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Asset Management
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April 30, 2025
Citadel Securities Gives SEC Regulatory Wish List
Citadel Securities LLC released a white paper Wednesday that lays out policy recommendations for the U.S. Securities and Exchange Commission and the exchanges it regulates, calling on the agency to address concerns tied to secretive trading rooms as well as 24-hour buying and selling.
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April 30, 2025
2 SPACs Tap Public Markets For $321M Combined
Two separate special purpose acquisition companies have announced plans to raise a combined $321 million through their respective initial public offerings.
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April 30, 2025
Kirkland, Latham Lead Chinese Online Insurer's $30M US IPO
Shares of Chinese online insurance distributor Yuanbao Inc. rallied in debut trading Wednesday after it priced a $30 million initial public offering at the top of its range, represented by Kirkland & Ellis LLP and underwriters' counsel Latham & Watkins LLP, as more companies test a shaky U.S. IPO market.
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April 30, 2025
Extradited Fund Manager Admits To $3.4M Fraud Scheme
The former manager of a Connecticut investment fund, who spent almost a year in custody in South America, pled guilty to wire fraud and money laundering charges in a scheme prosecutors say swindled $3.4 million from investors who thought he was running a conservative hedge fund with consistent returns.
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April 30, 2025
TWG Global, Mubadala Capital Ink Multibillion-Dollar Alliance
Holding company TWG Global and sovereign-backed asset manager Mubadala Capital, advised by Skadden Arps Slate Meagher & Flom LLP and Akin Gump Strauss Hauer & Feld LLP, on Wednesday said that they have entered into a multibillion-dollar investment partnership that will allow both parties to better their investments across various sectors and asset classes.
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April 30, 2025
Bipartisan House Members Pitch Expanded Paid Family Leave
A bipartisan group of House lawmakers unveiled legislation Wednesday that they said would expand access to paid family leave by incentivizing states to establish their own programs and facilitating the exchange of information between state and federal officials.
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April 29, 2025
Acadia Investors Seek Partial Win, Sanction In Healthcare Suit
Investors suing behavioral health care provider Acadia Healthcare Co. have asked a federal judge to find that they relied on certain alleged misrepresentations before investing in the company after previously moving for sanctions over allegations that the company systematically destroyed pertinent records to stymie their understaffing claims.
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April 29, 2025
FTX Ch. 11 Trust Asks To Keep Customer Info Confidential
In a just-under-the-wire move, the FTX bankruptcy recovery trust has sought a seventh extension for a mid-2023 ruling by the U.S. Bankruptcy Court for the District of Delaware allowing confidential treatment of its 9 million customers' information, citing the data's continued value to the estate.
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April 29, 2025
Adviser Renews Bid To Toss SEC Suit Over Liquidity Rule
Pinnacle Advisors LLC has again urged a New York federal judge to toss a U.S. Securities and Exchange Commission suit accusing the wealth management firm of exceeding its allowed allotment of illiquid investments, standing by its arguments that the so-called liquidity rule was wrongly promulgated.
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April 29, 2025
Perkins Coie Leads 2 SPAC Listings Raising $300M Combined
Two special-purpose acquisition companies, under similar leadership teams and represented by Perkins Coie LLP, began trading Tuesday after pricing initial public offerings that raised a combined $300 million.
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April 29, 2025
OKCoin Says Crypto Holders Can't Tie Firm To $2M Theft
Digital asset exchange OKCoin and its affiliates urged a California federal judge to dismiss a proposed class action accusing them of enabling cryptocurrency thieves, arguing the real cause of the plaintiffs' losses was the initial theft, not any actions by the exchange.
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April 29, 2025
Union Pension Fund Wins $132M Bailout Suit At 2nd Circ.
A union pension fund won its multimillion-dollar dispute with the Pension Benefit Guaranty Corp. on appeal Tuesday, with the Second Circuit reversing a New York federal judge's 2023 decision that the PBGC was within its rights to reject the fund's 2022 application for $132 million in financial assistance.
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April 29, 2025
2 Insurance Firms Join Frozen IPO Pipeline Seeking $440M
Two insurance companies joined the roster of candidates for initial public offerings on Tuesday by launching plans to raise about $440 million combined under guidance from six law firms, potentially unlocking a stalled pipeline.
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April 29, 2025
Kirkland Guides Allied Industrial On $300M Fund Close
Houston-based Allied Industrial Partners has closed its inaugural fund at its $300 million hard cap, achieving the objective under the legal guidance of Kirkland & Ellis LLP.
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April 29, 2025
Retirees Fight Lockheed's Quick Appeal Push In Annuity Suit
Lockheed Martin retirees urged a Maryland federal judge not to allow the company to immediately challenge a ruling that kept alive their suit claiming Lockheed illegally pushed workers' pensions into risky annuities, arguing an appeal would be premature even though a similar case was recently tossed out.
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April 28, 2025
3rd Circ. Won't Rethink Teamsters Fund's Win In $39M Row
The Third Circuit won't give a group of dairy businesses a second chance to prevent a Teamsters union pension fund from suing them and their affiliates to enforce a $39 million settlement, the court announced Monday.
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April 28, 2025
SEC Defends Witholding Info On Text Message Sweeps
The U.S. Securities and Exchange Commission pushed back Monday against the American Securities Association's bid for spreadsheets related to the regulator's enforcement sweep of so-called off-channel communications, telling a Florida federal judge that its spreadsheet withholdings under the Freedom of Information Act are fully legal.
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April 28, 2025
Avis Hit With Investor Suit Over $2.3B Fleet Impairment
Car rental company Avis Budget Group has been hit with a proposed shareholder class action alleging it harmed investors when it concealed a strategy shift late last year that accelerated fleet rotation and led to a $2.3 billion impairment charge.
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April 28, 2025
Wells Fargo Investors Win Class Cert. In 'Sham' Hiring Case
A California federal judge has certified a class of thousands of Wells Fargo & Co. investors in litigation over the bank's alleged practice of conducting "sham" job interviews to meet diversity targets, a strategy investors say led to stock prices dropping when the truth came to light, according to an order issued Friday.
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April 28, 2025
Boeing Rips Investors' Class Cert. Bid In 737 Max Fraud Suit
Boeing has told an Illinois federal judge that pension funds and private investors cannot certify a sweeping class action seeking a "jaw-dropping" $15 billion in damages by alleging Boeing repeatedly misrepresented the overall safety and certification process for the 737 Max 8 jets after two deadly crashes in 2018 and 2019.
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April 28, 2025
Wells Fargo Tells Judge Cash Sweep 'Conflict' Was Disclosed
Wells Fargo said it should be allowed to escape customers' proposed class action alleging the bank's cash sweep investment program disproportionately benefits the bank, arguing it disclosed in its signed agreements with customers the bank's intentions to secure financial gains for itself through the program.
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April 28, 2025
Tax Services Provider Andersen Files Confidential IPO Plans
Tax and legal services provider Andersen Group Inc. said Monday it confidentially filed for an initial public offering, marking a first step toward going public amid market volatility that has largely frozen IPOs in recent weeks.
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April 28, 2025
5th Circ. Grants DOL 30-Day Stay In States' ESG Rule Appeal
The Fifth Circuit on Monday granted the U.S. Department of Labor's request to stay an appeal from Republican-led states in a suit challenging the agency's rule that allows retirement fiduciaries to consider issues like climate change and social justice when choosing investments, but limited the pause to 30 days.
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April 28, 2025
Nasdaq Presses SEC To Enact Clearer Digital Asset Rules
Nasdaq is urging the U.S. Securities and Exchange Commission and its sister agency that regulates derivatives to adopt clearer rules governing digital assets, calling for a system that classifies such products into four categories.
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April 28, 2025
Defense-Focused SPAC Kochav Files $220M IPO
Defense- and aerospace-focused special purpose acquisition company Kochav Defense Acquisition has revealed plans to raise up to $220 million in an initial public offering, looking to list on the Nasdaq under the ticker symbol KCHVU.
Expert Analysis
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5 Ways Banking Has Changed In 5 Years Since COVID
Since the start of the pandemic five years ago, technology, convenience and shifting expectations have transformed compliance for the financial services industry in several key ways, from the shrinking role of the traditional bank branch to the rise of fintech and mobile payments, says Christopher Pippett at Fox Rothschild.
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E-Discovery Quarterly: The Perils Of Digital Data Protocols
Though stipulated protocols governing the treatment of electronically stored information in litigation are meant to streamline discovery, recent disputes demonstrate that certain missteps in the process can lead to significant inefficiencies, say attorneys at Sidley.
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Series
Law School's Missed Lessons: Preparing For Corporate Work
Law school often doesn't cover the business strategy, financial fluency and negotiation skills needed for a successful corporate or transactional law practice, but there are practical ways to gain relevant experience and achieve the mindset shifts critical to a thriving career in this space, says Dakota Forsyth at Olshan Frome.
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OCC Patriot Bank Order Spotlights AML Issues For Managers
The Office of the Comptroller of the Currency's focus on payments and prepaid card program managers in its recent consent order with Patriot Bank is noteworthy and shows regulators are unlikely to back down on enforcement related to Bank Secrecy Act/anti-money laundering, say attorneys at Troutman Pepper.
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A Cold War-Era History Lesson On Due Process
The landmark Harry Bridges case from the mid-20th century Red Scare offers important insights on why lawyers must be free of government reprisal, no matter who their client is, says Peter Afrasiabi at One LLP.
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Series
Improv Makes Me A Better Lawyer
Improv keeps me grounded and connected to what matters most, including in my legal career where it has helped me to maintain a balance between being analytical, precise and professional, and creative, authentic and open-minded, says Justine Gottshall at InfoLawGroup.
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How BigLaw Executive Orders May Affect Smaller Firms
Because of the types of cases they take on, solo practitioners, small law firms and public interest attorneys may find themselves more dramatically affected by the collective impact of recent government action involving the legal industry than even the BigLaw firms named in the executive orders, says Reuben Guttman at Guttman Buschner.
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Opinion
Lawsuits Shouldn't Be Shadow Assets For Foreign Capital
Third-party litigation financing amplifies inefficiencies from litigation and facilitates national exposure to foreign influence in the U.S. justice system, so full disclosure of financing arrangements should be required as a matter of institutional integrity, says Roland Eisenhuth at the American Property Casualty Insurance Association.
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How To Accelerate Your Post-Attorney Career Transition
Professionals seeking to transition to nonattorney careers may encounter skepticism as nontraditional candidates, but there are opportunities for thought leadership and to leverage speaking and writing to accelerate a post-attorney career transition, say Janet Falk at Falk Communications and Evgeny Efremkin at Toronto Metropolitan University.
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How Tariffs May Affect Proxy Contests This Season
While global tariffs imposed by the Trump administration will certainly chill at least some activity this proxy season, and make defending contests significantly easier, there will likely be many new activist investments once there is more economic certainty, meaning more proxy fights this fall, say attorneys at Sidley.
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A Closer Look At New NYSE, Nasdaq Listing Rule Changes
The U.S. Securities and Exchange Commission has recently approved changes to the New York Stock Exchange's and the Nasdaq's listing rules on reverse stock splits, minimum share price requirements and required liquidity for initial listings, meaning listed companies facing delisting will have fewer means to regain compliance, say attorneys at Cahill Gordon.
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Opinion
GENIUS Act Can Bring Harmony To Crypto-Banking Discord
By embracing crypto innovation while establishing appropriate guardrails, the so-called GENIUS Act charts a path forward that promotes financial inclusion and technological advancement without compromising stability or constitutional rights, says J.W. Verret at George Mason University's Antonin Scalia Law School.
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Series
Law School's Missed Lessons: Be An Indispensable Associate
While law school teaches you to research, write and think critically, it often overlooks the professional skills you will need to make yourself an essential team player when transitioning from a summer to full-time associate, say attorneys at Stinson.
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SEC Confidential Review Process Provides Issuers Flexibility
The U.S. Securities and Exchange Commission's recently announced enhancements to the process for confidentially submitting draft registration statements will be immediately impactful for issuers seeking to access the public capital markets, and should provide more grounds to explore and plan public offerings, say attorneys at Lowenstein Sandler.
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.