Asset Management

  • February 16, 2024

    Catching Up With Delaware's Chancery Court

    News broke last week that Delaware's Court of Chancery will say goodbye to its current longest-serving jurist, a development that quickly overshadowed a busy week of new merger and board disputes, fee rulings, settlements, and books-and-records demands.

  • February 16, 2024

    Carl Icahn, JetBlue Strike Deal For 2 Board Seats

    JetBlue Airways said Friday it has reached a deal with Carl Icahn to place two of the billionaire's handpicked nominees on the JetBlue board, just days after Icahn unveiled a nearly 10% stake in the airline.

  • February 16, 2024

    Ex-DOJ Antitrust Director Named CFTC Whistleblower Head

    The Commodity Futures Trading Commission announced that the former acting litigation director of the U.S. Department of Justice's Antitrust Division was appointed director of its whistleblower office.

  • February 16, 2024

    2nd Circ. Shows How To Shut Down ERISA Self-Dealing Suits

    A recent Second Circuit decision affirming Goldman Sachs' win in a class action that took aim at proprietary funds in the bank's 401(k) plan provides an employer-side "road map" for staving off or defeating legal challenges to allegedly subpar in-house investment options, attorneys say.

  • February 16, 2024

    Chamberlain Hrdlicka Adds Corporate Attorney In Philly

    A seasoned transactions attorney has returned to private practice after more than 10 years as in-house counsel and joined Chamberlain Hrdlicka White Williams & Aughtry's Philadelphia office.

  • February 16, 2024

    Ex-NBA Agent Avoids Prison For Forging Player's Signature

    A Manhattan federal judge on Friday allowed a former basketball agent from Texas to avoid prison after he admitted forging an unnamed NBA player's signature in a fraudulent scheme to obtain a $1 million loan from the player.

  • February 16, 2024

    Trump Owes $355M For Fraud That 'Shocks The Conscience'

    A New York state judge on Friday found Donald Trump, his adult sons, his companies and longtime executives liable for a decadelong valuation fraud conspiracy, ordering the defendants to disgorge $364 million in ill-gotten gains to the state, plus interest, with the former president on the hook for the lion's share.

  • February 16, 2024

    TIAA Unit To Pay SEC $2.2M In Regulation Best Interest Case

    The U.S. Securities and Exchange Commission on Friday announced that a brokerage subsidiary of financial services firm Teachers Insurance and Annuity Association of America has agreed to pay $2.2 million to settle allegations that it failed to steer investors toward lower-cost products in violation of Regulation Best Interest.

  • February 16, 2024

    Paul Weiss-Led PE Firms Buying HireRight In $1.65B Deal

    Paul Weiss Rifkind Wharton & Garrison LLP is guiding private equity firms General Atlantic and Stone Point Capital on a $1.65 billion deal to purchase all the outstanding shares of HireRight Holdings Corp. they do not already own, HireRight said in a statement Friday.

  • February 15, 2024

    American Express Sued Over Tax Refund Card Thefts

    American Express has been hit with a proposed class action alleging that it fails to protect consumers against fraudulent transactions on their tax refund prepaid debit accounts, even though its advertisements said it would.

  • February 15, 2024

    FINRA Fines Morgan Stanley $1.6M In Muni Securities Case

    Morgan Stanley Smith Barney LLC has been fined $1.6 million by the Financial Industry Regulatory Authority for alleged compliance and supervisory failures related to municipal securities transactions, in what the self-regulatory organization described as its first disciplinary case related to certain close-out requirements.

  • February 15, 2024

    'Body Sculpting' Device Co. Faces Investor Suit Over Pricing

    Cosmetic medical device maker InMode Ltd. and certain members of its brass face claims in California federal court that they hurt investors, after trading prices for InMode shares sank because they allegedly misrepresented its product pricing and its U.S. Food and Drug Administration regulatory compliance.

  • February 15, 2024

    Cos. See Shareholder Activism As Growing Risk, Study Finds

    Companies are increasingly identifying shareholder activism as a risk in their corporate disclosures, as the number of U.S. companies publicly subjected to activist demands rose nearly 8% from 2022 to 2023, according to a report released Thursday.

  • February 15, 2024

    Shoppers Say Albertsons-Kroger Suit Shortcomings Fixed

    Consumers challenging Kroger's $24.6 billion bid for Albertsons defended their revised lawsuit in California federal court against the supermarkets' latest dismissal bid, arguing their tweaked complaint now adequately identifies the affected stores and lays out how the deal threatens competition.

  • February 15, 2024

    Citadel Securities, Others Beat Biotech Spoofing Suit, For Now

    A New York federal judge has adopted in full a magistrate judge's recommendation to toss a suit accusing several broker-dealers, including Citadel Securities LLC and Virtu Americas LLC, of carrying out a spoofing scheme that repeatedly drove a biotechnology company's share price down, saying he agrees with the report's finding that the suit fails to show that the alleged scheme caused lower stock prices in every instance.

  • February 15, 2024

    Trian Decries Disney's 'Spaghetti-Against-The-Wall' Strategy

    Walt Disney Co. shareholder and activist investor The Trian Group is taking a public swipe at the company's performance, criticizing its "fairy tale" and "spaghetti-against-the-wall" strategy to improve profits.

  • February 15, 2024

    Byju's Insiders Seek Ch. 11 Dismissal, Calling It Litigation Ploy

    Affiliates of Indian tech giant Byju's U.S. arm, which are embroiled in state court litigation with the company's lender, asked a Delaware bankruptcy judge to dismiss the company's Chapter 11 case, saying the bankruptcy petition was filed to stymie the ongoing state court litigation.

  • February 15, 2024

    Bogus NSA Worker To Pay SEC $2.2M In Crypto Scam Case

    An alleged crypto fraudster who told would-be investors he was a former Marine and a onetime employee of the National Security Agency will pay over $2.2 million to end U.S. Securities and Exchange Commission claims he faces in Florida federal court.

  • February 15, 2024

    Generac Brass Hid Inflation's Impact On Sales, Suit Says

    Executives and directors of generator company Generac have been hit with a shareholder derivative suit alleging they understated the damage inflation had on consumer spending and demand for the company's products.

  • February 15, 2024

    Aurinia Refocusing After Failed Effort To Find A Buyer

    Kidney-focused biotech Aurinia Pharmaceuticals is hitting pause on drug development, cutting jobs and initiating a $150 million stock buyback program, the company disclosed in its year-end financial report Thursday.

  • February 15, 2024

    Lawmakers Push PE Firm For Answers On Steward Health

    A group of lawmakers demanded answers from private equity firm Cerberus Capital Management on Thursday over its relationship with financially troubled Steward Health Care-owned hospitals in Massachusetts, saying that Steward's recent collapse is a "textbook example" of the "grave risks" that come with private equity takeover of the healthcare system.

  • February 15, 2024

    Credit Repair Biz Urges Sanctions In Sales Reps' Firing Suit

    A credit repair services company being sued by a group of fired sales agents has called on a Michigan federal court to sanction them, saying their claim of not knowing if they had signed contracts with arbitration terms was an attempt to wriggle out of arbitration.

  • February 15, 2024

    Trump Social Media Blank-Check Merger Gets SEC Approval

    The blank-check company looking to take former President Donald Trump's social media platform public has obtained approval from the U.S. Securities and Exchange Commission to move forward with the long-delayed merger, according to a recent regulatory filing.

  • February 15, 2024

    House GOP Tees Off On DOL's ERISA Fiduciary Proposal

    Republican lawmakers blasted the U.S. Department of Labor's proposal to expand which investment advisers are subject to the Employee Retirement Income Security Act's strict conflict-of-interest standards during a House subcommittee hearing Thursday where one member vowed to try to repeal the regulations when finalized.

  • February 15, 2024

    Deals Rumor Mill: Sony-Michael Jackson, Inspire IPO, Walmart

    Sony plans to acquire half of Michael Jackson's catalog; private equity firm Roark Capital is planning to list Inspire Brands, which owns Dunkin' and other food chains; and Walmart is pursuing an acquisition of TV maker Vizio. Here, Law360 breaks down these and other notable deal rumors from the past week.

Expert Analysis

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • The FINRA Reports That May Foreshadow New AI Rules

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    By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • Following Banking Regulators' Breadcrumbs To 2024 Priorities

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    Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • A Guide To New Russia Sanctions For Foreign Financial Cos.

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    Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Reverse Merger Tips For Biotechs After SEC's Recent Actions

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    Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.

  • CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale

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    The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.

  • Considerations For Lawyer Witnesses After FTX Trial

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    Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.

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