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Asset Management
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April 25, 2024
Standard General Claims Racial Bias By FCC In Tegna Deal
Hedge fund manager Soo Kim is suing the Federal Communications Commission and a cadre of media players over what he calls a racially charged conspiracy to block his fund's $8.6 billion purchase of media company Tegna, claiming the agency discriminated against him when it sidelined the deal last year.
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April 25, 2024
Antitrust Enforcers Warn FERC About Ownership Overlaps
The Federal Trade Commission and the U.S. Department of Justice warned energy regulators Thursday about competitive risks that can arise from investment firms that own stakes in multiple electric utilities, even if they don't have controlling interests.
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April 25, 2024
SEC, Trade Group Ask DC Circ. To Revive Proxy Advisory Rule
The U.S. Securities and Exchange Commission and a leading trade group called on the D.C. Circuit Thursday to revive a rule imposing heightened disclosure requirements on proxy advisory firms, appealing a lower court decision that threw out the requirements.
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April 25, 2024
BlackRock, Temasek Joint Venture Closes $1.4B Climate Fund
Decarbonization Partners, a joint venture between private equity giant BlackRock and investment firm Temasek, on Thursday announced that it closed its inaugural late-stage venture capital and growth private equity fund after securing $1.4 billion in commitments.
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April 25, 2024
T-Mobile, EQT Form Joint Venture To Acquire Fiber Biz
T-Mobile and private equity shop EQT on Thursday announced that they have entered into a joint venture, under which T-Mobile will invest $950 million at closing, to purchase fiber-to-the-home platform Lumos from one of EQT's previous infrastructure funds, in a deal built by at least three firms.
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April 25, 2024
WWE Shareholders Combine Chancery TKO Merger Suits
Delaware's Court of Chancery will decide this summer whether teams led by Block & Leviton, Bernstein Litowitz or Robbins Geller will represent World Wrestling Entertainment Inc. stockholders in a consolidated class suit against founder Vincent McMahon and others over the company's $21 billion merger with the Endeavor Group.
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April 25, 2024
Airplane Fuel Co. Seeks To Ax Union Healthcare Dispute
A company that fuels airplanes at major U.S. airports asked a New York federal judge to dismiss a $157,000 suit accusing it of underfunding a Teamsters healthcare plan, saying the plan trustees filed the suit too late and can't prove the company owes the money.
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April 25, 2024
Hedge Fund Goes Public With Gripes About Legal Tech Co.
Private talks between Engine Capital and the board of directors for Dye & Durham Ltd. have "fizzled out," leading the activist hedge fund to publicly take aim against the legal technology company in a letter to shareholders on Thursday.
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April 25, 2024
Mercer Clinches Nearly $4B Private Investment Fund
Retirement and investment solutions firm Mercer, advised by Clifford Chance U.S. LLP, on Thursday announced that it closed its seventh fund after securing over $3.9 billion in capital commitments.
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April 25, 2024
EEOC Says Co. Piled Tasks On Black Worker, Then Fired Him
A real estate company gave a Black manager more than twice as much work as his white colleague, paid him less and then fired him because he was "lazy," the U.S. Equal Employment Opportunity Commission said in a suit filed in Georgia federal court.
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April 24, 2024
Bid To Sanction DOJ Denied In Novel Insider Trading Case
A California federal judge on Tuesday refused to grant an indicted former healthcare CEO's bid to sanction the government in a case accusing him of a novel form of insider trading, saying the CEO failed to show that he was prejudiced by the government interviewing a potential witness without counsel present.
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April 24, 2024
Feds File Conspiracy Charges In $1M La. 'Romance' Fraud
U.S. prosecutors in Louisiana have charged three Atlanta-area individuals of running "romance scams" to defraud victims of more than $1 million, according to a recently unsealed indictment in Pelican State federal court.
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April 24, 2024
Trump Media Exec Urges GOP To Probe Stock 'Manipulation'
Devin Nunes, CEO of Trump Media Technology & Group Corp., is urging key House Republicans to investigate "anomalous trading" involving shares of the company that owns former President Donald Trump's social media platform, marking Nunes' latest effort to call attention to alleged signs of manipulation, according to a regulatory filing Wednesday.
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April 24, 2024
Chancery Lets $344M Carlyle Tax-Payout Suit Move Ahead
A vice chancellor of the Delaware Court of Chancery on Wednesday refused to toss most claims in a stockholder suit led by a Pittsburgh pension fund targeting a $344 million tax-asset buyout at The Carlyle Group Inc., though she did trim the suit by a single count.
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April 24, 2024
Forex Trader Must Pay $11.8M For Ponzi-Like Scheme
A Michigan federal judge on Tuesday said a purported forex commodity pool operator and its agent must pay more than $11.8 million in penalties and restitution for bilking participants in a Ponzi-like scheme, after the defendants ignored a Commodity Futures Trading Commission suit.
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April 24, 2024
Investors Can't Hit Reset In 737 Max Fraud Suit, Boeing Says
Investors claiming Boeing wiped out billions in stock value by misrepresenting the 737 Max's safety shouldn't be allowed to "effectively hit the reset button" and pursue an amended complaint that relies on statements already deemed inactionable, the aerospace giant argued Wednesday.
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April 24, 2024
Faegre Drinker Adds Perkins Coie Investment Partner In DC
Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.
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April 24, 2024
Nev. Can't Shake Military Bias Suit Over Pensions, DOJ Says
The federal government's suit alleging Nevada and its public employees' retirement system overcharged service members for pension credits should remain in play, the U.S. Department of Justice said, arguing it put forward enough detail showing the state's policies harm military members.
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April 24, 2024
Healthcare Co. Reaches Deal To Exit Pension Plan Suit
A healthcare company struck a deal with a class of retirement plan participants to end their suit accusing it of stacking its $500 million pension plan with costly funds and failing to keep fees low, according to a filing in Massachusetts federal court.
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April 24, 2024
King & Spalding Adds Ex-SEC, FINRA Securities Expert In DC
The former deputy chief counsel of the U.S. Securities and Exchange Commission's enforcement division, who has over 25 years of experience working with securities laws and regulations, has left McGuireWoods LLP to join King & Spalding LLP as a partner in its Washington, D.C., office.
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April 23, 2024
SEC Critics Preview Future Challenges To Agency Action
The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.
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April 23, 2024
CFTC Formalizes Policy On Uncleared Swaps Recordkeeping
The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.
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April 23, 2024
Grain Co.'s $18B Deal Raises Competition Flags For Canada
Canada's competition enforcer said Tuesday it has concerns over grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, saying the acquisition could result in lower prices paid to farmers and higher prices for refined canola oil.
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April 23, 2024
Citi Says 401(k) Suit No Different From Others That Were Axed
Citigroup Inc. has urged a Connecticut federal judge to permanently toss a proposed class action brought by former employees who claim the company mismanaged their 401(k) plans, arguing that decisions made in other courts dismissing similar challenges support the suit's dismissal.
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April 23, 2024
Trump's Stake In Truth Social Swells An Additional $1.2B
The value of Donald Trump's stake in his newly public social media company soared by nearly $1.2 billion on Tuesday as the former president became eligible to receive bonus shares that were conditioned on the company's stock performance.
Expert Analysis
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Series
ESG Around The World: Mexico
ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.
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Crypto Has Democratized Trading In Bankruptcy Claims
Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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What SEC Retreat In Ripple Case Means For Crypto Regulation
The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.
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SEC Whistleblower Action Spotlights Risks For Private Cos.
The U.S. Securities and Exchange Commission’s recent whistleblower action against Monolith Resources holds important implications for private companies, who could face unprecedented regulatory scrutiny amid the agency's efforts to beef up environmental, social and governance reporting and enforcement, say attorneys at Wiley.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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DOL's Retirement Security Rule Muddies Definitional Waters
The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.
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A Deep Dive Into FSOC's Expansion Of Nonbank Oversight
The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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2nd Circ. Holding Could Disrupt SEC Disgorgement Methods
A recent Second Circuit decision in U.S. Securities and Exchange Commission v. Govil that held disgorgement to be an equitable remedy has the potential to substantially disrupt the SEC's long-standing approach to monetary remedies in many of the cases the agency brings, say attorneys at Debevoise.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SEC Fines Mean Cos. Should Review Anti-Whistleblower Docs
The Securities and Exchange Commission’s expanding focus on violations of whistleblower protection laws — as seen in recent settlements where company contracts forbade workers from reporting securities misconduct — means companies should review their employment and separation agreements for language that may discourage reporting, says Caroline Henry at Maynard Nexsen.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.