Asset Management

  • April 25, 2024

    FDIC Tables Plans To Scrutinize Big 'Passive' Bank Investors

    Federal Deposit Insurance Corp. leaders on Thursday debated two competing proposals intended to address concerns about asset managers and other investors amassing outsized influence over banks whose shares they own, ultimately taking the rare step of tabling the measures as neither garnered majority support.

  • April 25, 2024

    McDermott Judge U-Turns, Says Some Investors Deserve Cert.

    A Texas federal magistrate judge reversed his recommendation that investors be denied class certification in litigation over McDermott International's $6 billion merger with Chicago Bridge & Iron, saying a former CB&I shareholder class "should be certified now" and a putative McDermott stock purchaser class be created for subsequent consideration.

  • April 25, 2024

    Atty Sued For Malpractice Can't Rep His Firm, Ex-Client Says

    A Seattle real estate broker suing her former attorney for allegedly botching arbitration proceedings has told a Washington state judge that that attorney can't both be a defendant and represent his firm in their counterclaims for unpaid fees. 

  • April 25, 2024

    Crypto Co. Sues 'Crusading' Gensler Over SEC's Ether Stance

    Cryptocurrency software company Consensys Software Inc. sued the U.S. Securities and Exchange Commission on Thursday in Texas federal court over the agency's treatment of the Ethereum network's ether token as a security after the company received a so-called Wells notice that agency staff intends to recommend an enforcement action over its products.

  • April 25, 2024

    Rubrik Leads Trio Of IPOs That Buoy Recovering Market

    Three companies debuted trading Thursday following initial public offerings that raised nearly $1.4 billion combined under guidance from six total law firms, including two offerings that priced above range by data security firm Rubrik and aerospace company Loar, providing fresh energy for a strengthening IPO market.

  • April 25, 2024

    7th Circ. OKs Pausing Nail Polish IP Suit For Ownership Fight

    A company registered in New Jersey that sells nail polish has failed to persuade a federal appeals court to let it move ahead with its trade secrets case in a Chicago federal court against its former business partners in China until first resolving an ownership dispute "lurking just beneath the surface."

  • April 25, 2024

    Manufacturer To Pay $3M To End Retirement Kickback Suit

    An aerospace and auto parts manufacturer will pay nearly $3 million to settle a suit claiming it pushed workers' retirement savings into lackluster funds through an investing tool that prioritized kickbacks for the plan's recordkeeper over returns for employees, according to a filing Thursday in Michigan federal court.

  • April 25, 2024

    4 Takeaways From DOL's Final ERISA Investment Advice Regs

    The U.S. Department of Labor’s finalized regulations broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act will bring more investment advisers under the purview of federal benefits law, but the final version contains some important differences from what the DOL initially proposed. Here are four key takeaways.

  • April 25, 2024

    Standard General Claims Racial Bias By FCC In Tegna Deal

    Hedge fund manager Soo Kim is suing the Federal Communications Commission and a cadre of media players over what he calls a racially charged conspiracy to block his fund's $8.6 billion purchase of media company Tegna, claiming the agency discriminated against him when it sidelined the deal last year.

  • April 25, 2024

    Antitrust Enforcers Warn FERC About Ownership Overlaps

    The Federal Trade Commission and the U.S. Department of Justice warned energy regulators Thursday about competitive risks that can arise from investment firms that own stakes in multiple electric utilities, even if they don't have controlling interests.

  • April 25, 2024

    SEC, Trade Group Ask DC Circ. To Revive Proxy Advisory Rule

    The U.S. Securities and Exchange Commission and a leading trade group called on the D.C. Circuit Thursday to revive a rule imposing heightened disclosure requirements on proxy advisory firms, appealing a lower court decision that threw out the requirements.

  • April 25, 2024

    BlackRock, Temasek Joint Venture Closes $1.4B Climate Fund

    Decarbonization Partners, a joint venture between private equity giant BlackRock and investment firm Temasek, on Thursday announced that it closed its inaugural late-stage venture capital and growth private equity fund after securing $1.4 billion in commitments.

  • April 25, 2024

    T-Mobile, EQT Form Joint Venture To Acquire Fiber Biz

    T-Mobile and private equity shop EQT on Thursday announced that they have entered into a joint venture, under which T-Mobile will invest $950 million at closing, to purchase fiber-to-the-home platform Lumos from one of EQT's previous infrastructure funds, in a deal built by three firms.

  • April 25, 2024

    WWE Shareholders Combine Chancery TKO Merger Suits

    Delaware's Court of Chancery will decide this summer whether teams led by Block & Leviton, Bernstein Litowitz or Robbins Geller will represent World Wrestling Entertainment Inc. stockholders in a consolidated class suit against founder Vincent McMahon and others over the company's $21 billion merger with the Endeavor Group.

  • April 25, 2024

    Airplane Fuel Co. Seeks To Ax Union Healthcare Dispute

    A company that fuels airplanes at major U.S. airports asked a New York federal judge to dismiss a $157,000 suit accusing it of underfunding a Teamsters healthcare plan, saying the plan trustees filed the suit too late and can't prove the company owes the money.

  • April 25, 2024

    Hedge Fund Goes Public With Gripes About Legal Tech Co.

    Private talks between Engine Capital and the board of directors for Dye & Durham Ltd. have "fizzled out," leading the activist hedge fund to publicly take aim against the legal technology company in a letter to shareholders on Thursday.

  • April 25, 2024

    Mercer Clinches Nearly $4B Private Investment Fund

    Retirement and investment solutions firm Mercer on Thursday announced that it closed its seventh fund after securing over $3.9 billion in capital commitments.

  • April 25, 2024

    EEOC Says Co. Piled Tasks On Black Worker, Then Fired Him

    A real estate company gave a Black manager more than twice as much work as his white colleague, paid him less and then fired him because he was "lazy," the U.S. Equal Employment Opportunity Commission said in a suit filed in Georgia federal court.

  • April 24, 2024

    Bid To Sanction DOJ Denied In Novel Insider Trading Case

    A California federal judge on Tuesday refused to grant an indicted former healthcare CEO's bid to sanction the government in a case accusing him of a novel form of insider trading, saying the CEO failed to show that he was prejudiced by the government interviewing a potential witness without counsel present. 

  • April 24, 2024

    Feds File Conspiracy Charges In $1M La. 'Romance' Fraud

    U.S. prosecutors in Louisiana have charged three Atlanta-area individuals of running "romance scams" to defraud victims of more than $1 million, according to a recently unsealed indictment in Pelican State federal court.

  • April 24, 2024

    Trump Media Exec Urges GOP To Probe Stock 'Manipulation'

    Devin Nunes, CEO of Trump Media Technology & Group Corp., is urging key House Republicans to investigate "anomalous trading" involving shares of the company that owns former President Donald Trump's social media platform, marking Nunes' latest effort to call attention to alleged signs of manipulation, according to a regulatory filing Wednesday.

  • April 24, 2024

    Chancery Lets $344M Carlyle Tax-Payout Suit Move Ahead

    A vice chancellor of the Delaware Court of Chancery on Wednesday refused to toss most claims in a stockholder suit led by a Pittsburgh pension fund targeting a $344 million tax-asset buyout at The Carlyle Group Inc., though she did trim the suit by a single count.

  • April 24, 2024

    Forex Trader Must Pay $11.8M For Ponzi-Like Scheme

    A Michigan federal judge on Tuesday said a purported forex commodity pool operator and its agent must pay more than $11.8 million in penalties and restitution for bilking participants in a Ponzi-like scheme, after the defendants ignored a Commodity Futures Trading Commission suit.

  • April 24, 2024

    Investors Can't Hit Reset In 737 Max Fraud Suit, Boeing Says

    Investors claiming Boeing wiped out billions in stock value by misrepresenting the 737 Max's safety shouldn't be allowed to "effectively hit the reset button" and pursue an amended complaint that relies on statements already deemed inactionable, the aerospace giant argued Wednesday.

  • April 24, 2024

    Faegre Drinker Adds Perkins Coie Investment Partner In DC

    Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.

Expert Analysis

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • 9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims

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    In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.

  • Breaking Down DOJ's Individual Self-Disclosure Pilot Program

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    The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.

  • Address Complainants Before They Become Whistleblowers

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    A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.

  • Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

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    Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.

  • 10 Tips For ESG Disclosure Compliance In Private Funds

    Excerpt from Practical Guidance
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    As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.

  • What FERC's Disclosure Demands Mean For Cos., Investors

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    Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

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