Investment firm TPG Capital LP neglected to pay its administrative assistants upward of $9 million in overtime, according to a class action removed to California federal court Thursday.
A Los Angeles production company for "The Big Valley," a film starring Richard Dreyfuss and Jessica Lange, recently filed a $50.6 million fraud and breach of contract suit against two private investment firms in New York state court, alleging the firms pledged to fund the movie and then reneged.
A Connecticut-based finance executive agreed Friday to pay $1.4 million to settle claims by the U.S. Securities and Exchange Commission that he illegally profited from trading on inside information regarding the 2009 sale of Patriot Capital Funding Group Inc.
Creditors on Thursday hit Hellas Telecommunications Sarl with two suits in New York federal court seeking €351 million ($455 million) owed on notes they say Hellas' private-equity owners profited from after acquiring the telecom and allegedly driving it into insolvency.
The U.S. Securities and Exchange Commission on Thursday sued a Chicago-based investment firm alleging the firm illicitly raised $1.3 million by lying to investors about a failing private equity fund and used the investments to pay off other clients to whom it owed money.
A former unit of bankrupt Trico Marine Services Inc. was hit with a suit in New York state court Tuesday by a private equity firm that alleges Trico failed to respond to a subpoena for documents in a dispute in Texas court over a $65 million loan.
L'Oreal SA will purchase the Urban Decay makeup brand from consumer product-focused private equity firm Castanea Partners in a move to broaden its upscale offerings for younger customers, the French cosmetics giant said Monday.
A JDA Software Group Inc. shareholder launched a putative class action Tuesday alleging the company’s board rushed into RedPrairie Corp.’s $1.9 billion private equity-backed buyout, ignoring conflicts of interest and shortchanging investors in the process.
A medical services provider on Tuesday launched a suit in Texas court against California-based Nobis Capital Advisors Inc., alleging it paid $3 million to the financial advisory firm and that the firm misled it about the risks and benefits of becoming a publicly traded company.
A Florida man sued private equity giant Bain Capital Partners LLC and portfolio company Applied Systems Inc. in Illinois state court Monday, claiming the companies manipulated the purchase agreement for his insurance software firm to avoid paying their full $22 million bid.
Bluewaters Communications Holdings LLC sued the head of Formula One and others for $650 million in New York state court Friday, claiming the defendants interfered with its bid to buy the racing empire by bribing a now-incarcerated former executive of a state-owned German bank.
An investor in Chinese infant formula company Feihe International Inc. filed a putative class action Wednesday alleging a $146 million buyout deal proposed by the company's chairman and a private equity firm has been underpriced to benefit insiders.
A New Jersey energy holding company on Tuesday accused Sapphire Power Finance LLC, a Texas outfit linked to The Carlyle Group LP, of fabricating indemnification claims in order to avoid paying part of the $256 million it owes for a 2011 power portfolio purchase.
A suit filed Thursday attacking the U.S. Commodity Futures Trading Commission’s cost-benefit analysis of a Dodd-Frank Act swaps rule follows a well-worn path, but attorneys say the agency faces a new and potentially damaging claim this time around: that it didn’t conduct the analysis at all.
Hawaii's Big Island Carbon LLC, a private-equity funded firm that hoped to cash in by producing premium specialty carbon from the shells of macadamia nuts, sought Chapter 7 protection in Delaware bankruptcy court Monday, listing assets and debts between $10 million and $50 million.
A holding company and a private equity firm that formerly owned Iron Data Solutions LLC asked the Delaware Chancery Court on Tuesday to free the final $10 million due them from the software firm's $175 million sale, a sum they say the buyers have trapped in escrow through the filing of groundless claims.
The U.S. Chamber of Commerce on Friday lodged a petition with the D.C. Circuit challenging a Dodd-Frank rule which mandates that companies reveal to the U.S. Securities and Exchange Commission if they utilize so-called conflict minerals in their products.
A Union Drilling Inc. shareholder launched a putative class action Friday seeking to block private equity-backed Sidewinder Drilling Inc. from buying all outstanding Union stock in a deal that values Union at $242 million.
Clinical software provider Mediware Information Systems Inc. was hit with a putative shareholder class action Thursday challenging its proposed $195 million merger with private equity firm Thoma Bravo LLC, saying the deal does not adequately compensate Mediware stockholders.
Mattress maker Sealy Corp.’s board was hit Wednesday by another proposed class action filed by a disgruntled investor who claims Tempur-Pedic International Inc.'s $1.3 billion bid, approved by Sealy's directors and largest shareholder KKR & Co. LLP, stiffed its other shareholders out of a better deal.
Pennsylvania's new Public and Private Partnerships for Transportation Act should stimulate private investment in public highways, bridges and other facilities where governments confront funding restraints. Private firms should appreciate that interest in P3 programs is high and competition for projects is likely to be intense, say Ralph Finizio and Ryan Stewart of Pepper Hamilton LLP.
With more cross-border insolvencies being filed, and more petitions for recognition of foreign proceedings coming before U.S. bankruptcy courts, it is clear that the outlines of Chapter 15 will continue to be limned. It is also clear that the question of comity in Chapter 15 proceedings will figure prominently in those proceedings and in the continued development of this area of the law, says Kevin Ray of Greenberg Traurig LLP.
Rule 144A for life offerings allow private entities to enjoy many of the benefits that accrue to publicly listed entities by borrowing funds through U.S. capital market offerings without subjecting the private entity to periodic filings with the U.S. Securities and Exchange Commission or having its top executive officers attest quarterly to the adequacy of disclosure controls, says Richard Roth of Jackson Walker LLP.
The Jumpstart Our Business Startups Act that was enacted on April 5, 2012, will likely change the business of third-party marketers by expanding the scope of permitted promotional activities in connection with offering investments in hedge and private equity funds, says Richard Morris of Herrick Feinstein LLP.
Early neutral evaluation usually asks a retired judge to consider one party’s case, as if preparing to rule on summary judgment or presiding over a bench trial. Effective evaluation can supply a reality check on a case — it gives the lawyer the gift of seeing the case as others see it, says James Rosenbaum, a panelist with JAMS and former U.S. district judge for the District of Minnesota.
A recent Federal Energy Regulatory Commission decision marks a rare instance of FERC flatly rejecting a proposed sale of a power plant under Section 203 of the Federal Power Act and provides some insight as to what FERC considers to be sufficient mitigation when a proposed transaction raises horizontal market power concerns, say attorneys with Latham & Watkins LLP.
While the swell in bankruptcy filings in 2009-2010 appeared to be large enough to keep practitioners busy for a number of years, certain unprecedented factors pulled the number of companies seeking Chapter 11 restructuring outside the economic malaise and the direction of the profession has obviously been changed forever. However, these changes do not mean that the day of the long, traditional bankruptcy is over, say attorneys with Arnstein & Lehr LLP.
Despite recession-driven cost pressures that have resulted in the downsizing of nonlawyer personnel at law firms, many litigation support departments are growing. In a recent survey, half of respondents indicated that their function has grown in size in the past three years, and more than half of respondents indicated that current staffing levels are inadequate for the projected needs of the coming year, say experts at Epiq Systems and Georgetown University Law Center.
A pair of related U.S. Securities and Exchange Commission settled enforcement actions recently demonstrated the potential liability of using an unregistered consultant. While these cases involve a private equity manager and its funds, they are significant to all private issuers of securities — including investment, real estate, venture capital and private equity funds, as well as operating companies, say Peter LaVigne and Elizabeth Shea Fries of Goodwin Procter LLP.
Research shows that helping others and cultivating social relationships makes us happier and that generous people live longer, healthier lives. These are just a few of the countless reasons to create time in our busy schedules to do pro bono and charitable work this year, says Anne Brafford of Morgan Lewis & Bockius LLP.