Asset Management

  • November 24, 2021

    Mattel, Investors Cut $98M Deal To End Tax Misstatement Row

    A class of investors accusing Mattel and PwC of misleading them by making a $109 million income tax expense understatement and conspiring to conceal the error urged a California federal judge Wednesday to grant preliminary approval of a $98 million settlement deal.

  • November 24, 2021

    Bondholders Target Citgo Over $118M Venezuelan Debt

    Bondholders say they've waited patiently and deserve a tentative attachment on $118 million worth of Citgo's parent company's stock, arguing that the Venezuela-owned companies they say owe them money are essentially the country's "alter egos."

  • November 24, 2021

    1st Circ. OKs Tossing Investment Analyst's Defamation Suit

    The First Circuit has affirmed a lower court's decision to toss an equity research analyst's defamation suit against a company that ranks financial analysts, finding that she didn't show that anyone in Massachusetts saw her low rating on the company's website.

  • November 24, 2021

    Pa. Suspends Atty Investigated By SEC For Crypto Fraud

    A Northwestern Pennsylvania attorney accused by the SEC and federal prosecutors of running a cryptocurrency investment fraud scheme with his brother will have his law license temporarily suspended by the state disciplinary board, the board announced.

  • November 24, 2021

    Reed Smith Steers Fintech-Oriented SPAC's $250M IPO Filing

    Athena Technology Acquisition II, a special-purpose acquisition company targeting fintech, enterprise and health-tech industries, filed plans Tuesday for a $250 million initial public offering, with guidance from Reed Smith and underwriters' counsel Shearman & Sterling.

  • November 24, 2021

    Senator Probes Stablecoin Issuers Over Investor, Market Risk

    The chair of the Senate Banking Committee on Wednesday sought information from a range of stablecoin issuers as the digital assets attract increasing interest from lawmakers and regulators.

  • November 23, 2021

    Barclays Accuses Fintech Rival Plaid Of Stealing 'Rise' TMs

    Banking giant Barclays PLC has sued Plaid Inc. in New York federal court alleging the financial services company infringed its trademarks by launching a financial technology incubator program called FinRise that uses a name "nearly identical" to Barclays' Rise trademarks, which Barclays employs for its own fintech incubator and other services.

  • November 23, 2021

    3 Firms Guide Men's Grooming Biz's $1B SPAC Merger

    Channing Tatum-backed men's grooming business Manscaped on Tuesday agreed to go public through a merger with special purpose acquisition company Bright Lights Acquisition Corp., a deal guided by three law firms that values the below-the-waist grooming products seller at $1 billion.

  • November 23, 2021

    Dream Industrial REIT Prices $197M Worth Of Green Notes

    Dream Industrial REIT has priced CA$250 million ($196.8 million) worth of green bonds as the firm seeks to make further investments in energy-efficient properties, according to an announcement from the Canada-based real estate investment trust on Tuesday.

  • November 23, 2021

    PetroSaudi Fights US Bid For Protective Order

    A unit of PetroSaudi on Monday slammed the U.S. government's attempt to block its collection of a $380 million arbitral award, accusing the government of attempting to strong-arm foreign parties in a hypocritical attempt to seize allegedly embezzled funds.

  • November 23, 2021

    Real Estate Rumors: PGIM, Denholtz, Ivanhoe Cambridge

    A PGIM fund has reportedly loaned $48.27 million for a Florida apartment complex, Denholtz is said to have paid $59 million for a Charlotte-area multifamily property, and Ivanhoe Cambridge has reportedly dropped $104.87 million on a Miami apartment complex.

  • November 23, 2021

    Ladder Capital Loans $59M For Queens Studio Property

    Ladder Capital Finance has loaned $59 million for a Queens mixed-use property that includes storage space for cars used for filming, borrower-side broker Jones Lang LaSalle said Tuesday.

  • November 23, 2021

    India-Focused SPAC Leads 2 Public Debuts Totaling $236M

    Vahanna Tech Edge Acquisition I Corp., a special purpose acquisition company targeting India-connected technology businesses, began trading on Tuesday after pricing an upsized $174 million initial public offering, one of two new SPACs that raised a combined $236 million.

  • November 23, 2021

    Int'l Securities Org. Urges Oversight Of ESG Ratings Providers

    An international body for the securities market published a set of recommendations Tuesday encouraging regulators to focus more on the activities of environmental, social and governance rating and data products providers in their jurisdictions.

  • November 23, 2021

    PE Firms Lob More Than €1.7B Go-Private Bid At Aareal Bank

    U.S. private equity firms Advent International and Centerbridge Partners have offered to buy Germany's Aareal Bank at a valuation of more than €1.7 billion, and the target is recommending that shareholders vote in favor of the transaction, the companies said Tuesday.

  • November 23, 2021

    Impossible Foods Bags $500M In Mirae Asset-Led Funding

    Plant-based meat substitute provider Impossible Foods said Tuesday that it has raised $500 million in a funding round led by existing investor Mirae Asset Global Investments, increasing the total amount of capital raised by the company since its 2011 inception to nearly $2 billion.

  • November 22, 2021

    Ex-Sterne Agee Analyst Banned From Trading Securities

    A New York federal judge on Monday banned a former Sterne Agee managing director from trading securities and ordered him to pay a $100,000 penalty after the court found him liable for aiding and abetting a scheme to bribe a pensions manager.

  • November 22, 2021

    Legato Merger Targets Infrastructure With Second SPAC

    Legato Merger Corp. II, a special purpose acquisition company targeting infrastructure, energy and related industries, on Monday priced an upsized $240 million initial public offering, represented by Graubard Miller and underwriters counsel Loeb & Loeb LLP.

  • November 22, 2021

    3 Firms Will Lead Consolidated Mattel Suit In Chancery

    Robbins LLP, Schubert Jonckheer & Kolbe LLP and Bragar Eagel & Squire PC will lead a consolidated derivative lawsuit in Delaware Chancery Court against toy giant Mattel Inc. and its officers over $109 million in tax reporting errors for two fiscal quarters in 2017.

  • November 22, 2021

    Reed Smith Steers Sustainability-Geared SPAC's $220M Filing

    FTAC Emerald Acquisition Corp., a sustainability-focused special purpose acquisition company supported by veteran dealmaker Betsy Cohen, filed plans on Monday for a $220 million initial public offering, represented by Reed Smith LLP and underwriters counsel Winston & Strawn LLP.

  • November 22, 2021

    Herrick Feinstein Guides $105M Manhattan Real Estate Loan

    A Daishin Securities entity has loaned $105 million for an office building on Madison Avenue in Manhattan in a deal Herrick Feinstein worked on, according to records made public in New York on Monday.

  • November 22, 2021

    Biden Sticks With Powell For Second Term As Fed Chair

    President Joe Biden on Monday announced his nominees for top positions at the Federal Reserve, ending months of speculation by confirming that Jerome Powell will be tapped for another four-year term as chairman of the central bank.

  • November 19, 2021

    Sanctions Possible Over Missing Covid Relief Money In Ch. 11

    The Delaware bankruptcy judge presiding over the Eagle Hospitality Group Chapter 11 case said late Friday that he is weighing whether jail time might be needed to compel two men to give a full accounting of COVID-19 relief money intended for the floating Queen Mary Hotel that they allegedly diverted.

  • November 19, 2021

    Cannabis Co. Escapes Obstinate Investor's Chancery Suit

    A Delaware vice chancellor on Friday formally dismissed an investor's fraud suit against a cannabis company, after previously indicating she would dismiss it because of the investor's contumacious conduct, saying "no sanction short of dismissal has been or would be meaningful."

  • November 19, 2021

    Pomerantz Chases Its Own Archegos Litigation Against Banks

    A pair of Pomerantz LLP clients have launched litigation against Goldman Sachs and Morgan Stanley that largely mirrors a spate of suits filed last month accusing the banks of insider trading in connection with the collapse of Archegos Capital Management.

Expert Analysis

  • A Real-World Guide To Staying Discovery In Federal Court

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    Pleas for stay of discovery under the Federal Rules of Civil Procedure are often rejected when motions to dismiss are pending due to a tenacious tangle of case law, imposing financial and administrative burdens on parties, but some unambiguous rules of thumb can be gleaned to maximize the chances of a discovery stay, says Amir Shachmurove at Reed Smith.

  • SEC Warning To Crypto Attys Harkens To Prior Crackdowns

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    U.S. Securities and Exchange Commission Chair Gary Gensler recently admonished fintech lawyers who help clients circumvent federal securities laws, which is a throwback to similar warnings to attorneys during the 2018 initial coin offering bonanza and 1990 savings and loan crisis, suggesting those who control access to crypto investors may face increased scrutiny, says cybersecurity consultant John Reed Stark.

  • 2nd Circ. Madoff Ruling Is A Win For Asset Recovery Trustees

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    In the Bernie Madoff investor clawback case, the Second Circuit recently ruled that the inquiry notice standard for considering a transferee's good faith applies in liquidation proceedings, which means Securities Investor Protection Act trustees can now rely on a lesser standard and may face less difficulty surviving a motion to dismiss, say attorneys at Seward & Kissel.

  • Takeaways And Next Steps After FSOC's Climate Risk Report

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    Attorneys at K&L Gates highlight three key conclusions as well as near-term next moves for stakeholders to watch following the Financial Stability Oversight Council's recent report on climate-related financial risk, noting that its progress and gaps will be critical to understanding federal financial regulators' approach to future policies.

  • How To Draft Earnouts That Avoid Post-Closing Disputes

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    The recent Delaware cases of Pacira BioSciences v. Fortis Advisors and Shire v. Shareholder Representative Services illustrate the importance of drafting earnouts with appropriate specificity and clarity to avoid post-closing disputes and litigation, say attorneys at Fried Frank.

  • Mitigating Inflation's Impact On Commercial Contracts

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    As accelerating inflation threatens to turn many commercial contracts unprofitable for sellers, lessors and lenders, prospects of court relief are slim, but certain contract clauses and revisions can help, says Jonathan Hugg at Schnader Harrison.

  • Did Trump's SPAC Violate Federal Securities Law?

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    Amid speculation of an impending U.S. Securities and Exchange Commission crackdown on special purpose acquisition company regulation, former President Donald Trump's social media-related SPAC could face securities law scrutiny and civil litigation, say Michelle Genet Bernstein and Daniel Maland at Mark Migdal & Hayden.

  • Heed These Rules, Or Risk Your Argument On Appeal

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    Failing to meet the scattered requirements for appellate preservation can have dire consequences, so litigants must understand the relevant briefing rules, the differences between waiver and forfeiture, and the four components of a pressed argument in order to get their case fully considered on appeal and avoid sanctions or dismissal, says Michael Soyfer at Quinn Emanuel.

  • Early ESG Due Diligence Can Minimize Risk, Maximize Reward

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    Companies can no longer afford to ignore environmental, social and corporate governance due diligence — the risks and rewards have become too great when it comes to pre-deal merger and acquisition transactions, supply chain audits, routine company audits and beyond, says Kimberly Jaimez at Pillsbury.

  • Cos. Must Brace For Financial Regs On Climate-Related Risk

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    Recent White House and Financial Stability Oversight Council reports demonstrate a continued focus on the financial risks posed by climate change, so companies must evaluate their existing approach to climate risks, and prepare for forthcoming regulatory and market developments that are likely to be substantial, say attorneys at Sullivan & Cromwell.

  • What To Include In Orders Governing Remote Arbitration

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    When conducting remote arbitration, attorneys should negotiate written orders that spell out clear rules on technology accommodations, document handling, witness readiness and other key considerations to ensure parties' rights are protected and the neutral's time is not wasted, say Matthew Williams and Christina Sarchio at Dechert.

  • Series

    Embracing ESG: CBRE GC Talks Effective Compliance Emails

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    Good corporate governance requires communicating expectations for ethical conduct, but compliance emails need not be overly technical — a relatable story told in simple language with humility and respect can create internal communications that drive home the message, says Laurence Midler at CBRE.

  • Global ESG Disclosure Standardization Efforts Show Promise

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    Recent G20 support for the International Financial Reporting Standards Foundation's approach to environmental disclosures, in tandem with a newly announced standard-setting board, should provide encouragement to the business community that parallel environmental, social and governance rules will not clash with each other, say attorneys at Paul Hastings.

  • The Hazards Of Female Lawyers Being 'Office Moms'

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    Female attorneys are frequently credited with being the "office moms" who do critical but undervalued work — from bringing birthday cakes to serving on diversity committees — but as lawyers return to offices, now is a good time for employers to rectify the gender imbalance that disadvantages women, say Ninth Circuit Judge Margaret McKeown and Fine Kaplan partner Roberta Liebenberg.

  • Discovery Immunity For Draft Expert Reports Lacks Clarity

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    Court rulings on whether — and when — drafts of expert reports are immune from discovery have been inconsistent, so the Federal Rules of Civil Procedure should be amended to better distinguish between draft and final expert reports, say attorneys at Lowenstein Sandler.

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