Asset Management

  • March 21, 2024

    Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud

    The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.

  • March 21, 2024

    Cigna Slams Suit's Claims Of Algorithm-Led Coverage Denials

    Insurance giant Cigna Group wants a Connecticut federal court to toss a proposed class action alleging that an algorithm unlawfully rejected hundreds of thousands of claims en masse and without a proper review, arguing the suit is based on a "misleading" news article and shows a misunderstanding of the health insurer's claim denial process.

  • March 21, 2024

    Healthcare Co. Beats Suit Over TDF Funds' Performance

    A California federal judge granted a win to a healthcare company and its investment adviser in a class action challenging what former workers claim are shoddy target-date-funds included in the company's 401(k) plan, saying the funds at issue performed better than comparable investments.

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Directors Of Public Cos. Back Trian CEO Amid Disney Proxy Fight

    Thirteen current and former public company directors, all of whom have worked with Trian Fund Management and CEO Nelson Peltz, sent a letter to The Walt Disney Company's board of directors Thursday highlighting why they believe Peltz would make a good addition to the board amid a heated proxy battle.

  • March 21, 2024

    DOL Urges 5th Circ. To Back Biden Admin. ESG Investing Rule

    The U.S. Department of Labor urged the Fifth Circuit on Thursday to uphold a rule allowing retirement advisers to consider social issues such as climate change when choosing investments, arguing that conservative states challenging the rule haven't shown it defies federal benefits law.

  • March 21, 2024

    Barings' Exec Helped Raid Employees To Join Rival, Suit Says

    A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.

  • March 21, 2024

    CFPB Head Sees Flaws In Capital One-Discover Deal Rationale

    The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.

  • March 21, 2024

    8th Circ. Wins SEC Climate Rule Litigation Lottery

    The wave of cases against the U.S. Securities and Exchange Commission's recently finalized climate disclosure rules will be consolidated and proceed in the Eighth Circuit, the U.S. Judicial Panel on Multidistrict Litigation ordered Thursday, after the agency requested a random draw.

  • March 21, 2024

    Deals Rumor Mill: Apollo-Paramount, Britannica IPO, KKR

    Buyout firm Apollo is offering $11 billion to buy Paramount's film studio, Encyclopaedia Britannica is gearing up for an IPO that could value the publisher at $1 billion, and KKR is mulling a sale of learning chain EuroKids International. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • March 21, 2024

    Goldman Sachs Secures $700M For Co-Investment Fund

    Goldman Sachs Asset Management revealed Thursday it recently raised $700 million for its co-investment strategy fund, which works with hedge funds and other money managers and has already deployed 40% of its capital.

  • March 21, 2024

    Salesforce Can't Ax Vast Class Suit Over 401(k) Management

    Salesforce must face a class action comprising up to 50,000 employees alleging the company allowed its 401(k) plan to be filled with expensive and poorly performing investment options, a California federal judge ruled, finding the workers provided enough evidence to proceed to trial.

  • March 21, 2024

    Activist Investor Rips 'Misguided' Strategy Of WisdomTree

    Activist investor ETFS Capital on Thursday urged shareholders of WisdomTree to withhold their votes from the asset management firm's board members at an upcoming shareholder meeting due to the company's "failed diversification strategy" and refusal to initiate a strategic review process.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 21, 2024

    FDIC To Target Deals Creating Cos. With $100B-Plus In Assets

    The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."

  • March 21, 2024

    ECJ Adviser Rejects Taxing Foreign Pension Funds Differently

    Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.

  • March 20, 2024

    Receiver Allowed To Have 'Evil Zombie' Standing In Fraud Suit

    The Eleventh Circuit revived a receiver's Florida lawsuit seeking to recover $22 million allegedly lost in a Ponzi scheme, saying he has standing to bring fraudulent transfer claims by several companies used in the fraud because they're no longer the "evil zombies" controlled by the perpetrators.

  • March 20, 2024

    Insider Trading Charges Kept Intact In Trump Media Co. Suit

    A New York federal judge on Wednesday refused to toss charges against a Florida venture capitalist over allegedly illegally profiting from a secret plan to take Donald Trump's Truth Social company public, finding court precedent for the criminalization of insider trading under securities fraud law.

  • March 20, 2024

    Latham, Davis Polk Guide Reddit's Long-Awaited $748M IPO

    Reddit Inc. on Wednesday priced a $748 million initial public offering at the high end of its intended priced range, represented by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP, completing the first social-media IPO in five years. 

  • March 20, 2024

    Trump SPAC Sues To Force Vote In Favor Of Deal

    The special purpose acquisition company hoping to take Trump Media & Technology Group public sued its largest founding investor in New York state court to force a vote in favor of the deal, the latest legal turmoil to sprout from the SPAC's spat with its former chief executive.

  • March 20, 2024

    UK Pension Fraud Fund To Pay Out £416M To Victims By 2026

    The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.

  • March 20, 2024

    SEC Proxy Roundup: Verizon, UPS Escape ESG Proposals

    Verizon and UPS may exclude from their proxy statements shareholder proposals on social policy and climate change matters, according to U.S. Securities and Exchange Commission staff, who also denied various other requests from corporations looking to escape separate social and politics-related proposals.

  • March 20, 2024

    RI Ex-Broker Gets 8 Years In Ponzi Scheme

     A Rhode Island man was sentenced to eight years in prison for running a decade-long Ponzi scheme to defraud investors and to evade his taxes.

  • March 20, 2024

    Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career

    A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

Expert Analysis

  • Finding Focus: Strategies For Attorneys With ADHD

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    Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.

  • A Look At DOJ's New Nationwide Investment Fraud Approach

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    Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.

  • Decoding The Digital Asset Landscape In Bankruptcy

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    Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.

  • AI Use May Trigger False Claims Act's Public Disclosure Bar

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    The likely use of publicly available artificial intelligence tools to detect government fraud by combing through large data sets will raise complex questions about a False Claims Act provision that prohibits the filing of claims based on previously disclosed information, say Nick Peterson and Spencer Brooks at Wiley Rein.

  • Keeping Tabs On Fight Over Board Diversity Rule At 5th Circ.

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    Attorneys at Mintz dissect why the Fifth Circuit rejected a constitutional challenge to Nasdaq’s new requirement that listed companies disclose board diversity data, assess how a petition calling the decision pro-discrimination may fare, and discuss where companies that have yet to meet the exchange's diversity goals go next.

  • Why SEC Is Worried AI Could Lead To Recession, Racial Bias

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    U.S. Securities Exchange Commission Chair Gary Gensler recently indicated he believes the agency should have a seat at the artificial intelligence regulatory table, which he said, if left unchecked, could lead to systemic racial bias, IP issues and even a recession, says Nancy Wojtas at Cooley.

  • How Shareholder Activists Are Targeting Insurers

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    As shareholder activists take a closer look at the insurance industry, they are pushing insurers to take value-enhancing and climate-related measures — but insurers can prepare by anticipating activist concerns, maintaining robust shareholder engagement, and considering changes in response to the universal proxy rules, say attorneys at Debevoise.

  • New CFTC Enforcement Policy May Finally Deter Recidivists

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    The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.

  • 5th Circ. Ruling May Beget Fraud Jury Instruction Appeals

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    The Fifth Circuit’s recent U.S. v. Greenlaw decision, disapproving disjunctive fraudulent-intent jury instructions, will likely spawn appeals in mail, wire and securities fraud cases, but defendants must show that their deception furthered ends other than taking the victim's property, says Charles Fowler at McKool Smith.

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Calif. Climate Disclosure Laws: Next Steps For Companies

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    A trio of new climate disclosure laws in California will impose far-reaching corporate reporting requirements — so companies doing business in the state must immediately begin working to substantiate their climate claims and update marketing materials, and consider getting involved in rulemaking that will shape the legislation's impact, say attorneys at Alston & Bird.

  • Key Points From NY Regulators' Crypto Listing Update

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    Virtual currency entities should review the New York State Department of Financial Services' recently proposed guidance for self-certification of coins, which features heightened listing standards and a new delisting framework, and evaluate its impact on their existing practices and coin-listing procedures, say attorneys at WilmerHale.

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Why Public Cos. Should Also Comply With SEC's Names Rule

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    While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.

  • Series

    ESG Around The World: The UK

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    Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.

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