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Asset Management
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March 25, 2024
Truth Social To Start Trading With Performance Tied To Trump
Shares of former President Donald Trump's nascent social media platform Truth Social are set to begin trading Tuesday, setting up a potentially volatile ride for an unprofitable company with scant revenue.
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March 25, 2024
Investment Firm Slips Plan Members' Self-Dealing 401(k) Suit
A New York federal judge on Monday threw out a lawsuit retirement plan participants lodged against investment firm AllianceBernstein accusing it of steering retirees' savings into its own poorly performing investments, saying there's no evidence the company was benefiting from these alleged actions.
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March 25, 2024
Solar Co. Downplayed Exposed Wire Issue, Investors Claim
Energy company Shoals Technologies Group Inc. has been hit with a proposed class action alleging it downplayed the cost of repairing exposed wires for customers and that investors were blindsided when the company finally revealed it would need to spend at least $60 million to fix the issue.
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March 25, 2024
Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest
A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.
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March 25, 2024
Truist Says Plastic Co. Trying To Dodge $20M Default
Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years
A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.
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March 25, 2024
Ripple's Legal Chief Says SEC Wants $2B In Remedies
The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.
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March 25, 2024
Pilot For UK Billionaire Says Stock Tips Case Is Too Vague
A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.
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March 25, 2024
Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told
Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Trian, Blackwells Double Down On Disney Activist Campaigns
As The Walt Disney Company's annual shareholder meeting approaches, two activist investors are ramping up their campaigns against the storied entertainment company and imploring fellow shareholders to vote for their separate slate of director candidates at the April 3 gathering.
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March 25, 2024
Lazard Beats Fired Indian Exec's Bias, Retaliation Suit
Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.
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March 25, 2024
NC Justices Deadlock On Reviving Investors' $9M Fraud Suit
The North Carolina Supreme Court has deadlocked on deciding whether to revive negligence claims against a hedge fund administrator for failing to flag what turned out to be a $9 million Ponzi scheme, meaning a lower court ruling favoring the administrator will stand.
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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.
Expert Analysis
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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.
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Libor Fallback To Prime May Increase Corporate Loan Costs
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.
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Calif. Climate Disclosure Laws: Next Steps For Companies
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.
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Key Points From NY Regulators' Crypto Listing Update
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.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
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.
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Why Public Cos. Should Also Comply With SEC's Names Rule
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.
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Series
ESG Around The World: The UK
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.
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Lenders Must Prep For Ga. Commercial Financing Disclosures
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.
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Best Practices For Cos. Navigating US-China Investigations
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.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
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.