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Asset Management
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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.
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May 13, 2024
Specialty Insurer, Hotpot Restaurateur Heat Up IPO Plans
Private equity-backed insurer Bowhead Specialty Holdings Inc. and Singaporean hotpot restaurant operator Super Hi International Holdings Ltd. on Monday set price ranges on initial public offerings expected to raise a combined $157 million over the next week or so, guided by four law firms.
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May 13, 2024
CFTC Sues Over $161M Cattle Ponzi Scheme After SEC Deal
The Commodity Futures Trading Commission has sued two Texas men who allegedly ran a $161 million Ponzi scheme involving cattle trading, saying investor cash lined the men's pockets and went to paying off obligations to previous investors.
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May 13, 2024
11th Circ. Says Ga. County's Trans Health Ban Violates Title VII
A split Eleventh Circuit panel upheld a win Monday for a transgender sheriff's deputy who challenged a Georgia county health plan's refusal to pay for gender-affirmation surgery, ruling the coverage exclusion violated federal anti-discrimination law.
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May 13, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, recycled plastics, questionable denim and dog food all made appearances in Chancery Court dockets last week, along with developments in cases involving Qualcomm, Tesla Inc., and Truth Social. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 13, 2024
Justices Won't Touch Insurer's Win In 401(k) Exit Fee Suit
The U.S. Supreme Court declined Monday to hear a dental office's case accusing an insurance company of unlawfully charging fees to 401(k) plans that left its platform, leaving in place a Fifth Circuit ruling that found the insurer was under no obligation to waive the charges.
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May 13, 2024
Archegos Boss Blew $36B, But It Was His To Lose, Jury Told
The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.
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May 10, 2024
EV Startup Says California Settlement Covers Stockholder Suit
Backers of a transaction that took electric vehicle startup Faraday Future Intelligent Electric Inc. public with a $1 billion value in 2021 have asked Delaware's Court of Chancery to block discovery in a stockholder challenge to the deal, citing pending settlement of a similar federal action in California.
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May 10, 2024
Zeekr's US Debut Could Spur More IPOs From China
Electric-vehicle maker Zeekr's robust initial public offering sent an encouraging signal to Chinese companies considering whether to tap U.S. markets after a long lull, despite continued risks stemming from fractured U.S.-China relations, experts said Friday.
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May 10, 2024
Okla. Tells Justices 10th Circ. Wrong On PBM Law
Oklahoma's insurance department Friday asked the U.S. Supreme Court to take up its petition seeking review of a Tenth Circuit decision overturning portions of a state law regulating pharmacy benefit managers, arguing that high court intervention is needed to resolve disagreement among the circuits on federal preemption.
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May 10, 2024
Deal Reported In Union Production Workers' Benefits Fight
A settlement is likely coming in a proposed class action filed by Parsec Inc. employees against the National Production Workers Union in Illinois federal court, signaling an end to claims that the rail transportation company's withdrawal from a collective bargaining agreement should have triggered the payout of severance and retirement funds.
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May 10, 2024
Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes
Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.
Expert Analysis
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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.
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Compliance Strategies To Mitigate 3 New Areas Of AI Risk
The era of artificial intelligence-assisted corporate crime is here, but several concrete mitigation strategies can allow companies to address the new, rapidly evolving threats posed by deepfakes, information barrier evasion and AI model manipulation, say attorneys at Debevoise.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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SEC Off-Channel Comms Action Hints At Future Enforcement
Although the U.S. Securities and Exchange Commission’s recent enforcement action against Senvest does not shed light on how the agency will calibrate penalties related to off-channel communications violations, it does suggest that we may see more cases against standalone investment advisers, say attorneys at Sidley.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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What 3rd Circ. Trust Ruling Means For Securitization Market
Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.
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9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims
In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.