Johnson Controls, advised by Simpson Thacher & Bartlett LLP, said Tuesday it will sell its power solutions business for $13.2 billion to Brookfield Business Partners LP and other investors, as the technology and industrial company looks to cut noncore assets and improve its financial position.
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Simpson Thacher Leads Johnson Controls In $13.2B Unit Sale

Johnson Controls, advised by Simpson Thacher & Bartlett LLP, said Tuesday it will sell its power solutions business for $13.2 billion to Brookfield Business Partners LP and other investors, as the technology and industrial company looks to cut noncore assets and improve its financial position. Read full article »

High Court Won’t Hear $3M Disgorgement Challenge

The U.S. Supreme Court said Tuesday it will not review a First Circuit ruling that an ex-CEO at a behavioral health company who supposedly pursued a merger out of self-interest must disgorge $3 million to shareholders, even though a Massachusetts federal jury initially found the investors weren’t financially harmed. Read full article »

POLICY & REGULATION

ENFORCEMENT

LITIGATION

Ulta Says Vague Claims Should Sink Stock-Drop Suit

Ulta Beauty Inc. has urged an Illinois federal court to wipe out a proposed class action over a stock plunge that followed reports employees were pressured to resell returned makeup, saying there is no allegation that its top executives were behind the purported policy. Read full article »

BANKRUPTCY

DEALS

LXi Buys 6 Properties With $81M From $230M Share Sale

U.K.-based real estate investment trust LXi REIT PLC said Tuesday it has made six additional acquisitions at an aggregate price of £62.4 million ($80.8 million), marking the full deployment of the £175 million ($230.2 million) equity raise that was announced in early October. Read full article »

PEOPLE

EXPERT ANALYSIS

Clear, Concise Disclosures For Variable Contracts In Sight

The U.S. Securities and Exchange Commission's recent proposals to improve disclosures about variable annuities and variable life insurance contracts should go a long way in enhancing the investment experience for retail investors, say Ronald Holinsky of Lincoln Financial Group and Robert Robertson of Dechert LLP. Read full article »

3rd-Party Releases Bring Chapter 11 Venue Considerations

Courts are increasingly upholding involuntary releases of third parties and nondebtors in bankruptcy, including recently in the case of Millennium Lab Holdings. This means parties should consider several factors when picking a venue for a Chapter 11 filing, say Samuel Schwartz and Kristina Perez of Brownstein Hyatt Farber Schreck LLP. Read full article »

5 Common Misconceptions About SEC Investigations

Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter. Read full article »

It’s Time For Law Firms To Start Talking About Gen Z

Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa. Read full article »

LEGAL INDUSTRY

Law Departments Are Keeping More Legal Spending In-House

Law department leaders are using more of their budget on internal legal services than on outside counsel, in addition to building up their in-house capabilities and improving efficiencies, according to a recent survey of general counsel and chief legal officers. Read full article »

Trump Picks Regulatory Czar For Kavanaugh's DC Circ. Seat

President Donald Trump on Tuesday named the chief of the Office of Information and Regulatory Affairs for the D.C. Circuit post vacated by U.S. Supreme Court Justice Brett Kavanaugh, setting off a nomination fight for what's viewed as the nation's second-highest appeals court. Read full article »

No Bridgegate Role, 3rd Circ. Pick Says Of Work For Christie

Lowenstein Sandler LLP partner Paul Matey, President Donald Trump’s choice for a Third Circuit vacancy, faced a grilling from the Senate Judiciary Committee on Tuesday over his time serving as an attorney for former New Jersey Gov. Chris Christie. Read full article »

Justice Kennedy Warns Of 'Vulgar' Culture Embracing 'Trash'

Justice Anthony Kennedy may have stepped down from the U.S. Supreme Court, but he is still issuing strong opinions. The retired jurist said over the weekend that "this culture is becoming vulgar" and that the First Amendment doesn't mean people should watch or read "trash."  Read full article »

Jones Day Hires Firm-Record 11 Former Supreme Court Clerks

Jones Day has hired 11 former U.S. Supreme Court clerks as associates to its appellate practice group, the firm announced Tuesday, the largest class of high court clerks in the firm’s history. Read full article »

Buchalter Opens San Diego Office With Employment Team

Southern California-based Buchalter PC opened the doors on its new San Diego office, the firm's sixth office in its home state and eighth overall, which will at first consist mainly of a new labor and employment team, the firm announced on Monday. Read full article »

JetBlue Upgrades Atty To General Counsel Seat

JetBlue Airways Corp. has appointed an in-house attorney as its next general counsel and corporate secretary, the company announced Tuesday. Read full article »

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