Asset Management

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • March 21, 2024

    Goldman Sachs Secures $700M For Co-Investment Fund

    Goldman Sachs Asset Management revealed Thursday it recently raised $700 million for its co-investment strategy fund, which works with hedge funds and other money managers and has already deployed 40% of its capital.

  • March 21, 2024

    Salesforce Can't Ax Vast Class Suit Over 401(k) Management

    Salesforce must face a class action comprising up to 50,000 employees alleging the company allowed its 401(k) plan to be filled with expensive and poorly performing investment options, a California federal judge ruled, finding the workers provided enough evidence to proceed to trial.

  • March 21, 2024

    Activist Investor Rips 'Misguided' Strategy Of WisdomTree

    Activist investor ETFS Capital on Thursday urged shareholders of WisdomTree to withhold their votes from the asset management firm's board members at an upcoming shareholder meeting due to the company's "failed diversification strategy" and refusal to initiate a strategic review process.

  • March 21, 2024

    Ex-OneCoin Attorney Says 1 Year In Prison Is Enough

    A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.

  • March 21, 2024

    FDIC To Target Deals Creating Cos. With $100B-Plus In Assets

    The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."

  • March 21, 2024

    ECJ Adviser Rejects Taxing Foreign Pension Funds Differently

    Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.

  • March 20, 2024

    Receiver Allowed To Have 'Evil Zombie' Standing In Fraud Suit

    The Eleventh Circuit revived a receiver's Florida lawsuit seeking to recover $22 million allegedly lost in a Ponzi scheme, saying he has standing to bring fraudulent transfer claims by several companies used in the fraud because they're no longer the "evil zombies" controlled by the perpetrators.

  • March 20, 2024

    Insider Trading Charges Kept Intact In Trump Media Co. Suit

    A New York federal judge on Wednesday refused to toss charges against a Florida venture capitalist over allegedly illegally profiting from a secret plan to take Donald Trump's Truth Social company public, finding court precedent for the criminalization of insider trading under securities fraud law.

  • March 20, 2024

    Latham, Davis Polk Guide Reddit's Long-Awaited $748M IPO

    Reddit Inc. on Wednesday priced a $748 million initial public offering at the high end of its intended priced range, represented by Latham & Watkins LLP and underwriters' counsel Davis Polk & Wardwell LLP, completing the first social-media IPO in five years. 

  • March 20, 2024

    Trump SPAC Sues To Force Vote In Favor Of Deal

    The special purpose acquisition company hoping to take Trump Media & Technology Group public sued its largest founding investor in New York state court to force a vote in favor of the deal, the latest legal turmoil to sprout from the SPAC's spat with its former chief executive.

  • March 20, 2024

    UK Pension Fraud Fund To Pay Out £416M To Victims By 2026

    The U.K.'s pension lifeboat scheme said Wednesday it expects to pay up to £416.7 million ($530 million) in compensation to members of pension schemes that have been hit by scams.

  • March 20, 2024

    SEC Proxy Roundup: Verizon, UPS Escape ESG Proposals

    Verizon and UPS may exclude from their proxy statements shareholder proposals on social policy and climate change matters, according to U.S. Securities and Exchange Commission staff, who also denied various other requests from corporations looking to escape separate social and politics-related proposals.

  • March 20, 2024

    RI Ex-Broker Gets 8 Years In Ponzi Scheme

     A Rhode Island man was sentenced to eight years in prison for running a decade-long Ponzi scheme to defraud investors and to evade his taxes.

  • March 20, 2024

    Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career

    A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.

  • March 20, 2024

    Law360 Announces The Members Of Its 2024 Editorial Boards

    Law360 is pleased to announce the formation of its 2024 Editorial Advisory Boards.

  • March 20, 2024

    US Chamber's Litigation Funding Concerns Spur 2 State Laws

    Amid concerns from the U.S. Chamber of Commerce about third-party litigation funding, including from potentially hostile foreign entities, state legislatures in Indiana and West Virginia have recently passed bills imposing restrictions on the practice.

  • March 19, 2024

    5th Circ. Ducks 'Pandora's Box' In Tossing SEC Gag Rule Row

    The U.S. Securities and Exchange Commission on Tuesday defeated a challenge to its so-called gag rule against settling defendants, with the Fifth Circuit writing that it didn't want to open a "Pandora's box" by ruling that it had jurisdiction to review a financial radio show host's appeal of a decision that wasn't a final judgment.

Expert Analysis

  • Libor Fallback To Prime May Increase Corporate Loan Costs

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    Despite preparations and legislative actions related to the transition away from Libor earlier this year, there remains a contingent of corporate borrowers that have fallen through the cracks and could face increased costs if their loans default to prime rates, say Nathan Moore and Dana Bradley at WilmerHale.

  • Calif. Climate Disclosure Laws: Next Steps For Companies

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    A trio of new climate disclosure laws in California will impose far-reaching corporate reporting requirements — so companies doing business in the state must immediately begin working to substantiate their climate claims and update marketing materials, and consider getting involved in rulemaking that will shape the legislation's impact, say attorneys at Alston & Bird.

  • Key Points From NY Regulators' Crypto Listing Update

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    Virtual currency entities should review the New York State Department of Financial Services' recently proposed guidance for self-certification of coins, which features heightened listing standards and a new delisting framework, and evaluate its impact on their existing practices and coin-listing procedures, say attorneys at WilmerHale.

  • Attorneys, Law Schools Must Adapt To New Era Of Evidence

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    Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.

  • Why Public Cos. Should Also Comply With SEC's Names Rule

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    While the U.S. Securities and Exchange Commission's updated Names Rule specifically clarifies that funds must consider ESG factors in their investment strategies if their names so imply, public companies should also heed the message and conduct business consistent with the way they market or advertise themselves, says Spencer Feldman at Olshan Frome.

  • Series

    ESG Around The World: The UK

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    Following Brexit, the U.K. has adopted a different approach to regulating environmental, social and governance factors from the European Union — an approach that focuses on climate disclosures by U.K.-regulated entities, while steering clear of the more ambitious objectives pursued by the EU, say attorneys at Dechert.

  • Lenders Must Prep For Ga. Commercial Financing Disclosures

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    Since Georgia’s new commercial financing disclosure requirements may be a lender's first foray into complicated Truth-In-Lending-Act-style laws, providers should work with investor counterparties to prepare early disclosures, in compliance with statutory tolerances, for borrowers whose loan agreements take effect Jan. 1, says Melissa Richards at Buchalter.

  • Best Practices For Cos. Navigating US-China Investigations

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    Given recent enforcement trends and the broad jurisdictional reach of U.S. laws, companies with operations in China must enhance their compliance programs in order to balance new corporate enforcement expectations with Chinese data protection and privacy requirements, say attorneys at Paul Hastings.

  • Tips For Litigating Against Pro Se Parties In Complex Disputes

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    Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.

  • Planning Compliance For Updated FinCEN Reporting Rules

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    Although the Financial Crimes Enforcement Network's reporting deadline for beneficial ownership information may seem far off, companies should act now to determine which corporate entities must report and what information must be collected, given the potential time, resources and legal questions involved, say attorneys at Crowell & Moring.

  • How Justices' Disclosure Ruling May Change Corp. Filings

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    In the upcoming Macquarie Infrastructure v. Moab Partners case, the U.S. Supreme Court will resolve a circuit split over whether a company may be sued for private securities fraud if they fail to disclose certain financial information in public filings, which may change the way management analyzes industry risks and trends for investors, says Paul Kisslinger at Lewis Brisbois.

  • How CRE Loans Would Shift Under New Bank Capital Rules

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    Attorneys at MoFo discuss how commercial real estate loans would fare under federal banking agencies' proposed changes to how large banks risk-weight loans, particularly how CRE loans are weighed based on the current standardized framework versus the proposed expanded approach.

  • Pro Bono Work Is Powerful Self-Help For Attorneys

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    Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.

  • What US Cos. Should Know About ESG Directives In The EU

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    Even if U.S. companies don't fall directly within the scope of the EU's directives requiring corporate reporting on human rights and environmental impacts, which will likely be fully enacted next year, they may still be implicated if they are part of an EU business's value chain, so U.S. companies should undertake proactive steps to gain a competitive advantage, say attorneys at DLA Piper.

  • Series

    Playing In A Rock Cover Band Makes Me A Better Lawyer

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    Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.

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