
Tennessee, BlackRock Settle Suit Over ESG Goals
Tennessee Attorney General Jonathan Skrmetti announced Friday that his office has dismissed its lawsuit accusing BlackRock of misleading customers about its environmental, social and corporate governance investment strategies, with the asset manager committing to certain transparency and compliance measures.
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January 17, 2025
Up Next At High Court: Forum Shopping & TCPA Definitions
The U.S. Supreme Court will return to the bench Tuesday for a short argument session, during which the justices will consider the U.S. Food and Drug Administration's bid to limit forum shopping by manufacturers challenging agency decisions and how much deference district courts must give to Federal Communications Commission orders.
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January 17, 2025
SEC Says Food Tech Startup Overstated Revenue By $550M
The U.S. Securities and Exchange Commission on Friday fined venture-backed food technology startup GrubMarket $8 million for allegedly misleading investors by overstating revenue by more than $550 million, with faulty accounting that regulators say the company should have known was unreliable.
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January 17, 2025
Sidley-Led Hennessy Capital's 7th SPAC Raises $175M
Blank-check company Hennessy Capital Investment Corp. VII began trading publicly on Friday after raising $175 million in its initial public offering, which will be used to merge with a company in the industrial technology or energy transition sectors.
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January 17, 2025
LPL Fined $18M Over Lax Anti-Money Laundering Compliance
The U.S. Securities and Exchange Commission on Friday fined LPL Financial LLC $18 million to settle claims that the firm's anti-money laundering program suffered from significant shortcomings, including the failure to close high-risk accounts such as cannabis-related and international accounts.
Expert Analysis
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Opinion
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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5th Circ. Crypto Ruling Shows Limits On OFAC Authority
The Fifth Circuit's recent decision that immutable smart contracts on the Tornado Cash crypto-transaction software protocol are not "property" subject to Office of Foreign Assets Control jurisdiction may signal that courts can construe OFAC's authority more restrictively after Loper Bright, say attorneys at Morgan Lewis.
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Preparing For The New Restrictions On Investment Into China
In light of a new regulatory program governing U.S. investments in China-related technology companies of national security concern, investors should keep several considerations in mind, including the rules' effect on existing and new investments, compliance hurdles, and penalties for noncompliance ahead of the rules' January implementation, say attorneys at Gunderson Dettmer.
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Opinion
Congress Should Expand Investment Options For 403(b)s
Lawmakers should pass pending legislation to give 403(b) plan participants access to collective investment trusts, leveling the playing field for public sector retirement investors by giving them an investment option their private sector counterparts have had for decades, says Jason Levy at Great Gray Trust Company.
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Think Like A Lawyer: 1 Type Of Case Complexity Stands Out
In contrast to some cases that appear complex due to voluminous evidence or esoteric subject matter, a different kind of complexity involves tangled legal and factual questions, each with a range of possible outcomes, which require a “sliding scale” approach instead of syllogistic reasoning, says Luke Andrews at Poole Huffman.
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SEC Custody Rule Creates Crypto Compliance Conundrum
While the U.S. Securities and Exchange Commission's application of the custody rule may be a good faith attempt to enhance consumer protections for client assets, it doesn't appreciate the unique characteristics of crypto-assets, forcing advisers to choose between pursuing their clients' objectives and complying with the rule, say attorneys at Willkie.
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Think Like A Lawyer: Note 3 Simple Types Of Legal Complexity
Cases can appear complex for several reasons — due to the number of issues, the volume of factual and evidentiary sources, and the sophistication of those sources — but the same basic technique can help lawyers tame their arguments into a simple and persuasive message, says Luke Andrews at Poole Huffman.
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What Insurers Need To Know About OFAC's Expanded FAQs
The Office of Foreign Assets Control's recently expanded insurance FAQs clarify how OFAC views insurance policies in a number of specific circumstances involving sanctioned parties, and make plain that sanctions compliance is the responsibility of all participants in the insurance ecosystem, including underwriters, brokers and agents, say attorneys at Morgan Lewis.
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Rethinking Clawback Policies For 2025 Compensation Season
The start of a new year presents an opportunity for companies to reassess their executive compensation clawback policies, and while mandatory Dodd-Frank clawbacks are necessary, discretionary policies can offer companies greater flexibility to address misconduct, protect their reputations and align with shareholder priorities, say attorneys at Debevoise.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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The Challenges Of Abandoned Retirement Plans In Ch. 7
The Department of Labor's rule for unwinding retirement accounts when plan sponsors file for Chapter 7 bankruptcy was intended to alleviate trustees' administration issues, but practical challenges, like unresolved fee and identification matters, could hinder its implementation, say David Goodrich at Golden Goodrich and Nancy Simons at Stretto.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.