Asset Management

  • March 29, 2024

    BofA Sued After FTC Imposter Steals $2M From Accounts

    A 67-year-old Florida woman has sued Bank of America over alleged negligence and violations of several federal laws, claiming in the case that was removed to federal court this week that the financial services company failed to protect her accounts as she fell victim to a sophisticated social engineering scam by a person posing as a Federal Trade Commission investigator who stole $2 million.

  • March 29, 2024

    BP Hid Negative Effects Of Pension Changes, Judge Says

    A Texas federal judge sided with a class of over 7,000 BP retirees who alleged that the oil giant meddled with their pension plans and underpaid their retirement benefits, finding that BP touted the changes to the plan as positive while unlawfully hiding more detrimental information.

  • March 29, 2024

    HJ Sims Honoring Books And Records Settlement, Court Told

    The daughter of a seven-decade employee of Herbert J. Sims & Co. Inc. has withdrawn a books and records suit against the investment bank and its owner, The Teksys Corp., telling a Connecticut state court that she is now satisfied that the defendants have abided by the terms of a November settlement.

  • March 29, 2024

    Texas Farmers Sue USDA Over Sex, Race Disaster Aid Priorities

    A group of Texas farmers is asking a federal district judge to declare the U.S. Department of Agriculture's disaster assistance and pandemic relief programs unconstitutional, alleging in a complaint Friday that the government distributes the aid based on sex and race in violation of federal anti-discrimination laws.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Blue Yonder Buying One Network For $839M

    Panasonic-owned supply chain management company Blue Yonder said Friday it has agreed to acquire digital supply chain network supplier One Network Enterprises for approximately $839 million.

  • March 29, 2024

    Retirement Advisers Back Biden Admin's ESG Rule In 5th Circ.

    Supporters of a Biden administration rule allowing retirement advisers to consider environmental, social and governance issues when making decisions for clients rose to defend the policy in the Fifth Circuit, arguing the move aligns with fiduciary duties to minimize risks and maximize returns for clients.

  • March 29, 2024

    Kirkland-Led Hunter Point Amasses $3.3B For Inaugural Fund

    Kirkland & Ellis LLP-advised Hunter Point Capital on Friday announced that it closed its inaugural general partner stakes fund after securing $3.3 billion in capital commitments, marking what the firm says is the largest-ever debut general partner stakes fund dedicated to private market strategies.

  • March 29, 2024

    5 Appellate Arguments Benefits Attys Should Watch In April

    A defense contractor will square off with the government over pension obligations, workers at an auto parts retailer and Georgetown University staffers will look to revive suits claiming their retirement savings were mismanaged, and a ban on gender-affirming care for minors will get an en banc review. Here are five argument sessions that should be on benefits attorneys' radar in April.

  • March 29, 2024

    Don't Miss It: Davis Polk, Simpson Lead Month's Hot Deals

    A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions managed by Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP.

  • March 28, 2024

    Disney Shareholder Demands To See Books Amid Board Row

    An affiliate of Walt Disney Co. shareholder Blackwells Capital on Thursday asked Delaware's Court of the Chancery to force Disney to open its books and records as the investor looks into potential wrongdoing and mismanagement stemming from the entertainment giant's dealings with ValueAct Capital.

  • March 28, 2024

    Morgan Stanley, Goldman Get Archegos Suits Tossed

    A New York federal judge on Thursday dismissed a group of lawsuits by investors accusing Morgan Stanley and Goldman Sachs of illegally avoiding billions of dollars in trading losses by acting on nonpublic information about now-defunct Archegos Capital Management.

  • March 28, 2024

    Investors' Compliance Class Action Falls Short, Discover Says

    Allegedly misleading statements on compliance and risk management protocols from Discover Financial Services' top brass were "aspirational" remarks about general practices, the company argued Thursday in seeking to end a proposed securities class action in Illinois federal court.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    2 Firms Steer Close Of Hildred's $750M Continuation Fund

    Healthcare-focused private equity firm Hildred Capital, advised by Kirkland & Ellis LLP and Lowenstein Sandler LLP, on Thursday said it clinched a multiasset continuation fund after securing more than $750 million in commitments, which will be used to acquire two companies from the firm's previous funds.

  • March 28, 2024

    Auto Parts Mogul Must Face Lender's $127M Trust Fraud Suit

    An auto parts mogul must face allegations that he tampered with assets in a trust that owes hundreds of millions of dollars to a lending agent, a Michigan federal judge said this week after ruling the lender has plausibly alleged the mogul made fraudulent transfers to hinder the debt repayment.

  • March 28, 2024

    Film Producer, 2 Cos. To Pay SEC $3.5M In ICO Scheme

    A Georgia federal judge on Thursday signed off on a $3.5 million penalty levied by the U.S. Securities and Exchange Commission against two failed cryptocurrency ventures and the Atlanta film producer who promoted them through a pump-and-dump scheme.

  • March 28, 2024

    9th Circ. Won't Let Cigna Patients Appeal Class Cert. Denial

    The Ninth Circuit won't let a group of Cigna plan participants immediately appeal a trial court's rejection of class status in their lawsuit accusing the insurance giant of unlawfully colluding with its billing contractor to underpay out-of-network claims for mental health treatments.

  • March 28, 2024

    Whataburger Accused Of Keeping Shoddy Funds In 401(k)

    Whataburger breached federal benefits law by stocking its employees' $215 million retirement plan with poorly performing funds and failing to replace them with better options, according to a proposed class action filed in Texas federal court.

  • March 28, 2024

    Commodities Trader Trafigura To Pay $126M For Brazil Bribes

    Switzerland-based Trafigura Beheer BV on Thursday agreed to pay $126 million and admitted to bribing Brazilian government officials in order to obtain business with state oil company Petrobras, becoming the latest global commodities trader to settle with U.S. prosecutors over Latin American corruption.

  • March 28, 2024

    Grading Garland: Attys Give AG Mixed Reviews 3 Years In

    U.S. Attorney General Merrick Garland's name won't be on the ticket in November, but his performance three years into his tenure is a subplot in the 2024 presidential election.

  • March 28, 2024

    Feds Finalize Restraints On Short-Term Health Insurance

    President Joe Biden's administration finalized regulations Thursday that shrink the window for short-term, limited-duration health insurance from three years to no more than four months, but it backed off more sweeping changes from its July proposal that would have affected fixed indemnity insurance.

  • March 28, 2024

    Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud

    FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."

  • March 27, 2024

    No New Trial For Hedge Fund Boss In Forex Rigging Case

    A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.

  • March 27, 2024

    BlackRock's Non-ESG Funds Have Green Agenda, Miss. Says

    Mississippi's secretary of state announced Wednesday that it intends to fine BlackRock multiple millions of dollars, alleging the asset manager has repeatedly made false and misleading statements about its involvement in "pushing" environmental, social and corporate governance factors on portfolio companies.

Expert Analysis

  • Series

    ESG Around The World: Singapore

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    Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.

  • What 3rd Circ. Gets Wrong About Arbitration Enforcement

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    The Third Circuit and other courts should correct their current law, exemplified by the Third Circuit's recent decision in Henry v. Wilmington Trust, requiring a motion to dismiss based on an arbitration clause because it conflicts with the Federal Arbitration Act, the Federal Rules of Civil Procedure, and — with regard to the improper-venue approach — U.S. Supreme Court precedent, says David Cinotti at Pashman Stein.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Series

    Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • How 'As Such' Changes LPs' Self-Employment Tax Exposure

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    In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.

  • The SEC's Cooled Down But Still Spicy Private Fund Rules

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    Timothy Spangler and Lindsay Trapp at Dechert consider recently finalized U.S. Securities and Exchange Commission rules, which significantly alter the scope of obligations private fund advisers must meet under the Investment Advisers Act, noting the absence of several contentious proposals and litigation that could result in implementation delays.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • Opinion

    Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • 'Paper Tiger' Finds Its Fangs: Repeat Offenders And The CFPB

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    Following the Consumer Financial Protection Bureau’s recent imposition of structural remedies on Enova for repeat offenses, financial institutions, especially those that have previously been subject to consent orders, need to carefully consider their options when facing future enforcement proceedings with the CFPB, says Caitlin Mandel at Winston & Strawn.

  • Opinion

    Activist Short-Sellers Are The Dark Knights Of Wall Street

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    While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.

  • New Regs Will Strengthen Voluntary Carbon Offset Market

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    Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

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