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Asset Management
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June 12, 2024
FDIC Head Must Go To Change Status Quo, GOP Reps. Say
House Republicans on Wednesday criticized Federal Deposit Insurance Corp. Chair Martin Gruenberg for not immediately resigning in the wake of a probe of the agency's workplace culture, but some Democrats took issue with the scope of a report on the investigation's findings while applauding his rumored successor.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
Judge Won't Trim $18M Shareholder Settlement Coverage Suit
A Pennsylvania federal judge declined to toss certain bad faith allegations against an insurer accused of wrongfully denying coverage for an $18 million settlement between an asset management company and a group of shareholders, adopting a magistrate judge's recommendation that the company sufficiently alleged its claim of bad faith.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
Worker Hits Lumber Co. With 401(k) Fee, Investment Suit
A lumber company violated federal benefits law by choosing expensive, poor-performing funds for its employee retirement plan and saddling participants with lofty fees, according to a new lawsuit filed in Pennsylvania federal court.
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June 12, 2024
SEC Says Texas Crypto Cases Aren't Related To Fraud Suit
The U.S. Securities and Exchange Commission asked a Texas federal judge not to stay its case accusing a crypto asset mining and hosting company of securities fraud, saying in a Wednesday brief that the judge's concerns about other pending cases creating "moving-target precedents" were unfounded.
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June 12, 2024
11th Circ. Won't Rehear Ruling In Pratt & Whitney Cancer Case
The full Eleventh Circuit won't review a panel's affirmation of a jury verdict win for defense contractor Pratt & Whitney that found it had failed to exercise reasonable care when disposing of radioactive materials but also freed it from liability for the pediatric cancer cases that emerged in a Florida neighborhood.
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June 12, 2024
Forte Biosciences Reaches $2M Deal To End Chancery Suit
Clinical-stage biopharmaceutical company Forte Biosciences has reached a multipart, $2 million concession-plus-cash settlement in Delaware's Court of Chancery with a private investment fund that ran a board proxy contest after its calls to liquidate the business were met with poison pill pushback.
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June 12, 2024
32 AGs Urge Justices Take Up Okla. PBM Law Fight
Thirty-two attorneys general urged the U.S. Supreme Court to take up Oklahoma's petition for review of a Tenth Circuit decision holding that federal law preempted portions of a state law regulating pharmacy benefit managers, arguing the justices needed to intervene to resolve a circuit split.
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June 12, 2024
Freshfields Adds Ex-Kirkland, Davis Polk Attys In New York
Freshfields Bruckhaus Deringer LLP bolstered its corporate offerings in New York this week with M&A partner Joshua Ayal and capital markets partner Jacqueline Marino.
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June 12, 2024
Brazil's Suzano Buys Minority Stake In Lenzing For $248M
Brazilian pulp producer Suzano S.A. has agreed to buy a 15% stake in Lenzing from B&C Group for EUR 230 million ($248.6 million), according to a statement Wednesday.
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June 12, 2024
GameStop Raises More Than $2.1B In Share Sale
GameStop Corp. has raised over $2.1 billion as part of a share sale, with plans to use the proceeds for general corporate purposes such as future acquisitions or investments.
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June 12, 2024
4 Firms Steer $3.7B Canadian Banking Merger
Four firms are serving as the key legal advisers on a newly inked agreement for National Bank of Canada to purchase Canadian Western Bank, or CWB, in a deal that values the latter institution at approximately CA$5 billion ($3.7 billion) and sent its stock soaring more than 70% Wednesday.
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June 12, 2024
Shareholders To Settle Discovery-AT&T Merger Suit In Del.
Former shareholders of Discovery Inc. who sued in Delaware's Court of Chancery over the media entertainment company's $43 billion merger with AT&T in 2022 have agreed to settle their class action and intend to finalize settlement documentation by July 5, the parties told the court late on Tuesday.
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June 11, 2024
Amplitude Execs Face Suit Over Post-IPO Share Inflation
Current and former insiders of business software maker Amplitude were hit with a shareholder derivative suit claiming they profited from misrepresentations they made about the likelihood of the company sustaining its revenue growth following its initial public offering.
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June 11, 2024
2nd Circ. Cites Macquarie In Booting Suit Over Go-Private Deal
The Second Circuit refused to revive a proposed class action accusing a real estate services provider of artificially depressing share prices, applying apparently for the first time the U.S. Supreme Court's Macquarie decision on alleged failures to disclose certain information.
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June 11, 2024
Ontrak CEO Told Broker To Sell Shares Quickly, Jury Hears
A stockbroker testifying Tuesday in the California federal insider trading trial for Ontrak's founder said the executive didn't accept his advice to delay selling shares of the healthcare company to avoid the appearance of trading on insider information, but instead insisted on selling the shares immediately.
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June 11, 2024
SIFMA, Missouri Seek Early End To Anti-ESG Rules Suit
The Securities Industry and Financial Markets Association and Missouri state officials have filed dueling summary judgment bids in SIFMA's suit over the state's anti-ESG rules for brokers and advisers, with SIFMA claiming the rules violate the First Amendment, and both sides painting the issue as a matter of states' rights versus federal preemption.
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June 11, 2024
DC Circ. Affirms Petrobras' Immunity Denial In Fraud Case
The D.C. Circuit on Tuesday affirmed the denial of Petrobras' immunity defense against an investor fraud lawsuit filed after the petroleum company was implicated in a sprawling bribery scheme, ruling that the alleged fraud caused a direct impact on the United States sufficient to pull Petrobras into the court's jurisdiction.
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June 11, 2024
Hedge Fund Anson Settles With SEC Over Cannabis Shorts
The American and Canadian entities overseeing hedge fund Anson Funds agreed on Tuesday to pay $2.25 million to end a U.S. Securities and Exchange Commission investigation into their allegedly hidden relationship with an activist investment firm that shorted a pair of cannabis stocks.
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June 11, 2024
HashiCorp Hit With Investor Suit Over $6.4B Sale To IBM
Software company HashiCorp Inc. and its board members face an investor suit seeking to halt an upcoming shareholder vote on a proposed $6.4 billion acquisition of HashiCorp by tech giant IBM, alleging the deal would unfairly benefit company insiders and hasn't been properly detailed in required filings.
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June 11, 2024
Capital One Will Face Savings-Rate MDL In Its Home District
Virginia-headquartered Capital One will face suits over allegedly misleading marketing for its high-yield savings accounts in federal court in the Eastern District of Virginia, the Judicial Panel on Multidistrict Litigation has determined.
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June 11, 2024
Slow IPO Recovery Expected To Accelerate In 2025
More companies are preparing initial public offerings even as the pace of new listings has been slower than anticipated, experts said Tuesday, signaling that an IPO recovery is likely to accelerate next year after investors sort out November election results.
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June 11, 2024
AlphaSense Valued At $4B After $650M Investment Round
New York-based market intelligence platform AlphaSense said Tuesday it has raised $650 million in funding as part of an agreement to buy data provider Tegus, valuing AlphaSense at $4 billion.
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June 11, 2024
FINRA Fines Brokerage TradeZero Over 'Finfluencer' Promos
The Financial Industry Regulatory Authority has fined broker-dealer TradeZero America Inc. $250,000 for allegedly failing to properly supervise its influencer partners, who promoted the firm on their social media accounts.
Expert Analysis
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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Parsing Controversial Del. General Corporation Law Proposals
In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Takeaways From SEC's New Data Breach Amendments
The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.