Ex-Goldman Partner, Star Witness In 1MDB Trial, Gets 2 Years

By Stewart Bishop

Former Goldman Sachs partner and star 1MDB prosecution witness Tim Leissner was sentenced Thursday to two years in prison for his role in a global conspiracy to siphon more than $2.7 billion for bribes and kickbacks from the Malaysian sovereign wealth fund in order to facilitate Goldman-backed bond deals.

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Simpson Thacher, Skadden, Mayer Brown Guide $4B Rail Deal

By Rae Ann Varona

Wells Fargo, represented by Simpson Thacher & Bartlett LLP, unveiled Thursday a $4.4 billion deal to sell its rail assets to a joint venture formed between Mayer Brown LLP-led GATX and Brookfield Infrastructure Partners, which is advised by Skadden Arps Slate Meagher & Flom LLP.

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Grammarly Secures $1B To Expand Reach, Boost AI Platform

By Jade Martinez-Pogue

Writing assistance tool provider Grammarly on Thursday revealed it had received a $1 billion investment from private equity shop General Catalyst, which will be used to help boost sales and marketing as well as extend the reach of its new artificial intelligence productivity platform.

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Digital Health Startup Omada Launches Plans For $150M IPO

By Jade Martinez-Pogue

San Francisco-based virtual healthcare provider Omada Health on Thursday filed plans with U.S. regulators for a $150 million initial public offering, the proceeds of which will be used for general corporate purposes.

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Deals Rumor Mill

Shein Eyes HK Listing After London Snag, Plus More Rumors

By Tom Zanki

Fast-fashion retailer Shein intends to list in Hong Kong after its plans to go public in London fell apart, messaging app Telegram is set to raised $1.7 billion through an upsized bond offering, while Elon Musk's Neuralink Corp. raised $600 million in a deal that values the brain-implant startup at $9 billion.

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Brief

Foley & Lardner-Led Five Elms Lands $1.1B For 6th Fund

By Jade Martinez-Pogue

Five Elms Capital, advised by Foley & Lardner LLP, has clinched its sixth fund after securing $1.1 billion in committed capital, marking the largest fundraise in the software-focused growth equity firm's history.

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Masimo Founder Slaps Board With Lawsuit Over His Ouster

By Bonnie Eslinger

The founder and former CEO of Masimo Corp. has alleged six of the medical technology company's directors orchestrated his wrongful termination and denied him the compensation he is now owed, according to a suit for hundreds of millions of dollars filed against the executives in California state court.

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Investment Firm Says It Was Duped Into $349M Dental Deal

By Katryna Perera

Investment firm TSG8 SDB Group Holdings LP has filed suit in Delaware Superior Court claiming a Texas-based holding company tricked it into pouring $349 million into a specialty dental practices platform based on fake financials and phony growth claims, and hid the business's problems just long enough to cash out.

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Atty Urges 2nd Circ. To Resurrect Name Feud With Ex-Firm

By Elliot Weld

A lawyer has asked the Second Circuit to revive claims against his former firm, which he alleges used his name and likeness after he was fired, saying a judge's dismissal of those claims ignored the harm he personally suffered and the requirements of the Lanham Act.

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$45M Settlement, $9.65M Fee OK'd In Del. Cornerstone Suit

By Jeff Montgomery

Stockholders who challenged Clayton Dubilier & Rice LLC's $5.8 billion take-private deal for Cornerstone Building Brands in 2022 secured a $45 million settlement Thursday, in a case that once saw a Delaware vice chancellor blast as "farcical" the two companies' early, alleged attempts to camouflage price negotiations to get around a standstill agreement.

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Judge Trims Most, But Not All, Of Grifols Suit Over Share Price

By Katryna Perera

A New York federal judge Thursday tossed several defamation claims made by Spanish healthcare company Grifols SA against short seller Gotham City Research, finding that the claims are opinions and therefore inactionable, while keeping alive a claim tied to statements in the report that Grifols failed to disclose a $95 million loan, finding it was a factual statement.

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Investors Can't Shield $66M Life Policies During State Rehab

By Aaron Keller

Premiums due on unmatured PHL Variable Insurance Co. policies held by three investment companies do not qualify as debts under Connecticut's insurance rehabilitation statute, a state trial court judge has ruled, rejecting the companies' attempts to protect separate matured policies worth $66 million.

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Brief

Clifford Chance Hires Investment Funds Partner From Kirkland

By Matt Perez

Clifford Chance LLP announced Tuesday the hiring of a partner at Kirkland & Ellis LLP for its funds and investment management practice in the U.S., a month after Kirkland picked up an investment funds partner from Clifford Chance.

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Series

Brazilian Jiujitsu Makes Me A Better Lawyer

Competing in Brazilian jiujitsu – often against opponents who are much larger and younger than me – has allowed me to develop a handful of useful skills that foster the resilience and adaptability necessary for a successful legal career, says Tina Dorr of Barnes & Thornburg.

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Jenner & Block Fights DOJ Motion Over Exec Order

By Jake Maher

Jenner & Block LLP on Friday fought a bid from the U.S. Department of Justice to carve out part of a March executive order targeting the firm after the bulk of the order was tossed last week, in a dispute that could relate to future actions against the firm.

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Trump Blames Federalist Society For Trade Court Loss

By Cara Bayles

President Donald Trump blamed his recent, short-lived loss in the U.S. Court of International Trade both on judges he accused of hating him as well as on the Federalist Society — the conservative legal group that helped him with judicial selection during his first term — in a Truth Social post highlighting tensions within the conservative legal and political movements.

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AI Video Pushes Boundaries Of Victim Impact Statements

By Sarah Martinson

At the beginning of May, an Arizona state court judge permitted an artificial intelligence-generated victim impact statement of a deceased victim at a sentencing hearing, leaving some attorneys concerned about how admitting these types of videos might affect sentencing in other cases.

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Workplace Bullying Can't Be A Rite Of Passage For Attys

By Andrea Keckley

As more than half of young lawyers cite workplace toxicity as the reason they left their jobs, a panel of attorneys said Friday that many of the professionals they've listened to aren't willing to dismiss bullying as a rite of passage.

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Trump Taps Paul Ingrassia To Lead Special Counsel's Office

By Courtney Bublé

President Donald Trump has nominated Paul Ingrassia, a lawyer and former right-wing writer, to lead the Office of Special Counsel after firing the previous one.

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Analysis

Kousisis May Boost Fraud Cases, But Questions Remain

By Stewart Bishop and Phillip Bantz

The U.S. Supreme Court's finding that inducing a transaction through lies, even with no intent of economic loss, is a valid basis for a wire fraud conviction opens the door for a wave of aggressive fraud prosecutions, but unanswered questions on issues like materiality may lead the court to again consider reining in the government's power.

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More Californians Face Legal Issues, But Get Less Help

By Jack Karp

The gap between the need for civil legal services for Californians and the help that is actually available has grown over the past five years, as has the income level of those affected by that gap, according to a new study from the State Bar of California.

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AI Not Slowing Down Despite Ethical Risks, Experts Say

By Andrea Keckley

Following its rapid evolution in the past half-year alone, McDermott Will & Emery LLP Chief Information Officer Michael Shea predicted during a panel conversation Friday that artificial intelligence tools would see "pretty significant changes" over the next 12 months despite the challenges of putting guardrails around them.

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Analysis

Wheeling & Appealing: The Latest Must-Know Appellate Action

By Jeff Overley

Saying that June's circuit court calendars include important arguments in all practice areas would be hyperbolic — but just slightly. That's because significant showdowns are imminent, involving appellate procedure principles, "click-to-cancel" rules, government procurement protests, judiciary employment protections and litigation risk insurance — as well as President Donald Trump's felony convictions and extraordinary deportation measures.

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Law360's Legal Lions Of The Week

By Kevin Penton

Clement & Murphy PLLC leads this week's edition of Law360 Legal Lions, after a D.C. federal judge struck down President Donald Trump's executive order targeting WilmerHale.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

An investor is asking the Delaware Supreme Court to review the constitutionality of a new state law that broadens the protection of corporations in shareholder suits. And hundreds of general counsel are joining an online forum to stand up for the rule of law after President Donald Trump's executive orders against several corporate law firms.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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Titans Of The Plaintiffs Bar: Philippe & Jennifer Selendy

By Yun Park

Philippe and Jennifer Selendy, who met as associates at Cravath Swaine & Moore LLP and married in 1997, each spent nearly three decades building distinguished legal careers. They now continue their partnership at Selendy Gay PLLC, founded in 2018, which has quickly grown into one of the nation's leading litigation firms, recovering more than $47 billion for their clients.

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