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Asset Management
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March 25, 2024
Solar Co. Downplayed Exposed Wire Issue, Investors Claim
Energy company Shoals Technologies Group Inc. has been hit with a proposed class action alleging it downplayed the cost of repairing exposed wires for customers and that investors were blindsided when the company finally revealed it would need to spend at least $60 million to fix the issue.
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March 25, 2024
Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest
A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.
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March 25, 2024
Truist Says Plastic Co. Trying To Dodge $20M Default
Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years
A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.
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March 25, 2024
Ripple's Legal Chief Says SEC Wants $2B In Remedies
The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.
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March 25, 2024
Pilot For UK Billionaire Says Stock Tips Case Is Too Vague
A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.
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March 25, 2024
Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told
Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Trian, Blackwells Double Down On Disney Activist Campaigns
As The Walt Disney Company's annual shareholder meeting approaches, two activist investors are ramping up their campaigns against the storied entertainment company and imploring fellow shareholders to vote for their separate slate of director candidates at the April 3 gathering.
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March 25, 2024
Lazard Beats Fired Indian Exec's Bias, Retaliation Suit
Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.
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March 25, 2024
NC Justices Deadlock On Reviving Investors' $9M Fraud Suit
The North Carolina Supreme Court has deadlocked on deciding whether to revive negligence claims against a hedge fund administrator for failing to flag what turned out to be a $9 million Ponzi scheme, meaning a lower court ruling favoring the administrator will stand.
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March 25, 2024
Class Cert. In United Military Leave Suit Will Have To Wait
An Illinois federal judge said he had doubts about claims that United Airlines owes pay to pilots taking military leaves, saying he'll wait for several appeals courts to decide the fate of similar suits before signing off on class certification.
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March 25, 2024
M&T Bank Execs Seek Exit From Fla. Law Firm's $1.5M Suit
Two M&T Bank Corp. representatives want out of a lawsuit claiming they participated in the unlawful restriction of a Florida law firm's trust account amid a chargeback dispute, arguing they are protected from such claims by Florida's corporate shield doctrine.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 22, 2024
US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others
U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.
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March 22, 2024
Telecom Shareholders Want Tribunal DQ'd Over 'Biased' Blog
The majority shareholders in a Latin American telecommunications tower operator are urging a New York court to reconsider its bid to disqualify the entire tribunal overseeing an arbitration over an alleged corporate coup, saying a blog run by one of the arbiters shows proof of bias.
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March 22, 2024
Trump Media SPAC CEO Accused Of Misleading Investors
A sponsor of the special-purpose acquisition company approved to take Donald Trump's social media website public has sued its CEO in Florida federal court, saying a "coup d'etat" was orchestrated to oust the former leader and mislead investors in an effort to assume control over the enterprise.
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March 22, 2024
Reddit's Robust Debut Bodes Well For Tech IPOs
Social media platform Reddit Inc.'s strong debut following its $748 million initial public offering could provide fresh momentum for a sizable pipeline of venture-backed technology companies exploring IPO plans, capital markets advisers say.
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March 22, 2024
Starboard Value Eyes Board Seats At Algonquin Power
Canadian utility company Algonquin Power & Utilities Corp. on Friday said its board of directors will review director nominees submitted by activist investor Starboard Value LP, who said the company's current board has a "long history of making value-destructive decisions" and needs to be refreshed.
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March 22, 2024
Feds Reach Deal To Seize, Sell FTX Executive Jets
Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.
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March 22, 2024
Radiology Co., Trustee Must Face Ex-Worker's ESOP Suit
A Colorado federal judge refused to toss a proposed class action accusing a radiology company and its trustee of overcharging the company's employee stock ownership plan in a $163.7 million sale, saying the former workers' complaint puts forward enough details to back up their allegations.
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March 22, 2024
Congress Spares Employee Benefits From $400M DOL Cut
A commitment from Congress to keep funding level for the U.S. Department of Labor's sub-agency that oversees employee benefits despite a $400 million agency-wide cut was one of the highlights for benefits attorneys in a new fiscal year 2024 spending deal. Here are three takeaways from attorneys on the funding agreement.
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March 22, 2024
5 Things To Know As SEC Takes Terraform Fraud Case To Trial
The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
Expert Analysis
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Opinion
Judicial Independence Needs Defense Amid Political Threats
Amid recent and historic challenges to the judiciary from political forces, safeguarding judicial independence and maintaining the integrity of the legal system is increasingly urgent, says Robert Peck at the Center for Constitutional Litigation.
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How Law Firms Can Use Account-Based Marketing Strategies
Amid several evolving legal industry trends, account-based marketing can help law firms uncover additional revenue-generating opportunities with existing clients, with key considerations ranging from data analytics to relationship building, say Jennifer Ramsey at stage LLC and consultant Gina Sponzilli.
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Series
Mass. Banking Brief: The Notable Compliance Updates In Q3
Among the most significant developments in the financial services space in the third quarter of the year, the Massachusetts Supreme Judicial Court handed down a stunning endorsement of the state's fiduciary duty rule, and banking regulators continued their multiyear crackdown on unregistered entities, say attorneys at Mintz.
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Series
NY Banking Brief: All The Notable Compliance Updates In Q3
Among the most significant developments in banking and financial services from last quarter, New York financial regulators implemented new commercial lending disclosure rules, issued revisions to cybersecurity regulations and published updated guidance on virtual currency listings, says Melissa Hall at Loeb & Loeb.
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Strategic Succession Planning At Law Firms Is Crucial
Senior partners' reluctance to retire, the rise of the nonequity partner tier and generational differences in expectations are all contributing to an increasing number of departures from BigLaw, making it imperative for firms to encourage retirement among senior ranks and provide clearer leadership pathways to junior attorneys, says Laura Leopard at Leopard Solutions.
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Why All Cos. Should Take Note Of Calif. GHG Disclosure Laws
Two recent California laws involving the disclosure of greenhouse gas emissions, as well as the U.S. Securities and Exchange Commission's upcoming final rule, focus on financial services firms' so-called financed emissions, meaning vastly more companies than those directly subject to today's reporting mandates will be required to supply climate-related risk disclosures, says David Smith at Manatt.
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Series
In The CFPB Playbook: The Bureau In The Courts
From defending the constitutionality of its funding and the scope of its rulemaking authority in the courts to releasing more nonbinding guidance, the Consumer Financial Protection Bureau had a busy summer. Orrick's John Coleman discusses all this and more in the second installment of quarterly bureau activity recaps by former CFPB personnel.
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Feds' Long-Term Debt Proposal Could Be Costly For US Banks
Federal banking regulators recently released a proposal for long-term debt requirements for certain U.S. banking organizations, which would significantly increase the cost of capital for most covered organizations, and the burden would be exacerbated by other factors in the current lending environment, say Matthew Bisanz and Anna Pinedo at Mayer Brown.
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Calif. Climate Disclosure Bills Promise Challenges For Cos.
Two novel climate disclosure bills recently passed by the California Legislature will pose challenges for many businesses — especially private companies that are less familiar with climate-related reporting obligations — and will require investments of significant time and effort in processes, procedures and personnel, say John Rousakis and Chris Bowman at O'Melveny.
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Maximizing Law Firm Profitability In Uncertain Times
As threats of an economic downturn loom, firms can boost profits by embracing the power of bottom-line management and creating an ecosystem where strategic financial oversight and robust timekeeping practices meet evolved client relations, says Shireen Hilal at Maior Strategic Consulting.
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SEC Risk Alert Provides Helpful Info For Adviser Exam Prep
The U.S. Securities and Exchange Commission's recent risk alert makes clear that as the registered investment adviser population continues to grow in size and complexity, the Division of Examinations will keep pace by examining a significant number of advisers each year through its sophisticated and coordinated program, say attorneys at Simpson Thacher.
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Alleged $636M Deal Error Highlights Ethics Considerations
Adelman v. Proskauer, a malpractice suit that allegedly arose from a cut-and-paste error resulting in potential damages of $636 million, presents an intriguing juxtaposition of facts and legal issues — and practical ethical considerations for transactions attorneys, says Richard Leisner at Trenam Law.
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Tech M&A Due Diligence Checklist: Sector-Specific Concerns
In an increasingly dynamic technology merger and acquisition landscape, there are seven high-impact diligence concerns that must be addressed early and with precision, say attorneys at Gibson Dunn.
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5 DOJ Enforcement Priorities To Note From Recent Remarks
Principal Associate Deputy Attorney General Marshall Miller’s recent speech provided a glimpse into the U.S. Department of Justice’s corporate criminal enforcement priorities — from national security concerns to mergers and acquisitions — with takeaways for companies’ compliance programs, say Joseph Jay and Jennifer Le at Sheppard Mullin.
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5th Circ. Ruling Reminds Attys That CBP Can Search Devices
The Fifth Circuit’s recent Malik v. Department of Homeland Security decision adds to the chorus of federal courts holding that border agents don’t need a warrant to search travelers’ electronic devices, so attorneys should consider certain special precautions to secure privileged information when reentering the U.S., says Jennifer Freel at Jackson Walker.