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Private Equity
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February 23, 2024
Trump-Tied SPAC Adds NY Fraud Judgment To Risk Factors
Digital World Acquisition Corp., which is seeking to merge with Donald Trump's social media company, has included a new warning for investors in a regulatory filing following the former president's $453.5 million fraud penalty in New York state court.
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February 23, 2024
4th Circ. Won't Rethink Adviser's Defamation Coverage Denial
A Fourth Circuit panel declined to reconsider its decision that an investment adviser is not owed coverage under her firm's professional liability policy for an underlying defamation lawsuit.
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February 23, 2024
Industrial Supplier Inks $350M Deal To Buy Wesco Unit
Electrical distribution services company Wesco International has agreed to sell its North American and European industrial maintenance, repair and integrated supply business Wesco Integrated Supply to Vallen Distribution for $350 million in an attempt to reduce debt and repurchase shares, the companies announced Friday.
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February 23, 2024
Healthcare AI Startup Abridge Raises $150M
AI clinical documentation company Abridge said on Friday that it had raised a $150 million series C round to build on its existing product lines and accelerate research and development.
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February 23, 2024
FTX Settles $324M Ch. 11 Suit Over European Deal For $33M
Bankrupt cryptocurrency exchange FTX Trading Ltd. has asked a Delaware court to approve a plan to resolve a $323.5 million clawback action aimed at the co-founders of its European unit by selling the subsidiary back to the executives for $32.7 million.
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February 23, 2024
Del. SPAC Rulings Said To Weigh Against Super Group Case
Attorneys for investors seeking damages after a special purpose acquisition company took Super Group Ltd., an online international gambling venture, public in a $4.75 billion deal in 2022 repeatedly pointed a Delaware vice chancellor on Friday to the Chancery Court's growing SPAC case law as reasons to keep their lawsuit alive.
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February 23, 2024
Insurance M&A Partner From Sidley Joins Kirkland
Kirkland & Ellis LLP has added a corporate partner in its insurance transactions and regulatory and financial institutions practice groups, bringing on a former Sidley Austin LLP attorney who said he "couldn't be more excited" to join the firm's Chicago office.
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February 23, 2024
Horizon Capital Clinches Upsized Ukraine Fund IV At $350M
Private equity shop Horizon Capital on Friday announced that it closed its Ukraine-focused fund after amassing $350 million in commitments, exceeding the firm's initial target size by roughly 40%.
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February 23, 2024
Skadden-Led Criteo Wants 'Constructive' Talks With Activist
Skadden-advised French advertising technology firm Criteo responded Friday to a call from activist investor Petrus Advisers to "evaluate all ownership options" and shake up its board, releasing a statement saying it is "carefully reviewing" Petrus' letter and hopes to "continue to engage constructively."
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February 23, 2024
Hogan Lovells-Led Energy Investor Eyes $200M Buyback
Riverstone Energy Ltd. said Friday the energy-focused private equity firm will start a share buyback program worth up to $200 million of excess cash to its shareholders via a 1,050 pence ($13.30) per-share tender offer.
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February 22, 2024
Latham, Davis Polk Rep As Reddit Files For IPO
Social media platform Reddit on Thursday formally outlined its plans to go public with a long-rumored initial public offering that's being guided by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP.
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February 22, 2024
Instant Brands Ch. 11 Plan Gets OK After Win In Supplier Row
A Texas bankruptcy judge on Thursday gave tentative approval to home-appliance maker Instant Brands' reorganization plan after finding that recent briefings from the company and a supplier supported his preliminary decision last week to preserve the debtor's indemnification rights.
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February 22, 2024
Asset Managers Plug Up To $450M In AITi Global
Cadwalader Wickersham & Taft LLP-advised wealth and alternatives manager AlTi Global Inc. on Thursday revealed that asset managers Allianz X, advised by Sullivan & Cromwell LLP, and Constellation Wealth Capital, advised by Gibson Dunn & Crutcher LLP, have agreed to invest a combined up to $450 million in the company.
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February 22, 2024
Private Equity Group Of The Year: Simpson Thacher
Simpson Thacher & Bartlett LLP has advised on more than 100 asset management M&A deals with a combined value of over $170 billion since Oct. 1, 2022, including Bridgepoint Group's acquisition of Energy Capital Partners to create a company with €57 billion ($61 billion) invested in global private markets, earning it a spot among Law360's 2023 Private Equity Groups of the Year.
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February 22, 2024
B. Riley Stands By Franchise Group Deal After Internal Review
B. Riley Financial reaffirmed its commitment to the $2.6 billion take-private deal for Franchise Group Inc. despite the misconduct of former Franchise Group CEO Brian Kahn, saying on Thursday that its audit committee determined through a nine-week internal review that B. Riley had no knowledge of or involvement in the misconduct.
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February 22, 2024
Taft Stettinius Adds 6 Dinsmore Attys In Detroit, Chicago
Taft Stettinius & Hollister LLP has hired six attorneys from Dinsmore & Shohl LLP who focus their practices on business law and litigation matters.
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February 22, 2024
Deals Rumor Mill: Occidental, Kroger-Albertsons, BuzzFeed
Occidental explores a $20 billion sale of Western Midstream, the FTC and some states could sue to block the $24.6 billion Kroger-Albertsons deal, and The Independent is taking over BuzzFeed's U.K. and Irish operations. Here, Law360 breaks down the notable deal rumors from the past week.
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February 22, 2024
Fieldfisher-Led Tech Co. Agrees £430M Unit Sale To PE Biz
Marlowe PLC said Thursday that it has agreed to sell some of its risk management assets to private equity firm Inflexion for £430 million ($545 million), as the U.K. business services and software specialist looks to fully focus on its core compliance practice.
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February 21, 2024
FTC Says Twitter Staff Prevented Musk Violating Privacy Order
The Federal Trade Commission told the House Judiciary Committee on Wednesday that were it not for Twitter employees disobeying Elon Musk's orders to grant some reporters "full access to everything ... no limits at all" to the social media platform's systems, the company may have violated a 2022 FTC consent decree.
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February 21, 2024
OCC's Hsu Floats Payments, PE 'Trip Wires' For FSOC Review
The Office of the Comptroller of the Currency's acting chief sounded an alarm Wednesday about the growth of digital payments and private equity, saying federal regulators should consider setting numerical "trip wires" around those activities to stay ahead of potential financial stability risks.
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February 21, 2024
Cannabis CEOs Wasted Wealthy Russian's Money, Suit Claims
Two California businessmen who were given $145 million by a now dead Russian billionaire to begin cannabis growing operations in the state are accused of gross mismanagement and squandering his investment, according to a lawsuit filed in Los Angeles County court.
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February 21, 2024
PE Firm Can't Shake Ex-CEO's Retaliation Suit In NC
A North Carolina federal judge has maintained the bulk of a former executive's suit accusing a private equity firm of duping him into accepting a top role at a defense supply unit and firing him when he refused to hide the company's financial reality from a major defense contractor client, reasoning that he satisfied pleading standards.
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February 21, 2024
Calif. Bill Would Let AG Audit Private Equity Healthcare Deals
California Attorney General Rob Bonta and Assembly Speaker Pro Tempore Jim Wood have filed legislation that will give the state's AG oversight of private equity and hedge fund acquisitions of healthcare facilities, saying that private equity is causing soaring consumer costs.
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February 21, 2024
Consumer Data Co. Gets OK For $50M Ch. 11 Sale
A Delaware bankruptcy judge Wednesday approved the $50 million sale of Near Intelligence after being told that unsecured creditors' objections to the California-based consumer data gathering platform's Chapter 11 plan had been resolved.
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February 21, 2024
JPMorgan Got $400M Before Inovalon Sale, Del. Justices Hear
Inovalon didn't properly disclose that investors that bought the healthcare data company in 2021 paid $400 million in fees to its financial adviser, a JPMorgan unit, before the transaction, a reason enough to revive a lawsuit challenging the $7.3 billion acquisition, counsel for stockholders told Delaware's Supreme Court Wednesday.
Expert Analysis
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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How 'As Such' Changes LPs' Self-Employment Tax Exposure
In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.
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The SEC's Cooled Down But Still Spicy Private Fund Rules
Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.
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Opinion
Legal Profession Gender Parity Requires Equal Parental Leave
To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.
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Opinion
Activist Short-Sellers Are The Dark Knights Of Wall Street
While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.
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Series
Writing Thriller Novels Makes Me A Better Lawyer
Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.
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What Lawyers Must Know About Calif. State Bar's AI Guidance
Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.
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Industry Must Elevate Native American Women Attys' Stories
The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.
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A Breakdown Of The OCC's New Venture Lending Pointers
In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.
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Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23
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.
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Understanding Discovery Obligations In Era Of Generative AI
Excerpt from Practical Guidance
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.
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Series
ESG Around The World: Mexico
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.
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The Case For Post-Bar Clerk Training Programs At Law Firms
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.