Asset Management

  • January 27, 2022

    Judge Says Shkreli's Picasso Can Be Sold To Pay $2.6M Debt

    A New York federal judge on Thursday authorized a receiver to sell a Picasso etching seized from imprisoned "pharma bro" Martin Shkreli to settle a $2.6 million debt the former drug firm executive owes to a Pennsylvania pharmaceutical industry consultant.

  • January 27, 2022

    Judge Says $6.1B Energy Deal Fight Can Proceed, This Time

    A Delaware federal magistrate judge on Thursday recommended that revamped federal claims alleging shareholders were led astray about the $6.1 billion sale of renewable power company Pattern Energy should proceed, saying the investors adequately backed up their claims this time around.

  • January 27, 2022

    5 Breyer Opinions For Financial Services Attys To Know

    U.S. Supreme Court Justice Stephen Breyer's views on issues like securities fraud liability, antitrust enforcement and federal preemption have left their mark on the financial services legal landscape. Here, Law360 looks at some of his key opinions in the field as the longtime liberal justice heads for the exit.

  • January 27, 2022

    The Term: Breyer's Legacy And The Nomination To Come

    Justice Stephen Breyer on Thursday formally announced he would be retiring at the end of the Supreme Court term. Here, The Term breaks down the legacy he will leave behind and takes a look at what lies ahead for his potential successor with two special guests.

  • January 27, 2022

    SEC Calls Out Private Fund Advisers' Fee, Disclosure Lapses

    The U.S. Securities and Exchange Commission on Thursday highlighted a list of failures it says were committed by private fund advisers over a five-year examination period, including botched fee calculations, overcharges and a host of disclosure lapses.

  • January 27, 2022

    SEC Taps Ex-Cravath Partner To Be Corp Fin Deputy Director

    The U.S. Securities and Exchange Commission announced Thursday that a former Cravath Swaine & Moore LLP partner has been named the agency's new deputy director of its disclosure program in the Division of Corporation Finance.

  • January 27, 2022

    Breyer Retiring As Supreme Court Lurches Right

    Justice Stephen Breyer is retiring from the U.S. Supreme Court at a time when his conservative colleagues on the bench seem intent on dismantling landmark precedents on abortion, affirmative action and the administrative state, to name a few. Can his successor preserve his liberal legacy?

  • January 27, 2022

    2nd Circ. Says Grocer Doesn't Owe $58M To Union Fund

    The Second Circuit on Thursday upheld a lower court ruling that a wholesale grocer was not responsible for a $58 million payment to a Teamsters pension fund, ruling the grocer wasn't a successor to the now-bankrupt company that operated the warehouse where the union members worked.

  • January 27, 2022

    Fireblocks Says $550M Fundraise Yielded Record Valuation

    Fireblocks said Thursday it raised a whopping $550 million in a Series E funding round valuing the company at $8 billion, which it touted as the highest valuation for a digital-asset infrastructure business.

  • January 27, 2022

    SEC Refloats Executive Compensation Disclosure Rule

    The U.S. Securities and Exchange Commission on Thursday refloated a Dodd Frank-era rule that would allow investors to more easily compare public company executives' compensation to shareholder returns, a move that could appease investor advocates but drew a dissent from the agency's sole Republican member.

  • January 27, 2022

    Bessemer Trust Favors Proprietary Funds, Class Action Says

    Bessemer Trust Company has been hit with a proposed class action in New Jersey federal court over claims that it has engaged since 2016 in unlawful self-dealing and shown favoritism to its proprietary Old Westbury Funds, causing investors to experience increased fees and meager returns.

  • January 27, 2022

    SymBiosis Claims Biotech Firm's Fraud Led To Its Investment

    An interest of venture capital fund SymBiosis Capital Management LLC has sued in Delaware Chancery Court to reclaim its multimillion-dollar share of a $75.5 million investment round conducted by Platelet Biogenesis Inc., accusing the biotech business of inducing the deal through fraud.

  • January 27, 2022

    Robinhood Defeats Investors' 'Meme Stock' Claims

    Robinhood on Thursday defeated claims that it wrongly blocked investors from buying "meme stocks" during last year's market volatility, with a Florida federal court finding the stock-trading platform acted within the scope of its customer agreement.

  • January 27, 2022

    Impact Healthcare REIT Seeks To Raise $67M With Share Sale

    Impact Healthcare REIT is looking to raise roughly £50 million ($66.9 million) with a planned sale of new shares, according to an announcement on Thursday from the U.K. real estate investment trust.

  • January 27, 2022

    Judge Jackson Back In Spotlight As High Court Contender

    The upcoming vacancy on the U.S. Supreme Court quickly threw the spotlight back on D.C. Circuit Judge Ketanji Brown Jackson, a former clerk for Justice Stephen Breyer whose stature as a likely successor to the retiring justice was suddenly raised Wednesday.

  • January 27, 2022

    Deals Rumor Mill: Nvidia, Unilever, Kim Kardashian's Skims

    Nvidia will ditch its $40 billion purchase of U.K. semiconductor company Arm, activist billionaire Nelson Peltz has amassed a stake in European consumer goods giant Unilever, and Kim Kardashian's Skims brand has achieved a $3.2 billion valuation. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • January 27, 2022

    The Implications Of CFIUS' Rising Profile On M&A

    The Committee on Foreign Investment in the U.S. is viewed as an effective tool for policing mergers and acquisitions with foreign investment components, but experts say its increasing prominence means more legal work on the front end of deals, and a growing number of lawmakers say it should shoulder even more responsibility.

  • January 27, 2022

    Davis Polk-Led Credo Raises $200M In Downsized IPO

    Credo Technology Group Holding Ltd., a global semiconductor firm, began trading Thursday after raising $200 million in a downsized initial public offering priced at the bottom of its range, with guidance by Davis Polk & Wardwell and underwriters counsel Sullivan & Cromwell.

  • January 27, 2022

    Dubai Hits Founder Of Failed PE Firm Abraaj With $136M Fine

    The Dubai Financial Services Authority on Thursday levied a fine of nearly $136 million on the founder of collapsed United Arab Emirates-based private equity firm Abraaj Group over "serious failings," with allegations including the misuse of funds and the deception of investors and regulatory authorities.

  • January 27, 2022

    Biden At His Side, Justice Breyer Announces Retirement

    Supreme Court Justice Stephen Breyer joined President Joe Biden at the White House Thursday to formally announce his retirement, kicking off a rush among Democrats to confirm a new member of the court to replace the oldest serving justice.

  • January 26, 2022

    Northrop's Pension Denials Sounded Like Threats, Judge Told

    Former TRW Inc. employees testified in a California federal bench trial over Employee Retirement Income Security Act class claims Wednesday that TRW's successor Northrop Grumman denied them pension benefits despite years of work, with one claiming Northrop's response "almost sounded like I was going to have to start paying them money."

  • January 26, 2022

    Attys Get $2.7M Of $12M Wells Fargo Mortgage Glitch Deal

    Attorneys representing Wells Fargo home loan customers will receive a $2.7 million fee for their work on a class action over technical glitches affecting the bank's automated mortgage loan modification tools.

  • January 26, 2022

    Illinois Man Accuses Online Tribal Lenders of Predatory Loans

    An Illinois debtor has filed a proposed class action against a group of online tribal lending companies for allegedly issuing illegal high-interest loans, adding to a trend of similar complaints across the country that accuse unscrupulous lenders of using tribes as a mere front to gain immunity from prosecution.

  • January 26, 2022

    Disclosures Head Off Injunction, Heat Up Merger Battle In Del.

    Shareholders who sought a Delaware Chancery Court preliminary injunction to block a looming vote on a merger of Fiduciary/Claymore Energy Infrastructure Fund with a similar business have pulled the request after new disclosures, while saying action to recover "staggering" fund losses tied to alleged mismanagement will move forward.

  • January 26, 2022

    Democrats Plan Swift Confirmation Of Breyer Successor

    The U.S. Senate's Democratic leaders pledged Wednesday to move swiftly to confirm a successor for U.S. Supreme Court Justice Stephen Breyer, who is expected to formally announce his retirement Thursday.

Expert Analysis

  • How AI Can Transform Crisis Management In Litigation

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    Attorneys should understand how to use rapidly advancing artificial intelligence technology to help clients prepare for potential catastrophic events and the inevitable litigation arising from them, from predicting crises before they occur to testing legal theories once they arise, say Stratton Horres at Wilson Elser and David Steiger.

  • 10 DOL Policy And Enforcement Priorities To Expect In 2022

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    This year, it’s likely the U.S. Department of Labor will approach policy and enforcement aggressively, with a focus on issues like employee classification, overtime exemption, Employee Retirement Income Security Act fiduciary duties, and more, say Timothy Taylor and Tessa Tilton at Holland & Knight.

  • Opinion

    SEC Sacrifices Process To Block New Proxy Adviser Rules

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    The U.S. Securities and Exchange Commission's about-face on its recently passed reforms concerning proxy advisers is an example of how Chair Gary Gensler has forgone deliberation and bipartisanship to pursue his ambitious agenda — which is emblematic of the increasing politicization of the commission, says David Dragics at the National Investor Relations Institute's Advocacy Committee.

  • Supervisor Relationships Are Key To Beating Atty Burnout

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    In order to combat record attorney turnover and high levels of burnout, law firm partners and leaders must build engaging relationships with supervisees, fostering autonomy and control, enabling expression of values, and building a sense of community and belonging, says Anne Brafford at the Institute for Well-Being in Law.

  • Libor Isn't Only Benchmark Transition That Requires Attention

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    The final publication of the Eleventh District Cost of Funds Index, used to price adjustable-rate mortgages, is less than two weeks away, and demands the same kind of commitment and process that has gone into replacing Libor to avoid costly delays and litigation, says Jeffrey Armstrong at Berkeley Research Group.

  • Northwestern ERISA Case Highlights Compliance Lessons

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    As we await the U.S. Supreme Court's decision in Hughes v. Northwestern, and its impact on Employee Retirement Income Security Act litigation, it is important to implement plan sponsor best practices that mitigate exposure to costly, time-consuming class action and fiduciary breach lawsuits, say Philip Koehler and Anne Hall at Hall Benefits Law.

  • The Rising Demand For Commercial Litigators In 2022

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    Amid broken supply chains, pandemic-induced bankruptcies and a rise in regulation by litigation, strong commercial litigators — strategists who are adept in trying a range of tortious and contractual disputes — are becoming a must-have for many law firms, making this year an opportune moment to make the career switch, say Michael Ascher and Kimberly Donlon at Major Lindsey.

  • 3 Cybersecurity Imperatives For Financial Cos. This Year

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    With cyberattacks and regulatory scrutiny both expected to increase in 2022, financial services companies should consider important compliance strategies to protect against cyber risks and enforcement actions, says Shardul Desai at Holland & Knight.

  • Key Contract Lessons In Del. Justices' Hotel Deal Ruling

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    The Delaware Supreme Court recently ruled in AB Stabile v. MAPS Hotels that a Chinese financial conglomerate breached a hotel sale agreement's standard ordinary course covenant, providing significant insight on the meaning and application of these contracts, and the need for consent on material changes prior to closing, say attorneys at Quinn Emanuel.

  • Opinion

    Money Laundering Regs Too Unwieldy To Police Art Market

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    As the arts and antiquities trade awaits the U.S. Department of the Treasury's new money laundering regulations — which apply the Bank Secrecy Act to the arts for the first time — whether they are reasonable, optimal or practical remains in question, says Alexandra Darraby at The Art Law Firm.

  • How In-House Counsel Can Make The Case For Settling Early

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    Following the recent settlement in McDonald's v. Easterbrook, in-house counsel should consider decision-tree analyses and values-driven communications plans to secure effective, early resolutions in litigation, saving time and money and moving the company mission forward, say Ronald Levine at Herrick Feinstein and Richard Torrenzano at The Torrenzano Group.

  • To Retain Talent, GCs Should Prioritize Mission Statements

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    With greater legal demands and an increasing number of workers resigning during the pandemic, general counsel should take steps to articulate their teams' values in departmental mission statements, which will help them better prioritize corporate values and attract and retain talent, says Catherine Kemnitz at Axiom.

  • Top 10 Whistleblowing And Retaliation Events Of 2021

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    Last year's most important whistleblower developments will likely reverberate into 2022 and beyond, with key court rulings and legislative advancements poised to expand protections, and a record-breaking amount of awards issued by the U.S. Securities and Exchange Commission likely to incentivize more information sharing, say Steven Pearlman and Pinchos Goldberg at Proskauer.

  • Green Light On SPAC Deal Suit Puts Fiduciary Duty In Context

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    By allowing a class suit over the MultiPlan special-purpose acquisition company merger to proceed, the Delaware Chancery Court demonstrates the importance of robust disclosures to avoid triggering fiduciary duty claims against a SPAC's sponsor and its directors, say attorneys at Skadden.

  • More Securities Class Actions May Rely On Short-Seller Data

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    In light of a recent increase in global securities class action exposure, and ongoing reliance on short-seller research to substantiate claims, issuers should prepare for more frequent and severe fraud-on-the-market suits, say analysts at SAR.

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