Paul Hastings, Sidley Guide Data-Center Co.'s $4B SPAC Deal

By Nate Beck

Artificial intelligence infrastructure company TECfusions reached a $4 billion valuation in a Wednesday deal guided by Sidley Austin LLP and Paul Hastings LLP to go public using a blank check company.

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Co. Turned Away Simpson Thacher's Deal Meeting, Jury Told

By Cara Salvatore

A retired Simpson Thacher & Bartlett LLP partner who handled the fundraising round alleged to have destroyed Patriot National Inc. testified in a Florida state malpractice trial Wednesday that the insurance services company waved off his attempt to present details to the board.

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DOL Takes Swipe At Derisking Cases In Bristol-Myers Brief

By Grace Elletson

The U.S. Department of Labor urged the Second Circuit to shut down a suit claiming drugmaker Bristol-Myers Squibb violated federal benefits law by offloading $2.6 billion in pension liabilities to a risky annuity provider, saying benefit plans stand to suffer if courts greenlight flimsy claims of injury.

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Altria, Juul Ask 9th Circ. To Nix Antitrust Classes

By Matthew Perlman

Altria and Juul are urging the Ninth Circuit to undo a class certification ruling in an antitrust case over Altria's past investment in the e-cigarette maker, saying the classes include disparate groups of purchasers from across the country.

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Senior SEC Enforcer To Exit Agency After 16-Year Career

By Katryna Perera

A former acting enforcement head at the U.S. Securities and Exchange Commission will depart at the end of July after a 16-year career with the agency.

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Candid Health Wraps $120M Series D Funding Round

By Jade Martinez-Pogue

Autonomous revenue cycle management platform Candid Health, advised by Lowenstein Sandler LLP, on Wednesday revealed that it raised $120 million in its latest funding round, marking a three-times increase in valuation over the San Francisco-based company's previous funding round in February 2025.

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Parsing Who Gets The Track Record In A Venture Partner Split

A recent California federal court order in TEEC Angel Management v. Tsingyuan Ventures allowing Lanham Act claims to proceed confirms that the question of who gets to tell the story of a shared win is now being litigated as false advertising instead of industry professional etiquette, says Ben Dubin at VC Expert Services.

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$400M Serta Ruling Offers Warning On Uptier Deal Risks

A Texas bankruptcy court's recent remand ruling, which disallowed Serta Simmons Bedding’s uptier debt exchange and awarded $400 million to the minority lenders, demonstrates why deal counsel negotiating similar agreements should clearly define exceptions and lien subordination, while litigators should lean on express terms, says Jamie Aycock at Yetter Coleman.

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Holland & Knight Hit With $1.2B Malpractice Suit

By Madison Arnold

A real estate firm is accusing Holland & Knight LLP and three attorneys of malpractice in a new complaint filed in Florida state court and is seeking up to $1.2 billion in damages after more than 30 states opened investigations into the company's practices.

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Brief

Pillsbury Data Breach Suit Voluntarily Dismissed

By Matt Perez

A proposed class action against Pillsbury Winthrop Shaw Pittman LLP over a data breach last year has been voluntarily dismissed by the named plaintiffs, following a granted motion to stay in April to discuss mediation.

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DLA Piper Says Deception, Not Bias, Cost Palestinian Atty Job

By Grace Elletson

DLA Piper urged an Illinois federal judge to toss a Palestinian attorney's suit claiming the firm revoked a job offer out of discrimination, arguing it rescinded the offer because she concealed allegations that she assaulted someone at a protest.

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DC Bar Leaders Say DOJ Ethics Suit Encourages Misconduct

By Emily Sawicki

Washington, D.C., attorney regulators continue to garner support in their effort to toss a Justice Department lawsuit over alleged "weaponizing" of executive branch lawyer discipline, with D.C. bar organizations, scores of legal scholars and more than 500 former DOJ attorneys backing the disciplinary authorities.

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Mich. Gets Judge With Blue Slips In 1st For Trump Admin

By Courtney Bublé

The U.S. Senate voted 62-36 on Wednesday to confirm Michael Martin, a longtime federal prosecutor, to the Eastern District of Michigan and Benjamin Flowers, former solicitor general of Ohio, to the Sixth Circuit.

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DOL IG Says Info-Sharing Pacts Lacked Safeguards

By Irene Spezzamonte

U.S. Department of Labor Inspector General Anthony P. D'Esposito testified Wednesday before a U.S. House subcommittee that during the Biden administration, the department shared confidential information with plaintiffs' attorneys without notifying the Wage and Hour Division or the Employee Benefits Security Administration.

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Gov't Attys May Face Broader Duty To Report Misconduct

By Alison Knezevich

Attorneys representing the government could face "more demanding" obligations to disclose misconduct by people within their client organizations than attorneys representing private entities, according to an ethics opinion issued Wednesday by the American Bar Association.

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Retired Judges Rip Bid To Ban Foreign-Born Federal Judges

By Courtney Bublé

A group of 58 retired federal judges, appointed by presidents of both parties, on Wednesday came out strongly against recent proposals from Republican lawmakers that would require federal judges to be natural-born U.S. citizens and relinquish any citizenship that is not of the United States.

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US Marshals Can't Make Immigration Arrests In DC Court

By Rae Ann Varona

A D.C. federal judge Wednesday refused to toss a lawsuit from a certified class of immigrants challenging immigration arrests by U.S. marshals in D.C. Superior Court, declaring that the marshals lack authority and necessary training for the arrests.

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Securities Class Action Deals On Target To Hit 6-Year High

By Katryna Perera

The value of class action settlements is on track to reach a six-year high of $4.4 billion, fueled in part by a handful of "mega settlements" and other high-dollar deals, a Cornerstone Research report released Wednesday said. 

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