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Asset Management
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May 20, 2025
Chancery Orders EB-5 Co. Head To Pay Ousted Member $6.9M
A Delaware vice chancellor has ordered the founder and controller of a Philadelphia-based center that oversees an investment incentive program for foreign nationals to pay nearly $6.9 million to a member who was obliged to cash out under what the court found to be unfair, conflicted terms.
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May 20, 2025
J&J Workers Reassert Drug Costs Resulted In Concrete Harm
Johnson & Johnson workers are urging a New Jersey federal court to maintain their proposed class claims that the company botched the management of prescription drug costs in its employee healthcare plan by allowing excessive pharmacy costs, asserting that company mismanagement resulted in concrete harm.
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May 20, 2025
Ex-Worker Accuses TIAA Of Mismanaging 401(k) Plans
An ex-worker accused the Teachers Insurance and Annuity Association of America of violating federal benefits law by keeping costly and underperforming fund offerings in its two employee 401(k) retirement plans, in a proposed class action lodged Tuesday in New York federal court.
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May 20, 2025
Awardco Nabs $1B Valuation After $165M Equity Infusion
Goodwin Procter LLP-led Awardco, an employee rewards and recognition software company, announced Tuesday it hit a $1 billion valuation after scoring a $165 million minority investment from two private equity firms.
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May 20, 2025
Beach Point Nabs Nearly $1.3B For Private Credit, Real Estate
Beach Point Capital Management said Tuesday it has raised nearly $1.3 billion across two investment funds, as it continues to build out its offerings in private credit and real estate.
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May 20, 2025
Chinese EV Battery Giant Generates $4.6B IPO Amid Tensions
Electric-car battery maker Contemporary Amperex Technology Co. Ltd. began trading in Hong Kong after raising a $4.6 billion initial public offering, completing the year's largest equity offering globally despite tension between Washington and Beijing, guided by four law firms.
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May 19, 2025
Vanguard $40M Deal Rejected In Investors' Tax Fight
A Pennsylvania federal judge on Monday rejected a $40 million proposed settlement between Vanguard and investors, blocking the investors' attorneys from netting $13 million in fees and embracing the objections of one investor who called out the deal — meant to compensate for surprise tax bills — as worthless.
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May 19, 2025
Diamond Dealer Sentenced In $13M Fla. Fraud Case
A Florida federal judge sentenced a Pennsylvania man to more than six years in prison after he admitted to defrauding more than 100 victims out of $13 million in connection with a diamond investment Ponzi scheme.
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May 19, 2025
Binance Calls FTX Ch. 11 Clawback Suit 'Legally Deficient'
Binance has asked a Delaware bankruptcy judge to dismiss FTX's lawsuit seeking to recover $1.76 billion that was transferred to Binance, accusing the estate of FTX of trying to "shift the blame" for that company's November 2022 collapse.
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May 19, 2025
SEC's 'New Day' Could Cause Financial Crisis, Member Warns
U.S. Securities and Exchange Commission Chair Paul Atkins on Monday promised a "new day" for the agency that could bring a host of changes around private fund investments, cryptocurrency and the collection of market data, but the commission's sole Democrat warned that new leadership was playing a "dangerous game" that could lead to a 2008-style financial crisis.
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May 19, 2025
Ex-Workers Want Mercer Global's Info Theft Suit Tossed
Two former employees and their new company have asked a Georgia federal court to dismiss wealth management firm Mercer Global Advisors' lawsuit accusing them of stealing confidential information to unlawfully solicit clients and transfer $90 million to their new business.
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May 19, 2025
Electric, Nuclear Valve Co. Escape Pension Dispute
A federally owned electric company and a contractor were not required to make pension fund contributions to a plumbers and steamfitters union because the contracted valve work was an exempt specialty contract, a Tennessee federal judge ruled in a lawsuit Monday.
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May 19, 2025
Investment Adviser Seeks Cadwalader Notes In Fraud Case
An investment manager who used to be represented by U.S. Deputy Attorney General Todd Blanche when Blanche was a partner at Cadwalader Wickersham & Taft LLP has asked a Brooklyn federal judge to order the firm to turn over documents that he called "critical" to his defense on fraud and money laundering charges.
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May 19, 2025
AI Startup CoreWeave Seeks $1.5B Debt After IPO Shortfall
Artificial intelligence startup CoreWeave Inc. said Monday it plans to raise $1.5 billion in debt less than two months after its highly anticipated initial public offering fell short of expectations, represented by Kirkland & Ellis LLP and Fenwick & West LLP.
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May 19, 2025
Kirkland-Led Eagle Merchant Wraps Second Fund At $415M
Eagle Merchant Partners, a private equity shop represented by Kirkland & Ellis LLP, announced Monday it clinched its second fund with $415 million in tow.
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May 19, 2025
Aircraft Parts Co. TransDigm Nabs Servotronics In $110M Deal
BakerHostetler-advised aircraft component producer TransDigm Group Inc. on Monday announced plans to acquire servo valve maker Servotronics Inc., led by Bond Schoeneck & King PLLC, in a $110 million deal.
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May 16, 2025
FINRA Fines BTG Pactual Unit Over Lax AML Compliance
A U.S. brokerage unit of Brazilian investment bank BTG Pactual will pay $400,000 to the Financial Industry Regulatory Authority to settle claims that, among other things, its written policies didn't explain how it would monitor wire transfer requests to stay in compliance with anti-money laundering provisions.
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May 16, 2025
Name Mix-Up Costs Lender Property Claim, 5th Circ. Says
A name mix-up in a petition will cost a lending company its claim to an interest in property forfeited in a criminal fraud case, the Fifth Circuit ruled Friday, agreeing with a Texas federal judge that the drafting error was fatal.
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May 16, 2025
Florida Wrongly Took Unclaimed Funds, 11th Circ. Rules
The Eleventh Circuit on Friday revived a Florida couple's proposed class action over unclaimed property, vacating a lower court's judgment that a $26.24 insurance premium refund they were owed was assumed to be abandoned before it was transferred into state custody.
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May 16, 2025
FINRA Faces Calls To Narrow Its Outside Biz Rule Revamp
The Financial Industry Regulatory Authority has received a range of feedback on its proposal to streamline reporting requirements for firm representatives' outside business activities, with industry groups urging various tweaks to the measure, and a state regulator and investment adviser group opposing it outright.
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May 16, 2025
IPO Pipeline Restarts As Tariff-Related Volatility Eases
Initial public offerings are showing life again after a tariff-induced slumber, buoyed by strong debuts and a growing pipeline as more venture-backed technology startups are lining up public listings before Memorial Day and into June.
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May 16, 2025
Armory Sues Wayzata, Others Over 'Black Box' Funding Deals
Armory Capital Group LLC and three affiliates sued Wayzata Investment Partners, Houlihan Lokey Inc. and others in Delaware's Court of Chancery on Friday, alleging fiduciary breaches in connection with multiple unexplained and purportedly conflicted "black box" financing deals for Oregon-based aerospace venture Erickson Incorporated.
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May 16, 2025
Intuit Strikes $2M Deal To Wrap Up 401(k) Forfeiture Suit
Intuit will pay $2 million to end a proposed class action alleging its use of forfeited 401(k) funds to cover employer contributions rather than plan expenses violated federal benefits law, the former employee leading the suit said Friday in California federal court.
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May 16, 2025
Florida Ex-Financial Adviser Admits To $8.4M Elder Fraud
A former financial adviser pled guilty to a criminal charge in connection to defrauding an elderly family member out of $8.4 million, admitting to a Florida federal court he made false misrepresentations that he was buying investments on her behalf, but he was actually spending the money on himself.
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May 16, 2025
Feds Say Con Man Galanis Can't Recoup $2M Despite Clemency
Prosecutors have asked a New York federal judge to deny a request from convicted fraudster Jason Galanis to recoup $2.17 million he paid in criminal fines, after his nearly 16-year prison sentence was commuted by President Donald Trump.
Expert Analysis
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Crisis Management Lessons From The Parenting Playbook
The parenting skills we use to help our kids through challenges — like rehearsing for stressful situations, modeling confidence and taking time to reset our emotions — can also teach us the fundamentals of leading clients through a corporate crisis, say Deborah Solmor at the Wisconsin Alumni Research Foundation and Cara Peterman at Alston & Bird.
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Series
Adapting To Private Practice: From NY Fed To BigLaw
While the move to private practice brings a learning curve, it also brings chances to learn new skills and grow your network, requiring a clear understanding of how your skills can complement and contribute to a firm's existing practice, and where you can add new value, says Meghann Donahue at Covington.
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Reviewing Trump Admin's Rapid Pro-Crypto Regulatory Pivot
The digital asset industry has received a boost from the explicitly pro-crypto Trump administration, which in its first few months reversed Biden-era rules and installed industry proponents at regulatory agencies, marking one of the biggest regulatory about-faces by a government in recent memory, says Robert Appleton at Olshan Frome.
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Top 3 Litigation Finance Deal-Killers, And How To Avoid Them
Like all transactions, litigation finance deals can sometimes collapse, but understanding the most common reasons for failure, including a lack of trust or a misunderstanding of deal terms, can help both parties avoid problems, say Rebecca Berrebi at Avenue 33 and Boris Ziser at Schulte Roth.
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How Attys Can Use A Therapy Model To Help Triggered Clients
Attorneys can lean on key principles from a psychotherapeutic paradigm known as the "Internal Family Systems" model to help manage triggered clients and get settlement negotiations back on track, says Jennifer Gibbs at Zelle.
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A Tale Of Two Admins: Parsing 1st Half Of SEC's FY 2025
The first half of the U.S. Securities and Exchange Commission's fiscal year 2025, which ended March 31, was unusually eventful, marked by a flurry of enforcement actions in the last three months of former Chair Gary Gensler's tenure and a prompt pivot after Inauguration Day, say attorneys at Jones Day.
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How Banks Can Manage Risk As AI Adoption Expands
Following new, supportive comments from financial regulatory leaders about the use of artificial intelligence in the industry, banks may move toward wider, less-tentative adoption of the technology, but will also need to deploy important risk management measures, say attorneys at WilmerHale.
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What Bank Regulator Consolidation Would Mean For Industry
Speculation over the Trump administration’s potential plans to consolidate financial service regulators is intensifying uncertainty, but no matter the outcome for the Consumer Financial Protection Bureau, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, the industry should expect continued policy changes, say attorneys at Foley & Lardner.
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3 Steps For In-House Counsel To Assess Litigation Claims
Before a potential economic downturn, in-house attorneys should investigate whether their company is sitting on hidden litigation claims that could unlock large recoveries to help the business withstand tough times, says Will Burgess at Hilgers Graben.
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Despite SEC Climate Pause, Cos. Must Still Heed State Regs
While businesses may have been given a reprieve from the U.S. Securities and Exchange Commission's rules aimed at standardizing climate-related disclosures, they must still track evolving requirements in states including California, Illinois, New Jersey and New York that will soon require reporting of direct and indirect carbon emissions, say attorneys at Husch Blackwell.
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A Primer On The Trading And Clearing Of Perpetual Contracts
The U.S. Commodity Futures Trading Commission recently released a request for comment on the trading and clearing of perpetual-style derivatives, most common in the cryptocurrency market, necessitating a deep look at how these contracts operate and their associated risks, say attorneys at Moore & Van Allen.
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Series
Teaching College Students Makes Me A Better Lawyer
Serving as an adjunct college professor has taught me the importance of building rapport, communicating effectively, and persuading individuals to critically analyze the difference between what they think and what they know — principles that have helped to improve my practice of law, says Sheria Clarke at Nelson Mullins.
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Crunching The Numbers Of Trump SEC's 1st 100 Days
During the first 100 days of the second Trump administration, the U.S. Securities and Exchange Commission brought significantly fewer stand-alone enforcement actions than at the beginning of the Biden and the first Trump administrations, with every one of the federal court complaints including allegations of fraudulent conduct, say attorneys at Dentons.
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Series
Adapting To Private Practice: From DOJ Enviro To Mid-Law
Practitioners leaving a longtime government role for private practice — as when I departed the U.S. Department of Justice’s environmental enforcement division — should prioritize finding a firm that shares their principles, values their experience and will invest in their transition, says John Cruden at Beveridge & Diamond.
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A Look At Probabilistic Tracing After High Court's Slack Ruling
Recent decisions following the U.S. Supreme Court's 2023 ruling in Slack v. Pirani have increased the difficulty of pleading Securities Act claims for securities issued in direct listings by rejecting the use of statistical probabilities to establish that share purchases were traceable to a challenged registration statement, says Jonathan Richman at Brown Rudnick.