Try our Advanced Search for more refined results
Asset Management
-
May 06, 2024
Auto Parts Co. Strikes Deal To End Suit Over $1.6B 401(k) Plan
Auto parts supplier Magna International agreed to settle a class action covering about 20,000 workers who claimed to have lost millions in retirement savings because the company failed to cut underperforming and costly investments from their $1.6 billion retirement plan.
-
May 03, 2024
Cruise Contractors Aim To End $2.8M Union Fund Debt Row
Two cruise ship contractors and a union pension fund told a Louisiana federal judge Friday that they're winding down their dispute over the contractors' $2.8 million debt to the fund, asking him to toss the case but let them reopen it if they can't settle the last outstanding issue.
-
May 03, 2024
Gannett Can't Dodge Tax Firm's Defamation Case
Gannett Co. can't escape a defamation case accusing it of writing misleading articles saying Ryan LLC, a tax services and technology firm, engaged in shady business practices, a Texas appeals court ruled, finding the media giant isn't shielded from the claims by the Lone Star State's anti-SLAPP law.
-
May 03, 2024
NY Judge Urged To Detain Chinese Tycoon Who Owes $500M
A trio of Chinese investors have urged a New York federal judge to prevent a Chinese cinema magnate from being deported, saying he will otherwise skip town without paying more than $500 million in arbitral awards and nearly $164,000 in attorney fees.
-
May 03, 2024
Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told
Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.
-
May 03, 2024
Chancery OKs Extra Digging Into Trump Media Share Dispute
The sponsor of a special-purpose acquisition company that took Donald Trump's social media venture public earlier this year won Delaware Court of Chancery approval Friday to briefly dig deeper into disputed share-exchange terms for the deal, with more than $58 million on the line.
-
May 03, 2024
Sentencing Delayed For Ex-Fintech Exec In Crypto Case
Sentencing for the CEO of fintech company Hydrogen Technology Corp. was delayed Friday after a dispute over how to calculate the amount of money lost in the conspiracy to manipulate the market for Hydrogen's digital assets.
-
May 03, 2024
SoFi Unit To Pay FINRA $1.1M To Settle Customer ID Claims
SoFi Securities has agreed to pay $1.1 million to settle Financial Industry Regulatory Authority claims that it lacked a suitable user verification process for the firm's cash management brokerage business, allowing the opening of 800 accounts used by third parties to illegally transfer $8.6 million from other financial institution accounts.
-
May 03, 2024
FTC Requests Additional Info On $16.5B Novo-Catalent Deal
The Federal Trade Commission is seeking additional information on Novo Holdings' planned $16.5 billion acquisition of pharmaceutical services company Catalent in order to examine whether the blockbuster deal passes antitrust muster, according to a Friday securities filing.
-
May 03, 2024
Chancery OKs Record-Breaking $100M Pattern Energy Deal
A $100 million settlement ending state and federal court litigation over Pattern Energy Group Inc.'s $6.1 billion go-private sale in 2020 got the nod from Delaware's Court of Chancery on Friday, along with a requested $26 million fee award and two $25,000 incentive awards for the lead shareholder plaintiffs.
-
May 03, 2024
Car Loan Co. Strikes Deal In Employee Stock Valuation Suit
A car loan company has agreed to resolve a proposed class action alleging it violated federal benefits law when it revalued its stock at the start of the pandemic and forced retirees to sell their shares at a lower value, according to a California federal court filing.
-
May 03, 2024
Stockbridge Real Estate Fund Raises $709M
San Francisco-based Stockbridge Capital Group said Friday that it had closed on a real estate investment fund with $709 million in commitments last month, the largest in its history.
-
May 02, 2024
Latham, Skadden Grab Spotlight As Large IPOs Surge In April
Latham & Watkins LLP guided five initial public offerings in April, while Skadden Arps Slate Meagher & Flom LLP advised the company bringing to market the largest IPO of 2024, concluding the busiest month for new listings year to date.
-
May 02, 2024
Activist Files New Proxy Fight In REIT Takeover Attempt
Activist investor Blackwells Capital LLC continued its campaign against hospitality executive Monty J. Bennett by separately urging shareholders of Braemar Hotels & Resorts Inc. and an advisory firm that Bennett controls to approve a board shake-up during upcoming annual meetings.
-
May 02, 2024
6th Circ. Appears Reluctant To Kick 401(k) Suit To Arbitration
A Sixth Circuit panel seemed likely Thursday to deny two auto part companies' bid to compel arbitration of a lawsuit from workers who say their retirement savings were mismanaged, though the judges appeared divided on the broader question of whether retirement plans may force planwide claims into individual arbitration.
-
May 02, 2024
DOL Hit With First Lawsuit Over New Investment Advice Regs
The U.S. Department of Labor was hit with a lawsuit Thursday in Texas federal court seeking to invalidate recently finalized regulations that broaden who qualifies as a fiduciary under the Employee Retirement Income Security Act, marking the first-filed legal challenge since the agency's late-April final release.
-
May 02, 2024
Plastic-Film Maker Announces $200M Recapitalization
Plastic-film maker Transcendia Holdings announced Thursday that it had reached a recapitalization deal that will cut $200 million in debt, provide $114 million in new capital, and hand majority ownership of the company to private equity firm Industrial Opportunity Partners.
-
May 02, 2024
DLA Piper Investment Funds Leader Joins Willkie In Chicago
Willkie Farr & Gallagher LLP has announced that the former co-head of DLA Piper's investment funds practice joined the firm's asset management group as a partner in its Chicago office.
-
May 02, 2024
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House
Ryan Salame, the former co-chief executive of FTX Digital Markets, an affiliate of bankrupt cryptocurrency exchange FTX Trading Ltd., has agreed to transfer a $5.9 million house he owns in the Bahamas to FTX in lieu of paying the firm restitution over fraudulent political donations, according to a Wednesday motion.
-
May 02, 2024
Recent BigLaw Moves Show Boston Is 'Clearly On The Map'
Three BigLaw firms' recent moves to build out physical footprints in Boston are a testament to the region's thriving technology, healthcare, life sciences and finance industries — a trend that shows no signs of slowing down, experts say.
-
May 02, 2024
Deals Rumor Mill: Coca-Cola, General Mills, MLB's Giants
Coca-Cola is preparing an IPO for its African bottling division, cereals giant General Mills is exploring selling its North America yogurt business, and a 5% stake in the San Francisco Giants is up for sale at a price that could value the club at $4 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
-
May 02, 2024
Permira Takes Majority Stake In BioCatch At $1.3B Valuation
European private equity shop Permira, advised by Latham & Watkins LLP, has taken a majority stake in BioCatch, a digital fraud detection and financial crime prevention company, valuing the Tel Aviv-headquartered business at $1.3 billion, according to a Thursday announcement.
-
May 01, 2024
Sens. Slam UnitedHealth's Security Lapses, Breach Response
UnitedHealth's top executive faced heavy criticism during his first appearance before a U.S. Senate committee since a cyberattack rocked its Change Healthcare subsidiary, with lawmakers blasting the company for lacking basic security measures and for still not being able to confirm the scale and scope of the incident.
-
May 01, 2024
Forex Fraudsters Hid Losses From Investors, Jury Hears
Federal prosecutors told a Colorado jury Wednesday that two men helping run a foreign exchange investment company sold investors on a supposedly successful trading algorithm that ended up being nothing more than a multimillion-dollar fraud.
-
May 01, 2024
5 Benefits Appellate Arguments To Watch In May
The Second Circuit will be asked to revive a 401(k) mismanagement suit against Deloitte, the Sixth Circuit will consider whether to force arbitration of a 401(k) fee suit against two automotive companies, and the Seventh Circuit will review the U.S. Department of Labor's court-ordered takeover of a multiemployer benefit fund. Here, Law360 looks at five appellate arguments benefits attorneys will want to keep an eye on this month.
Expert Analysis
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Considerations For Disclosing AI Use In SEC Filings
Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.
-
Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
-
Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
-
Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
-
6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
-
Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.