Asset Management

  • July 23, 2024

    Lawmakers Agree On Flexibility To Monitor AI In Finance

    Lawmakers on the House Financial Services Committee agreed Tuesday that the stakes are high when it comes to regulating the use of generative artificial intelligence in financial and housing services, and appeared to agree with industry representatives that any regulation should prioritize flexibility to keep up with the fast-developing technology.

  • July 23, 2024

    Coinbase Renews Plea For Gensler's Private Emails

    Coinbase Inc. asked once again Tuesday to access the private communications of U.S. Securities and Exchange Commission Chair Gary Gensler as it fights allegations that it permitted the illegal trading of unregistered securities on its crypto platform.

  • July 23, 2024

    Cornell Tells High Court Not To Touch Workers' ERISA Suit

    Cornell University urged the U.S. Supreme Court not to take up a class action accusing it of mismanaging its employees' retirement savings, saying it shouldn't disturb a Second Circuit ruling that found the workers leading the suit failed to show that Cornell's payments to its service providers involved self-dealing.

  • July 23, 2024

    Labor Dept. ESG Rule May Survive Chevron's Demise

    The Fifth Circuit recently overturned a ruling that relied on the now-defunct doctrine of Chevron deference to uphold a U.S. Department of Labor rule covering socially conscious retirement plan investing, but some experts believe the rule has a good chance at surviving — even with the precedent off the books.

  • July 23, 2024

    Indonesian National Admits To $23M Ponzi Scheme

    An Indonesian national pled guilty in New York federal court on Tuesday to conspiring to defraud a group of investors out of $23 million through a Ponzi scheme, ultimately spending the money on luxury goods and real estate.

  • July 23, 2024

    Reinsurance Biz Secures $1.3B In Latest Capital Raise

    Annuity reinsurer Martello Re Ltd., advised by Kirkland & Ellis LLP and Clifford Chance LLP, on Tuesday announced that it successfully completed a $1.3 billion capital raise, including $935 million of equity commitments and an upsized current credit facility by $360 million.

  • July 23, 2024

    Arbitrator On Pain Meds Didn't End Dispute, Ga. Panel Says

    The Georgia Court of Appeals vacated an arbitration award in an inheritance dispute between siblings after finding the award failed to resolve a "significant dispute" related to the alleged withdrawal and misuse of escrow funds.

  • July 23, 2024

    4 Firms Guide SPAC Mergers Targeting AI, Cannabis Sectors

    An AI-powered startup that vows to combat "disinformation" and a medical cannabis developer have agreed to go public by merging with special purpose acquisition companies through separate deals unveiled this week, guided by four law firms and a law office.

  • July 23, 2024

    Rising Star: Davis Polk's Sijia Cai

    Sijia Cai led the Davis Polk & Wardwell LLP team that advised investment firm Rubicon Founders LLC on its roughly $1.2 billion second flagship private equity fund and was on the team that advised on a $2.5 billion Morgan Stanley secondaries fund, earning her a spot among the fund formation practitioners under age 40 honored by Law360 as Rising Stars.

  • July 22, 2024

    Plantronics Investors Ink $29.5M 'Channel Stuffing' Sales Deal

    Plantronics investors have asked a California federal judge to greenlight a $29.5 million settlement resolving their claims the company used unsustainable "channel stuffing" sales practices to deceptively boost revenues, which led to a drop in stock price when the tactic failed and was revealed to investors.

  • July 22, 2024

    Wells Fargo Flouted Director's Dignity, Jury Told In ADA Trial

    Wells Fargo chose to lay off a longtime managing director to avoid dealing with his request to continue working from home to cope with his bladder and colon condition as the bank readied for a return to office after the pandemic, a federal jury in Charlotte heard Monday.

  • July 22, 2024

    Uber, Investors Ink $200M Deal To End 'Train Wreck' IPO Suit

    Uber Technologies Inc. has agreed to pay $200 million to exit a class action accusing it of failing to inform investors about significant business risks tied to stalling growth and potential legal issues ahead of its $8.1 billion initial public offering in 2019.

  • July 22, 2024

    Goodwin Guides Bregal Sagemount's $500M Fund Close

    Growth-focused private equity shop Bregal Sagemount, advised by Goodwin Procter LLP, on Monday announced that it clinched its inaugural fund after raising $500 million of capital commitments.

  • July 22, 2024

    Boston Fund Can't Duck SEC's Unregistered Dealer Case

    A Massachusetts federal judge on Monday kept alive U.S. Securities and Exchange Commission allegations that Boston investment firm Auctus Fund violated securities laws by failing to register as a broker-dealer when harvesting deeply discounted shares of cash-strapped public companies through debt agreements.

  • July 22, 2024

    Catching Up With Delaware's Chancery Court

    A $6 million bank fee, a $42.5 million shopping mall deal, some questionable Amazon deliveries and long-ago expired ketchup: it was all part of the comings and goings in Delaware's Court of Chancery last week. New cases involved mining and cybersecurity companies, board takeovers, "weaponized" director election provisions, and legal fees following a $3.1 billion telecom merger. In case you missed it, here's the latest from the Chancery Court.

  • July 22, 2024

    AI-Focused Velocium To Go Public Via $445M SPAC Merger

    AI-focused technology provider Velocium Inc. has agreed to go public by merging with special purpose acquisition company Maquia Capital Acquisition Corp. in a deal that values Velocium at $445 million, both parties announced.

  • July 22, 2024

    Litigation Funder Sues Wyoming Co. With Same Name

    Litigation funding company Parabellum Capital LLC has filed a trademark lawsuit in Colorado federal court against a Wyoming company called Parabellum Capital Inc., but the Wyoming company appears to be backing down.

  • July 22, 2024

    Fried Frank, Skadden Steer $2B Sale Of Dover's ESG Biz

    Manufacturing conglomerate Dover Corp., advised by Skadden Arps Slate Meagher & Flom LLP, on Monday announced plans to sell its Environmental Solutions Group business to Fried Frank Harris Shriver & Jacobson-led manufacturing company Terex Corp. for $2 billion in cash.

  • July 22, 2024

    Rising Star: Goodwin's Lynette Elam

    Lynette Elam of Goodwin Procter LLP guided the $16.5 billion fundraise for private equity firm TA Associates on its TA XV fund, which the firm has identified as one of 2023's biggest private equity funds, in the latest chapter of her work with the longtime client. This accomplishment and others have arned her a place among the fund formation attorneys honored by Law360 as Rising Stars.

  • July 22, 2024

    SEC Launches Multiagency Fraud Council

    The U.S. Securities and Exchange Commission has announced that it is creating the Interagency Securities Council, which will bring together federal, state and local regulatory and law enforcement professionals quarterly to discuss the latest in "scams, trends, frauds, and mitigation strategies."

  • July 19, 2024

    Class Seeks $1.5B Settlement In Payday Loan Dispute

    A class of borrowers has urged a Virginia federal court to approve what would be the largest settlement ever obtained in a challenge to participants in the tribal lending industry, arguing that the agreement would give significant relief to hundreds of thousands in the form of debt cancellations and cash payments.

  • July 19, 2024

    Heartland Investor Looks To Block $2B UMB Bank Takeover

    A Heartland Financial USA investor sued the lender and several members of its top brass, along with UMB Financial Corp., in Colorado state court seeking to block UMB's $2 billion acquisition of Heartland, arguing that the deal undervalues Heartland by roughly $1.5 billion.

  • July 19, 2024

    SEC Sues Brokers Linked To Alleged $112M Truck Co. Fraud

    The U.S. Securities and Exchange Commission sued two Florida men connected to a Ponzi-like scheme involving a trucking and logistics business, saying the pair illegally sold most of the $112 million worth of unregistered company securities to victims in a fraud targeting the Haitian-American community.

  • July 19, 2024

    Investors Want Merrill, UBS Back In $364M Libor-Rigging Suit

    Investors who were allegedly harmed by the manipulation of a widely used interbank lending interest rate have appealed a final judgment that ended claims against major banks and financial services companies in protracted litigation that has garnered settlements totaling $364.5 million.

  • July 19, 2024

    3 Atty Takeaways On How AI Affects Employee Benefits

    Artificial intelligence technology has the potential to improve employee benefits administration and could even help employers and retirement savers avoid underperforming 401(k) investments, attorneys say. Here are three takeaways on how AI is affecting employee benefits administration and litigation.

Expert Analysis

  • Navigating The Sunset Of Sibor And Other Key Benchmarks

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    Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.

  • Stay Ruling Challenges Sovereign Debt Dynamics

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    The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • The FINRA Reports That May Foreshadow New AI Rules

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    By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • Following Banking Regulators' Breadcrumbs To 2024 Priorities

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    Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • A Guide To New Russia Sanctions For Foreign Financial Cos.

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    Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

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