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Asset Management
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 21, 2024
Cisco Slips Ex-Workers' Suit Over BlackRock Funds, For Now
A California federal judge threw out a proposed class action that former workers brought accusing Cisco of breaching federal benefits law by including several BlackRock funds as options in its $16.4 billion 401(k) plan, saying the ex-employees failed to put forward meaningful comparator investments to support their claims.
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May 21, 2024
3rd Circ. Revives American Airlines Pilots' Military Leave Suit
The Third Circuit reopened a class action Tuesday accusing American Airlines of unlawfully denying pilots pay for short military assignments while compensating employees for jury duty and bereavement leave, ruling a trial is needed to determine whether time off for military service is fungible with paid absences.
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May 20, 2024
Ex-BlackRock VP Says He Was Fired After Whistleblowing
BlackRock Inc. has been sued in New York state court by a former vice president and purported whistleblower who alleged he faced retaliation and wrongful termination after raising concerns about self-dealing, corruption and conflicts of interest at the asset management firm.
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May 20, 2024
TD Bank Ex-Employees Ordered To Back Off Client Contacts
TD Bank NA and its subsidiary TD Private Client Wealth LLC scored a temporary restraining order in Connecticut federal court in a suit accusing two former employees of breaking nonsolicitation agreements and enticing $25 million in client assets to move with them to Raymond James Financial Services Inc.
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May 20, 2024
Transparency Act Violates Constitution, Groups Tell 11th Circ.
The Corporate Transparency Act's reporting requirements violate the Fifth Amendment's protection against self-incrimination and other constitutional provisions, libertarian think tank Cato Institute and others said Monday in urging the Eleventh Circuit to uphold an Alabama district court's ruling against the law.
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May 20, 2024
SEC Says Firm Broke Short-Selling Rules During Pandemic
An Austin, Texas-based trading firm has agreed to pay $1.5 million as part of a deal to end U.S. Securities and Exchange Commission claims it unlawfully bought follow-on offering shares of companies it had just shorted, including those of cruise ship companies bruised by 2020 COVID-19 outbreaks.
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May 20, 2024
Archegos Lied To Banks To Obtain Credit Lines, Jury Told
The former director of risk management at the fallen private capital fund Archegos told a Manhattan federal jury Monday that he lied to banks about the fund's portfolio to induce them to extend lines of credit at the direction of his former boss, Archegos Chief Financial Officer Patrick Halligan.
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May 20, 2024
Investor Group Wants Slowdown On Del. Corporation Law Bill
Critics of a fast-tracked proposal to amend Delaware's General Corporation Law to give controlling stockholders wider influence or vetoes over some board decisions are urging the state's bar association to tap the brakes, following a Chancery Court decision striking down a Moelis & Co. stockholder agreement as flouting existing law.
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May 20, 2024
DOL, Fringe Benefit Co. Strike Deal In Funds Management Suit
A fringe benefits company and two of its executives have agreed to pay over $4 million to resolve a U.S. Department of Labor lawsuit alleging they mismanaged funds meant for government contractor employees' benefits, the federal government told a Maryland federal court.
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May 20, 2024
Ga. Accounting Firm Says UK Fintech Co. Suit Must Be Tossed
Georgia-based accounting firm Frazier & Deeter LLC has asked a federal court to dismiss a lawsuit brought against it by U.K.-based fintech company Genesis Global Technology, which alleges it was forced to spend time and money redressing issues after the firm miscalculated the fair market value of its common shares in 2021.
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May 20, 2024
Patients Urge 9th Circ. To Deny UBH Petition In Claim Fight
Patients alleging United Behavioral Health mismanaged their mental health and substance use disorder treatment claims urged the Ninth Circuit not to grant the insurance company's petition for appellate court intervention in the consolidated action, arguing the effort was inappropriate and unjustified.
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May 20, 2024
Catching Up With Delaware's Chancery Court
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.
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May 20, 2024
Fried Frank, K&L Gates Lead $950M Sale Of Transportation Biz
Transportation and distribution services provider Saltchuk Resources Inc., advised by K&L Gates LLP, on Monday announced plans to acquire energy transportation services provider Overseas Shipholding Group Inc., led by Fried Frank Harris Shriver & Jacobson LLP, in a take-private transaction valued at $950 million.
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May 20, 2024
Co-Head Of Deadlocked $5B Wealth Firm Asks To Dissolve
A New York investment advisory firm managing $5 billion for elite clients including a minority owner of the St. Louis Cardinals is heading for trial in Delaware's Court of Chancery after one of its controlling members asked for a judicial dissolution, saying the company was deadlocked.
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May 20, 2024
6th Circ. Orders Sanctioned Prison Co. To Pay NLRB Atty Fees
The Sixth Circuit said a Federal Bureau of Prisons contractor has to pay the U.S. National Labor Relations Board's attorney fees from arguing the contractor should be held in contempt in a dispute over two fired union supporters, with one judge dissenting in part over 0.4 billable hour.
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May 20, 2024
Simpson Thacher Leads Blackstone In $705M Biltmore Sale
Blackstone said Monday it has closed the sale of the Arizona Biltmore in Phoenix to private equity real estate firm Henderson Park for $705 million, confirming January reports that the transaction was under contract and revealing Simpson Thacher & Bartlett LLP and Jones Day as counsel behind the deal.
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May 17, 2024
Feds Say Duo Ran $73M 'Pig Butchering' Laundering Scheme
Two Chinese citizens have been arrested on charges of being kingpins in a money laundering operation that processed more than $73 million of funds that were stolen in so-called pig butchering cryptocurrency schemes.
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May 17, 2024
Judge Doubts 9th Circ. Ruling Upends VC's Fraud Conviction
A California federal judge appeared skeptical Friday of convicted self-described "millennial" venture capitalist Michael Rothenberg's renewed request for a new trial or acquittal in light of a recent Ninth Circuit decision clarifying "materiality" in the federal criminal fraud statutes, doubting that Rothenberg was prejudiced by jury instructions addressing materiality.
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May 17, 2024
Kirkland-Led Hotpot Chain Sizzles In US Listing Debut
Shares of Super Hi International Holdings Ltd. rallied in debut trading Friday after the Singaporean hotpot restaurateur priced a $53 million U.S. initial public offering, represented by Kirkland & Ellis LLP and underwriters' counsel Paul Hastings LLP, marking the latest of several cross-border listings in the U.S. pipeline.
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May 17, 2024
Kohl's Directors' Aversion To Sale Was Self-Serving, Suit Says
A Kohl's shareholder has hit the retailer's brass with a derivative suit alleging they covered up the results of a disastrous shift in business strategy and takeover offers, all in a bid to protect their own positions.
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May 17, 2024
Koch-Tied Group Says Transparency Law Offends Federalism
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.
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May 17, 2024
Cantor, Lutnick Strike Deal With Window SPAC Investors
Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.
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May 17, 2024
Winston & Strawn Leads Asia-Focused SPAC $100M IPO
Shares of RF Acquisition II, a special-purpose acquisition company targeting the technology sector in Asia, began trading publicly on Friday following the company's $100 million initial public offering.
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May 17, 2024
TD Bank Says Ex-Advisers Enticed $25M To Raymond James
TD Bank NA and its subsidiary TD Private Client Wealth LLC are accusing two former employees of "brazenly" breaking nonsolicitation agreements by moving to Raymond James Financial Services Inc. and enticing $25 million in client assets to come with them.
Expert Analysis
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Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
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The Future Of ERISA If High Court Ends Chevron Deference
The U.S. Supreme Court's upcoming decisions in two cases involving fishing company challenges to regulatory requirements could weaken or repeal Chevron deference, meaning U.S. Department of Labor regulations adopted under the Employee Retirement Income Security Act may be heavily scrutinized, modified or vacated by federal courts, say Naina Kamath and Julie Stapel at Morgan Lewis.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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SEC's Final Climate Disclosure Rules: What Cos. Must Know
While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.
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2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion
The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.
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What Fed's Credit-Linked Note FAQ Means For Capital Relief
U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.
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Del. Dispatch: How Moelis Upends Stockholder Agreements
The Delaware Court of Chancery's Moelis decision last month upended the standard corporate practice of providing governance rights in stockholder agreements and adds to a recent line of surprising decisions holding that long-standing, common market practices violate Delaware law, say attorneys at Fried Frank.
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Under The Hood Of The SEC Securitization Conflict Rule
Elanit Snow and Julia Vitter of Proskauer consider the U.S. Securities and Exchange Commission's recently finalized rule that prohibits conflicts of interest in certain securitization transactions, uncovering what the new regulation does and doesn’t entail, why it was adopted, and how commenters' remarks affected the process.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.