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Asset Management
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May 06, 2025
PennyMac Wins Quick 9th Circ. Appeal Of Libor-Rate Ruling
A California federal judge on Monday allowed PennyMac entities to pursue their quick appeal in a proposed class action alleging they illegally imposed a lower fixed interest rate instead of a variable rate on preferred-stock dividends, asking the Ninth Circuit to clarify whether the Libor Act bars such fixed rates.
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May 06, 2025
DC Circ. Sides With BofA In COVID Market Loss 'Uphill Battle'
The D.C. Circuit on Tuesday refused to revive a Bank of America client's suit claiming the bank should've tried to stop him from dumping his investments when the market tanked at the beginning of the pandemic, finding the bank is shielded by an investment contract and calling his claims an "uphill battle."
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May 06, 2025
Judge Scolds US Over 'Vague' Bid To Stay $380M Award Row
A California federal judge has scolded the Trump administration as it tries to seize part of a $380 million arbitral award purportedly tied to embezzled Malaysian funds, saying it has not constructively engaged in the discovery process while seeking a stay during related criminal proceedings.
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May 06, 2025
Golf Gear Co. Sued In Del. Over Controller Share Sales
A pension fund stockholder of golf gear maker and distributor Acushnet Holdings Corp. sued its controlling stockholders and directors on Monday for purportedly lining up hundreds of millions in company share repurchases that preserved the controllers' status despite repeated stock sales.
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May 06, 2025
SEC Panel Says Easier Trading Would Rev Up 'Reg A'
A small business-focused committee advising the Securities and Exchange Commission expressed renewed support on Tuesday for easing secondary trading in connection with Regulation A, hoping to broaden the appeal of this lightly used alternative to an initial public offering.
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May 06, 2025
B. Riley Escapes Investor Suit Over National Holdings Buyout
Delaware's Chancery Court has dismissed B. Riley Financial Inc. from a suit challenging its 2021 acquisition of National Holdings Corp., rejecting a former National stockholder's claim that B. Riley controlled the negotiations in the shadow of its significant stake in National.
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May 06, 2025
SEC Asks High Court To Skip $22.7M Disgorgement Case
The U.S. Securities and Exchange Commission responded to an investment advisory firm's request for the U.S. Supreme Court to review a First Circuit ruling upholding an order for the firm to pay $22.7 million in disgorgement, arguing that investor losses are not necessary for disgorgement orders.
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May 06, 2025
Morgan Stanley Says SEC Has Closed Cash Sweep Probe
The U.S. Securities and Exchange Commission has ended an investigation into Morgan Stanley's cash sweep program without recommending an enforcement action, the bank told investors.
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May 06, 2025
Kirkland Guides Rotunda Capital On $735M Fund Close
Private equity firm Rotunda Capital Partners said Tuesday it has raised $735 million for its latest fund under the legal guidance of Kirkland & Ellis LLP, surpassing its $550 million target as Rotunda's managing partners called attention to a challenging current fundraising environment.
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May 05, 2025
Skadden-Led Crypto Platform EToro Eyes $480M IPO
Crypto-friendly trading platform eToro Group Ltd. on Monday launched plans for an initial public offering that could raise $480 million for the company and its shareholders, marking another sign that the IPO market's recent cold spell is beginning to thaw.
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May 05, 2025
Crypto Miner Objects To Celsius Sanctions Try In Ch. 11 Case
Crypto mining company Mawson Infrastructure Group Inc. asked a Delaware bankruptcy judge to throw out an attempt by Celsius Network to impose sanctions on Mawson in the company's involuntary Chapter 11 case, saying its failed bid to extend an automatic stay to its subsidiaries was performed in good faith.
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May 05, 2025
Clifford Chance Adds Paul Weiss Exec Compensation Atty In NY
Clifford Chance LLP has added a Paul Weiss Rifkind Wharton & Garrison LLP transactional attorney in New York as co-chair of its U.S. executive compensation practice, the firm announced Monday.
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May 05, 2025
Skechers Inks $9.4B Take-Private Deal Guided By 3 Firms
Private equity firm 3G Capital will take footwear giant Skechers private for $9.4 billion in a deal guided by three law firms amid an ongoing trade war that has rattled retailers, the parties announced Monday.
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May 05, 2025
5 Firms Pilot Pershing Square's $900M Howard Hughes Deal
Hedge fund Pershing Square will grow its ownership stake in Howard Hughes Holdings and expand the company's business lines beyond real estate development in a $900 million deal put together by five law firms, the companies said Monday.
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May 05, 2025
Retirement Co. Settles 401(k) Fee Suit After $38.8M Verdict
A retirement services company agreed to resolve a class action claiming it loaded a multiemployer 401(k) plan with exorbitant administrative fees, according to a New York federal court filing, less than two weeks after a jury said the company should pay the 27,000-member class $38.8 million.
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May 05, 2025
Hotel Management Co. Exits Pension Fund Withdrawal Battle
A company tapped to manage a hotel at the center of a $1.1 million withdrawal liability lawsuit between the City of San Jose and a UNITE HERE pension fund has reached a deal with the plan to exit the case, according to a California federal court filing.
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May 02, 2025
Head Of 'Mother Teresa' Ponzi Scheme Owes SEC $4.1M
A self-styled "Mother Teresa" serving a 20-year prison sentence for wire fraud conspiracy in a $194.1 million Ponzi scheme is liable for $4.1 million in connection with U.S. Securities and Exchange Commission fraud claims, though that debt is satisfied by the $186 million forfeiture order in her federal criminal case, a Florida federal judge has determined.
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May 02, 2025
Gores Group's Latest SPAC Leads 3 IPOs Totaling $792M
Gores Holdings X Inc., the latest of several special purpose acquisition companies formed by private equity firm The Gores Group, began trading Friday after pricing an upsized $312 million IPO, the largest of three new SPAC listings totaling $792 million.
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May 02, 2025
Texas-Led AGs Defend BlackRock Coal Investments Suit
A coalition of Republican states led by Texas are arguing that BlackRock Inc.'s public commitments to reducing its carbon footprint are evidence that it and two other leading asset managers teamed up to suppress the production of coal in the United States, asking a federal judge not to dismiss their case against the firms.
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May 02, 2025
FinCEN Wants Banks To Monitor For Cartel Oil Smuggling
The U.S. Treasury's enforcement unit has alerted U.S. financial institutions to watch for Mexican cartels smuggling stolen crude oil across the southwest border and into the U.S., saying fuel theft "has become the most significant non-drug illicit revenue source for the cartels."
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May 02, 2025
Trade War Spurs Companies To Freshen Disclosure Playbooks
Against the backdrop of a protracted trade war that has rattled investors, companies are honing their securities filings and public communications strategies, posing fresh challenges for corporations and their lawyers, who are otherwise accustomed to navigating global disruptions.
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May 02, 2025
3 Argument Sessions Benefits Attys Should Watch In May
The Eleventh Circuit will hear arguments from former seafood company workers who say they were overcharged when they purchased their employer’s stock, while the Sixth Circuit tackles appeals from Kellogg and FedEx retirees who say they were shorted on benefits because of outdated mortality data. Here’s three arguments to keep an eye on in May.
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May 02, 2025
Debevoise Guides Ara Partners On $800M Low-Carbon Fund
Ara Partners has raised more than $800 million for its first infrastructure fund, aimed at cutting carbon emissions from the industrial economy, with legal guidance from Debevoise & Plimpton LLP.
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May 02, 2025
DC Circ. Seems Unconvinced That Proxy Firms 'Solicit'
An industry group's bid to revive a U.S. Securities and Exchange Commission rule regulating proxy advisory firms seemed to meet a skeptical D.C. Circuit panel on Friday, as the judges questioned whether those firms "solicit" proxy votes.
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May 02, 2025
Off The Bench: DC Stadium, BetMGM Victory, Transfer Rules
In this week's Off The Bench, the Washington Commanders strike a deal to build a new stadium in D.C., BetMGM fends off a consumer fraud suit targeting its gambling promotion efforts and a Rutgers University football player scores another win against the NCAA's transfer rules.
Expert Analysis
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4 Ways Women Attorneys Can Build A Legal Legacy
This Women’s History Month, women attorneys should consider what small, day-to-day actions they can take to help leave a lasting impact for future generations, even if it means mentoring one person or taking 10 minutes to make a plan, says Jackie Prester, a former shareholder at Baker Donelson.
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Why A Rare SEC Dismissal May Not Reflect A New Approach
While the U.S. Securities and Exchange Commission's pending dismissal of its case against Silver Point is remarkable to the extent that it reflects a novel repudiation of a decision made during the prior commission, a deeper look suggests it may not represent a shift in policy approach, say attorneys at Weil.
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Deficiency Trends In National Futures Association Exams
A recent notice from the National Futures Association outlining the most common deficiencies uncovered during exams gives member firms an opportunity to review prior guidance, particularly regarding the hot topic of implementing procedures governing the use of outsourced service providers, say attorneys at Akin.
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A Judge's Pointers For Adding Spice To Dry Legal Writing
U.S. District Judge Fred Biery shares a few key lessons about how to go against the grain of the legal writing tradition by adding color to bland judicial opinions, such as by telling a human story and injecting literary devices where possible.
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Pleading Rules At Stake In High Court Hamas Banking Case
While a case between victims of Hamas terrorist attacks and a Lebanese bank, recently argued before the U.S. Supreme Court, appears to ask a narrow question of which civil procedure rules apply to requests to reopen final judgments, how the justices rule could drastically change pleading strategies for future plaintiffs, say attorneys at Dorsey & Whitney.
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Expectations For SEC Exams As Private Credit Market Grows
The U.S. Securities and Exchange Commission may rely heavily on its Division of Examinations for regulating private credit markets amid their expansion into the retail investor space, so investment advisers should be prepared to address several likely areas of focus when confronted with an exam, say attorneys at Dechert.
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What's Potentially In Store For CFTC Under New Leadership
Under the leadership of acting U.S. Commodity Futures Trading Commission Chairman Caroline Pham, and with the nomination of former commissioner Brian Quintenz to serve as permanent chair, the commission is set to widely embrace digital assets and event contracts, say attorneys at Davis Wright.
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Revived Executive Order Is A Deregulatory Boon To Banks
A recently reinstated 2019 executive order reveals the Trump administration’s willingness to provide unprecedented protections for regulated parties — including financial institutions — but to claim them, banks and other entities must adopt a forward-leaning posture to work with the regulators, say attorneys at Davis Wright.
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2 Practical Ways For Banks To Battle Elder Financial Abuse
Federal regulators' recent statement raising awareness of elder financial exploitation provides a useful catalog of techniques that banks can employ to fight fraud, particularly encouraging older account holders to establish trusted contacts and sharing timely warnings about the latest scams with customers, say attorneys at Nutter.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.
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30 Years Later: How PSLRA Has Improved Securities Litigation
In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.