Asset Management

  • February 09, 2024

    Activist Says CEO's Family Is Problem For Chef's Warehouse

    Specialty foods company The Chef's Warehouse has become the latest target of activist investor Legion Partners, which is asking the company's shareholders to nominate four new board members to turn around "chronic underperformance" stemming from the board's family connections.

  • February 09, 2024

    SF Atty Faces Misconduct Charges Over $1.33M In Trust Fees

    A San Francisco attorney is facing disciplinary charges for allegedly overcharging a trust account client who struggled with mental health and other personal issues, the State Bar of California's Office of Chief Trial Counsel announced Friday.

  • February 09, 2024

    SEC To Collect $81M In Fines In Latest Texting Probe Cases

    The U.S. Securities and Exchange Commission announced Friday that it has secured agreements to pay more than $81 million in fines from 16 firms over their employees' use of personal messaging apps to do business, though the agency added that one set of firms ended up paying much less for having self-reported the violations.

  • February 09, 2024

    What To Know About 'Novel' Johnson & Johnson ERISA Suit

    A new lawsuit from a Johnson & Johnson worker claims the company violated federal law by letting pharmacy benefit manager Express Scripts overcharge health plan participants for drugs, potentially signaling that fee litigation under the Employee Retirement Income Security Act is shifting focus from retirement savings to health benefits, attorneys say.

  • February 09, 2024

    Fund Formation Group Of The Year: Simpson Thacher

    Simpson Thacher & Bartlett LLP's fund formation practice advised private equity behemoth Blackstone in 2023 on a $30.4 billion successor real estate fund, one of the milestones earning the group a spot in Law360's Fund Formation Groups of the Year.

  • February 09, 2024

    CORRECTED: 11th Circ. Says Guilty Plea Sinks Appeal In Investment Fraud Case

    The Eleventh Circuit declined to take up the appeal of a man who pled guilty to wire fraud after being accused of stealing investment funds from a wealthy widow, ruling that his plea was unconditional. Correction: A previous version of this story misidentified the defendant and had an incorrect case number and counsel information. The errors have been corrected.

  • February 09, 2024

    NY AG Seeks $2B More From Genesis Parent Co. In Fraud Suit

    New York's attorney general filed an expanded complaint Friday accusing Digital Currency Group and other cryptocurrency companies of defrauding customers out of more than $3 billion, shortly after reaching a settlement with its subsidiary Genesis Global Capital in its bankruptcy case.

  • February 09, 2024

    Taxation With Representation: Sullivan & Cromwell, Kirkland

    In this week's Taxation With Representation, California Resources Corp. acquires Aera Energy, ZeroFox Holdings goes private, and Acerinox purchases Haynes International.

  • February 08, 2024

    High Court Ruling Solidifies SOX Whistleblower Protections

    The U.S. Supreme Court's unanimous decision Thursday in favor of a UBS whistleblower has solidified whistleblower protections across a wide range of industries, with one attorney saying the ruling has made the Sarbanes-Oxley Act the most pro-employee labor law in the country.

  • February 08, 2024

    Fed, OCC Urged To Create 'Unaffiliated' Director Rule For Banks

    The Federal Reserve Board and Office of the Comptroller of the Currency were petitioned Thursday to issue new rules mandating that large banks appoint at least some outside, independent directors to their boards as a safeguard against conflicted decision-making within big corporate families.

  • February 08, 2024

    SEC Fights Hedge Fund Priest's Fee Bid After Mixed Verdict

    The U.S. Securities and Exchange Commission has urged a Massachusetts federal judge not to grant more than $1.7 million in attorney fees to a Greek Orthodox priest and hedge fund manager who fended off some of the agency's claims at trial, saying there is no justification for giving "adjudicated fraudsters money for their legal fees."

  • February 08, 2024

    5th Circ. Skeptical Of Gatekeeper Clause In Highland Ch. 11

    A Fifth Circuit panel on Thursday appeared to balk at a provision in financially troubled investment firm Highland Capital Management LP's reorganization plan that requires court approval for parties to bring claims against the estate, suggesting the measure was an unnecessarily blunt instrument to prevent frivolous litigation.

  • February 08, 2024

    M&T Bank's Freeze 'Crumbled' Fla. Law Firm, $1.5M Suit Says

    A Florida law firm has sued M&T Bank for $1.5 million in Tampa federal court over allegations that the bank "crumbled" the firm's business by unreasonably restricting its trust account during a recent chargeback dispute.

  • February 08, 2024

    SEC, CFTC Jointly Demand More Hedge-Fund Disclosures

    The U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission jointly passed rules Thursday requiring additional disclosures from hedge funds and other private fund advisers, aimed at improving market stability and transparency, despite dissent from Republican commissioners of both agencies who say the requirements are overreaching.

  • February 08, 2024

    Ga. Man Behind $49M Ponzi Scheme Gets Nearly 8 Years

    An Atlanta-area investment adviser who pled guilty to using his companies as vehicles for a $49 million Ponzi scheme has been sentenced to just short of eight years in prison by a Georgia federal judge, the Department of Justice announced Thursday.

  • February 08, 2024

    SEC Challenger References Son Of Sam In 'Gag Rule' Row

    Counsel for a financial radio show host referenced Son of Sam as she challenged a so-called gag rule issued by the U.S. Securities and Exchange Commission before the Fifth Circuit on Thursday, telling the panel that even serial killers are afforded First Amendment rights when faced with allegations by the government.

  • February 08, 2024

    Crypto Co. Hut 8 Merged With Failing Operation, Suit Says

    Crypto mining company Hut 8 was hit with a proposed class action from an investor alleging the company's stock price fell following the publication of a short-seller's report that said it paid $745 million for another company with severe financial and operational issues.

  • February 08, 2024

    Transport Co. Agrees To Settle Workers' Retirement Plan Suit

    Former transportation company employees told an Ohio federal court Thursday they reached a deal with the company to end a class of workers' lawsuit alleging the company followed the poor advice of its investment consultant in replacing most of its retirement plan options with subpar funds.

  • February 08, 2024

    Tech Co.'s 401(k) Committee Dodges Workers' Fee Suit

    A Georgia federal judge tossed out a proposed class action brought by two former technology company workers who claimed the company's 401(k) committee allowed the plan to be saddled with unlawfully hefty fees, saying they failed to show they went through the proper internal channels before filing suit.

  • February 08, 2024

    Investor Denies Making Yacht Buy To Hide Truth Social Gains

    A Florida venture capitalist on Thursday denied laundering insider-trading proceeds via the purchase of a $14.7 million yacht, after prosecutors alleged in Manhattan federal court that he illegally profited from a secret plan to take Donald Trump's Truth Social company public.

  • February 08, 2024

    Fund Sells $3B In Oil Biz Shares Over Slow Climate Action

    One of the Netherlands' largest pension funds has sold all its shares in companies including BP, Shell and TotalEnergies for a total of roughly €2.8 billion ($3 billion), saying Thursday that the oil and gas giants have failed to move away from fossil fuels quickly enough.

  • February 08, 2024

    NFL Benefits Plan Says Ex-Player's Claim Came Too Late

    The retirement plan for the National Football League asked a Texas federal judge on Wednesday to toss a retired player's second run at league retirement benefits, telling the court that the player fumbled the administrative process and that his claims don't merit a jury trial.

  • February 08, 2024

    Deals Rumor Mill: Club Med, Galderma, Sierra Space

    China’s Fosun is exploring a Club Med minority-stake sale, Galderma's IPO could yield a $20 billion value, and Sierra Space Corp. is making its own IPO plans. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 08, 2024

    Frost Brown Adds Estate Tax Pro In Cincinnati

    Frost Brown Todd LLP just added a new partner with more than three decades of estate planning experience to its tax, benefits and estates practice group in its Cincinnati office as part of its ongoing investment in its Midwestern presence, the firm has announced.

  • February 08, 2024

    Fund Formation Group Of The Year: Kirkland & Ellis

    Kirkland & Ellis LLP has lent its expertise to clients on the formation of some of the largest and most complex capital funds ever, earning the firm recognition as one of Law360's 2023 Fund Formation Groups of the Year.

Expert Analysis

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • An Informed Guide To Mastering Retirement Plan Forfeitures

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    When considering how to allocate departing retirement plan participants’ forfeitures, sponsors should consider recently filed lawsuits that allege Employee Retirement Income Security Act violations for using such funds to offset employer contributions, as well as proposed IRS guidance concerning how and when they must be used, says Eric Gregory at Dickinson Wright.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • What SEC Retreat In Ripple Case Means For Crypto Regulation

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    The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.

  • SEC Whistleblower Action Spotlights Risks For Private Cos.

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    The U.S. Securities and Exchange Commission’s recent whistleblower action against Monolith Resources holds important implications for private companies, who could face unprecedented regulatory scrutiny amid the agency's efforts to beef up environmental, social and governance reporting and enforcement, say attorneys at Wiley.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • DOL's Retirement Security Rule Muddies Definitional Waters

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    The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.

  • A Deep Dive Into FSOC's Expansion Of Nonbank Oversight

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    The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.

  • 9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal

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    The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.

  • AI Can Help Lawyers Overcome The Programming Barrier

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    Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.

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