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Asset Management
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May 16, 2024
SEC Adopts Rules For Uncovering, Reporting Data Breaches
The U.S. Securities and Exchange Commission announced the adoption of cybersecurity rules Thursday that will require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised.
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May 16, 2024
No Relief For Struggling SPACs Under Buyback Tax Proposal
Special-purpose acquisition companies won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal that otherwise provides helpful clarity on the tax's implications for the subdued SPAC market, lawyers say.
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May 16, 2024
Ex-Execs Accuse Truist Of Hijacking Control Of Mortgage Unit
Three former executives who spearheaded the real estate finance arm of Truist Financial Corp. before they left for a competitor are countersuing the bank for allegedly usurping control of the business, saying Truist then tried forcing them out to skirt paying severance.
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May 16, 2024
C3.ai Shareholder Sues In Del., Citing Baker Hughes Pact
A shareholder of artificial intelligence-driven software developer C3.ai Inc. filed a derivative suit in Delaware's Court of Chancery late Wednesday, alleging breaches of fiduciary duty and unjust enrichment related to the California company's strategic partnership with Baker Hughes Co.
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May 16, 2024
Top Linklaters Attys See PE Rebound In Run-Up To Elections
After a subtle uptick in private equity deal values in the first quarter, the global chair of Linklaters LLP's corporate department in New York, George Casey, and one of its top PE dealmakers in London, Alex Woodward, believe the pace of transactions is picking up and the market is primed for a comeback.
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May 16, 2024
US Must Produce Emails Between IRS Managers, Docs Leaker
The government must produce emails between Internal Revenue Service managers and a former contractor who leaked thousands of wealthy people's tax returns, a Florida federal judge has ordered, saying the materials are relevant to a billionaire's case accusing the agency of responsibility for the leak.
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May 16, 2024
3 Firms Assist As AIG Sells $3.8B Corebridge Stake To Nippon
Latham & Watkins LLP is guiding Japan's Nippon Life Insurance Co. on a new deal to buy 120 million shares of Corebridge Financial Inc. common stock from AIG for $3.8 billion, with Debevoise & Plimpton LLP guiding Corebridge and Wachtell Lipton Rosen & Katz representing AIG, the purveyors of insurance products said Thursday.
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May 16, 2024
Lithuania PM Wants Frozen Russian Assets To Help Ukraine
Lithuania's prime minister said Thursday that Russia's frozen assets should be used to help Ukraine fight off aggression from its larger neighbor, saying that a recent European decision to use profits from frozen assets should be only a first step.
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May 15, 2024
Bolt Financial Cancels $37M In Shares To End CEO Loan Suit
Bolt Financial Inc. will cancel over $37 million in shares to settle a derivative suit against the company's board of directors that accuses its former CEO of purposely defaulting on a $30 million loan, according to a filing in Delaware's Court of Chancery.
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May 15, 2024
'Uber Files' Scandal Can't Prop Up Investor Suit, Judge Says
Uber Technologies has beaten back a proposed class action alleging that a trove of leaked internal records harmed shareholders by revealing corporate misconduct, with a California federal judge saying plaintiffs failed to prove that any of Uber's statements about the leak were false.
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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.
Expert Analysis
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
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Del. Ruling Stands Out In Thorny Noncompete Landscape
In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.
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SEC Regs Give Banks Chance To Step Up Cyber Safety Game
Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Opinion
Exxon Court Should Clarify Shareholder Proposal Exclusion
ExxonMobil last month took the unusual action of asking a Texas federal judge whether a proposal from climate activists seeking to limit oil and gas sales could be excluded from its 2024 proxy statement, and the court should use this opportunity to reevaluate SEC policy and set clear limits on when shareholder proposals can be included, says Stephen Bainbridge at UCLA School of Law.
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Understanding SEC's Focus Amid Lack Of Final AI Rules
Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.
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Preparing For DOJ's Data Analytics Push In FCPA Cases
After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.
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How High Court SEC Case Could Affect The ITC
While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.
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CFPB Overdraft Rule Could Mean Big Shift In Banking Biz
The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.
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$32.4M Fine For Info Disclosure Is A Stark Warning For Banks
The New York State Department of Financial Services and the Federal Reserve's fining of a Chinese state-owned bank $32.4 million last month underscores the need for financial institutions to have policies and procedures in place to handle confidential supervisory information, say attorneys at Sidley.
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Exxon ESG Proxy Statement Suit May Chill Investor Proposals
Exxon Mobil’s recent use of a Texas federal lawsuit to intimidate shareholders into withdrawing a climate-friendly proxy proposal could inspire more public companies to sue to avoid adopting ESG resolutions — a power move that would chill activist investor participation and unbalance shareholder-corporate relations, say Domenico Minerva and James Fee at Labaton Keller.