The board of directors for OpenAI voted unanimously on Friday to reject a $97.4 billion offer from Elon Musk and a consortium of investors to buy the artificial intelligence platform, with the board chair saying in a statement, "OpenAI is not for sale."
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TOP NEWS

'Not For Sale': OpenAI Rebuffs Musk's $97.4B Takeover Bid

By Bonnie Eslinger

The board of directors for OpenAI voted unanimously on Friday to reject a $97.4 billion offer from Elon Musk and a consortium of investors to buy the artificial intelligence platform, with the board chair saying in a statement, "OpenAI is not for sale."

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KKR Secures Over $850M For Real Estate Credit Strategy

By Jade Martinez-Pogue

Global investment giant KKR on Friday announced it had clinched its second opportunistic real estate credit fund, raising over $850 million for a dedicated strategy of investments in senior loans and real estate securities in the U.S. and Western Europe.

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1st Circ. Chides SEC, Judge In Atty Stock Scheme Case

By Julie Manganis

A split First Circuit has found that the U.S. Securities and Exchange Commission was trying to hedge its bets before it asked the panel to reverse a partial dismissal of an enforcement action against a former Connecticut attorney that the agency had itself requested, but also that a Massachusetts district judge had made a series of errors that warrant kicking the SEC's cases back to the lower court.

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Law360 Seeks Members For Its 2025 Editorial Boards

Law360 is looking for avid readers of our publications to serve as members of our 2025 editorial advisory boards.

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DEALS

Alston & Bird Leads PE-Backed Michigan Bank's $151M IPO

By Tom Zanki

Shares of private equity-backed Northpointe Bancshares Inc. began trading Friday after the Michigan bank priced an upsized $151 million initial public offering below its marketed range, represented by Alston & Bird LLP and underwriters counsel Squire Patton Boggs LLP.

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Kirkland-Led Bain Buys Facilities Manager From PAI Partners

By Najiyya Budaly

Private equity firm Bain Capital, which is being advised by Kirkland & Ellis LLP, will buy Apleona, a German facilities manager, from France's PAI Partners, the two companies said Friday.

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LITIGATION

Joy Dish Soap Deal Caused $12M Loss, Manufacturer Claims

By Aaron Keller

Alleging $12 million in losses, Michigan-based manufacturer N.V. Labs Inc., which does business as the Reforma Group, has sued Connecticut private equity firm Piney Lake Capital Management LP on allegations it dirtied a deal to produce Joy dish soap through a subsidiary after buying the brand from Procter & Gamble.

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Asset Manager Fiera Broke Bonus Promises, Ex-Exec Says

By Julie Manganis

A Massachusetts portfolio manager says Fiera Capital Inc. lured him to the asset management firm with promises he could earn up to $850,000 a year, then sidelined him so he was unable to qualify for bonuses and forced him out a year later.

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EXPERT ANALYSIS

Opinion

Inconsistent Injury-In-Fact Rules Hinder Federal Practice

A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.

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LEGAL INDUSTRY

Adams, Feds Ordered To Explain Dismissal Bid At Hearing

By Frank G. Runyeon

A Manhattan federal judge demanded details Tuesday and scheduled a hearing after the Justice Department asked to dismiss criminal charges against New York City Mayor Eric Adams, signaling that the court would not rubber-stamp the request following allegations of a corrupt bargain and mass resignations of prosecutors in protest.

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Denver Landlord Says Defunct Moye White Owes Nearly $4M

By Isaac Monterose

A Denver landlord accused defunct law firm Moye White LLP in Colorado state court of owing almost $4 million after the law firm closed down in 2024.

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Trump Names US Attorneys For DC And Florida

By Courtney Bublé

President Donald Trump has named picks to be U.S. attorneys for the District of Columbia and the Southern District of Florida.

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Pa. US Attorney Among Monday Departures

By Ryan Harroff

U.S. Attorney Jacqueline C. Romero of the Eastern District of Pennsylvania and multiple other U.S. attorneys stepped down Monday in the latest wave of federal prosecutors to quit or be fired as the second Donald Trump administration takes power.

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COMPANIES IN TODAY'S NEWS

Aero Fulfillment Services Corp.

Associated Press

Bayer AG

Castle Creek Capital

Defenders of Wildlife

EQT AB

Federalist Society

Fiera Capital Corp.

Godiva Chocolatier Inc.

Google LLC

International Brotherhood of Electrical Workers

Janney Montgomery Scott LLC

Johnson & Johnson

KBW, Inc.

Microsoft Corp.

PAI Partners AB

Philadelphia Bar Association

Piper Sandler Cos.

Spokeo Inc.

Temple University

The Procter & Gamble Co.

LAW FIRMS IN TODAY'S NEWS

Alston & Bird

Bryan Cave

Carmody Torrance Sandak & Hennessey LLP

Davis Graham

Dechert LLP

Denn Law Group

Fennemore Craig

Foley & Lardner

Gabay & Bowler

Hengeler Mueller

Kirkland & Ellis

Morrison Foerster

Moye White

Quinn Emanuel

Squire Patton

Toberoff & Associates

Wachtell Lipton

GOVERNMENT AGENCIES IN TODAY'S NEWS

Commonwealth of Massachusetts

National Aeronautics and Space Administration

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Eleventh Circuit

U.S. Court of Appeals for the First Circuit

U.S. Court of Appeals for the Second Circuit

U.S. Court of Appeals for the Seventh Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Court of Appeals for the Third Circuit

U.S. Department of Justice

U.S. District Court for the District of Columbia

U.S. District Court for the District of Connecticut

U.S. District Court for the District of New Mexico

U.S. District Court for the District of Rhode Island

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Middle District of Pennsylvania

U.S. District Court for the Northern District of California

U.S. District Court for the Northern District of Illinois

U.S. District Court for the Northern District of New York

U.S. District Court for the Southern District of Florida

U.S. District Court for the Southern District of New York

U.S. Mint

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court