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Asset Management
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April 03, 2025
Atty Suspended Over Billing Lapses In State Street Case
The former managing partner of Thornton Law Firm LLP has received a 30-day license suspension for his decision to sign an inaccurate billing declaration to a federal judge in an investor action against State Street Bank.
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April 03, 2025
TowneBank Acquires Old Point In $203M Deal
Wachtell Lipton Rosen & Katz-led TowneBank on Thursday announced plans to acquire Old Point Financial Corp., advised by Troutman Pepper Locke LLP, in a $203 million deal.
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April 03, 2025
2nd Circ. Revives IBM Retirees' Mortality Data Fight
The Second Circuit on Thursday reopened a proposed class action accusing IBM of shorting retirees on pension payments by using outdated mortality data, saying the trial court should've sought clarity about certain documents before tossing the case.
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April 02, 2025
Trump Media Refiles President's Shares For Potential Sale
Trump Media and Technology Group Corp. on Wednesday filed papers to reregister for sale some 114 million shares held by President Donald Trump worth more than $2 billion, though the company says there are no imminent plans to sell the shares.
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April 02, 2025
FinCEN Warns About Ongoing ISIS Threats, Banking Red Flags
The Financial Crimes Enforcement Network has advised financial institutions that the Islamic State group continues to pose a threat to the U.S., detailing various red flags which banks should be on the lookout for to report suspicious activity tied to the terrorist organization.
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April 02, 2025
SEC Wins $12.5M Judgment On Assets Tied To Fugitive Trader
The U.S. Securities and Exchange Commission can recoup a $12.5 million supplemental enrichment judgment from frozen assets tied to a fugitive trader accused of funneling $67 million from his employer Oak Management Corp. to himself, his companies and his relatives, a Connecticut federal judge has ruled.
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April 02, 2025
As Global Markets Struggled, Private Equity Pounced In Q1
Stock markets slumped, mergers and acquisitions stumbled, and equity issuance took a breather in the first quarter of this year. But it was a different story for private equity, as global deal values shot up nearly 40% compared to the prior-year period, according to PitchBook data published Wednesday.
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April 02, 2025
Davis Polk, Skadden Lead Stablecoin Issuer Circle's IPO Filing
Venture-backed stablecoin issuer Circle Internet Group Inc. is moving forward with its long-awaited initial public offering amid expectations of favorable regulatory policies for crypto firms, represented by Davis Polk & Wardwell LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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April 02, 2025
1st Circ. Says Judge Too Hasty In Handing SEC $93M Win
The First Circuit on Tuesday vacated a $93 million judgment against a Massachusetts-based financial services firm, finding the lower court jumped the gun in granting an early win to the U.S. Securities and Exchange Commission.
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April 01, 2025
5th Circ. Judge Questions IRS Denial Of Insurance Deductions
A Fifth Circuit judge pushed back Tuesday on the Internal Revenue Service's rejection of expense deductions for two physician-led micro-captive insurance companies, saying that the businesses seemed to serve a legitimate purpose while acknowledging that doctors are "notoriously inept" businessmen.
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April 01, 2025
Nelson Mullins-, Latham-Guided SmartStop Prices $810M IPO
SmartStop Self Storage REIT Inc., a real estate investment trust managing U.S. and Canadian properties, on Tuesday priced an $810 million initial public offering within its marketed range, represented by Nelson Mullins Riley & Scarborough LLP and underwriters' counsel Latham & Watkins LLP.
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April 01, 2025
US Loses Bid To Stay $380M PetroSaudi Award Seizure Suit
A California federal judge has denied the U.S. government's motion to pause its yearslong suit to seize part of a $380 million arbitral award to a PetroSaudi unit while somewhat related criminal proceedings in Switzerland play out.
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April 01, 2025
9th Circ. Judge Unsure Oppenheimer Liable For Broker Ponzi
A Ninth Circuit judge on Tuesday questioned if Oppenheimer & Co. Inc. was responsible for a Ponzi scheme orchestrated by one of its brokers as a side hustle, telling investors he was struggling to see how they were direct customers of the investment firm.
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April 01, 2025
House GOP Calls For Further Crackdown On SEC Proxy Rules
Republican lawmakers are calling on acting U.S. Securities and Exchange Commission Chair Mark Uyeda to put in place regulations that would eliminate the ability of shareholders to bring social and political issues to a vote, just weeks after the commission made it easier for publicly traded companies to exclude certain shareholder proposals.
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April 01, 2025
Conn. Banking Boss Orders Fintech Duo To Repay Investors
Connecticut's banking regulator has ordered two dissolved Greenwich-based companies to reimburse dozens of investors $843,000 for making them believe their money was earmarked for an investment algorithm patent, when instead company founders blew some of the cash at salons and department stores and on plastic surgery.
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April 01, 2025
Tenn. PBM Statute Conflicts With ERISA, Judge Says
Tennessee law requiring pharmacy benefits managers to accept "any willing pharmacies" into their network clashes with the Employee Retirement Income Security Act, a federal judge ruled, saying the state can't enforce its statute against McKee Foods Corp. or other plans governed by the federal benefits law.
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April 01, 2025
Loeb, Skadden Steer Siddhi Acquisition's Upsized $240M IPO
Siddhi Acquisition Corp., backed by food and technology-focused private investors, began trading Tuesday after raising an upsized $240 million initial public offering, represented by Loeb & Loeb LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
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April 01, 2025
Bitcoin Rival Appeals Grayscale's Win In $2M False Ads Suit
Cryptocurrency company Osprey Funds LLC is appealing a Connecticut state judge's ruling against it in its unfair trade practice suit accusing digital asset management firm Grayscale Investments LLC of misleading bitcoin investors about the security of their investments after the state court declined to reconsider its decision.
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April 01, 2025
Judge Tosses Hertz Investor's $126M Short-Swing Profits Suit
A New York federal judge has tossed, for good, a suit against the controlling shareholders of Hertz Global Holdings Inc. that claimed they realized at least $126 million in short-swing profits by selling their shares shortly before the car rental company's directors greenlighted a $2 billion stock repurchase program.
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April 01, 2025
FDA Cuts Prompt Biotech Players To Rethink Deal Strategies
Funding cuts at the U.S. Department of Health and Human Services are sending ripples of concern through the biotech industry, as attorneys advise companies to consider a wider breadth of strategic alternatives amid fears of regulatory delays.
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April 01, 2025
Paramount Investor Gets Partial Win In $8B Merger Doc Suit
A top Paramount Global stockholder who sued for books and records on the company's proposed $8 billion acquisition by Skydance Media won Delaware Court of Chancery admission of dozens of documents Tuesday, with a rare, closed ruling to follow on confidentiality claims for other still-held-back records.
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April 01, 2025
Ariz. Developer, Son Charged In $280M Sports Park Fraud
An Arizona developer and his son tricked bondholders into investing $280 million in a Phoenix-area youth sports park by falsely promising "100% occupancy prior to breaking ground" in part via the use of forged documents, federal prosecutors in Manhattan charged Tuesday.
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March 31, 2025
Trump Commutes Con Man Jason Galanis' Prison Sentence
President Donald Trump on Friday commuted the nearly 16-year sentence of fraudster Jason Galanis, who was convicted in a shareholder rip-off and a tribal bond swindle that cost investors $81 million.
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March 31, 2025
Alcoa Retirees, Unions Win Block On Health Benefits Cutoff
Aluminum producer Alcoa USA Corp. must provide lifetime healthcare benefits to a group of retirees who were represented by unions, an Indiana federal judge ruled, greenlighting an injunction that allows class members to retroactively seek payments for costs.
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March 31, 2025
Firm Says Ex-Fin. Adviser Can't Arbitrate Trade Secrets Claims
A Connecticut financial firm told a state court that an ex-adviser can't arbitrate claims that he swiped trade secrets and formed his own competing company, citing the "plain language" of his employment agreement.
Expert Analysis
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An Associate's Guide To Career Development In 2025
As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
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The Securities Litigation Trends That Will Matter Most In 2025
2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
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What To Watch For In The 2025 Benefits Landscape
While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.
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How White Collar Enforcement May Shift In Trump's 2nd Term
After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
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The Justices' Securities Rulings, Dismissals That Defined '24
The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
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10 Noteworthy CFPB Developments From 2024
In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.
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Series
Fixing Up Cars Makes Me A Better Lawyer
From problem-solving to patience and adaptability to organization, the skills developed working under the hood of a car directly translate to being a more effective lawyer, says Christopher Mdeway at Kaufman Dolowich.
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2024 Has Been A Momentous Year For ESG
Significant developments in the environmental, social and governance landscape this year include new legislation, evolving global frameworks, continued litigation and enforcement actions, and a U.S. Supreme Court decision that has already affected how lower courts have viewed some ESG challenges, say attorneys at Katten.
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Making The Pitch To Grow Your Company's Legal Team
In a compressed economy, convincing the C-suite to invest in additional legal talent can be a herculean task, but a convincing pitch — supported by metrics and cost analyses — may help in-house counsel justify the growth of their team, say Elizabeth Smith and Roger Garceau at Major Lindsey.
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The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025
U.S. federal bank regulators were very active in 2024 with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation, but many regulations face an uncertain future under the new administration, say attorneys at Latham.
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Opinion
Justices Rightly Corrected Course In Nvidia And Facebook
By dismissing both the Nvidia and Facebook class actions, over investors' ability to hold corporations accountable for fraud, the U.S. Supreme Court was right in refusing to favor corporations over transparency, and reaffirmed its commitment to corporate accountability, investor protection and the rule of law, says Laura Posner at Cohen Milstein.
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Gov't Scrutiny Of Workplace Chat Apps Set To Keep Growing
The incoming Trump administration and Republican majorities in Congress are poised to open numerous investigations that include increasing demands for entities to produce communications from workplace chat apps, so companies must evaluate their usage and retention policies, say attorneys at Orrick.
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Del. Dispatch: The 2024 Corporate Cases You Need To Know
The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.
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Top 10 Whistleblowing And Retaliation Events Of 2024
From a Florida federal court’s ruling that the False Claims Act’s qui tam provision is unconstitutional to a record-breaking number of whistleblower tips filed with the U.S. Commodity Futures Trading Commission, employers saw significant developments in the federal and state whistleblower landscapes this year, say attorneys at Proskauer.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.