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Asset Management
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May 10, 2024
Prudential Investor Attys Seek $9M Fees For Settlement
Attorneys representing investors in a settlement with Prudential Financial Inc. over claims that the insurer misrepresented certain trends affecting its life insurance reserves have asked a New Jersey federal judge to grant final approval of the deal and nearly $9 million in fees.
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May 10, 2024
What To Know About Biden's ACA Nondiscrimination Rule
Recently finalized regulations tackling what constitutes discrimination under the Affordable Care Act could have significant impacts on health plans that include greater liability for third-party plan administrators, attorneys say. Here are three things employers should know now that the final rule is on the books.
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May 10, 2024
Benefits Groups Urge High Court To Take Up AT&T 401(k) Suit
Several benefits groups urged the U.S. Supreme Court to hear AT&T's request to overturn a Ninth Circuit ruling that upended its win in retirement plan participants' class action accusing it of mismanaging their 401(k), saying allowing the decision to stand would redefine prohibited transactions.
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May 10, 2024
5th Circ. Upholds SEC Proxy Rule On ESG Disclosures
The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.
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May 10, 2024
Digital Platform Xtribe To Go Public Via $141M SPAC Merger
Technology-driven marketplace company Xtribe PLC, advised by Cozen O'Connor PC, has announced plans to go public via a merger with Haynes and Boone LLP-led special-purpose acquisition company WinVest Acquisition Corp. in a deal that values Xtribe at an implied equity value of $141 million.
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May 10, 2024
Printing Co. To Pay $1.2M To End 401(k) Fee Suit
A class of retirement plan participants asked an Illinois federal judge to grant final approval to a nearly $1.2 million settlement they reached to end their suit accusing a printing company of allowing its $1.3 billion plan to shoulder excessive record-keeping fees.
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May 09, 2024
Hedge Fund Manager Says Partner Cut Him Out Of Company
A hedge fund manager accused his business partner in Texas state court of wrongfully cutting him out of a Dallas-based wealth management company, saying the partner tried to strong-arm him into transferring his ownership interest.
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May 09, 2024
Davis Polk, Simpson Thacher Drive EV Maker's $441M IPO
Chinese electrical vehicle maker Zeekr on Thursday priced an upsized $441 million initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Simpson Thacher & Bartlett LLP, marking the largest U.S. IPO by a China-based company since 2021.
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May 09, 2024
SEC Sues 3 Penny Stock Firms Over Failure To Register
The U.S. Securities and Exchange Commission has filed suit against a Long Island man and his three companies, accusing them of violating registration provisions of federal securities law in connection with a $75 million penny stock scheme.
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May 09, 2024
Attys Want $102M In Fees In Stock Loan Antitrust Deal
Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.
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May 09, 2024
9th Circ. Revives Northrop Retirees' Putative Class Action
The Ninth Circuit on Thursday once again resurrected a proposed class action accusing Northrop Grumman of misinforming retirees about their pension benefits, ruling that the retirees have plausibly alleged that they received inaccurate benefit statements.
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May 09, 2024
Chinese Tycoon In $500M Debt To Investors To Be Released
A Chinese cinema magnate who owes his investors more than $500 million will no longer be detained on immigration and campaign donor fraud charges, a New York federal court ruled Thursday.
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May 09, 2024
Skadden-Led Firm Nets $250M In May's Second SPAC Listing
GP-Act III Acquisition Corp., a Skadden-led special-purpose acquisition company backed by multiple private investment firms, began trading on Thursday after completing a $250 million initial public offering, marking the second SPAC listing this month in an otherwise battered market.
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May 09, 2024
Rail Co. Accused Of Retaliation Over FMLA Use
CSX Transportation Inc. has been hit with a Florida federal lawsuit brought by its workers, who allege in their proposed class action that the rail company discouraged them from lawfully using the Family and Medical Leave Act, including by punishing them for taking advantage of the law.
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May 09, 2024
Masimo Makes Offer To End Activist Politan's Proxy Contest
Medical technology company Masimo Corp. revealed Thursday that it is willing to appoint one of the director nominees put forth by activist investment firm Politan Capital Management LP in exchange for the company dropping its proxy fight, though Politan signaled distaste with the proposed deal.
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May 09, 2024
TPG Lands Nearly $8B Across 3 Asia-Focused Funds
Private equity giant TPG, advised by Cleary Gottlieb Steen & Hamilton LLP and Fried Frank Harris Shriver & Jacobson LLP, has closed three Asia-focused funds after securing a combined total of nearly $8 billion from investors.
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May 09, 2024
FICO Blasts Discovery 'Sideshows' In VantageScore Suit
An Illinois federal judge handling antitrust claims targeting the credit-scoring market should disregard the "sideshows" customers lodged by requesting confidential settlement records and other documents that are too far removed from the case's core issues, Fair Isaac Corp. argued on Wednesday.
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May 09, 2024
Okla. Law Curbing Anti-Oil Pension Fund Investments Blocked
Oklahoma can't enforce a law prohibiting the state pension system from investing in companies that limit oil and gas industry assets, a state judge ruled, finding the retiree leading the suit is likely to succeed on arguments that the statute is vague and violates the state constitution.
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May 09, 2024
Designer, Hotelier Sued For Allegedly Duping EB-5 Investors
Chinese investors in a luxury California hotel for green cards lodged a potential class action Thursday against a prominent interior designer and her hotelier husband for allegedly duping backers into believing Marriott would manage the hotel.
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May 09, 2024
Bain Capital Plugs $250M Into Professional Services Firm
Technology-enabled professional services company Sikich LLC on Thursday announced that it has secured a $250 million minority growth investment from private equity giant Bain Capital in a transaction built by four firms.
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May 09, 2024
Brightstar Capital Scores Slot Machine Supplier In $1.1B Deal
Gaming supplier PlayAGS Inc., guided by Cooley LLP, on Thursday announced that it has agreed to be acquired by Kirkland & Ellis LLP-advised Brightstar Capital Partners in a $1.1 billion take-private transaction.
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May 09, 2024
Concord Won't Increase 'Final' $1.5B Bid For Rival Hipgnosis
Concord Chorus Ltd. said Thursday that it has ruled out raising its "final" all-cash offer of $1.25 per share for rival music rights company Hipgnosis Songs, which leaves only an improved bid by private equity firm Blackstone in the running to buy it.
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May 08, 2024
Mayer Brown, Latham Steer Proficient Auto's $215M IPO
Proficient Auto Logistics Inc. on Wednesday priced a $215 million initial public offering within its range, represented by Mayer Brown LLP and underwriters' counsel Latham & Watkins LLP, in an IPO that will help the specialized freight company combine five logistics businesses into one publicly traded entity.
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May 08, 2024
Hawaii Utility Seeks Exit From Shareholder Suit Over Maui Fire
Hawaiian Electric Industries Inc. has asked a California federal judge to toss an investor suit over a downturn in the company's stock price after a deadly fire broke out on Maui, saying it did not mislead investors about efforts to mitigate fire risk or completely outrule the risk of fire.
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May 08, 2024
DLA Piper, Cooley Lead Software Firm Silvaco's $114M IPO
Electronic design automation software company Silvaco Group Inc. on Wednesday priced an $114 million initial public offering at the top of its range, represented by DLA Piper and underwriters' counsel Cooley LLP.
Expert Analysis
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Series
Whitewater Kayaking Makes Me A Better Lawyer
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.
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This Earth Day, Consider How Your Firm Can Go Greener
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.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
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.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
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.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
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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Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
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Management Incentives May Be Revisited After PE Investment
As the economic climate shifts, key parties in private equity investment transactions may become misaligned, and management incentive plans could become ineffective — so attentive boards may wish to caucus with management to evaluate continued alignment, say Austin Lilling and Nida Javaid at Morgan Lewis.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.
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How Banks Should Respond To Calif. AG's Overdraft Warning
Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.
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Climate Disclosure Mandates Demand A Big-Picture Approach
As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.
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Series
Playing Hockey Makes Me A Better Lawyer
Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.