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Private Equity
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September 24, 2024
7 Attys In M&A, Real Estate Join Jones Walker In New Orleans
Jones Walker LLP announced that seven attorneys focused on mergers and acquisitions and real estate law from New Orleans firm Fishman Haygood LLP joined the firm's corporate practice.
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September 24, 2024
Star Witness Against Bankman-Fried Gets 2 Years In FTX Case
A Manhattan federal judge sentenced former cryptocurrency executive Caroline Ellison to two years in prison Tuesday, crediting her decision to testify against FTX founder Sam Bankman-Fried but saying the $11.2 billion fraud was too big to warrant a "get out of jail free card."
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September 24, 2024
King & Spalding, Skadden Rep $1.7B DE Shaw-Macquarie Deal
Australian investment firm Macquarie Asset Management, advised by King & Spalding LLP, on Tuesday announced that it has agreed to take a "significant" minority stake in renewable energy company D.E. Shaw Renewables Investment Group, led by Skadden Arps Slate Meagher & Flom LLP, for up to $1.73 billion.
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September 24, 2024
Ropes & Gray Chair To Serve 2nd Term; Firm Picks Vice Chair
Ropes & Gray LLP announced Tuesday that leading corporate lawyer Julie Jones will begin a second term as the 1,500-attorney firm's first-ever female chair next year while managing committee member Neill Jakobe prepares to assume a vice chair role.
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September 24, 2024
Favre Parkinson's Reveal Overshadows Welfare Fraud Hearing
Hall of Fame quarterback Brett Favre revealed he has Parkinson's disease during a congressional hearing on misuse of welfare funds, where he was overwhelmingly lauded and escaped tough questions about his alleged involvement in a sprawling Mississippi welfare scandal.
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September 24, 2024
Commercial REIT Unveils $251M IPO As Pipeline Builds
Real estate investment trust FrontView Inc. on Tuesday launched plans for an estimated $251 million initial public offering, represented by Fried Frank Harris Shriver & Jacobson LLP and underwriters' counsel DLA Piper LLP, joining a growing IPO pipeline.
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September 24, 2024
3 Firms Rep As Blackstone, Vista Ink $8.4B Smartsheet Buy
Work management platform Smartsheet Inc. will be purchased by private equity giants Blackstone and Vista Equity Partners in an all-cash, take-private deal valued at around $8.4 billion that was built by three law firms, the companies said Tuesday.
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September 24, 2024
SEC, CFTC Issue $118M Fines In Latest Text Message Actions
Federal regulators said Tuesday that the Canadian Imperial Bank of Commerce and nearly a dozen other financial firms have agreed to pay fines totaling nearly $120 million to settle recordkeeping violations tied to employee use of unapproved communication methods like text messages to conduct business.
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September 24, 2024
Linklaters-Led Gulf Energy Biz To Buy Enviro Co. For $1.4B
Abu Dhabi Future Energy Co. PJSC said Tuesday that it has agreed to buy green energy company Saeta Yield SA from Brookfield Renewable Partners LP of Canada for $1.4 billion, to strengthen its presence in Spain and Portugal.
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September 23, 2024
Ex-Adviser Can't Seek Due Process Update, Justices Told
A Morgan Stanley unit on Friday urged the U.S. Supreme Court not to tackle a purported circuit split over whether "manifest disregard of the law" remains a valid reason for vacating an arbitral award, arguing that a former employee missed his chance to press the argument in the lower courts.
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September 23, 2024
Petco, Shareholders Battle In Chancery Over Controller Clout
Attorneys for Petco Health & Wellness Co. Inc. face an "uphill battle" in branding as "wrongly decided" a landmark Court of Chancery ruling earlier this year that struck down an agreement giving a company's controlling stockholder board-trumping power, Delaware's chancellor cautioned on Monday.
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September 23, 2024
CFTC Fines Piper Sandler $2M In Latest Text Messaging Action
The U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission both announced settlements Monday in their ongoing probe into the financial industry's use of personal devices to discuss company business, with the CFTC issuing a fine against a subsidiary of Piper Sandler & Co. while the SEC said that a cooperative investment adviser would not have to pay anything.
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September 23, 2024
USC Lies Fueled 'Varsity Blues' Case, Exec Says In $75M Suit
A private equity executive who beat most charges in the "Varsity Blues" college admissions case hit the University of Southern California with a $75 million California state court suit, claiming he was duped into making a donation that ensnared him in the scandal.
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September 23, 2024
Boston-Based PE Firm Wraps Debut Fund With $220M In Tow
Boston-based private equity shop Heritage Holding on Monday announced that it closed its debut fund with $220 million in tow, which will be used to partner with small business owners and founders.
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September 23, 2024
Natural Gas Co. Must Pay $6.8M To Ex-Trader In Bonus Fight
A Colorado state judge has entered a $6.8 million judgment against a natural gas marketing company for its failure to pay an ex-trading director a bonus on lucrative trades he made during a 2021 winter storm, a sum that includes more than $2.5 million in penalties for the company's intentional violation of a state wage law.
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September 23, 2024
RSV Vaccine Biz Secures $100M For Series B Funding Round
Biopharmaceutical company Vicebio Ltd. on Monday announced that it secured its Series B funding round after securing $100 million led by science-focused investment firm TCGX.
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September 23, 2024
Latham-Led Aerospace Giant StandardAero Preps $1B IPO
Private equity-backed aerospace services provider StandardAero Inc. launched plans on Monday for an estimated $1 billion initial public offering, represented by Latham & Watkins LLP and underwriters' counsel Milbank LLP, potentially marking one of the year's largest IPOs.
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September 23, 2024
Ex-Comtech CEOs Push For New Board, Strategic Changes
Two former CEOs of Comtech Telecommunications Corp. are calling for a new board at the global technology company and are pushing the business to consider strategic options, including a potential sale of its public safety business, while noting that one of the CEOs had even offered to re-take the helm at the company without cash compensation.
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September 23, 2024
Paul Weiss Gains PE, M&A Partner From Ropes & Gray
Paul Weiss Rifkind Wharton & Garrison LLP has added to its mergers and acquisitions and private equity practice groups an attorney who previously worked for Ropes & Gray LLP and Kirkland & Ellis LLP.
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September 23, 2024
Debevoise Reps KKR On $4.6B Middle-Market Fund
Debevoise & Plimpton LLP-advised private equity giant KKR announced Monday that it clinched its latest fund dedicated to middle-market businesses in North America after securing $4.6 billion in investor commitments.
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September 20, 2024
IPO Trio Looks To Raise $536M Combined As Autumn Begins
Three companies spanning the energy, healthcare and life sciences industries are preparing initial public offerings that could raise $536 million combined in the coming week, guided by six law firms, signaling an upturn in IPOs as autumn begins.
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September 20, 2024
Agriculture Tech Biz's $147M SPAC Merger Is Scrapped
Miami-headquartered special purpose acquisition company Agrinam Acquisition Corp. and Boston-based agricultural technology company Freight Farms Inc. have nixed their merger plans that would have seen Freight Farms go public at a market capitalization of around $147 million.
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September 20, 2024
Fed's Surprise Rate Cut Gives M&A Markets Needed Relief
Mergers and acquisitions activity is inextricably linked to borrowing costs, which means the Federal Reserve's larger than expected half-point interest rate cut could provide just the type of relief dealmakers need for a significant rebound, attorneys say.
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September 20, 2024
BNP Paribas Plugging $5B Into Apollo-Backed Atlas
Private equity giant Apollo and its Atlas SP Partners platform, both advised by Paul Weiss Rifkind Wharton & Garrison LLP, on Friday unveiled a strategic partnership with European Union bank BNP Paribas, led by Cadwalader Wickersham & Taft LLP, that will see the global bank plugging an initial $5 billion investment into the collaboration.
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September 20, 2024
Cardinal Health Pays $1.12B For Integrated Oncology Network
Ropes & Gray LLP-advised Cardinal Health on Friday announced that it has agreed to buy the physician-led independent community oncology entity Integrated Oncology Network for $1.115 billion in cash, in a deal that Cardinal says builds on its commitment to helping community healthcare providers hold on to their independence.
Expert Analysis
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.
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Navigating Scrutiny Of Friendly Professional Corps. In Calif.
In light of ongoing scrutiny and challenges to private equity participation in the California healthcare marketplace, particularly surrounding the use of the friendly professional corporation model, management services organizations should consider implementing four best practices, say attorneys at Holland & Knight.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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What 2 Rulings On Standing Mean For DEI Litigation
Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.