Asset Management

  • June 14, 2024

    Providers' $12M Suit Against Cigna, Multiplan Trimmed

    A California federal judge trimmed a suit against Cigna and Multiplan alleging the companies lowballed reimbursement to a group of substance use disorder treatment providers seeking more than $12 million under health plans they administered, keeping a federal benefits law claim intact but dropping several state law claims.

  • June 14, 2024

    Australian Biotech Firm Telix Pharmaceuticals Pulls US IPO

    Australian biotechnology firm Telix Pharmaceuticals Ltd., whose U.S. shares were set to debut trading on Friday, canceled plans for an estimated $202 million U.S. initial public offering, citing unfavorable market conditions.

  • June 14, 2024

    4 Big ERISA Decisions From The 1st Half Of 2024

    A California federal court allowed a novel type of 401(k) mismanagement suit to advance to discovery, the Ninth Circuit elaborated on the pleading standard for mental health parity claims, and workers beat back an attempt to force their federal benefits suit into arbitration at the Second Circuit. Here, attorneys discuss four consequential ERISA decisions in 2024's first half.

  • June 13, 2024

    Cooley-Led Diagnostics Firm Tempus AI Raises $411M IPO

    Artificial intelligence-powered diagnostics company Tempus AI inc. priced a $410.7 million initial public offering Thursday at the top of its range, represented by Cooley LLP and underwriters counsel Davis Polk & Wardwell LLP. 

  • June 13, 2024

    Prudential Investors Get Final OK On $35M Settlement

    A New Jersey federal judge on Thursday granted final approval to a $35 million class action settlement between Prudential Financial Inc. and shareholders who alleged the company hid the risks associated with the purchase of thousands of life insurance policies.

  • June 13, 2024

    SEC's Gensler Rethinking AI Advising, Crypto Custody Regs

    U.S. Securities and Exchange Commission Chair Gary Gensler told senators Thursday that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback from both supporters and naysayers.

  • June 13, 2024

    Retirement Sponsor Strikes Deal To End 401(k) Fee Suit

    A professional employer organization that offered a $1.5 billion 401(k) plan to credit unions reached a deal to end former plan participants' proposed class action accusing it of saddling them with lofty fees, a Thursday filing in Wisconsin federal court said.

  • June 13, 2024

    Data Center Developer Secures Upsized $9.2B Investment

    Hyperscale data center campus company Vantage Data Centers on Thursday announced that it secured a $9.2 billion equity investment from DigitalBridge Group Inc. and Silver Lake, which is nearly $3 billion more than anticipated when the investment was first announced back in January.

  • June 13, 2024

    Blackstone's $10B AIR Buy Gets Nod From Top 2 Proxy Firms

    Denver-based Apartment Income REIT Corp.'s shareholders have recommendations from the two leading proxy advisory firms to approve an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, the company announced Thursday. 

  • June 13, 2024

    Deals Rumor Mill: Paramount, Cineworld, Kraken IPO

    Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • June 13, 2024

    JP Morgan Closes Debut Life Sciences Fund At Over $500M

    J.P. Morgan Private Capital on Thursday announced that it clinched its inaugural life sciences private capital offering with more than $500 million in tow.

  • June 12, 2024

    Hedge Fund Manager Cops To $3M Fraud Scheme

    A New York fund manager on Wednesday admitted to defrauding investors out of at least $3 million through his investment management firm, in a scheme that has been ongoing for the last three years.

  • June 12, 2024

    Oppenheimer, Cybersecurity Co. Settle $12M SPAC Bill Spat

    Oppenheimer & Co. and an Israeli cybersecurity company have reached a settlement to end claims that the company refused to pay $12 million in fees for SPAC merger-related services the investment bank provided, according to a New York federal court filing made Wednesday.

  • June 12, 2024

    FDIC Head Must Go To Change Status Quo, GOP Reps. Say

    House Republicans on Wednesday criticized Federal Deposit Insurance Corp. Chair Martin Gruenberg for not immediately resigning in the wake of a probe of the agency's workplace culture, but some Democrats took issue with the scope of a report on the investigation's findings while applauding his rumored successor.

  • June 12, 2024

    1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens

    The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.

  • June 12, 2024

    Judge Won't Trim $18M Shareholder Settlement Coverage Suit

    A Pennsylvania federal judge declined to toss certain bad faith allegations against an insurer accused of wrongfully denying coverage for an $18 million settlement between an asset management company and a group of shareholders, adopting a magistrate judge's recommendation that the company sufficiently alleged its claim of bad faith.

  • June 12, 2024

    SPAC Dealmakers Expect Modest Pickup After Market Bottom

    Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.

  • June 12, 2024

    Worker Hits Lumber Co. With 401(k) Fee, Investment Suit

    A lumber company violated federal benefits law by choosing expensive, poor-performing funds for its employee retirement plan and saddling participants with lofty fees, according to a new lawsuit filed in Pennsylvania federal court.

  • June 12, 2024

    SEC Says Texas Crypto Cases Aren't Related To Fraud Suit

    The U.S. Securities and Exchange Commission asked a Texas federal judge not to stay its case accusing a crypto asset mining and hosting company of securities fraud, saying in a Wednesday brief that the judge's concerns about other pending cases creating "moving-target precedents" were unfounded.

  • June 12, 2024

    11th Circ. Won't Rehear Ruling In Pratt & Whitney Cancer Case

    The full Eleventh Circuit won't review a panel's affirmation of a jury verdict win for defense contractor Pratt & Whitney that found it had failed to exercise reasonable care when disposing of radioactive materials but also freed it from liability for the pediatric cancer cases that emerged in a Florida neighborhood.

  • June 12, 2024

    Forte Biosciences Reaches $2M Deal To End Chancery Suit

    Clinical-stage biopharmaceutical company Forte Biosciences has reached a multipart, $2 million concession-plus-cash settlement in Delaware's Court of Chancery with a private investment fund that ran a board proxy contest after its calls to liquidate the business were met with poison pill pushback.

  • June 12, 2024

    32 AGs Urge Justices Take Up Okla. PBM Law Fight

    Thirty-two attorneys general urged the U.S. Supreme Court to take up Oklahoma's petition for review of a Tenth Circuit decision holding that federal law preempted portions of a state law regulating pharmacy benefit managers, arguing the justices needed to intervene to resolve a circuit split.

  • June 12, 2024

    Freshfields Adds Ex-Kirkland, Davis Polk Attys In New York

    Freshfields Bruckhaus Deringer LLP bolstered its corporate offerings in New York this week with M&A partner Joshua Ayal and capital markets partner Jacqueline Marino.

  • June 12, 2024

    Brazil's Suzano Buys Minority Stake In Lenzing For $248M

    Brazilian pulp producer Suzano S.A. has agreed to buy a 15% stake in Lenzing from B&C Group for EUR 230 million ($248.6 million), according to a statement Wednesday.

  • June 12, 2024

    GameStop Raises More Than $2.1B In Share Sale

    GameStop Corp. has raised over $2.1 billion as part of a share sale, with plans to use the proceeds for general corporate purposes such as future acquisitions or investments.

Expert Analysis

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.

  • What The NYSE Proposed Delisting Rule Could Mean For Cos.

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    The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.

  • Boeing Saga Underscores Need For Ethical Corporate Culture

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    In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.

  • Key Takeaways From 2024 Accountants' Liability Conference

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    At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.

  • Series

    Fishing Makes Me A Better Lawyer

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    Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge​​​​​​​ at Robinson Bradshaw.

  • Parsing Controversial Del. General Corporation Law Proposals

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    In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.

  • A Healthier Legal Industry Starts With Emotional Intelligence

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    The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.

  • Takeaways From SEC's New Data Breach Amendments

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    The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.

  • BF Borgers Clients Should Review Compliance, Liability

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    After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.

  • Opinion

    Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill

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    After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

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