Asset Management

  • June 21, 2021

    Tilton-Zohar Fight Over Stila Cosmetics Returned To Chancery

    Business turnaround entrepreneur Lynn Tilton suffered a setback Monday in her Chancery Court fight to keep control of Stila Cosmetics, with a Delaware bankruptcy judge sending the case to Vice Chancellor Joseph R. Slights III after a briefly successful Tilton removal push.

  • June 21, 2021

    Ex-BigLaw Atty Says SEC Fails To Prove Securities Fraud

    An ex-BigLaw attorney-turned-hedge fund pro who was sentenced last month to six months in prison for bankruptcy fraud wants a New York district court to toss a parallel civil suit brought by the U.S. Securities and Exchange Commission, arguing that the agency failed to state a securities fraud claim.

  • June 21, 2021

    11th Circ. Drops T.I. Lyrics, Sides With Rapper In Crypto Ruling

    The Eleventh Circuit on Monday affirmed that an investor's proposed class action accusing rapper T.I. and his business partner of securities law violations over a cryptocurrency offering is untimely, refusing to accept the investor's argument that fraudulent concealment extended the statute of limitations.

  • June 21, 2021

    Ex-Deutsche Trader Gets 1 Year For Spoofing Metals Market

    A former Deutsche Bank commodities trader was sentenced to one year and one day in Illinois federal court on Monday after he was convicted of wire fraud for engaging in a scheme to spoof the precious metals market.

  • June 21, 2021

    Entwistle, Wolf Haldenstein Vie To Rep Emergent Investors

    Entwistle & Cappucci LLP and Wolf Haldenstein Adler Freeman & Herz LLP are competing in Maryland federal court to represent a proposed class of investors in a consolidated action claiming that biopharmaceutical company Emergent BioSolutions Inc. misled the public about how prepared it was to handle a pair of high-profile deals to manufacture COVID-19 vaccines.

  • June 21, 2021

    Fenwick-Led Cybersecurity Firm Unveils Plans For $880M IPO

    Venture-backed cybersecurity software provider SentinelOne Inc., advised by Fenwick & West LLP, on Monday unveiled a price range on an estimated $880 million initial public offering, one of 11 companies to launch plans for new issuances as the June IPO blitz accelerates.

  • June 21, 2021

    Indonesia Pay-Later Fintech Co. Lands $100M Debt Financing

    Indonesian digital credit startup Kredivo said Monday that it has received an additional $100 million in debt funding from Chicago-based investment firm Victory Park Capital Advisors LLC, doubling a facility that closed last July.

  • June 21, 2021

    Justices Vacate Goldman Class Cert., Say 'Generality' Matters

    The U.S. Supreme Court vacated certification in a decade-old investor class action against Goldman Sachs on Monday with an order instructing lower courts to consider whether a company's alleged misstatements are too generic to be relied upon by an entire class of investors.

  • June 20, 2021

    5 Firms Steer Ackman-Led SPAC's $4B Deal For UMG Stake

    Billionaire investor William Ackman's special purpose acquisition company will buy a 10% stake in Universal Music Group for $4 billion, the companies said Sunday, in a novel deal crafted by five law firms that was unveiled shortly after the pair confirmed market rumors that negotiations were underway. 

  • June 18, 2021

    Labaton Sucharow To Rep Lordstown Investors In Fraud Suit

    Labaton Sucharow will represent Lordstown Motors Corp. investors in a consolidated putative class action accusing the electric truck startup of misrepresenting its production capacity and demand, an Ohio federal judge said in an order Thursday, the same day Lordstown told regulators it lacked any binding orders.

  • June 18, 2021

    SEC's Eye On Exec Trading Plans Should Keep Issuers Wary

    Public companies be warned — the U.S. Securities and Exchange Commission's recent drive to overhaul the rule that helps corporate executives dodge insider trading accusations could translate to more scrutiny from the agency's enforcement division, experts told Law360.

  • June 18, 2021

    Many Zohar Claims Get 2nd Chance In Tilton Ch. 11 Suit

    A Delaware bankruptcy judge dismissed a string of claims Friday in a 15-month-old Chapter 11 battle between interests of distressed-debt mogul Lynn Tilton and bankrupt Zohar Funds holding more than $1.4 billion in Tilton venture-related debt, but allowed repleading for a majority of those tossed.

  • June 18, 2021

    $110M Deal Reached In Suit Over $8.7B GCI Liberty Merger

    Former GCI Liberty Inc. directors have agreed to a $110 million settlement in Delaware to end stockholder class litigation over alleged maneuvers by its controllers and fiduciary duty breaches in GCI's stock-for-stock acquisition, valued at $8.7 billion, by Liberty Broadband Corp. last year.

  • June 18, 2021

    Banking Co. Says Proprietary Fund Argument Is Too Extreme

    Associated Banc-Corp is fighting allegations that it flouted ERISA by letting its workers invest retirement savings in underperforming company-affiliated funds, urging a Wisconsin federal judge to reject what the company characterized as an ill-advised crusade against financial institutions placing any affiliated funds in their retirement plans.

  • June 18, 2021

    Wesco Wants ERISA Fee Suit Axed

    Wesco Distribution urged a Pennsylvania federal court to toss a proposed class action that claims the multinational electronic distributor mismanaged its retirement plan, saying the workers behind the suit hadn't shown they had been harmed.

  • June 18, 2021

    Sellers Of Electronics Co. Sued Over Deficient Disclosures

    The new owner of a California-based electronics business have urged a Delaware Chancery judge to undo its deal to purchase the company after learning that its former owners had failed to disclose the loss of a major revenue source as a result of a voided $550 million military contract.

  • June 18, 2021

    Fla. Wiretap Suits A 'Scheme,' Says Investment Firm

    Edward Jones Investments denounced a lawsuit over its marketing analytics software as part of a "calculated scheme" by plaintiffs' counsel to flood the Florida court system with identical complaints in search of a sympathetic judge.

  • June 18, 2021

    BNY Mellon Fights Ruling Keeping Self-Dealing Suit Afloat

    The Bank of New York Mellon urged a Pennsylvania federal judge Thursday to rethink her ruling requiring it to face a proposed class action accusing it of funneling money from high-net-worth clients into underperforming investments it owned or benefited from, arguing the claims are preempted by federal securities law.

  • June 18, 2021

    Fla. Judge Threatens Default In Missing Escrow Funds Suit

    A Florida federal judge has threatened a payment service provider and its owner with default for failing to retain counsel in a suit accusing them and a Florida law firm of keeping $178,000 that was supposed to be transmitted as payments for a Texas business' international purchases.

  • June 18, 2021

    SEC Gears Up For Another Look At Private Offering Rules

    The U.S. Securities and Exchange Commission appears ready to once again review private offering rules, backed by a new Democratic majority that could favor stronger requirements than those enacted by the prior Republican-led commission.

  • June 18, 2021

    BBVA Rolls Out Bitcoin Service For Swiss Banking Clients

    Spanish bank BBVA said Friday it is opening its bitcoin trading service to all of its Swiss private banking clients, marking yet another financial institution to broaden its cryptocurrency services in recent months.

  • June 18, 2021

    Real Estate Rumors: Wells, Value Store It, Empire Capital

    Wells Fargo and J.P. Morgan have reportedly loaned $250 million for a New York office condo, Value Store It is said to have paid $35 million for two Florida self storage properties, and an Empire Capital venture is reportedly under contract to pay $107 million for a New York office building.

  • June 18, 2021

    Unite Sells 2 London Properties To GIC Venture For $473M

    Unite Students has sold two London residential properties to a joint venture that includes the student housing company and Singapore sovereign wealth fund GIC for £342 million ($472.8 million), according to an announcement from Unite Students on Friday.

  • June 18, 2021

    At Home's Top Investor Urges Rejection Of Take-Private Bid

    CAS Investment Partners, the largest shareholder in At Home Group, is asking fellow investors to join in on rejecting the home decor retailer's recently sweetened go-private deal with Hellman & Friedman, saying Friday the transaction significantly undervalues the target.

  • June 18, 2021

    O'Melveny Fintech Head Moves To Paul Hastings

    Paul Hastings snapped up the former head of O'Melveny & Myers' financial technology practice for its capital markets and payments group, adding to its roster of attorneys with expertise in blockchain as well as more traditional payment technologies.

Expert Analysis

  • Goldman Ruling Is A Boon For Class Action Defendants

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    In a broad win for class action defendants, the U.S. Supreme Court’s ruling Monday in Goldman Sachs v. Arkansas Teacher Retirement System could serve as a mandate to courts to consider all relevant evidence at the class certification stage, even if the same evidence is also relevant to a merits question, say attorneys at Skadden.

  • Attorneys Beware: Zoom Depositions Are Likely Inadmissible

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    As legal proceedings have moved online in light of the pandemic, lawyers may mistakenly believe that recorded Zoom video depositions can be entered as evidence, but without certain safeguards, the testimony is unlikely to be accepted by courts, says Phillip Zisook at Schoenberg Finkel.

  • Opinion

    Justices Should Acknowledge ESG's Importance To Investors

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    In Goldman Sachs v. Arkansas Teacher Retirement System, the U.S. Supreme Court should reject Goldman's argument that its commitments to act with integrity were immaterial, and recognize the increasing weight of environmental, social and governance issues in investors' decision making, say attorneys at Motley Rice.

  • How Global Markets Are Preparing For Potential SPAC Growth

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    As the rising popularity of special purpose acquisition companies extends beyond the U.S., attorneys at Morgan Lewis look at how governments in Asia and Europe are positioning themselves through regulatory shifts, and what market trends can be expected in the U.S.

  • Opinion

    NJ Fed. Court Should Ditch Litigation Funding Disclosure Plan

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    The District of New Jersey's wide-reaching proposal to require automatic disclosure of third-party litigation finance poses several problems for attorneys and litigants alike and should be nipped in the bud, say Sarah Williams and Marlon Becerra at Validity Finance.

  • How To Assess Price Volatility Changes In SPAC Class Actions

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    Adjusting for changing volatility over a special purpose acquisition company's life cycle, as well as changes in marketwide volatility, is crucial for proper evaluation of market efficiency, loss causation and damages claims in securities class actions, say Alok Khare and Erica Rose at FTI Consulting.

  • Law Firm Talent Must Reflect Shifting US Demographics

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    Stephanie Scharf at Scharf Banks and Roberta Liebenberg at Fine Kaplan analyze and project U.S. demographic trends to show that law firms that hope to succeed long-term must recruit, retain and advance female lawyers and lawyers of color, and they outline six steps for meeting these goals.

  • Risk Management Lessons From Recent Finance Co. Failures

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    Investor exposure to Archegos Capital and Greensill Capital before their high-profile collapses earlier this year show puzzling lapses in internal controls and highlight key risk management considerations for investors, says Benedict Roth at Martello Financial Services.

  • Opinion

    Judges Should Foster Diversity In MDL Leader Appointments

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    Through their powerful function as gatekeepers, judges should open the gate to minority practitioners when appointing leadership positions in widely influential multidistrict litigation and begin to correct the disparities that have long plagued the legal industry, say Majed Nachawati and Michael Gorwitz at Fears Nachawati.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Stop Networking, Start Relationship Marketing

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    USA 500 Clubs' Joe Chatham offers four tips for lawyers to get started with relationship marketing — an approach to business development that prioritizes authentic connections — and explains why it may be more helpful than traditional networking post-pandemic.

  • What Attorneys Should Know About Fee Deferral

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    Milestone Consulting’s John Bair explores contingency-fee structuring considerations for attorneys, laying out the advantages — such as tax benefits and income control — as well as caveats and investment options.

  • Predictions On Pandemic's Lasting Impact On Legal Education

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    The pandemic accelerated the pace of technological change for legal education, and some of the changes to how law school courses are taught and on-campus interviews are conducted may be here to stay, says Leonard Baynes at the University of Houston.

  • 3 Approaches For Measuring Short Squeeze Trading Damages

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    In the ongoing multidistrict securities litigation over the impact of trading restrictions Robinhood imposed in response to January’s meme stock short squeeze, three proposed damages frameworks offer alternatives to the problematic approach of basing such estimates on lost trading opportunities, say consultants at Analytic Focus.

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