Asset Management

  • May 29, 2024

    Bankrupt EV Charger Co. Execs Hid Liquidity Woes, Suit Says

    Three current and former executives of bankrupt electric-vehicle charging infrastructure company Charge Enterprises Inc. face an investor's proposed class action claiming the executives concealed a liquidity crisis involving the company's founder and his investment advisory firm that allegedly precipitated Charge's bankruptcy.

  • May 29, 2024

    Carhartt Heiress Atty Says He Wanted To Pay Back $15M Loan

    A Michigan attorney accused of exploiting his wealthy Carhartt heiress client as trustee testified Wednesday that he intended to repay the roughly $15 million he had loaned himself from her trust, as he took the stand during the second week of a jury trial.

  • May 29, 2024

    Celadon Execs Seek Toss Of TA Dispatch Chancery Suit

    Former executives of now-defunct Celadon Group Inc. who sold its business assets a few months before the transport and logistics company went bankrupt told Delaware's Court of Chancery on Wednesday that a lawsuit from the disgruntled Alabama buyer should be dismissed because it lacks specifics and rehashes already-settled claims.

  • May 29, 2024

    Benefits Trade Group Urges Changes To New York PBM Regs

    A trade group representing large employers who sponsor employee benefit plans warned New York's insurance regulator that a proposal affecting pharmacy benefit managers — which act as intermediaries between pharmacies, drugmakers and insurers — will trigger litigation without changes before they're finalized to eliminate conflicts with federal benefits law.

  • May 29, 2024

    Israeli Nanotech Startup, Canadian Biotech Plot US IPOs

    An Israeli nanotech startup launched plans Wednesday for an estimated $75 million U.S. initial public offering, while a Canadian-listed biotechnology company also filed documents to tap U.S. markets, adding to a recent spate of cross-border listings.

  • May 29, 2024

    9th Circ. Affirms Dismissal Of Doctor's Military Bias Suit

    An Arizona hospital defeated a doctor's discrimination lawsuit for the second time, with the Ninth Circuit upholding an Arizona federal judge's decision to toss the doctor's claims that the hospital showed bias against his military status by not renewing his contract after he deployed.

  • May 29, 2024

    Archegos Jury Gets Glimpse At Founder's Earlier Legal Woes

    A banker told a Manhattan jury Wednesday that Archegos founder Bill Hwang's 2012 run-in with the law at his previous hedge fund was concerning, but details were largely kept from jurors hearing charges against Hwang over Archegos's $36 billion collapse.

  • May 29, 2024

    3 Firms Build $627M Take-Private Sale Of Medical Device Biz

    Medical device company Surmodics Inc. on Wednesday revealed it has agreed to be bought by private equity giant GTCR for $627 million in a take-private deal built by Kirkland & Ellis, Faegre Drinker and Cleary Gottlieb.

  • May 29, 2024

    Goldman Sachs Raises Over $20B For Direct Lending Strategy

    Goldman Sachs Alternatives, advised by Fried Frank Harris Shriver & Jacobson LLP, revealed Wednesday that it clinched its latest senior direct lending fund after securing $13.1 billion from investors, and that together with other money raised for associated vehicles it has over $20 billion in fresh capital to put toward its direct lending strategy.

  • May 29, 2024

    Three EU Countries Urge Tax Reform To Boost Investment

    Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.

  • May 28, 2024

    Chancery Finds Ex-CEO Owed $79M For Share Lockup Losses

    The former CEO of a 3D building imaging company is owed more than $79 million in damages in his share value suit against the company, but not the more than $141 million he sought, the Delaware Chancery Court ruled Tuesday.

  • May 28, 2024

    US Property Insurers See Record Investment Income In 2023

    U.S. property and casualty insurers earned a record income of $73.9 billion from their investments in 2023, market analyst AM Best reported Tuesday, a bright spot for an industry beset by underwriting losses connected to natural disasters and high inflation.

  • May 28, 2024

    Catching Up With Delaware's Chancery Court

    Delaware Court of Chancery watchers shifted their focus last week from the courtroom to Dover's legislative hall, as proposed amendments to Delaware's corporate code were finally introduced to state lawmakers. Hearings, decisions and reversals involved Kraft-Heinz, AMC Entertainment and the merger of cryptocurrency companies BitGo and Galaxy. In case you missed it, here's the latest from Delaware's Chancery Court.  

  • May 28, 2024

    Del. Justices Say Interest Includes Prejudgment Interest

    Delaware's top court ruled Tuesday that accrued interest on judgments must include prejudgment interest, in a ruling on a $36 million Delaware Superior Court jury verdict in February 2023 favoring institutional broker-adviser LCT Capital in a merger services dispute with NGL Energy Partners.

  • May 28, 2024

    Simpson Thacher Hires US Treasury Alum From Blackstone

    An experienced fund transactions attorney has moved from an in-house role at Blackstone to private practice at Simpson Thacher & Bartlett LLP, the firm said Tuesday.

  • May 28, 2024

    5 Firms To Steer Pair Of Large IPOs That Could Net $1.8B Total

    Private-equity backed hospital billing firm Waystar Holding Corp. and aluminum recycling giant Novelis Inc. on Tuesday launched plans for two initial public offerings that could raise an estimated $1.8 billion combined, guided by five law firms, potentially testing the strength of the IPO market's recovery.

  • May 28, 2024

    Cleary, DLA Piper Steer T-Mobile's $4.4B UScellular Purchase

    T-Mobile has agreed to buy United States Cellular Corp.'s wireless operations for $4.4 billion, including debt, in a deal that T-Mobile said on Tuesday will give customers "much needed choice" and provide "more real competition across the wireless industry."

  • May 28, 2024

    Insurers Sue To Invalidate DOL ERISA Investment Advice Rule

    The American Council of Life Insurers and other insurance groups accused the U.S. Department of Labor's recently finalized retirement investment advice regulations of exceeding DOL authority and violating federal administrative procedure laws in the second such suit filed in Texas court.

  • May 28, 2024

    FTX Exec Who Acted As Bankman-Fried 'Tool' Gets 7½ Years

    A Manhattan federal judge hit cryptocurrency finance expert and former FTX executive Ryan Salame with a 7½-year sentence Tuesday for duping a bank to authorize $1.5 billion of illegal transfers and making fraudulent campaign contributions for the exchange's convicted founder, Sam Bankman-Fried.

  • May 24, 2024

    Carhartt Heiress Atty Can't Get Mistrial Over Own Witness

    A Michigan attorney can't get a mistrial in a criminal case accusing him of embezzling millions from his wealthy Carhartt heiress client after his own witness discussed the heiress' $37 million potential loss during cross-examination, with a state judge saying Friday he was mystified why the witness was even called but that the defense had insisted on it. 

  • May 24, 2024

    Petition Watch: Forum Shopping, Monopolies & Gun Safety

    Law360 looks at four U.S. Supreme Court petitions filed in the past two weeks, including the FDA's request that the justices curb an increase in forum shopping at the Fifth Circuit, and two veterinarians who want the justices to allow plaintiffs to pursue antitrust claims for actions allegedly leading to the creation of a monopoly.

  • May 24, 2024

    OCC Orders Controls Improvements At Comerica

    The Office of the Comptroller of the Currency has ordered a Comerica unit to strengthen its asset management controls and address other "unsafe or unsound practices," according to a newly released consent order.

  • May 24, 2024

    House Lawmakers Want New Hearing With FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.

  • May 24, 2024

    Engineering Co. Mismanaged 401(k) Plan, Ex-Worker Says

    An engineering company forced participants in its $5.1 billion retirement plan to pay lofty administrative fees by automatically enrolling them into expensive managed account programs, thereby breaching federal benefits law, according to a proposed class action filed in Virginia federal court Friday.

  • May 24, 2024

    CFTC's Johnson Is Under Consideration For FDIC Top Job

    The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.

Expert Analysis

  • Series

    Being An Equestrian Makes Me A Better Lawyer

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    Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.

  • 4 Ways To Refresh Your Law Firm's Marketing Strategy

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    With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.

  • What 3rd Circ. Trust Ruling Means For Securitization Market

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    Mercedes Tunstall and Michael Gambro at Cadwalader break down the Third Circuit's March decision in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust, as well as predict next steps in the litigation and the implications of the decision for servicers and the securitization industry as a whole.

  • 9th Circ. Ruling Puts Teeth Into Mental Health Parity Claims

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    In its recent finding that UnitedHealth applied an excessively strict review process for substance use disorder treatment claims, the Ninth Circuit provided guidance on how to plead a Mental Health Parity and Addiction Equity Act violation and took a step toward achieving mental health parity in healthcare, says Mark DeBofsky at DeBofsky Law.

  • Breaking Down DOJ's Individual Self-Disclosure Pilot Program

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    The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.

  • Address Complainants Before They Become Whistleblowers

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    A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.

  • Ensuring Nonpublic Info Stays Private Amid SEC Crackdown

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    Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.

  • What Cos. Are Reporting Under New SEC Cybersecurity Rule

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    Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.

  • 10 Tips For ESG Disclosure Compliance In Private Funds

    Excerpt from Practical Guidance
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    As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.

  • What FERC's Disclosure Demands Mean For Cos., Investors

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    Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.

  • Series

    Whitewater Kayaking Makes Me A Better Lawyer

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    Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.

  • This Earth Day, Consider How Your Firm Can Go Greener

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    As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.

  • Traversing The Web Of Nonjudicial Grievance Mechanisms

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    Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

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