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Asset Management
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May 15, 2024
Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?
A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.
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May 15, 2024
Lawmakers Move To Kill DOL's ERISA Fiduciary Regs
A group of 16 mostly Republican senators introduced a resolution Wednesday to overturn the U.S. Department of Labor's new rule broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, saying the regulations threaten Americans' ability to save for retirement.
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May 15, 2024
Chancery Orders $199M Penalty In TransCanada Deal Suit
Citing "non-cumulative" damages award offsets, a Delaware vice chancellor on Wednesday ordered the former TransCanada Corp. to pay $199 million of a potential $283 million judgment issued in a post-trial ruling last year on amounts owed to former Columbia Pipeline Group Inc. shareholders shorted in a 2016 merger.
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May 15, 2024
Chinese Art Marketplace, EV Co. Ink SPAC Deals Worth $834M
Two Chinese companies, art marketplace Tyfon Culture Holdings and electric-vehicle maker Aiways Europe have announced plans to go public in the U.S. via mergers with special-purpose acquisition companies in deals that are together valued at around $834 million.
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May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
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May 15, 2024
TPG, Hassana Craft $1.5B Partnership For Climate Fund
Private equity giant TPG and Saudi Arabia's Hassana Investment Company on Wednesday unveiled a $1.5 billion strategic partnership in TPG's Rise Climate platform that includes a "substantial" anchor commitment to the firm's new Transition Infrastructure fund.
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May 15, 2024
Archegos Ex-Accountant Tells Jury Of 'Vendetta' Inside Fund
A key cooperating witness had a "personal vendetta" against a former Archegos executive charged in the government's $36 billion market distortion case, according to testimony Wednesday by an ex-accountant at the fallen fund.
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May 15, 2024
Securities Firm Cuts Deal To End Age Bias Suit
A securities firm struck a deal with a former sales representative in his 60s who accused the company of firing him despite his laudable performance and replacing him with two younger, less-experienced workers, a filing in Colorado federal court said.
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May 14, 2024
FINRA Official Calls Off-Channel Flags 'Shockingly Common'
A Financial Industry Regulatory Authority official said Tuesday that firms often veer into issues with off-channel business communications thanks to what's on their representatives' business cards and email signatures, and that the biggest red flag of recordkeeping violations are the habits of firms' own leaders and managers.
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May 14, 2024
SEC Fines Adviser For Undisclosed Movie Financing Deal
A wealth management firm and its founder will pay $950,000 in combined disgorgement and penalties to settle the SEC's claims they failed to disclose conflicts of interest regarding investments in a film production company and favored a certain client's redemption requests over others, according to an order issued Tuesday.
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May 14, 2024
Conn. Retaliation Suit Advances After Justices' Title VII Ruling
With a recent U.S. Supreme Court opinion said to be illuminating the path forward, a federal judge in Connecticut has declined to dismiss a case by a self-described former "high-level" employee of a private equity firm who alleges she was fired after raising concerns about her employer's treatment of women.
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May 14, 2024
Couple Attacks Chase's 'Pack Of Lies' In $20M Loss Case
An elderly couple claiming they lost tens of millions through bad investments with JPMorgan Chase Bank NA said in a heated Massachusetts federal court hearing Tuesday that the big bank shouldn't pocket a pretrial win based on a magistrate judge's "extreme" analysis.
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May 14, 2024
Cannabis Co., Wrigley Heir Settle $7M Investor Suit
An investor that sank $7.4 million into cannabis operator Parallel has settled its suit with the company and its former CEO and heir to the Wrigley chewing gum fortune, according to a mediation report filed in Florida federal court.
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May 14, 2024
New Ruling Aids In-Court 401(k) Suit Bid, DOL Tells 6th Circ.
The U.S. Department of Labor urged the Sixth Circuit to heed a decision out of the Second Circuit refusing to compel arbitration in a federal benefits lawsuit, arguing that the appellate panel should join four other circuits in rejecting an employer's attempt to force claims out of court.
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May 14, 2024
7th Circ. Seems Wary Of Jurisdiction Over Union Fund Misuse
Two Seventh Circuit judges on Tuesday pressed the U.S. Department of Labor to address how much authority individual employers had as part of an allegedly mismanaged multiemployer benefit fund, saying the question is crucial to determine whether the agency properly won a federal court injunction.
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May 14, 2024
FalconPoint Plugs $250M Into Infrastructure Solutions Biz
New York-based private equity shop FalconPoint Partners on Tuesday announced that it plugged over $250 million into infrastructure company Jennmar as an inaugural investment in a deal built by three law firms.
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May 14, 2024
Fla. Man Get 13 Mos. For Trading On Goldman Insider Info
A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.
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May 14, 2024
White & Case-Led Saudi Hospital Giant Prices $764M IPO
White & Case-led Saudi Arabian hospital network Fakeeh Care Group on Tuesday set a price in an oversubscribed initial public offering that is set to raise $764 million, making it the largest Saudi listing this year, guided by three law firms.
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May 14, 2024
Online Education Biz To Go Public Via $135M SPAC Merger
Education technology company and online class provider Classover, led by RPCK Rastegar Panchal LLP, on Tuesday unveiled plans to go public via a merger with special purpose acquisition company Battery Future Acquisition Corp., advised by Graubard Miller and Nelson LLP, in a deal with an estimated value of $135 million.
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May 14, 2024
TrueBridge Amasses Over $1.6B Across 5 VC Funds
Chapel Hill, North Carolina-based venture capital firm TrueBridge Capital Partners on Tuesday announced that it has secured $1.6 billion in capital commitments across five investment vehicles that focus on venture funds and technology companies, bringing the firm's total assets under management to over $7.5 billion.
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May 13, 2024
SEC, FinCEN Propose Money Manager Customer ID Rule
The U.S. Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network on Monday proposed a rule that would require money managers such as hedge funds and private equity firms to document and maintain customer identification programs.
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May 13, 2024
SPAC Investor Says Insiders Overvalued Satellite Co. Deal
An investor has sued a blank-check company and several of its top brass in Delaware Chancery Court, alleging the defendants protected their buy-ins while leaving public investors to suffer losses following a merger with satellite imaging company BlackSky Holdings Inc.
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May 13, 2024
Online Slot Machine Co. Games Global Scraps $254M US IPO
Games Global, a developer of online betting and casino games, pulled its plans for an initial public offering Monday, citing market conditions, just one day before the U.K.-based company expected to raise about $254 million in a U.S. listing.
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May 13, 2024
Judge Says Bold, Italic Font Muddies Allbirds Investor Suit
A California federal judge has tossed for now a proposed class action from Allbirds Inc. investors who claim the sustainable shoe retailer made false and misleading statements in registration documents connected to its initial public offering, saying the complaint doesn't indicate which statements from the company's executives were allegedly misleading.
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May 13, 2024
Corp. Transparency Act An Overbroad Dragnet, 11th Circ. Told
Congress exceeded its authority in passing the Corporate Transparency Act, which prompted the U.S. Treasury Department to solicit personal information for law enforcement purposes from those that registered and owned state-registered entities, a small-business group told the Eleventh Circuit on Monday.
Expert Analysis
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Recent Wave Of SEC No-Action Denials May Be Slowing
The U.S. Securities and Exchange Commission in March granted no-action relief to Verizon and others on the grounds that a director resignation bylaw proposal would mean violating Delaware law, bucking recent SEC hesitation toward such relief and showing that articulating a basis in state law is a viable path to exclude a proposal, say attorneys at Winston & Strawn.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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Navigating SPAC Market Challenges For Microcap Issuers
For microcap issuers, the special-purpose acquisition vehicle market tells a cautionary tale in which few targets attain the advantages they seek, and important considerations for companies with market capitalization of under $300 million include negotiating costs and expenses upfront to avoid becoming saddled with debt, say attorneys at Lucosky Brookman.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Circuit Split Brews Over Who's A Securities Seller Under Act
A Securities Act section that creates private liability for the sale of an unregistered security is rapidly becoming a favored statute for plaintiffs to wield against participants in both the digital asset and traditional securities markets, but the circuit courts have diverged on who may be held liable for these violations, say Jeffrey L. Steinfeld and Daniel Aronsohn at Winston & Strawn.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.