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Asset Management
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May 30, 2025
RCP Advisors Nets $314M For Latest Private Equity Fund
RCP Advisors, a subsidiary of private markets solutions provider P10 Inc., on Friday announced it had closed on its latest primary fund-of-funds after securing $314 million of capital from investors.
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May 30, 2025
Taxation With Representation: Kirkland, Cravath, Latham
In this week's Taxation With Representation, WiseTech completes a $2.1 billion merger with E2open, Acrisure buys a payroll management company for $1.1 billion and Hailey Bieber sells her Rhode skincare and makeup company to e.l.f. beauty for $1 billion.
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May 29, 2025
Judge Trims Most, But Not All, Of Grifols Suit Over Share Price
A New York federal judge Thursday tossed several defamation claims made by Spanish healthcare company Grifols SA against short seller Gotham City Research, finding that the claims are opinions and therefore inactionable, while keeping alive a claim tied to statements in the report that Grifols failed to disclose a $95 million loan, finding it was a factual statement.
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May 29, 2025
Investment Firm Says It Was Duped Into $349M Dental Deal
Investment firm TSG8 SDB Group Holdings LP has filed suit in Delaware Superior Court claiming a Texas-based holding company tricked it into pouring $349 million into a specialty dental practices platform based on fake financials and phony growth claims, and hid the business's problems just long enough to cash out.
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May 29, 2025
PCAOB Taps New Acting General Counsel
The Public Company Accounting Oversight Board on Thursday announced that Connor Raso has been appointed acting general counsel, following stints in the PCAOB's office of the general counsel and at the U.S. Securities and Exchange Commission.
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May 29, 2025
Atty Urges 2nd Circ. To Resurrect Name Feud With Ex-Firm
A lawyer has asked the Second Circuit to revive claims against his former firm, which he alleges used his name and likeness after he was fired, saying a judge's dismissal of those claims ignored the harm he personally suffered and the requirements of the Lanham Act.
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May 29, 2025
7th Circ. Probes Hartford's Denial Of Benefits To Ex-PwC Exec
A Seventh Circuit panel weighing Thursday whether to restore long-term disability benefits to an ex- PricewaterhouseCoopers LLP executive with fibromyalgia asked her attorney and counsel for the insurer that denied benefits if the lower court should have considered prior claim history and a consultant's report finding her condition precluded "meaningful employment."
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May 29, 2025
$45M Settlement, $9.65M Fee OK'd In Del. Cornerstone Suit
Stockholders who challenged Clayton Dubilier & Rice LLC's $5.8 billion take-private deal for Cornerstone Building Brands in 2022 secured a $45 million settlement Thursday, in a case that once saw a Delaware vice chancellor blast as "farcical" the two companies' early, alleged attempts to camouflage price negotiations to get around a standstill agreement.
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May 29, 2025
'Dr. Cash' Gets 3 Years For Bilking Elderly Fund Investors
A recidivist fraudster nicknamed "Dr. Cash" was sentenced in Manhattan federal court Thursday to three years in prison, after he admitted to defrauding clients who poured $4.8 million into his purported "Chairman's Fund."
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May 29, 2025
Lindberg Can't Skirt $122M Contempt Order, NC Panel Told
Insurance companies that convicted billionaire Greg Lindberg allegedly bled dry told the North Carolina Court of Appeals not to let him duck a $122 million contempt order, saying he didn't even show up for the hearing and has done nothing since to purge his contempt.
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May 29, 2025
High Court Pauses 5th Circ.'s Highland Ch. 11 Liability Ruling
The U.S. Supreme Court on Thursday allowed bankrupt hedge fund Highland Capital to continue shielding certain key parties in its Chapter 11 case from liability while the debtor appeals a Fifth Circuit decision striking down those protections.
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May 29, 2025
Digital Health Startup Omada Launches Plans For $150M IPO
San Francisco-based virtual healthcare provider Omada Health on Thursday filed plans with U.S. regulators for a $150 million initial public offering, the proceeds of which will be used for general corporate purposes.
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May 29, 2025
Foley & Lardner-Led Five Elms Lands $1.1B For 6th Fund
Five Elms Capital, advised by Foley & Lardner LLP, has clinched its sixth fund after securing $1.1 billion in committed capital, marking the largest fundraise in the software-focused growth equity firm's history.
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May 29, 2025
Clifford Chance Hires Investment Funds Partner From Kirkland
Clifford Chance LLP announced Tuesday the hiring of a partner at Kirkland & Ellis LLP for its funds and investment management practice in the U.S., a month after Kirkland picked up an investment funds partner from Clifford Chance.
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May 29, 2025
Japan's NTT Docomo Launches Offer Valuing Bank At $5.1B
NTT Docomo, the mobile unit of Japanese telecom giant Nippon Telegraph & Telephone, on Thursday announced a tender offer to acquire shares of SBI Sumishin Net Bank Ltd., valuing the online bank at approximately 739 billion yen ($5.1 billion).
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May 29, 2025
Fla. Panel Affirms Atty Conflict DQ In Construction Dispute
In a one-word opinion, Florida's Third District Court of Appeal affirmed a trial court's decision to disqualify a plaintiff's attorney in a long-running construction ownership dispute after finding he briefly represented the defendant's surety company in a related matter.
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May 29, 2025
Ex-Goldman Partner, Star Witness In 1MDB Trial, Gets 2 Years
Former Goldman Sachs partner and star 1MDB prosecution witness Tim Leissner was sentenced Thursday to two years in prison for his role in a global conspiracy to siphon more than $2.7 billion for bribes and kickbacks from the Malaysian sovereign wealth fund in order to facilitate Goldman-backed bond deals.
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May 29, 2025
Shein Eyes HK Listing After London Snag, Plus More Rumors
Fast-fashion retailer Shein intends to list in Hong Kong after its plans to go public in London fell apart, messaging app Telegram is set to raised $1.7 billion through an upsized bond offering, while Elon Musk's Neuralink Corp. raised $600 million in a deal that values the brain-implant startup at $9 billion.
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May 29, 2025
Senate Committee Sets June Hearing For Trump's EBSA Pick
The Senate's Health, Education, Labor and Pensions Committee will hold a hearing in early June on President Donald Trump's nominee to lead the U.S. Department of Labor's Employee Benefits Security Administration, according to a news release Thursday.
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May 28, 2025
Brookfield Wins Bid To Vacate Lima's Document Application
A New York federal judge has nixed discovery orders against global investment manager Brookfield sought by the Peruvian city of Lima as the city fights arbitral awards worth about $200 million based on alleged corruption, ruling the city can't prove it is an aggrieved party.
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May 28, 2025
FBI Misled Court In Russia Sanctions Probe, Judge Rules
Federal prosecutors cannot use certain evidence to prove charges that a Russian bank executive dodged sanctions because an FBI agent "recklessly omitted material facts" from the related warrant application, a New York federal judge ruled.
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May 28, 2025
Highland Wants High Court To Preserve Ch. 11 Liability Shield
Defunct hedge fund Highland Capital Management has asked the U.S. Supreme Court to keep its Chapter 11 plan in place while it appeals a reversal from the U.S. Court of Appeals for the Fifth Circuit, saying it needs to keep its fiduciaries protected lest its former CEO mire them in litigation.
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May 28, 2025
1st Circ. Revives Hedge Fund Priest's SEC Fee Bid
A Greek Orthodox priest and hedge fund founder who partially defeated an SEC suit at trial will have his request the agency pay his attorney fees reconsidered following a First Circuit ruling that a lower court should consider the gap between the SEC's requested relief and the relief it obtained.
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May 28, 2025
Sens. Urge Treasury To Rescind Ownership Reporting Rule
A bipartisan duo from the Senate Finance Committee has urged Treasury Secretary Scott Bessent to fully implement the Corporate Transparency Act, criticizing an interim final rule that exempts domestic businesses from contested reporting regulations.
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May 28, 2025
DOL Tells 5th Circ. It Will Craft New ESG Rule For 401(k) Plans
The U.S. Department of Labor told the Fifth Circuit on Wednesday that it will launch new rulemaking and move "as expeditiously as possible" to replace Biden administration regulations on whether fiduciaries can consider issues like climate change and social justice when choosing retirement plan investments.
Expert Analysis
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Buyer Beware Of Restrictive Covenants In Delaware
Based on recent Delaware Chancery Court opinions rejecting restricted covenants contained in agreements in the sale-of-business context, businesses need to craft narrowly tailored restrictions that have legitimate interests, say attorneys at Saul Ewing.
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Series
Brazilian Jiujitsu Makes Me A Better Lawyer
Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.
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Challenges For Fiduciaries Adding Crypto To 401(k) Plans
As cryptocurrencies gain popularity and their restrictions loosen, investors may become interested in adding crypto options to their retirement plans, but fiduciaries should consider how to balance the increased demand and their obligations under the Employee Retirement Income Security Act, say attorneys at Jenner & Block.
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Opportunities And Challenges For The Texas Stock Exchange
While the new Texas Stock Exchange could be an interesting alternative to the NYSE and the Nasdaq due to the state’s robust economy and the TXSE’s high-profile leadership and publicity opportunities for listings, its success as a national securities exchange may hinge on resolving questions about its regulatory and cost advantages, say attorneys at Norton Rose.
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Review Risk Is Increasing For Foreign Real Estate Developers
Federal and state government efforts have been expanding oversight of foreign investment in U.S. real estate, necessitating careful assessment of risk and of the benefits of notifying the Committee on Foreign Investment in the United States, say attorneys at Troutman.
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Energy Order Brings Risks For Lenders And Borrowers Alike
A recent executive order directing the attorney general to submit a report next month with recommendations for halting enforcement of state laws the administration says are hampering energy resources presents risks for lenders and borrowers using state-generated carbon credits, but proactive steps now can help insulate against adverse consequences, say attorneys at Faegre Drinker.
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Series
Power To The Paralegals: An Untapped Source For Biz Roles
Law firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
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Series
Playing Poker Makes Me A Better Lawyer
Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyLaw.
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Does R-Squared Have A Role In Event Study Analysis?
With 2024 marking the second consecutive year to experience an increase in securities class action filings, determining the reliability of event study models is of utmost importance, but it's time to reconsider the traditional method of doing so, say analysts at StoneTurn Group.
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Opinion
Why It's Time To Retire The Efficient Market Hypothesis
As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Law, and attorney Gary Brenner.
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As Tariffs Hit The Radar, PE Counsel Should Review Strategies
As tariffs compound existing challenges in the private equity sector, counsel should consider existing headwinds such as interest rates and industry-specific impacts like supply chains and pricing power, which may help mitigate risks and capture opportunity, says Nathan Viehl at Thompson Coburn.
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Series
Law School's Missed Lessons: Becoming A Firmwide MVP
Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.
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What We Lost After SEC Eliminated Regional Director Role
Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.
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$38M Law Firm Settlement Highlights 'Unworthy Client' Perils
A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.
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Series
Teaching Business Law Makes Me A Better Lawyer
Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.