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Asset Management
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									September 25, 2025
									DC Circ. Backs Whistleblower In IRS Award DisputeA whistleblower who received millions of dollars in awards for helping the IRS nab prominent Wall Street firms that helped offshore hedge funds evade taxes was wrongly blocked from receiving millions more, the D.C. Circuit ruled. 
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									September 25, 2025
									Labcorp Workers Balk At Paying For Expert's Biz Class AirfareLabcorp shouldn't be reimbursed for its expert witness's round-trip business class flight and other ancillary costs it wants a group of employees to pay after fending off claims that it mismanaged their retirement savings, the workers have told a North Carolina federal judge. 
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									September 25, 2025
									First Merchants, First Savings Merge In $241M All-Stock DealDentons-advised First Merchants Corp. and First Savings Financial Group Inc., led by Luse Gorman PC, on Thursday unveiled plans to merge in an all-stock deal valued at roughly $241 million. 
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									September 25, 2025
									Second 'Drugs Made In America' SPAC Raises $500M In IPODrugs Made In America Acquisition II, a special purpose acquisition company planning to target companies in the pharmaceutical industry, began trading publicly on Thursday after pricing a $500 million initial public offering, marking the largest SPAC listing of 2025. 
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									September 25, 2025
									Kirkland-Led Ridgemont Secures Nearly $4B For 5th FundKirkland & Ellis LLP-advised private equity shop Ridgemont Equity Partners on Thursday revealed that it wrapped fundraising on its fifth fund after receiving $3.975 billion of investor commitments. 
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									September 24, 2025
									Texas Banker Says Co.'s $30M Fraud Suit Must Be ArbitratedA South African company's lawsuit accusing a Texas family, a wealth manager and Frost Bank of orchestrating a $30 million embezzlement and money laundering scheme belongs in arbitration, the defendants have told a Fort Worth federal judge. 
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									September 24, 2025
									Skechers Investor Seeks Chancery Appraisal Of $9.4B DealA Skechers shareholder is asking the Delaware Chancery Court for an appraisal to determine the fairness of the $63-per-share buyout price of nearly 700,000 shares in the footwear company after its $9.4 billion take-private deal with 3G Capital. 
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									September 24, 2025
									FINRA To Nix Minimum Equity Requirement For Day TradersThe Financial Industry Regulatory Authority announced Wednesday that its board approved changes to its rules for so-called pattern day trading that would remove a minimum equity requirement for such traders. 
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									September 24, 2025
									Kirkland, Willkie Steer IAS' $1.9B 'AI-First' Sale To NovacapIntegral Ad Science, a global digital media measurement and optimization company, said Wednesday that it has agreed to be acquired by private equity firm Novacap in an all-cash transaction valued at about $1.9 billion, with Kirkland & Ellis LLP advising IAS and Willkie Farr & Gallagher LLP guiding Novacap. 
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									September 24, 2025
									Bank Says It's Being Blocked From Settlement Fund MarketFlatirons Bank has sued Eastern Point Trust Co. in Wyoming federal court for allegedly blocking competition in the market for qualified settlement fund services by threatening baseless litigation and falsely claiming that Flatirons' platform copies its own offering. 
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									September 24, 2025
									Merrill Lynch Accuses Ex-Staff, Schwab, Investor Of IP TheftMerrill Lynch has filed a trade secrets lawsuit against a dozen former employees, Charles Schwab and Dynasty Financial Partners, alleging the defendants conspired to start a new independent financial advisory firm with Merrill's staff and confidential information. 
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									September 24, 2025
									Del. Justices Uphold $10.5B Zendesk Take-Private DealDelaware's Supreme Court early Wednesday upheld the Court of Chancery's Sept. 10 dismissal of a stockholder challenge to the $10.5 billion take-private deal for software as a service business Zendesk Inc., closing the book on the case in two sentences issued two weeks after appeal arguments. 
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									September 24, 2025
									Chancery OKs TRO In Marshall Wace-Lukka Financing BattleAffiliates of British hedge fund Marshall Wace LLP won a Delaware Court of Chancery temporary restraining order Wednesday barring crypto data provider Lukka Inc. from completing, pending trial, a new "cram-down, pay-to-play" convertible note financing that would supersede current liquidation preferences and voting rights currently more favorable to MW's Lukka stake. 
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									September 24, 2025
									SEC Taps Longtime FINRA Exec As Trading & Markets DeputyThe U.S. Securities and Exchange Commission on Wednesday named a new deputy director of the agency's Division of Trading and Markets who previously served in senior roles at the Financial Industry Regulatory Authority and most recently worked at SEC Chair Paul Atkins' now-former financial services consultancy. 
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									September 24, 2025
									Loeb & Loeb, Kirkland Guide SPAC Lafayette's $250M IPOGuided by Loeb & Loeb LLP and underwriters' counsel Kirkland & Ellis LLP, special purpose acquisition company Lafayette Digital Acquisition I filed Tuesday for a $250 million initial public offering with the U.S. Securities and Exchange Commission with hopes to acquire blockchain- or fintech-related merger targets. 
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									September 24, 2025
									Battery Ventures Leads $165M Investment In Risk AI BizWilson Sonsini Goodrich & Rosati PC-advised risk intelligence platform Signal AI on Wednesday announced that technology-focused investment firm Battery Ventures led a $165 million investment round, resulting in the firm taking a majority stake in the London-headquartered tech company. 
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									September 23, 2025
									RadioShack Reboot Plan Morphed Into $112M Scam, SEC SaysThe U.S. Securities and Exchange Commission sued three former Retail Ecommerce Ventures LLC executives in Florida federal court Tuesday, alleging they raised $112 million through fraudulent securities offerings that operated as a Ponzi-like scheme that promised bogus 25% annual returns to revitalize popular REV brands including RadioShack and Pier 1 Imports. 
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									September 23, 2025
									Hedge Funds Call For CFTC To End Dual RegistrationA group representing the hedge fund industry is calling on the U.S. Commodity Futures Trading Commission to drop the need for industry participants to submit to agency oversight in cases where fund managers are already registered with the U.S. Securities and Exchange Commission, calling the dual registration requirement "costly" and "inefficient." 
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									September 23, 2025
									LPL Financial Nabs Ex-AUSA, Eversheds Investigations HeadLPL Financial has hired a former Manhattan federal prosecutor as head of litigation and arbitration following her time as co-leader of Eversheds Sutherland's corporate crime and investigations practice. 
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									September 23, 2025
									FTX Trust Seeks $1B From Crypto Miner Genesis DigitalThe recovery trust created under FTX's Chapter 11 plan has filed a lawsuit in Delaware bankruptcy court that aims to claw back more than $1 billion that FTX's founder invested in Genesis Digital Assets Ltd., accusing the bitcoin mining firm of overinflating its value and projections to secure the funds. 
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									September 23, 2025
									Climate Transition-Focused SPAC Plans For $150M IPOSpecial purpose acquisition company Climate Transition Special Opportunities SPAC I has filed plans with U.S. regulators to raise up to $150 million in its initial public offering, with the goal of acquiring a company in the renewable energy or specialty finance space. 
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									September 23, 2025
									Sullivan & Cromwell Guides Sempra On $10B Subsidiary SaleSempra said Tuesday it has agreed to sell a 45% stake in its infrastructure subsidiary to a consortium led by KKR and Canada's CPP Investments for $10 billion, while separately securing $7 billion of equity financing led by Blackstone to advance a major liquefied natural gas project in Texas. 
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									September 23, 2025
									DOL Greenlights Guaranteed Income Investments In 401(k)sThe U.S. Department of Labor's employee benefits arm issued guidance Tuesday making clear that employers can offer lifetime income insurance products as a default investment in 401(k) plans, responding to an executive order by President Donald Trump calling for expanded access to nontraditional retirement plan assets. 
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									September 23, 2025
									Morningstar Nabs Market Data Provider CRSP In $375M DealInvestment insights provider Morningstar Inc., advised by Mayer Brown LLP, on Tuesday announced plans to acquire the Center for Research in Security Prices, which collects stock market data and builds indexes, from the University of Chicago, led by Reed Smith LLP, in a $375 million deal. 
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									September 23, 2025
									Privy Council Backs Undoing Fund's $230M Madoff Claim SaleThe top appeals court for U.K. overseas territories has endorsed a successful U.S. appeal brought by the liquidator of an overseas Bernard L. Madoff feeder fund to undo its allegedly imprudent sale of its $230 million claim against the Ponzi schemer's defunct firm to a hedge fund. 
Expert Analysis
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								How Trump's Trade Policies Are Shaping Foreign Investment.jpg)  Five months into the Trump administration, investors are beginning to see the concrete effects of the president’s America First Investment Policy as it presents new opportunities for clearing transactions more quickly, while sustaining risk aversion related to Chinese trade and potentially creating different political risks, say attorneys at Covington. 
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								How Trump Admin Treasury Policies Are Reaching Banks  The Treasury Department has emerged as an important facilitator of the Trump administration's financial policies affecting banks, which are now facing deregulation domestically and the use of international economic authorities in cross-border trade and investment, say attorneys at Davis Polk. 
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								Series My Opera And Baseball Careers Make Me A Better Lawyer  Though participating in opera and the world of professional baseball often pulls me away from the office, my avocations improve my legal career by helping me perform under scrutiny, prioritize team success, and maintain joy and perspective at work, says Adam Unger at Herrick Feinstein. 
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								Policy Shifts Bring New Anti-Money Laundering Challenges  In the second half of 2025, the U.S. anti-money laundering regulatory landscape is poised for decisive shifts in enforcement priorities, compliance expectations and legislative developments — so investment advisers and other financial institutions should take steps to prepare for potential new obligations and areas of risk, say attorneys at Linklaters. 
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								8 Ways Lawyers Can Protect The Rule Of Law In Their Work  Whether they are concerned with judicial independence, regulatory predictability or client confidence, lawyers can take specific meaningful actions on their own when traditional structures are too slow or too compromised to respond, says Angeli Patel at the Berkeley Center of Law and Business. 
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								Assessing New Changes To Texas Officer Exculpation Law  Consistent with Texas' recent modernization of its corporate law, the recently passed S.B. 2411 allows officer exculpation, streamlines certificate of formation amendments, authorizes representatives to act on shareholders' behalf in mergers and makes other changes aimed toward companies seeking a more codified, statutory model of corporate governance, say attorneys at Bracewell. 
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								Is SEC Moving Away From Parallel Insider Trading Cases?  The U.S. Securities and Exchange Commission's apparent lack of follow-up in four recent criminal cases of insider trading brought by the Justice Department suggests the SEC may be reconsidering the expense and effort of bringing parallel civil charges for insider trading, say attorneys at Dentons. 
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								Series Law School's Missed Lessons: Communicating With Clients  Law school curricula often overlook client communication procedures, and those who actively teach this crucial facet of the practice can create exceptional client satisfaction and success, says Patrick Hanson at Wiggam Law. 
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								Rocket Mortgage Appeal May Push Justices To Curb Classes  Should the U.S. Supreme Court agree to hear Alig v. Rocket Mortgage, the resulting decision could limit class sizes based on commonality under Rule 23 of the Federal Rules of Evidence as opposed to standing under Article III of the U.S. Constitution, say attorneys at Carr Maloney. 
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								Series Adapting To Private Practice: From US Rep. To Boutique Firm  My transition from serving as a member of Congress to becoming a partner at a boutique firm has been remarkably smooth, in part because I never stopped exercising my legal muscles, maintained relationships with my former colleagues and set the right tone at the outset, says Mondaire Jones at Friedman Kaplan. 
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								Opinion IRS Should Work With Industry On Microcaptive Regs  The IRS should engage with microcaptive insurance owners to develop better regulations on these arrangements or risk the emergence of common law guidance as taxpayers with legitimate programs seek relief in the federal courts, says Dustin Carlson at SRA 831(b) Admin. 
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								Opinion Senate's 41% Litigation Finance Tax Would Hurt Legal System  The Senate’s latest version of the Big Beautiful Bill Act would impose a 41% tax on the litigation finance industry, but the tax is totally disconnected from the concerns it purports to address, and it would set the country back to a time when small plaintiffs had little recourse against big defendants, says Anthony Sebok at Cardozo School of Law. 
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								Series Performing As A Clown Makes Me A Better Lawyer  To say that being a clown in the Macy’s Thanksgiving Day Parade has changed my legal career would truly be an understatement — by creating an opening to converse on a unique topic, it has allowed me to connect with clients, counsel and even judges on a deeper level, says Charles Tatelbaum at Tripp Scott. 
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								9th Circ. Ruling Is Turning Point For Private Funds In 401(k)s  The Ninth Circuit's decision in Anderson v. Intel reinforces that the Employee Retirement Income Security Act's duty of prudence permits fiduciaries to use private market assets in diversified funds, yet it also exposes the persistent litigation and regulatory uncertainties that continue to temper wider adoption in 401(k) plans, say attorneys at Debevoise. 
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								A Guide To Permanent Capital Vehicles As Access Widens  Recent regulatory and legislative actions are making it easier for retail investors to access permanent capital vehicles like closed-end, interval, tender offer and open-end funds, which each offer distinct advantages that are important to review, say attorneys at Mayer Brown.