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Asset Management
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May 13, 2024
Judge Says Bold, Italic Font Muddies Allbirds Investor Suit
A California federal judge has tossed for now a proposed class action from Allbirds Inc. investors who claim the sustainable shoe retailer made false and misleading statements in registration documents connected to its initial public offering, saying the complaint doesn't indicate which statements from the company's executives were allegedly misleading.
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May 13, 2024
Corp. Transparency Act An Overbroad Dragnet, 11th Circ. Told
Congress exceeded its authority in passing the Corporate Transparency Act, which prompted the U.S. Treasury Department to solicit personal information for law enforcement purposes from those that registered and owned state-registered entities, a small-business group told the Eleventh Circuit on Monday.
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May 13, 2024
Specialty Insurer, Hotpot Restaurateur Heat Up IPO Plans
Private equity-backed insurer Bowhead Specialty Holdings Inc. and Singaporean hotpot restaurant operator Super Hi International Holdings Ltd. on Monday set price ranges on initial public offerings expected to raise a combined $157 million over the next week or so, guided by four law firms.
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May 13, 2024
CFTC Sues Over $161M Cattle Ponzi Scheme After SEC Deal
The Commodity Futures Trading Commission has sued two Texas men who allegedly ran a $161 million Ponzi scheme involving cattle trading, saying investor cash lined the men's pockets and went to paying off obligations to previous investors.
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May 13, 2024
11th Circ. Says Ga. County's Trans Health Ban Violates Title VII
A split Eleventh Circuit panel upheld a win Monday for a transgender sheriff's deputy who challenged a Georgia county health plan's refusal to pay for gender-affirmation surgery, ruling the coverage exclusion violated federal anti-discrimination law.
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May 13, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, recycled plastics, questionable denim and dog food all made appearances in Chancery Court dockets last week, along with developments in cases involving Qualcomm, Tesla Inc., and Truth Social. In case you missed it, here's the latest from Delaware's Chancery Court.
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May 13, 2024
Justices Won't Touch Insurer's Win In 401(k) Exit Fee Suit
The U.S. Supreme Court declined Monday to hear a dental office's case accusing an insurance company of unlawfully charging fees to 401(k) plans that left its platform, leaving in place a Fifth Circuit ruling that found the insurer was under no obligation to waive the charges.
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May 13, 2024
Archegos Boss Blew $36B, But It Was His To Lose, Jury Told
The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.
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May 10, 2024
EV Startup Says California Settlement Covers Stockholder Suit
Backers of a transaction that took electric vehicle startup Faraday Future Intelligent Electric Inc. public with a $1 billion value in 2021 have asked Delaware's Court of Chancery to block discovery in a stockholder challenge to the deal, citing pending settlement of a similar federal action in California.
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May 10, 2024
Zeekr's US Debut Could Spur More IPOs From China
Electric-vehicle maker Zeekr's robust initial public offering sent an encouraging signal to Chinese companies considering whether to tap U.S. markets after a long lull, despite continued risks stemming from fractured U.S.-China relations, experts said Friday.
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May 10, 2024
Okla. Tells Justices 10th Circ. Wrong On PBM Law
Oklahoma's insurance department Friday asked the U.S. Supreme Court to take up its petition seeking review of a Tenth Circuit decision overturning portions of a state law regulating pharmacy benefit managers, arguing that high court intervention is needed to resolve disagreement among the circuits on federal preemption.
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May 10, 2024
Deal Reported In Union Production Workers' Benefits Fight
A settlement is likely coming in a proposed class action filed by Parsec Inc. employees against the National Production Workers Union in Illinois federal court, signaling an end to claims that the rail transportation company's withdrawal from a collective bargaining agreement should have triggered the payout of severance and retirement funds.
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May 10, 2024
Altman's Nuclear Fission Biz Fizzles After SPAC Deal Closes
Shares of Oklo Inc., a nuclear-fission startup backed by OpenAI CEO Sam Altman, were down nearly 50% on Friday, the company's first day of trading after completing its merger with Altman's special-purpose acquisition company AltC Acquisition Corp.
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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.
Expert Analysis
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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How Advance Notice Bylaws Are Faring In Del. Courts
Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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How Broker-Dealers Can Prepare For New Remote Work Rules
Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.