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Asset Management
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March 25, 2024
Class Cert. In United Military Leave Suit Will Have To Wait
An Illinois federal judge said he had doubts about claims that United Airlines owes pay to pilots taking military leaves, saying he'll wait for several appeals courts to decide the fate of similar suits before signing off on class certification.
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March 25, 2024
M&T Bank Execs Seek Exit From Fla. Law Firm's $1.5M Suit
Two M&T Bank Corp. representatives want out of a lawsuit claiming they participated in the unlawful restriction of a Florida law firm's trust account amid a chargeback dispute, arguing they are protected from such claims by Florida's corporate shield doctrine.
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March 25, 2024
FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing
FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.
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March 22, 2024
US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others
U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.
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March 22, 2024
Telecom Shareholders Want Tribunal DQ'd Over 'Biased' Blog
The majority shareholders in a Latin American telecommunications tower operator are urging a New York court to reconsider its bid to disqualify the entire tribunal overseeing an arbitration over an alleged corporate coup, saying a blog run by one of the arbiters shows proof of bias.
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March 22, 2024
Trump Media SPAC CEO Accused Of Misleading Investors
A sponsor of the special-purpose acquisition company approved to take Donald Trump's social media website public has sued its CEO in Florida federal court, saying a "coup d'etat" was orchestrated to oust the former leader and mislead investors in an effort to assume control over the enterprise.
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March 22, 2024
Reddit's Robust Debut Bodes Well For Tech IPOs
Social media platform Reddit Inc.'s strong debut following its $748 million initial public offering could provide fresh momentum for a sizable pipeline of venture-backed technology companies exploring IPO plans, capital markets advisers say.
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March 22, 2024
Starboard Value Eyes Board Seats At Algonquin Power
Canadian utility company Algonquin Power & Utilities Corp. on Friday said its board of directors will review director nominees submitted by activist investor Starboard Value LP, who said the company's current board has a "long history of making value-destructive decisions" and needs to be refreshed.
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March 22, 2024
Feds Reach Deal To Seize, Sell FTX Executive Jets
Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.
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March 22, 2024
Radiology Co., Trustee Must Face Ex-Worker's ESOP Suit
A Colorado federal judge refused to toss a proposed class action accusing a radiology company and its trustee of overcharging the company's employee stock ownership plan in a $163.7 million sale, saying the former workers' complaint puts forward enough details to back up their allegations.
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March 22, 2024
Congress Spares Employee Benefits From $400M DOL Cut
A commitment from Congress to keep funding level for the U.S. Department of Labor's sub-agency that oversees employee benefits despite a $400 million agency-wide cut was one of the highlights for benefits attorneys in a new fiscal year 2024 spending deal. Here are three takeaways from attorneys on the funding agreement.
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March 22, 2024
5 Things To Know As SEC Takes Terraform Fraud Case To Trial
The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
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March 22, 2024
Galderma Starts Trading In Switzerland After Pricing IPO
Private equity-backed Swiss skincare company Galderma Group AG began trading publicly Friday after pricing its $2.4 billion initial public offering, marking the next stage of its growth trajectory.
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March 22, 2024
Trump Wins Investor Approval Of Truth Social SPAC Deal
Digital World Acquisition Corp. shareholders on Friday approved a proposal to acquire former President Donald Trump's social media platform, setting in motion long-delayed plans to take Trump's startup public despite unresolved litigation tied to the merger.
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March 21, 2024
Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud
The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.
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March 21, 2024
Cigna Slams Suit's Claims Of Algorithm-Led Coverage Denials
Insurance giant Cigna Group wants a Connecticut federal court to toss a proposed class action alleging that an algorithm unlawfully rejected hundreds of thousands of claims en masse and without a proper review, arguing the suit is based on a "misleading" news article and shows a misunderstanding of the health insurer's claim denial process.
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March 21, 2024
Healthcare Co. Beats Suit Over TDF Funds' Performance
A California federal judge granted a win to a healthcare company and its investment adviser in a class action challenging what former workers claim are shoddy target-date-funds included in the company's 401(k) plan, saying the funds at issue performed better than comparable investments.
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
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March 21, 2024
Directors Of Public Cos. Back Trian CEO Amid Disney Proxy Fight
Thirteen current and former public company directors, all of whom have worked with Trian Fund Management and CEO Nelson Peltz, sent a letter to The Walt Disney Company's board of directors Thursday highlighting why they believe Peltz would make a good addition to the board amid a heated proxy battle.
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March 21, 2024
DOL Urges 5th Circ. To Back Biden Admin. ESG Investing Rule
The U.S. Department of Labor urged the Fifth Circuit on Thursday to uphold a rule allowing retirement advisers to consider social issues such as climate change when choosing investments, arguing that conservative states challenging the rule haven't shown it defies federal benefits law.
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March 21, 2024
Barings' Exec Helped Raid Employees To Join Rival, Suit Says
A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.
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March 21, 2024
CFPB Head Sees Flaws In Capital One-Discover Deal Rationale
The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.
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March 21, 2024
8th Circ. Wins SEC Climate Rule Litigation Lottery
The wave of cases against the U.S. Securities and Exchange Commission's recently finalized climate disclosure rules will be consolidated and proceed in the Eighth Circuit, the U.S. Judicial Panel on Multidistrict Litigation ordered Thursday, after the agency requested a random draw.
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March 21, 2024
Deals Rumor Mill: Apollo-Paramount, Britannica IPO, KKR
Buyout firm Apollo is offering $11 billion to buy Paramount's film studio, Encyclopaedia Britannica is gearing up for an IPO that could value the publisher at $1 billion, and KKR is mulling a sale of learning chain EuroKids International. Here, Law360 breaks down these and other notable deal rumors from the past week.
Expert Analysis
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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.
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5 Credit Card Practices Drawing CFPB Notice In New Report
The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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A Look At DOJ's New Nationwide Investment Fraud Approach
Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.
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AI Use May Trigger False Claims Act's Public Disclosure Bar
The likely use of publicly available artificial intelligence tools to detect government fraud by combing through large data sets will raise complex questions about a False Claims Act provision that prohibits the filing of claims based on previously disclosed information, say Nick Peterson and Spencer Brooks at Wiley Rein.
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Keeping Tabs On Fight Over Board Diversity Rule At 5th Circ.
Attorneys at Mintz dissect why the Fifth Circuit rejected a constitutional challenge to Nasdaq’s new requirement that listed companies disclose board diversity data, assess how a petition calling the decision pro-discrimination may fare, and discuss where companies that have yet to meet the exchange's diversity goals go next.
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Why SEC Is Worried AI Could Lead To Recession, Racial Bias
U.S. Securities Exchange Commission Chair Gary Gensler recently indicated he believes the agency should have a seat at the artificial intelligence regulatory table, which he said, if left unchecked, could lead to systemic racial bias, IP issues and even a recession, says Nancy Wojtas at Cooley.
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How Shareholder Activists Are Targeting Insurers
As shareholder activists take a closer look at the insurance industry, they are pushing insurers to take value-enhancing and climate-related measures — but insurers can prepare by anticipating activist concerns, maintaining robust shareholder engagement, and considering changes in response to the universal proxy rules, say attorneys at Debevoise.
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New CFTC Enforcement Policy May Finally Deter Recidivists
The U.S. Commodity Futures Trading Commission’s recently announced policies designed to crack down on market misconduct recidivists may finally raise the stakes enough to motivate institutions to improve their compliance infrastructure, say Dan Chirlin and Marc Armas at Walden Macht.
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5th Circ. Ruling May Beget Fraud Jury Instruction Appeals
The Fifth Circuit’s recent U.S. v. Greenlaw decision, disapproving disjunctive fraudulent-intent jury instructions, will likely spawn appeals in mail, wire and securities fraud cases, but defendants must show that their deception furthered ends other than taking the victim's property, says Charles Fowler at McKool Smith.