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Asset Management
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April 25, 2024
T-Mobile, EQT Form Joint Venture To Acquire Fiber Biz
T-Mobile and private equity shop EQT on Thursday announced that they have entered into a joint venture, under which T-Mobile will invest $950 million at closing, to purchase fiber-to-the-home platform Lumos from one of EQT's previous infrastructure funds, in a deal built by at least three firms.
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April 25, 2024
WWE Shareholders Combine Chancery TKO Merger Suits
Delaware's Court of Chancery will decide this summer whether teams led by Block & Leviton, Bernstein Litowitz or Robbins Geller will represent World Wrestling Entertainment Inc. stockholders in a consolidated class suit against founder Vincent McMahon and others over the company's $21 billion merger with the Endeavor Group.
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April 25, 2024
Airplane Fuel Co. Seeks To Ax Union Healthcare Dispute
A company that fuels airplanes at major U.S. airports asked a New York federal judge to dismiss a $157,000 suit accusing it of underfunding a Teamsters healthcare plan, saying the plan trustees filed the suit too late and can't prove the company owes the money.
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April 25, 2024
Hedge Fund Goes Public With Gripes About Legal Tech Co.
Private talks between Engine Capital and the board of directors for Dye & Durham Ltd. have "fizzled out," leading the activist hedge fund to publicly take aim against the legal technology company in a letter to shareholders on Thursday.
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April 25, 2024
Mercer Clinches Nearly $4B Private Investment Fund
Retirement and investment solutions firm Mercer, advised by Clifford Chance U.S. LLP, on Thursday announced that it closed its seventh fund after securing over $3.9 billion in capital commitments.
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April 25, 2024
EEOC Says Co. Piled Tasks On Black Worker, Then Fired Him
A real estate company gave a Black manager more than twice as much work as his white colleague, paid him less and then fired him because he was "lazy," the U.S. Equal Employment Opportunity Commission said in a suit filed in Georgia federal court.
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April 24, 2024
Bid To Sanction DOJ Denied In Novel Insider Trading Case
A California federal judge on Tuesday refused to grant an indicted former healthcare CEO's bid to sanction the government in a case accusing him of a novel form of insider trading, saying the CEO failed to show that he was prejudiced by the government interviewing a potential witness without counsel present.
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April 24, 2024
Feds File Conspiracy Charges In $1M La. 'Romance' Fraud
U.S. prosecutors in Louisiana have charged three Atlanta-area individuals of running "romance scams" to defraud victims of more than $1 million, according to a recently unsealed indictment in Pelican State federal court.
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April 24, 2024
Trump Media Exec Urges GOP To Probe Stock 'Manipulation'
Devin Nunes, CEO of Trump Media Technology & Group Corp., is urging key House Republicans to investigate "anomalous trading" involving shares of the company that owns former President Donald Trump's social media platform, marking Nunes' latest effort to call attention to alleged signs of manipulation, according to a regulatory filing Wednesday.
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April 24, 2024
Chancery Lets $344M Carlyle Tax-Payout Suit Move Ahead
A vice chancellor of the Delaware Court of Chancery on Wednesday refused to toss most claims in a stockholder suit led by a Pittsburgh pension fund targeting a $344 million tax-asset buyout at The Carlyle Group Inc., though she did trim the suit by a single count.
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April 24, 2024
Forex Trader Must Pay $11.8M For Ponzi-Like Scheme
A Michigan federal judge on Tuesday said a purported forex commodity pool operator and its agent must pay more than $11.8 million in penalties and restitution for bilking participants in a Ponzi-like scheme, after the defendants ignored a Commodity Futures Trading Commission suit.
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April 24, 2024
Investors Can't Hit Reset In 737 Max Fraud Suit, Boeing Says
Investors claiming Boeing wiped out billions in stock value by misrepresenting the 737 Max's safety shouldn't be allowed to "effectively hit the reset button" and pursue an amended complaint that relies on statements already deemed inactionable, the aerospace giant argued Wednesday.
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April 24, 2024
Faegre Drinker Adds Perkins Coie Investment Partner In DC
Faegre Drinker Biddle & Reath LLP has hired a longtime Perkins Coie LLP investment management attorney in Washington, D.C., the 10th person from that firm to make a lateral move to a new opportunity in the past two months.
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April 24, 2024
Nev. Can't Shake Military Bias Suit Over Pensions, DOJ Says
The federal government's suit alleging Nevada and its public employees' retirement system overcharged service members for pension credits should remain in play, the U.S. Department of Justice said, arguing it put forward enough detail showing the state's policies harm military members.
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April 24, 2024
Healthcare Co. Reaches Deal To Exit Pension Plan Suit
A healthcare company struck a deal with a class of retirement plan participants to end their suit accusing it of stacking its $500 million pension plan with costly funds and failing to keep fees low, according to a filing in Massachusetts federal court.
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April 24, 2024
King & Spalding Adds Ex-SEC, FINRA Securities Expert In DC
The former deputy chief counsel of the U.S. Securities and Exchange Commission's enforcement division, who has over 25 years of experience working with securities laws and regulations, has left McGuireWoods LLP to join King & Spalding LLP as a partner in its Washington, D.C., office.
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April 23, 2024
SEC Critics Preview Future Challenges To Agency Action
The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.
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April 23, 2024
CFTC Formalizes Policy On Uncleared Swaps Recordkeeping
The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.
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April 23, 2024
Grain Co.'s $18B Deal Raises Competition Flags For Canada
Canada's competition enforcer said Tuesday it has concerns over grain and seed supplier Bunge Ltd.'s plan to buy global grain trader Viterra Ltd. in an $18 billion deal, saying the acquisition could result in lower prices paid to farmers and higher prices for refined canola oil.
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April 23, 2024
Citi Says 401(k) Suit No Different From Others That Were Axed
Citigroup Inc. has urged a Connecticut federal judge to permanently toss a proposed class action brought by former employees who claim the company mismanaged their 401(k) plans, arguing that decisions made in other courts dismissing similar challenges support the suit's dismissal.
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April 23, 2024
Trump's Stake In Truth Social Swells An Additional $1.2B
The value of Donald Trump's stake in his newly public social media company soared by nearly $1.2 billion on Tuesday as the former president became eligible to receive bonus shares that were conditioned on the company's stock performance.
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April 23, 2024
Biz Ownership Law Constitutional, Lawmakers Tell 11th Circ.
The Corporate Transparency Act is a garden-variety exercise of Congress' powers to address threats to national security, foreign affairs, commerce and tax collection, five Democratic lawmakers told the Eleventh Circuit, disputing a ruling that the law is unconstitutional.
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April 23, 2024
Fenwick, Covington Build $750M Sale Of Pharmaceutical Biz
Global biopharmaceutical company Incyte, advised by Covington & Burling LLP, on Tuesday announced plans to buy clinical-stage drug discovery company Escient Pharmaceuticals, led by Fenwick & West LLP, for $750 million.
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April 23, 2024
Boies Schiller Attys For Epstein Victims Beat Sanctions Bid
A New York federal judge on Tuesday evening rejected a request by associates of Jeffrey Epstein to sanction Boies Schiller Flexner LLP's chair and a co-managing partner, while also denying the Boies Schiller attorneys' subsequent motion to sanction the Epstein associates' counsel.
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April 23, 2024
DC Circ. Backs Georgetown's Defeat Of ERISA Suit
The D.C. Circuit on Tuesday upheld Georgetown University's win in a suit claiming the school packed its employee retirement plans with costly and poorly performing investment options, finding a lower court was correct in ruling that the workers failed to fix the faults in their case.
Expert Analysis
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What Financial Cos. Must Know For Handling T+1 Settlements
The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Opinion
CFPB Must Clarify When Anti-Fraud Benefits Offset Harms
The Consumer Financial Protection Bureau's ill-explained orders against two banks, concerning legitimate unemployment accounts that were frozen in attempts to control COVID-era fraud, illustrate an urgent need for bureau guidance on when the systemwide benefits of a potentially unfair practice outweigh the risk of harming a minority of consumers, says Jonathan Joshua at Joshua Law Firm.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.