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Asset Management
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January 09, 2025
AI Startup Anthropic Seeks $60B Valuation, Plus More Rumors
Artificial-intelligence startup Anthropic is seeking $2 billion in a new funding round that would value the company at $60 billion, while fashion giant Shein is now eyeing a mid-2025 initial public offering in London and Constellation Energy is lining up a $30 billion bid to acquire electricity provider Calpine. Here, Law360 breaks down the notable deal rumors from the past week.
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January 09, 2025
Musk Could Dodge Some Claims In X Severance Suit
Six former Twitter employees who alleged they weren't paid severance benefits after Elon Musk took over the company shouldn't be able to proceed with their claims under Texas law, a Delaware federal magistrate judge said, but he recommended that claims under California and New York law be given a second chance.
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January 08, 2025
Group Alleges $10M 'Sham' In Fla. Plant-Based Co. Stock Deal
A Canadian investment group has sued two Delaware corporations in Florida federal court over a "sham" stock deal, alleging it was fraudulently induced to sell its plant-based food technology company and later cheated out of $10 million worth of cash and common stock it was promised.
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January 08, 2025
Convicted Ex-Nomura Trader To Settle SEC's RMBS Action
Ex-Nomura Securities International Inc. trader Michael Gramins, who was convicted in 2017 of scheming to trick mortgage bond buyers, has reached a tentative agreement with the U.S. Securities and Exchange Commission to settle follow-on civil claims, according to an agency filing on Wednesday.
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January 08, 2025
Quantitative Trader Accused Of Stealing Firm's Source Code
New York federal prosecutors have accused a quantitative trader of stealing the secrets of a billion-dollar company's source code from his former employer to use at his own trading firm, according to an indictment unsealed Wednesday in New York federal court.
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January 08, 2025
Edward Jones Fined $17M Over Customer Transition Fees
Edward Jones has agreed to pay $17 million to end an investigation into alleged supervisory failures that may have led it to overcharge customers who transitioned from its brokerage division to its advisory division, state regulators announced Wednesday.
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January 08, 2025
Oppenheimer Fights Claims Over Ex-Worker's Ponzi Scheme
Financial services giant Oppenheimer & Co. Inc. is seeking to avoid an arbitration fight brought by three North Carolina residents over a Ponzi scheme orchestrated by a former Oppenheimer employee, arguing in a new suit the individuals have never been customers of Oppenheimer and, therefore, have no standing to bring claims or arbitrate.
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January 08, 2025
UnitedHealth Wants $3.3B Amedisys Deal Challenge Tossed
UnitedHealth Group and Amedisys Inc. asked a Maryland federal court Wednesday to toss a challenge of their planned $3.3 billion merger, contending that federal and state enforcers are refusing to say what "local" home health and hospice service markets would be hurt by the deal.
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January 08, 2025
CFPB Hit With Industry Suit Over Medical Debt Reporting Rule
A top trade group for the credit reporting industry has moved to challenge the Consumer Financial Protection Bureau's new rule that would take billions of dollars in medical debt off credit reports, accusing the agency of overreach in a lawsuit filed in Texas federal court.
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January 08, 2025
3 Firms Steer Galapagos' Plan To Spin Off New Drug Company
Belgian biotechnology firm Galapagos NV said Wednesday that it will spin off certain operations into a second company focused on developing innovative medicines with about €2.45 billion ($2.5 billion) in cash to start, while Galapagos in turn focuses on cell therapies, through a deal guided by three law firms.
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January 08, 2025
Shoppers Say Kroger Merger Suit Still Alive After Nixed Deal
Consumers challenging the abandoned merger between Kroger Co. and Albertsons urged a California federal court not to toss their case despite two court injunctions against the deal, arguing that they have effectively prevailed on their antitrust claims and should get an injunction and attorney fees.
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January 08, 2025
US Declares Genocide In Sudan, Sanctions Military Leader
The U.S. government has declared genocide in Sudan and sanctioned paramilitary leader Gen. Mohammad Hamdan Dagalo for engaging in war crimes and human rights abuses, according to a statement.
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January 08, 2025
Fried Frank-Led Bonaccord Clinches $1.6 Billion Fund II
Fried Frank Harris Shriver & Jacobson LLP-advised Bonaccord Capital Partners, a private equity business of private markets solutions provider P10 Inc., on Wednesday announced that it wrapped its second general partner stakes fund after securing $1.6 billion in total commitments.
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January 08, 2025
Criminal Case Against Terraform Founder Said To Exceed SEC's
The $40 billion criminal case against Terraform founder Do Kwon contains evidence such as recordings and seized mobile phones that exceed what securities regulators presented when they prevailed against him at a civil fraud trial, prosecutors said Wednesday.
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January 08, 2025
Auto Financing Co. Vroom's Equity Swap Ch. 11 Plan Gets OK
A Texas bankruptcy judge on Wednesday approved automotive financing and analytics company Vroom Inc.'s Chapter 11 plan to convert $290.5 million of debt into equity, overruling an objection to the deal from the U.S. Department of Justice's bankruptcy watchdog and allowing Vroom to continue operating.
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January 08, 2025
Mortgage Cos. Fined $20M Over Cybersecurity Breach
Bayview Asset Management LLC and three affiliates on Wednesday agreed to pay a $20 million fine and improve their cybersecurity programs to settle allegations from 53 state financial regulators that the mortgage companies had deficient cybersecurity practices and didn't fully cooperate with regulators after a 2021 data breach.
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January 08, 2025
SeaWorld Strikes $1.25M Deal In 401(k) Mismanagement Suit
SeaWorld agreed to pay $1.25 million to resolve a class action alleging it hindered its $237 million retirement plan with pricey funds and expensive recordkeeping fees, a California federal court filing said.
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January 07, 2025
Oilfield Services Firm Flowco Set to Drill Down On $392M IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Tuesday launched plans for an estimated $392 million initial public offering, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the latest company to join the new year's IPO pipeline.
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January 07, 2025
NFT Buyers Can't Sue Over Market Fluctuations, Gallery Says
A Metaverse-based art collection club has urged a federal judge to dismiss a fraud suit brought by investors claiming it lied about the benefits of investing in its members-only NFT opportunity, arguing that the alleged losses aren't attributable to anything other than market fluctuations and that New York's consumer protection laws do not protect out-of-state investors.
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January 07, 2025
Carlyle Beats Chancery Challenge To $77.5M Authentix Sale
The Carlyle Group on Tuesday beat a more than four-year-old suit accusing the global investment giant and three directors of authentication provider Authentix Inc. of breaching their fiduciary duties in approving Authentix's $77.5 million sale to private equity firm Blue Water Energy LLP in 2017.
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January 07, 2025
AT&T, Biz Groups Urge Justices To Back Cornell's ERISA Win
Top business and employee benefits industry lobbying groups along with telecommunications giant AT&T urged the U.S. Supreme Court to uphold Cornell University's victory over a federal benefits lawsuit alleging retirement plan mismanagement, in a flood of amicus briefs at the high court before arguments later this month.
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January 07, 2025
'Unflattering' Story Not Defamatory, Gannett Says
A tax firm's defamation suit against USA Today should be tossed, the newspaper's owner told Texas justices Monday, arguing that a 2021 investigative series was not defamatory even if its "gist" was "unflattering."
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January 07, 2025
Canada Needs Catalysts To Heat Up Cold IPO Market
Following another chilly year for initial public offerings in Canada, capital markets lawyers in the Great White North are approaching 2025 with caution, hoping that a few catalysts can break through and thaw an otherwise frozen market for public listings.
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January 07, 2025
5 Argument Sessions Benefits Attys Should Check Out In Jan.
The U.S. Supreme Court will hear from Cornell University workers looking to revive a retirement plan mismanagement suit and a former firefighter who says federal disability bias law protects post-employment benefits, while circuit courts will weigh gender-affirming care restrictions and a battle over pension annuity payments. Here, Law360 looks at five arguments that benefits attorneys ought to keep an eye on this month.
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January 07, 2025
Grayscale Rival Insists Connecticut Law Allows $2M Suit
Digital asset management firm Grayscale cannot duck a smaller rival's unfair trade practices suit based on its argument that the relevant Connecticut state law has a carveout for conduct involving securities transactions, Osprey Funds said in opposing summary judgment.
Expert Analysis
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A Look At The Increased Scrutiny Of Cash Sweep Programs
Financial industry regulators have increasingly probed the adequacy of so-called cash sweep disclosures and policies, underscoring the heightened risk faced by investment advisers and broker-dealers, as well as the importance of adequately disclosing material conflicts of interest, say attorneys at Dechert.
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Series
Being An Artist Makes Me A Better Lawyer
My work as an artist has highlighted how using creativity and precision together — qualities that are equally essential in both art and law — not only improves outcomes, but also leads to more innovative and thoughtful work, says Sarah La Pearl at Segal McCambridge.
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Election Outcome Could Reshape Financial Industry
The policies of the next presidential administration and Congress will shape the landscape of financial services in the U.S. — including banking, mortgage, investment and credit services — for years to come, affecting Wall Street investors and aspiring homeowners alike, say Alexander Hecht and Frank Guinta at Mintz.
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How Judiciary Can Minimize AI Risks In Secondary Sources
Because courts’ standing orders on generative artificial intelligence and other safeguards do not address the risk of hallucinations in secondary source materials, the judiciary should consider enlisting legal publishers and database hosts to protect against AI-generated inaccuracies, say attorneys at Lankler Siffert & Wohl.
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Nvidia Case's Potential Impact On Securities Class Actions
In Nvidia v. Ohman Fonder, the U.S. Supreme Court could strip lower courts of their long-standing ability and obligation to holistically weigh all relevant facts supporting plaintiffs' allegations of securities fraud, which would have a wide-ranging impact on securities fraud class actions in the U.S., say attorneys at Labaton Keller.
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How Attorneys Can Break Free From Career Enmeshment
Ambitious attorneys can sometimes experience career enmeshment — when your sense of self-worth becomes unhealthily tangled up in your legal vocation — but taking the time to discover and realign with your core personal values can help you recover your identity, says Janna Koretz at Azimuth Psychological.
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Short-Seller Implications Of 10th Circ.'s Overstock Decision
The Tenth Circuit's Oct. 15 decision in Overstock Securities Litigation provides clarity on the pleading standard for a market manipulation claim under the Exchange Act, and suggests that short sellers might not be able to rely on the fraud-on-the-market presumption typically invoked by securities plaintiffs, say attorneys at Paul Weiss.
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Lawyers With Disabilities Are Seeking Equity, Not Pity
Attorneys living with disabilities face extra challenges — including the need for special accommodations, the fear of stigmatization and the risk of being tokenized — but if given equitable opportunities, they can still rise to the top of their field, says Kate Reder Sheikh, a former attorney and legal recruiter at Major Lindsey & Africa.
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Opinion
Judicial Committee Best Venue For Litigation Funding Rules
The Advisory Committee on Civil Rules' recent decision to consider developing a rule for litigation funding disclosure is a welcome development, ensuring that the result will be the product of a thorough, inclusive and deliberative process that appropriately balances all interests, says Stewart Ackerly at Statera Capital.
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The Strategic Advantages Of Appointing A Law Firm CEO
The impact on law firms of the recent CrowdStrike outage underscores that the business of law is no longer merely about providing supplemental support for legal practice — and helps explain why some law firms are appointing dedicated, full-time CEOs to navigate the challenges of the modern legal landscape, says Jennifer Johnson at Calibrate Strategies.
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Don't Phone A Friend: Disclosing Friendships With Executives
The U.S. Securities and Exchange Commission's recent settlement against a former Church & Dwight chairman for violating proxy disclosure rules by neglecting to disclose his friendship with an executive officer amid a CEO search illustrates the perils of relying solely on responses to questionnaires circulated to boards, say attorneys at BCLP.
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Why Diversity Jurisdiction Poses Investment Fund Hurdles
Federal courts' continued application of the exacting rules of diversity jurisdiction presents particular challenges for investment funds, and in the absence of any near-term reform, those who manage such funds should take action to avoid diversity jurisdiction pitfalls, say attorneys at Sher Tremonte.
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The Ups And Downs Of SEC's Now-Dissolved ESG Task Force
The U.S. Securities and Exchange Commission's Climate and ESG Enforcement Task Force, which was quietly disbanded sometime over the summer, was marked by three years of resistance from some stakeholders to ESG regulation, a mixed record in the courts and several successful enforcement actions, say attorneys at Crowell & Moring.
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Series
Beekeeping Makes Me A Better Lawyer
The practice of patent law and beekeeping are not typically associated, but taking care of honeybees has enriched my legal practice by highlighting the importance of hands-on experience, continuous learning, mentorship and more, says David Longo at Oblon McClelland.
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Anticipating Jarkesy's Effect On Bank Agency Enforcement
Following the U.S. Supreme Court’s decision in U.S. Securities and Exchange Commission v. Jarkesy, federal courts may eventually issue decisions on banking law principles and processes that could fundamentally alter the agencies' enforcement action framework, and the relationship between banks and examiners, says Brendan Clegg at Luse Gorman.