Asset Management

  • October 15, 2021

    SEC Awards Total Of $40M To 2 Whistleblowers

    The U.S. Securities and Exchange Commission announced Friday that it had awarded a total of $40 million to a pair of whistleblowers who kick-started a successful enforcement action, despite the fact that one informant waited years to report the misconduct.

  • October 15, 2021

    Rosen Law Firm To Lead Class In Robinhood MDL

    A Florida federal judge appointed the Rosen Law Firm PA on Friday to lead multidistrict litigation that alleges stock-trading app Robinhood caused more than $10 billion in market capitalization losses after its customers were hit in January with trading restrictions on certain stocks.

  • October 15, 2021

    Treasury Issues Sanctions Compliance Guide Aimed At Crypto

    The Office of Foreign Assets Control on Friday published a compliance guide for digital asset companies as part of its ongoing efforts to crack down on ransomware attacks and the use of cryptocurrencies to avoid sanctions.

  • October 15, 2021

    British Asset Manager Wins Signoff For Bitcoin ETF

    Jacobi Asset Management said Friday it received approval from Guernsey regulators to launch a bitcoin-based exchange traded fund, which would be among the first such ETFs in the world and comes before any American counterpart has hit the market.

  • October 15, 2021

    Calif. Court OKs Warrant For PetroSaudi Arbitral Win

    The U.S. Department of Justice finally secured a warrant for portions of a PetroSaudi unit's $380 million arbitration award that federal prosecutors say is linked to $1 billion allegedly stolen from Malaysia's sovereign wealth fund.

  • October 15, 2021

    DOL Plan Could Make ESG Retirement Investing Hip — Again

    A new U.S. Department of Labor proposal would rip down Trump-era barriers that discouraged ESG investing by employee retirement funds, but it may only be the latest volley in a fiery debate over whether such investments are economically relevant — and whether they benefit or harm investors.

  • October 15, 2021

    5 SPACs Hit Public Markets For $875M Total

    Five special-purpose acquisition vehicles, steered by nine law firms, went public Friday after raising $875 million combined in initial public offerings, aiming to target companies for mergers in industries including technology, health care and cannabis.

  • October 15, 2021

    3 Firms Construct SPAC Deal For $2.6B Philippines Casino

    The parent of Philippines-based casino and luxury resort Okada Manila will merge with a special-purpose acquisition vehicle in a transaction that features an enterprise value of $2.6 billion and was built by Baker McKenzie, Milbank and Schulte Roth, the companies said Friday.

  • October 15, 2021

    Alston Real Estate Leader Sees More Fundraising Competition

    While Blackstone has dominated the real estate fundraising space for years, a new wave of entrants seeking returns in commercial real estate is likely to chip into some of its market share, one of Alston & Bird LLP's real estate leaders told Law360 in a recent interview.

  • October 15, 2021

    Goodwin Snags Another Litigator From Manatt In SoCal

    Goodwin Procter LLP nabbed another litigation partner from Manatt Phelps & Phillips LLP to join its Santa Monica office, continuing to bolster its West Coast litigation offerings.

  • October 15, 2021

    Tether To Pay CFTC $41M Over Stablecoin Reserve Claims

    The U.S. Commodity Futures Trading Commission said Friday that Tether will pay $41 million to resolve allegations that it misled the market about its namesake stablecoin being "fully backed" by U.S. dollars.

  • October 15, 2021

    Starwood Snags More Than $10B For New Real Estate Fund

    Starwood Capital Group has wrapped up its 12th opportunistic real estate fund after hitting its hard cap with more than $10 billion in capital commitments from limited partners, representing the largest fundraise in firm history, Starwood said Friday.

  • October 15, 2021

    Australian Regulator Lets AusNet Mull $7.4B APA Bid

    Australian energy company AusNet Services will reopen talks about a potential AU$10 billion ($7.4 billion) takeover by APA Group after an Australian regulator ruled Friday that an exclusivity agreement the target had with a competing bidder will expire next week.

  • October 14, 2021

    Zendesk Wants 9th Circ. To Affirm Ax Of Investors' Breach Suit

    Software company Zendesk is urging the Ninth Circuit to uphold the dismissal of a putative securities class action accusing it of concealing a 2016 data breach, arguing that it never lied to or misled investors about the strength of its data security program. 

  • October 14, 2021

    SEC Resurrects Proposed Rules For Clawing Back Exec Pay

    The U.S. Securities and Exchange Commission on Thursday reopened the comment period on proposed rules requiring executives at publicly traded companies to pay back certain bonuses and other incentive-based compensation in the event of an accounting restatement, regardless of whether they were at fault.

  • October 14, 2021

    After SEC Rejection, Bitwise Tries Again For A Bitcoin ETF

    Bitwise Asset Management is taking another shot at launching a bitcoin exchange-traded fund, this time based on the price of bitcoin instead bitcoin futures, that will build on an application previously rejected by the U.S. Securities and Exchange Commission.

  • October 14, 2021

    Dental Co. To Pay $63M To End Investors' Price-Fixing Suit

    Patterson Cos. Inc. has agreed to pay $63 million to end investors' class action in Minnesota federal court accusing the dental supply company of working with competitors to fix prices, according to the investors' unopposed bid for preliminary approval of the deal Thursday.

  • October 14, 2021

    CFTC Hits UBS With $500K Fine Over Deleted Recordings

    The U.S. Commodity Futures Trading Commission said Thursday that UBS AG will pay a $500,000 penalty after self-reporting a failure to retain more than a thousand hours of audio data related to swaps activity.

  • October 14, 2021

    Real Estate Rumors: DR Horton, Harbor Group, Starwood REIT

    DR Horton has reportedly paid $20.33 million for a Florida development site, Harbor Group International is said to have scored $558 million in CMBS financing for a New York office tower, and a Starwood Real Estate Income Trust fund has reportedly paid $386.7 million for a Florida apartment complex.

  • October 14, 2021

    Mutual Funds Could Salve Fed. Judiciary's Conflict Headaches

    The recent revelation that more than 130 federal judges didn't exit hundreds of cases involving companies in which they or a family member owned stock is triggering new interest in an elementary market solution: the mutual fund.

  • October 14, 2021

    HSBC Fights Cayman Fund's Expanding $2B Madoff Claim

    An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff's massive Ponzi scheme.

  • October 14, 2021

    G-7 Aims To Help Central Banks Create Digital Currencies

    Finance ministers from the world's largest economies set out guiding principles on Thursday for countries planning to develop digital forms of central bank money as they seek to ensure that transactions are efficient and secure.

  • October 14, 2021

    Goodwin, Paul Weiss Help Dutchie Hit $3.75B Value In Funding

    Cannabis e-commerce company Dutchie, guided by Goodwin Procter, said Thursday that it has raised $350 million at a $3.75 billion valuation in a funding led by Paul Weiss-advised D1 Capital Partners, with plans to use the money for research and development, domestic and international expansion, and to make new hires.

  • October 13, 2021

    Aon Beats Massive Lowe's Workers ERISA Suit At Bench Trial

    A North Carolina federal judge issued a bench trial decision Wednesday ending claims by a certified class of about 250,000 current and former Lowe's employees that Aon Hewitt mismanaged their 401(k) by directing funds to its own financial products, finding the consultant didn't breach its fiduciary duty or violate ERISA.

  • October 13, 2021

    SEC's Top Enforcer Says Admissions Are Back On The Menu

    The U.S. Securities and Exchange Commission's top enforcement officials signaled Wednesday that the agency will be pivoting back toward the practice of requiring defendants to admit wrongdoing in certain enforcement action settlements.

Expert Analysis

  • Pandora Papers Reveal Need For Greater Tax Enforcement

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    The recent Pandora Papers leak is a reminder of the importance of transparency laws and proper funding for enforcement efforts against tax evasion as bad actors increasingly operate in the shadows, says Daren Firestone and Kevin Crenny at Levy Firestone.

  • Girardi Scandal Provides Important Ethics Lessons

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    The litigation and media maelstrom following allegations that famed plaintiffs attorney Thomas Girardi and his law firm misappropriated clients' funds provides myriad ethics and professional responsibility lessons for practitioners, especially with regard to misconduct reporting and liability insurance, says Elizabeth Tuttle Newman at Frankfurt Kurnit.

  • Series

    Embracing ESG: Jabil GC Talks Compliance Preparation

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    Tried-and-true compliance lessons from recent decades can be applied to companies’ environmental, social and governance efforts, especially with regard to employee training and consistent application of policies — two factors that can create a foundation for ESG criteria to flourish, says Robert Katz at Jabil.

  • Upshots Of Del. Holding On Appraisal Rights Waivers In M&A

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    The Delaware Supreme Court's recent Manti v. Authentix holding offers key takeaways clarifying the enforceability of the dual approach of appraisal waivers and drag-along rights, to keep common stockholders in check in a merger or stock sale, while also framing the contexts in which these waivers might not be enforceable, say attorneys at Troutman Pepper.

  • 3 Ways CLOs Can Drive ESG Efforts

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    Chief legal officers are specially trained to see the legal industry's flaws, and they can leverage that perspective to push their companies toward effective environmental, social and governance engagement, says Mark Chandler at Stanford Law School.

  • How Law Firms Can Rethink Offices In A Post-Pandemic World

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    Based on their own firm's experiences, Kami Quinn and Adam Farra at Gilbert discuss strategies and unique legal industry considerations for law firms planning hybrid models of remote and in-office work in a post-COVID marketplace.

  • A Primer On DOL Probes For ERISA Plan Service Providers

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    As the U.S. Department of Labor shifts its enforcement resources from Employee Retirement Income Security Act plan sponsors to financial institutions that service such plans, nonfiduciary providers should know what to expect and how to respond to agency investigations, say attorneys at Groom Law Group.

  • What To Expect From SEC's Equity Market Recommendations

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    U.S. Securities and Exchange Commission Chair Gary Gensler’s recent comments offer clues as to how the agency's forthcoming report on equity market structure may address issues like payment for order flow, settlement cycle, market data and conflicts of interest, says Justin Chretien at Carlton Fields.

  • Structured Ch. 11 Dismissals Aren't Dead, Despite Jevic

    Excerpt from Practical Guidance
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    A New York bankruptcy court's recent approval of structured Chapter 11 dismissals in KG Winddown demonstrates that the rumored demise of such distributions hasn't come to pass, in part due to the U.S. Supreme Court's failure to address their legality in its 2017 opinion in Jevic, say Dan Prieto and Mark Douglas at Jones Day.

  • Opinion

    PTAB Revision Bill Offers US Makers Much-Needed Protection

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    A bipartisan Senate bill that would restore reliable access to patent validity review at the Patent Trial and Appeal Board, ensuring that rewards flow to innovators and protecting American manufacturers against the depredations of hedge funds, deserves Congress' support, says former USPTO acting director Joseph Matal, now at Haynes and Boone.

  • NYC Fair Chance Act Updates Challenge Finance Employers

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    Financial institutions may struggle to reconcile industry regulators’ criminal background check requirements for job applicants with new restrictions imposed by New York City’s Fair Chance Act amendments, but certain best practices can help employers in this arena balance their competing obligations, say Tyler Hendry and Pamela K. Terry at Herbert Smith.

  • Series

    Embracing ESG: Baker Hughes CLO Talks Sustainability Team

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    For businesses focused on addressing environmental, social and governance considerations, a legal team that can coordinate sustainability efforts across the company can help to manage risk and compliance issues, anticipate and prepare for change, and identify new opportunities, says Regina Jones at Baker Hughes.

  • What Mainstreaming Of Litigation Finance Means For Industry

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    The rush of new capital and investors into the litigation funding space is expected to bring heightened competition on price and other key deal terms, but litigants will need to be more in tune with individual financiers' proclivities, says William Weisman at Therium Capital Management.

  • Shareholder Ruling Resolves Dual-Natured Claim Uncertainty

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    The recent Delaware ruling in Brookfield v. Rosson, which eliminates the ambiguity surrounding so-called dual-natured direct and derivative claims, eases 15 years of tension around the doctrine and clears a path for corporate deal makers, say attorneys at MoFo.

  • Boeing Case Highlights Risk For Health, Life Sciences Boards

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    The Delaware Chancery Court's recent decision to allow a derivative action against Boeing's board of directors is especially relevant to health and life sciences company directors, who should ensure that they have the right structure, processes and people to oversee mission-critical risks, say Paul Kalb and Holly Gregory at Sidley.

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