Asset Management
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November 13, 2018
Kazakh Uranium Miner Prices Expected $451M IPO
Uranium giant Kazatomprom completed an initial public offering Tuesday projected to raise $451.3 million from London and Astana, Kazakhstan, investors despite pricing at the bottom of its range, enabling sovereign wealth fund Samruk-Kazyna to trim its stake in the Kazakh behemoth.
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November 13, 2018
Real Estate Rumors: Carlyle, Bloomberg, Charter Schools USA
A Carlyle Group venture has reportedly sold a Florida apartment complex for $67.25 million, Bloomberg LP is said to have renewed a 468,000-square-foot lease for space in Manhattan and Charter Schools USA has reportedly bought one of its schools in Florida for $10.5 million.
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November 13, 2018
Chevron Defeats Bid To Revive ERISA Suit At 9th Circ.
The Ninth Circuit on Tuesday refused to revive a proposed Employee Retirement Income Security Act class action accusing Chevron Corp. and an investment committee of mismanaging workers’ retirement funds, holding that the plan participants leading the suit didn’t sufficiently support their allegations.
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November 13, 2018
Ulta Says Vague Claims Should Sink Stock-Drop Suit
Ulta Beauty Inc. has urged an Illinois federal court to wipe out a proposed class action over a stock plunge that followed reports employees were pressured to resell returned makeup, saying there is no allegation that its top executives were behind the purported policy.
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November 13, 2018
LXi Buys 6 Properties With $81M From $230M Share Sale
U.K.-based real estate investment trust LXi REIT PLC said Tuesday it has made six additional acquisitions at an aggregate price of £62.4 million ($80.8 million), marking the full deployment of the £175 million ($230.2 million) equity raise that was announced in early October.
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November 13, 2018
High Court Won’t Hear $3M Disgorgement Challenge
The U.S. Supreme Court said Tuesday it will not review a First Circuit ruling that an ex-CEO at a behavioral health company who supposedly pursued a merger out of self-interest must disgorge $3 million to shareholders, even though a Massachusetts federal jury initially found the investors weren’t financially harmed.
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November 13, 2018
Simpson Thacher Leads Johnson Controls In $13.2B Unit Sale
Johnson Controls, advised by Simpson Thacher & Bartlett LLP, said Tuesday it will sell its power solutions business for $13.2 billion to Brookfield Business Partners LP and other investors, as the technology and industrial company looks to cut noncore assets and improve its financial position.
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November 12, 2018
Veritas, Evergreen To Take Athenahealth Private For $5.7B
Veritas Capital and Elliott Management affiliate Evergreen Coast Capital said Monday they will take Massachusetts-based Athenahealth private for $5.7 billion in cash, a deal that follows pressure from the activist hedge fund.
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November 9, 2018
Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation
Wells Fargo Bank NA announced Friday it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.
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November 9, 2018
$630M CDO Entity Gets Involuntary Ch. 11 Case Dismissed
Three secured creditors of $630 million collateralized debt obligation vehicle Taberna Preferred Funding IV Ltd. can't force the entity into involuntary bankruptcy, a New York bankruptcy court has ruled, because their notes are nonrecourse and therefore only give their holders claims against Taberna's collateral, not the entity itself.
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November 9, 2018
UK Litigation Roundup: Here's What You Missed In London
The last week has seen a pair of disputes involving asset manager CGrowth, another suit from private equity-linked firms taking on parties linked to Thailand's KPN Group and Kodak bring a competition case against Goldman, Glencore and others the film giant has accused of manipulating aluminum prices in the U.S. Here, Law360 looks at those and other new claims in the U.K.
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November 9, 2018
Ex-Platinum Insider Dodges Upcoming $1B Fraud Trial
A former Platinum Partners marketing and investor relations staffer charged over an alleged $1 billion securities fraud scheme has secured a deferred prosecution deal with the government and had his case severed on Thursday from four executives accused of deceiving the hedge fund’s investors.
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November 9, 2018
Attys Get $33M In Fees From Investors' $100M CBRE Deal
A Florida federal judge signed off Friday on a class of real estate investors' bid for $33.3 million in attorneys' fees and $1.7 million in costs in a $100 million settlement with CBRE over a multimillion-dollar embezzlement case, finding the case took a lot of time and included difficult questions.
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November 9, 2018
Third Point Scales Back Campbell Board Takeover Bid
Hedge fund Third Point LLC on Friday scaled back its bid to control Campbell Soup Co.’s board following what it called “decades of underperformance,” announcing its intent to nominate five independent director nominees instead of the originally planned 12.
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November 9, 2018
Options Broker Must Stay In TIAA-Led Class In Valeant Suit
An options brokerage can’t break away from a consolidated securities class action against Valeant Pharmaceuticals, a New Jersey federal judge ruled after finding that it was too early to tell whether the firm’s interests would diverge from the larger pool of equity investors led by TIAA.
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November 9, 2018
Aegean Marine Gets Interim Access To $532M DIP Package
After two days of a contentious battle over bankruptcy financing provisions, Greek marine refueling company Aegean Marine Petroleum Network Inc. was given the go-ahead Friday to begin withdrawing from a $532 million debtor-in-possession loan package provided by its potential buyer.
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November 9, 2018
Schwab Wants ERISA Claims Over 401(k) Plan Nixed Again
Charles Schwab & Co. Inc. told a California federal judge that the participant leading a proposed Employee Retirement Income Security Act class action against the company failed to remedy deficiencies in his breach of fiduciary and monitoring duty allegations, urging the judge to again toss the claims.
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November 9, 2018
Puerto Rico Lawmakers Help Debt Restructuring Go Forward
Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.
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November 9, 2018
Nine West, Creditors Ordered To Mediate Ch. 11 Disputes
A New York bankruptcy judge on Friday appointed a mediator to try to resolve disputes between Nine West Holdings, owner Sycamore Partners and a number of the company’s creditors over the fashion retailer’s Chapter 11 plan.
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November 9, 2018
Fed Will Cool Its Jets On Stress Capital Buffer Proposal
The Federal Reserve’s vice chairman for supervision said Friday that the central bank is rethinking parts of its stress capital buffer proposal in response to concerns raised by the banking industry and won’t be looking to implement it before 2020.
Expert Analysis
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3rd-Party Releases Bring Chapter 11 Venue Considerations
Courts are increasingly upholding involuntary releases of third parties and nondebtors in bankruptcy, including recently in the case of Millennium Lab Holdings. This means parties should consider several factors when picking a venue for a Chapter 11 filing, say Samuel Schwartz and Kristina Perez of Brownstein Hyatt Farber Schreck LLP.
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It’s Time For Law Firms To Start Talking About Gen Z
Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.
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Clear, Concise Disclosures For Variable Contracts In Sight
The U.S. Securities and Exchange Commission's recent proposals to improve disclosures about variable annuities and variable life insurance contracts should go a long way in enhancing the investment experience for retail investors, say Ronald Holinsky of Lincoln Financial Group and Robert Robertson of Dechert LLP.
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5 Common Misconceptions About SEC Investigations
Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.
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Q&A
Back To School: Yale's Linda Greenhouse Talks Journalism
In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.
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Opinion
An Opportunity To Slow The Rise Of Securities Class Actions
A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.
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Tax Delayed Is Tax Avoided: More Opportunity Zone Benefits
Although the opportunity zone program is designed to stimulate investment in low-income areas, in many cases, taxpayers can benefit from investments in neighborhoods — such as those in Washington and Oregon — that are growing despite this incentive, say Eric Kodesch and Lewis Horowitz of Lane Powell PC.
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Opinion
Celebrate Veterans By Improving Their Access To Justice
Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.
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Opinion
Time To Reclaim Wellness For All Lawyers
The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.
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A Strong Year For SEC Enforcement
The U.S. Securities and Exchange Commission's fiscal 2018 enforcement report, released last week, reveals an active Division of Enforcement focused on cases impacting retail investors as well as actions related to emerging technologies, say attorneys with Debevoise & Plimpton LLP.