Asset Management

  • October 26, 2021

    Robinhood Traders Bid For Class Cert. In App Outage Case

    Robinhood users are seeking certification for a class of nearly 7 million fellow account holders in litigation over repeated service outages the popular brokerage experienced amid volatile market conditions in the spring of 2020.

  • October 26, 2021

    'No Excuses' For Dragging Feet On Libor, OCC's Hsu Warns

    The acting head of the Office of the Comptroller of the Currency warned Tuesday that banks had "no excuses" for complacency surrounding the discontinuation of the Libor, or London Interbank Offered Rate, adding to the cacophony of government voices who are warning financial institutions about the benchmark's imminent demise. 

  • October 26, 2021

    3 Firms Rep Crestwood's $1.8B Midstream Energy Biz Buy

    Crestwood Equity Partners LP said Tuesday it's buying Oasis Petroleum Inc.'s publicly traded unit Oasis Midstream Partners in a $1.8 billion cash-and-stock deal guided by three law firms.

  • October 26, 2021

    Latham, Sidley Steer Claros Mortgage's Planned $134M IPO

    Claros Mortgage Trust laid out plans Tuesday to raise $134 million at the midpoint of its anticipated initial public offering, with Latham & Watkins guiding the company and Sidley Austin counseling the offering's underwriters.

  • October 26, 2021

    1st Circ. Says Appeal Of $3M Tax Fine Faces Obstacles

    A First Circuit panel suggested Tuesday that it may not be able to overturn a $3.2 million judgment against a Massachusetts woman for failing to report a Swiss bank account given the appeals court's past decision upholding a similarly steep financial penalty.

  • October 26, 2021

    Clinical Research Biz Medable Lands $2B Valuation In Series D

    Clinical research platform Medable said Tuesday it's now valued at $2.1 billion following its Series D funding round that included Blackstone Growth, Tiger Global and GSR Ventures.

  • October 25, 2021

    20 Years After The Patriot Act, FinCEN Still Has Room To Grow

    Before it was catapulted to the front lines of the war on terror, the Financial Crimes Enforcement Network was a tiny, meagerly funded federal agency exiled in the D.C. suburbs. Twenty years later, the nation's top anti-money laundering watchdog is still the runt of the regulatory litter, and some observers say it badly needs a growth spurt.

  • October 25, 2021

    Citadel Clashes With SEC At DC Circ. Over 'D-Limit' Orders

    Citadel Securities LLC squared off with the U.S. Securities and Exchange Commission on Monday during oral arguments that saw the D.C. Circuit question whether a new stock order type designed to discourage high-frequency trading is as detrimental for retail investors as the market-making giant claims.

  • October 25, 2021

    Carlyle Group Sued For Records On $344M 'Insider' Payment

    The Carlyle Group Inc. has been sued in Delaware Chancery Court by an investor fund seeking records to investigate potential wrongdoing in connection with a $344 million payment the global investment firm allegedly made to insiders after giving them tax-free swaps of their partnership interests.

  • October 25, 2021

    Massive Walgreens Worker Class Inks $13.75M 401(k) Deal

    A certified class of nearly 200,000 participants in a 401(k) plan asked an Illinois federal judge to greenlight their $13.75 million deal resolving claims that the pharmacy chain Walgreens cost workers $300 million by steering their retirement savings into mutual funds that brought subpar returns.

  • October 25, 2021

    Trendy Salad Chain Sweetgreen Files Plans To Go Public

    Popular salad restaurateur Sweetgreen Inc. filed initial public offering plans Monday, steered by Cooley LLP and underwriters counsel Latham & Watkins LLP, joining a deep pipeline of IPO prospects that hope to go public before the end of 2021.

  • October 25, 2021

    Federal Judges Face Stricter Trade Disclosures Under New Bill

    Newly proposed bipartisan legislation would hold federal judges to stricter stock trading disclosure requirements, requiring them to report any securities transactions of more than $1,000 for publication in a new online database, a group of lawmakers announced Monday.

  • October 25, 2021

    State Street Corp. Names New Chief Risk Officer

    State Street Corporation said Monday it has named the ex-chief risk officer of Citigroup and a current member of a Federal Reserve Bank of New York advisory group to fill its top risk post beginning in the new year.

  • October 25, 2021

    Cooley-Led Shoe Brand Allbirds Kicks Off IPO Plans

    Environmentally conscious shoemaker Allbirds Inc. launched initial public offering plans Monday, setting a price range on a potential $250 million IPO scheduled for early November, represented by Cooley LLP and underwriters counsel Latham & Watkins LLP.

  • October 25, 2021

    Proskauer Guides $155M NY Stock Exchange Building Buy

    Proskauer Rose LLP represented California private equity firm Yucaipa Cos. in connection with its $155 million purchase of the former headquarters of the American Stock Exchange in Manhattan, according to records made public in New York on Monday.

  • October 25, 2021

    Latham Snags Baker Botts Pro For New Austin Office

    Latham & Watkins LLP has hired a Baker Botts LLP partner experienced in advising companies in complex corporate and securities matters to join its capital markets, public company representation and mergers and acquisitions practices in Austin, the firm said Monday.

  • October 25, 2021

    Mirae Lands $450M CMBS Loan From Deutsche, Goldman

    Mirae Asset Global Investments has landed $450 million in commercial mortgage-backed securities refinancing for a Hyatt hotel in Honolulu from Deutsche Bank and Goldman Sachs, according to an announcement on Monday from borrower-side broker Jones Lang LaSalle.

  • October 25, 2021

    Just Eat Bites Back After Investor Urges Grubhub Divestiture

    Online food delivery giant Just Eat Takeaway.com said Monday that it will not rush into a sale of Grubhub despite pressure from a significant shareholder to divest or spin off the business, which it purchased last year for $7.3 billion.

  • October 22, 2021

    NY Nurses, Investment Manager Spar Over Arbitration Award

    The trustees of a New York pension plan for nurses and one of the plan's investment managers are at odds over an August arbitration award, with the pension plan seeking about $140 million and the investment manager accusing the plan of mischaracterizing the award.

  • October 22, 2021

    U.S. Treasury Council Backs SEC's Climate Disclosure Plans

    The Financial Stability Oversight Council has put its weight behind the U.S. Securities and Exchange Commission's efforts to bolster the climate risk-related disclosures required of public companies and investment fund managers.

  • October 22, 2021

    SEC, Financial Adviser Agree To $1.9M Deal In Theft Suit

    An Illinois federal judge on Friday signed off on a $1.9 million settlement between a Chicago investment adviser and the U.S. Securities and Exchange Commission, which had accused him of diverting $1.7 million in client funds to pay off his personal credit card.

  • October 22, 2021

    Tax Partner Rejoins Venable's Estate Planning Group

    A former tax partner at Venable LLP has rejoined the firm after a stint at Fox Rothschild LLP and will serve clients in the Los Angeles office, Venable announced.

  • October 22, 2021

    Blank-Check Co. Iconic Sports Leads 3 IPOs Totaling $761M

    A London-based blank-check company hoping to acquire a global sports franchise began trading on Friday after completing an upsized $300 million initial public offering, one of three special purpose acquisition companies to publicly debut after raising a combined $761 million.

  • October 22, 2021

    Ascendas REIT Enters US Market With New $154M Portfolio

    Ascendas REIT has reached a deal to buy a portfolio of 11 Kansas City-area logistics properties for 207.8 million Singapore dollars ($154 million), according to a Friday announcement from the Singapore-based real estate investment trust.

  • October 22, 2021

    AXA Fund Launches $582M Green Bond Deal

    A Europe-focused real estate fund of global investment firm AXA IM Alts has priced an oversubscribed €500 million ($582.3 million) green bond issuance, AXA announced on Friday.

Expert Analysis

  • What Enron Scandal Means To Investors 20 Years Later

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    With two decades of hindsight, the legacy of the Enron scandal has proven to be heightened investor awareness of shareholder class action settlements as a critically important tool for recovering losses in the wake of corporate fraud allegations, says Jeffrey Lubitz at ISS Securities Class Action Services.

  • Parsing Boeing Decision In Light Of ESG, Caremark Trends

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    The recent Boeing shareholder litigation ruling comes amid an increase in Delaware Caremark decisions and attention to environmental, social and governance issues, which together will likely reorient boards' attention to core governance and how they monitor ESG risks, say Helene Banks and Elizabeth Sweeny at Cahill Gordon.

  • Series

    Confronting Origination Credit: Why GCs Need To Speak Up

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    In order to promote diversity and inclusion in the legal profession, in-house counsel should leverage their influence by talking to their outside firms about fair origination credit allocation, because many law firm compensation systems are still shrouded in mystery, and underrepresented attorneys often face entrenched inequities, says Michelle Banks at BarkerGilmore.

  • DOL Proposal Signals Relaxed Rules For ESG Investing

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    The U.S. Department of Labor’s recently proposed rule on how retirement plans can make investment decisions that consider environmental, social and governance factors significantly revises regulations adopted at the end of the Trump administration, paving the way for plan fiduciaries to more easily consider ESG factors, say attorneys at Morgan Lewis.

  • Opinion

    State Crypto Lending Concerns Point To SEC Action Ahead

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    A growing mix of states have issued enforcement actions and raised concerns around cryptocurrency lending programs, highlighting the inevitability of a U.S. Securities and Exchange Commission sweep of unregistered crypto platforms offering digital lending products, says cybersecurity consultant John Reed Stark.

  • Contractual Limits On Liability Only Go So Far In Delaware

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    The recent Delaware Chancery Court ruling in Online HealthNow v. CIP OCL reiterates that contractual fraud claims cannot be eliminated with the stroke of a pen, and serves as a reminder that Delaware courts will not permit statutory limitations on liability to excuse intentional fraud, say attorneys at Shearman.

  • ESG Disclosure Mandate Faces Hurdles Regardless Of Path

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    While the U.S. Senate is unlikely to sign onto the Corporate Governance Improvement and Investor Protection Act, which would require companies to make more comprehensive environmental, social and governance disclosures, the U.S. Securities and Exchange Commission may attempt ESG disclosure rulemaking without congressional approval — but it won't be easy, say attorneys at King & Spalding.

  • Financial Planning Tips For Retiring Law Firm Partners

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    As the pandemic accelerates retirement plans for many, Michael Delgass at Wealthspire Advisors outlines some financial considerations unique to law firm partners, including the need for adequate liquidity whether they have capital accounts or pension plans.

  • Preparing Remote Deposition Defenses For Corporate Entities

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    As remote depositions will remain common for the foreseeable future, attorneys defending a deposition notice or subpoena to a corporation should implement certain strategies to mitigate unique challenges, such as less planning time and increased difficulty of establishing rapport with witnesses, say attorneys at Sidley.

  • DOL's Proposed Rule Doesn't Make ESG Investment Risk-Free

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    A proposed U.S. Department of Labor rule aimed at Employee Retirement Income Security Act fiduciaries who take climate change into account should not be viewed as a green investment free pass, as prudent investors must consider the potential for bad returns if climate mitigation efforts fail, says J.B. Heaton at One Hat Research.

  • 7th Circ. Ruling Offers Arbitration Clarity For ERISA Claims

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    Although the Seventh Circuit recently decided a retirement plan arbitration provision was unenforceable in Smith v. Board of Directors of Triad Manufacturing, the ruling is the court’s first broad approval of the dispute-resolution method for Employee Retirement Income Security Act claims, and provides arbitration clause guidance for plans covered by the statute, say attorneys at Winston & Strawn.

  • Perspectives

    Why Law Schools Should Require Justice Reform Curriculum

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    Criminal defense attorney Donna Mulvihill Fehrmann argues that law schools have an obligation to address widespread racial and economic disparities in the U.S. legal system by mandating first-year coursework on criminal justice reform that educates on prosecutorial misconduct, wrongful convictions, defense 101 and more.

  • 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.

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