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Asset Management
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April 03, 2024
4 Atty Takeaways From DOL's Asset Manager Exemption
The U.S. Department of Labor's final regulation limiting investment managers with serious misconduct on their records from handling Employee Retirement Income Security Act-covered retirement plans backed away from some controversial aspects of the agency's initial proposal, but still imposes significant new compliance obligations on plan sponsors, attorneys say. Here are four key takeaways from the final amendment released Tuesday.
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April 03, 2024
Chubby Checker Boyhood Home To Sell In Ponzi Receivership
The childhood home of acclaimed '60s rock-and-roller Chubby Checker will get a new owner after a Texas federal court found that a sale is in the best interest of a receivership in a $185 million alleged Ponzi scheme involving two precious metals dealers who swindled senior citizens.
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April 03, 2024
NY Bank, Investors Want Derivative Suits Merged, Paused
New York Community Bancorp Inc. and several of its investors asked a New York federal judge to consolidate and stay the investors' derivative shareholder suits against the bank.
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April 03, 2024
NY High Court Ruling Significance Debated In $2B Note Suit
VR Capital and Venezuela's state-owned oil company, Petroleos de Venezuela SA, both told a federal court on Tuesday that a ruling from New York's highest court, which cleared a path for PDVSA to argue that nearly $2 billion in defaulted notes are invalid under its domestic law, benefits their case.
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April 03, 2024
US Bank Beats $100M Suit Over Role As CDO Trustee
A New York federal judge has freed U.S. Bank from a more than $100 million conflict-of-interest lawsuit brought by a group of mortgage-backed CDOs, which accused the bank of obstructing their efforts to sue over underlying mortgage bond losses tied to the 2008 financial crisis.
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April 03, 2024
SEC Investigators Say Attys Harm Clients By 'Behaving Badly'
U.S. Securities and Exchange Commission staff warned attorneys at a Washington, D.C., conference Wednesday that delaying regulatory investigations destroys their credibility and could potentially harm their clients' chances of striking a favorable deal as the agency's Enforcement Division pushes for more cooperation from targeted businesses and individuals.
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April 03, 2024
Top 10 Deals Of Q1 Led By GE Energy Spinoff, Capital One
It may be wishful thinking to imagine that earlier hopes for a major rebound in 2024 mergers and acquisitions activity will pan out, but by many indications the year was at least off to a better start than 2023.
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April 03, 2024
Blue Owl Buying Kuvare Asset Management For Up To $1B
Alternative asset manager Blue Owl Capital Inc., advised by Kirkland & Ellis LLP, on Wednesday unveiled plans to buy Sidley Austin LLP-led Kuvare Asset Management for up to $1 billion in a cash-and-stock transaction.
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April 03, 2024
Disney Thwarts Trian Revolt, Retaining All 12 Board Members
Walt Disney Co. shareholders reelected the entertainment company's 12 current board members at a shareholder meeting Wednesday afternoon, rejecting all nominees pushed by activist investors Trian Fund Management and Blackwells Capital.
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April 03, 2024
Ex-NFL Player's Disability Benefits Suit Tossed As Too Late
A Florida federal judge threw out a suit from a former NFL player who said fraud made him miss out on the disability benefits he was owed, ruling he missed the deadline to challenge the decision that lowered his payments.
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April 03, 2024
Akin Adds Ex-Treasury Atty, Sanctions Expert In DC
Akin Gump Strauss Hauer & Feld LLP has hired a former top attorney for the U.S. Department of the Treasury's Office of Foreign Assets Control, who has joined the firm's international trade practice in Washington, D.C., the firm announced Wednesday.
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April 03, 2024
Truth Social Investors Cop To Fraud In $23M Insider Case
Two Florida venture capitalists on Wednesday admitted to insider trading on confidential plans to take former President Donald Trump's media company public, after prosecutors charged that the Truth Social fraud netted them and a third defendant $23 million.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 03, 2024
Kirkland-Led Goldman Sachs Unit Buys Stake In Credit Fund
Goldman Sach's private equity unit has acquired Italian asset manager Azimut's 20% stake in private credit fund Kennedy Lewis for $225 million, the companies said Wednesday.
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April 03, 2024
Paul Hastings Adds Group Co-Chair With Finance Duo Hire
Following group hires in the finance space, Paul Hastings LLP announced Wednesday it is hiring two attorneys from Weil Gotshal & Manges LLP, one of whom will co-chair its asset-backed finance practice.
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April 02, 2024
Crypto Co. Beats RICO But Not Fraud Claim Over $186M Hack
A Delaware federal judge has significantly trimmed a proposed class action accusing companies behind a blockchain system that enabled users to transfer crypto of running an illegal money-transmitting business and misrepresenting the system's security measures before a $186 million hack, saying the suit's racketeering, negligence and conversion claims all fail.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
SEC Republicans Criticize 'Punishing' Rulemaking Agenda
U.S. Securities and Exchange Commission Chair Gary Gensler opened an annual agency conference Tuesday by defending efforts to write new regulations addressing the changing U.S. capital markets, while his Republican colleagues called on the commission to pare back a "punishing" rulemaking agenda that has included a controversial rule governing climate change disclosures.
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April 02, 2024
Bally's Investor Says Takeover Bid Exploiting Weakness Of Biz
Bally's Corp. investor K&F Growth Capital has urged the board of directors for the casino operator to reject a $15-per-share takeover bid from its largest shareholder, Standard General, asserting the offer from the investment firm "woefully" undervalues the business.
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April 02, 2024
SelectQuote Beats Investor Suit Over Revenue Reports
A New York federal judge has dismissed a lawsuit by investors of insurance distribution platform SelectQuote accusing it of reporting inflated revenue, saying the defendants' forward-looking projections are protected by the safe harbor of securities laws.
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April 02, 2024
Swiss Banker Avoids Prison For $60M Tax Evasion Conspiracy
A Manhattan federal judge allowed a Swiss finance pro to avoid prison Tuesday for facilitating a tax evasion scheme that helped wealthy Americans hide $60 million from the IRS, saying the defendant is less culpable than alleged co-conspirators.
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April 02, 2024
Public Gets More Time To Comment On Secure 2.0 Disclosure
Government agencies tasked with reviewing the reporting and disclosure requirements for employee retirement plans said Tuesday that they'll be extending the deadline for comments on how these processes could be improved, a goal established under retirement plan incentive package Secure 2.0.
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April 02, 2024
Aretha Franklin's Estate Says Atty Can't Get Unpaid Fees
A lawyer who claims Aretha Franklin owed him for his work getting her a recording deal declined to participate in oral arguments Tuesday in Michigan appellate court, where the singer's estate told the court he filed his claims years too late.
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April 02, 2024
3 Firms Guide Safety Testing Group UL's Estimated $770M IPO
Safety science company UL Solutions Inc. on Tuesday unveiled a price range for an estimated $770 million initial public offering under the guidance of three law firms, marking the third company to launch IPO plans this week.
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April 02, 2024
Ex-Trustees Urge Ga. High Court To Take On Legal Fee Spat
Former trustees of a furniture tycoon's trust have asked the Georgia Supreme Court to rule that the trust has a duty to defend them against claims from the trust beneficiaries, arguing that this "appeal has implications for every indemnitee/insured" in the state.
Expert Analysis
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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Strategies For Wire Fraud Prevention As Risk Is On The Rise
Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.
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Volume-Based Transaction Pricing Proposal Raises Questions
A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.
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SEC, NY Cybersecurity Rules Create Complexity For Insurers
Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Top 10 Whistleblowing And Retaliation Events Of 2023
The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.
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Understanding Advance Notice Bylaws Is Key For All Parties
Recent developments in Delaware case law show that advance notice bylaws will be strictly construed and that Delaware courts will generally uphold clear, unambiguous bylaws adopted and applied reasonably, a lesson for both companies and stockholders alike as the number of companies rejecting director nominations by dissident stockholders has increased, say attorneys at MoFo.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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A Review Of 2023's Most Notable Securities Litigation
There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.
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ESG Investing Caught In Culture War Crosshairs In 2023
As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.