Asset Management

  • September 05, 2024

    Chancery Presses Pause On $450M Bolt Financial Financing

    Affiliates of multinational investors Hedosophia and BlackRock have won a Delaware Court of Chancery pause of a purported Bolt Financial Inc. $450 million equity financing that would eliminate and replace all the company's preferred stock while returning founder Ryan Breslow to his CEO seat.

  • September 05, 2024

    Casino Queen Strikes Deal In Workers' ESOP Suit

    Casino Queen's parent company agreed to settle a proposed class action by workers claiming it cost them tens of millions when their employee stock ownership plan bought $170 million of the company's stock in an overinflated deal, according to an Illinois federal court filing Thursday.

  • September 04, 2024

    SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal

    The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.

  • September 04, 2024

    UBS Financial Gets Wrapped Up In Cash Sweep Class Action

    UBS Financial Services has been hit with a proposed class action suit alleging it prioritized its own financial interests and those of its affiliated banks over customers by using its cash sweep program to direct customers' uninvested cash balances into accounts that disproportionately benefited the investment bank.

  • September 04, 2024

    PE Advisers Flouted Registration Requirements, SEC Says

    A pair of Florida-based private equity advisers and their CEO have agreed to settle U.S. Securities and Exchange Commission allegations that they broke federal securities laws by improperly declaring themselves exempt from registering as advisers to private funds, according to the agency.

  • September 04, 2024

    SEC Fines NJ Financial Cos. For Whistleblowing Violations

    New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.

  • September 04, 2024

    Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt

    A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.

  • September 04, 2024

    Produce Co. With Bankrupt Parent Settles $1M Payment Suit

    A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.

  • September 04, 2024

    Apollo Defends $570M Controller Deal In Chancery Suit

    An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.

  • September 04, 2024

    Solana Labs Denied Arbitration In Token Crypto Fraud Suit

    A California federal judge has denied a motion to compel arbitration in a suit alleging Solana Labs Inc. and its key investors promoted and sold Solana cryptocurrency tokens as unregistered securities, saying that Solana failed to prove that the lead plaintiff agreed to the terms of service that included an arbitration clause, among other things.

  • September 04, 2024

    SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees

    The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.

  • September 04, 2024

    Brazilian Oil Bribery Case Jury Warned Of 'Liar' Witness

    Attorneys for a Connecticut trader accused of bribing Brazilian oil officials urged a jury on Wednesday not to trust an alleged co-conspirator scheduled to testify for the government, calling that man a "skilled and adept liar" who would "substantially assist" prosecutors in possible return for a favorable family immigration decision.

  • September 04, 2024

    J&J Hit With $1B Damages In Del. Merger Milestone Fight

    Johnson & Johnson owes more than $1 billion to a medical robotics developer and entrepreneur caught up in a multibillion-dollar post-acquisition dispute, a Delaware vice chancellor ruled Wednesday.

  • September 03, 2024

    8th Circ. Again Scraps Class Cert. For TD Ameritrade Clients

    The Eighth Circuit reversed Tuesday a lower court's ruling certifying a class of TD Ameritrade clients for the second time in a lawsuit alleging the stockbroker routed orders to trading venues that didn't always provide the best execution, rejecting the named plaintiff's new class-wide damages theory based on commissions.

  • September 03, 2024

    Feds Abandon $12M Somali Fraud Case Against Atty

    The U.S. government has dropped its Maryland federal court case against a lawyer who was set for trial this year on charges of misappropriating over $12 million in Somali state assets, citing "pre-trial evidentiary rulings."

  • September 03, 2024

    2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit

    The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.

  • September 03, 2024

    Alphabet Beats Investor Suit Over Antitrust Issues, For Now

    A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.

  • September 03, 2024

    PE Firm Investors Say False SEC Filings Caused Big Losses

    Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.

  • September 03, 2024

    SEC Fines Adviser That Lost Clients' Crypto In FTX Collapse

    An investment adviser that lost client funds in the collapse of FTX found itself on the receiving end of a U.S. Securities and Exchange Commission enforcement action on Tuesday, with Galois Capital Management LLC settling allegations that it failed to find a proper custodian for those crypto assets.

  • September 03, 2024

    5th Circ. Hesitant To Call Tornado Cash 'Entity'

    A Fifth Circuit panel prodded the U.S. Department of the Treasury's argument that Tornado Cash counts as a corporation-like organization, telling the agency that its reasoning for calling the sanctioned crypto mixer an entity was "slippery" during oral arguments Tuesday.

  • September 03, 2024

    Pharma Co., State Street Hit With Pension Annuity Suit

    Bristol-Myers Squibb retirees hit the pharmaceutical giant and its investment adviser, State Street, with a class action Tuesday in New York, alleging they breached their fiduciary duty to pensioners by converting pension benefits into annuity insurance contracts using a provider that wasn't the safest available.

  • September 03, 2024

    Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial

    A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.

  • September 03, 2024

    Adviser Lied About Wall Street Skyscraper Digs, SEC Says

    A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.

  • September 03, 2024

    Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY

    Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.

  • September 03, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.

Expert Analysis

  • 2 Rulings Serve As Conversion Fee Warnings For Banks

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    A comparison of the different outcomes in Wright v. Capital One in a Virginia federal court, and in Guerrero v. Bank of America in a North Carolina federal court, highlights how banks must be careful in describing how currency exchange fees and charges are determined in their customer agreements, say attorneys at Weiner Brodsky.

  • Dueling Calif. Rulings Offer Insight On 401(k) Forfeiture Suits

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    Two recent decisions from California federal courts regarding novel Employee Retirement Income Security Act claims around 401(k) forfeitures provide early tea leaves for companies that may face similar litigation, offering reasons for both optimism and concern over the future direction of the law, say Ashley Johnson and Jennafer Tryck at Gibson Dunn.

  • Opinion

    Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • How To Survive Shareholder Activism

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    In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.

  • 'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed

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    A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.

  • Series

    Serving In The National Guard Makes Me A Better Lawyer

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    My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.

  • Big Business May Come To Rue The Post-Administrative State

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    Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.

  • Will Texas Stock Exchange Provide Regulatory Haven?

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    While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • Opinion

    Discount Window Reform Needed To Curb Modern Bank Runs

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    We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.

  • Series

    After Chevron: Creating New Hurdles For ESG Rulemaking

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    The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.

  • A Timeline Of Antisemitism Legislation And What It Means

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    What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.

  • Opinion

    States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

  • 50 Years Later, ERISA Remains A Work In Progress

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    A look at the 50 years since the Employee Retirement Income Security Act’s passage shows that while the law safeguards benefits through vesting rules, fiduciary responsibilities and anti-discrimination provisions, the act falls short in three key areas, says Carol Buckmann at Cohen & Buckmann.

  • Series

    Solving Puzzles Makes Me A Better Lawyer

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    Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.

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