Asset Management

  • March 29, 2024

    5 Appellate Arguments Benefits Attys Should Watch In April

    A defense contractor will square off with the government over pension obligations, workers at an auto parts retailer and Georgetown University staffers will look to revive suits claiming their retirement savings were mismanaged, and a ban on gender-affirming care for minors will get an en banc review. Here are five argument sessions that should be on benefits attorneys' radar in April.

  • March 29, 2024

    Don't Miss It: Davis Polk, Simpson Lead Month's Hot Deals

    A lot can happen in the world of mergers and acquisitions over the course of a month, and it's difficult to keep up with all the deals. Here, Law360 recaps the ones you may have missed, including transactions managed by Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP.

  • March 28, 2024

    Disney Shareholder Demands To See Books Amid Board Row

    An affiliate of Walt Disney Co. shareholder Blackwells Capital on Thursday asked Delaware's Court of the Chancery to force Disney to open its books and records as the investor looks into potential wrongdoing and mismanagement stemming from the entertainment giant's dealings with ValueAct Capital.

  • March 28, 2024

    Morgan Stanley, Goldman Get Archegos Suits Tossed

    A New York federal judge on Thursday dismissed a group of lawsuits by investors accusing Morgan Stanley and Goldman Sachs of illegally avoiding billions of dollars in trading losses by acting on nonpublic information about now-defunct Archegos Capital Management.

  • March 28, 2024

    Investors' Compliance Class Action Falls Short, Discover Says

    Allegedly misleading statements on compliance and risk management protocols from Discover Financial Services' top brass were "aspirational" remarks about general practices, the company argued Thursday in seeking to end a proposed securities class action in Illinois federal court.

  • March 28, 2024

    Feds Say Ex-OneCoin Atty Should Serve 'Substantial' Time

    Manhattan federal prosecutors have requested a "substantial" amount of prison time for a Bulgarian woman who worked on the legal team at the fraudulent OneCoin cryptocurrency exchange, but said the sentence should fall below the guidelines range of 10 years.

  • March 28, 2024

    2 Firms Steer Close Of Hildred's $750M Continuation Fund

    Healthcare-focused private equity firm Hildred Capital, advised by Kirkland & Ellis LLP and Lowenstein Sandler LLP, on Thursday said it clinched a multiasset continuation fund after securing more than $750 million in commitments, which will be used to acquire two companies from the firm's previous funds.

  • March 28, 2024

    Auto Parts Mogul Must Face Lender's $127M Trust Fraud Suit

    An auto parts mogul must face allegations that he tampered with assets in a trust that owes hundreds of millions of dollars to a lending agent, a Michigan federal judge said this week after ruling the lender has plausibly alleged the mogul made fraudulent transfers to hinder the debt repayment.

  • March 28, 2024

    Film Producer, 2 Cos. To Pay SEC $3.5M In ICO Scheme

    A Georgia federal judge on Thursday signed off on a $3.5 million penalty levied by the U.S. Securities and Exchange Commission against two failed cryptocurrency ventures and the Atlanta film producer who promoted them through a pump-and-dump scheme.

  • March 28, 2024

    9th Circ. Won't Let Cigna Patients Appeal Class Cert. Denial

    The Ninth Circuit won't let a group of Cigna plan participants immediately appeal a trial court's rejection of class status in their lawsuit accusing the insurance giant of unlawfully colluding with its billing contractor to underpay out-of-network claims for mental health treatments.

  • March 28, 2024

    Whataburger Accused Of Keeping Shoddy Funds In 401(k)

    Whataburger breached federal benefits law by stocking its employees' $215 million retirement plan with poorly performing funds and failing to replace them with better options, according to a proposed class action filed in Texas federal court.

  • March 28, 2024

    Commodities Trader Trafigura To Pay $126M For Brazil Bribes

    Switzerland-based Trafigura Beheer BV on Thursday agreed to pay $126 million and admitted to bribing Brazilian government officials in order to obtain business with state oil company Petrobras, becoming the latest global commodities trader to settle with U.S. prosecutors over Latin American corruption.

  • March 28, 2024

    Grading Garland: Attys Give AG Mixed Reviews 3 Years In

    U.S. Attorney General Merrick Garland's name won't be on the ticket in November, but his performance three years into his tenure is a subplot in the 2024 presidential election.

  • March 28, 2024

    Feds Finalize Restraints On Short-Term Health Insurance

    President Joe Biden's administration finalized regulations Thursday that shrink the window for short-term, limited-duration health insurance from three years to no more than four months, but it backed off more sweeping changes from its July proposal that would have affected fixed indemnity insurance.

  • March 28, 2024

    Bankman-Fried Gets 25 Years For 'Very Bad Bet' Of FTX Fraud

    FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for stealing more than $11 billion from customers, investors and lenders of his now-collapsed cryptocurrency empire, with a Manhattan federal judge saying the infamous risk-taker "made a very bad bet about the likelihood of getting caught."

  • March 27, 2024

    No New Trial For Hedge Fund Boss In Forex Rigging Case

    A New York federal judge on Friday refused to acquit or call for a new trial for a U.K.-based hedge fund chief convicted of illegally manipulating a currency exchange rate, rejecting his argument that his alleged conduct lacked sufficient ties to the United States.

  • March 27, 2024

    BlackRock's Non-ESG Funds Have Green Agenda, Miss. Says

    Mississippi's secretary of state announced Wednesday that it intends to fine BlackRock multiple millions of dollars, alleging the asset manager has repeatedly made false and misleading statements about its involvement in "pushing" environmental, social and corporate governance factors on portfolio companies.

  • March 27, 2024

    Latham, Cooley Steer Oncology Firm's $100M IPO

    Clinical-stage oncology firm Boundless Bio Inc. raised a $100 million initial public offering at the middle of its price range late on Wednesday, represented by Latham & Watkins LLP and underwriters' counsel Cooley LLP, joining a potentially recovering IPO market.

  • March 27, 2024

    FERC Finds Fans And Foes Of Wall Street's Utility Ownership

    The deadline has just passed for initial comments on the Federal Energy Regulatory Commission's reexamination of its policy for allowing financial firms to own electric utilities. Here's a recap of what FERC is contemplating and the initial feedback the agency has received from players throughout the U.S. power sector.

  • March 27, 2024

    NC Commissioner Says Insurance Mogul's Argument 'Mistaken'

    The North Carolina insurance commissioner asked the state's Supreme Court on Tuesday to allow him to give his take on a group of insurers' lawsuit against embattled mogul Greg Lindberg that alleges he pilfered the insurance companies as owner, saying if the court lets him submit an amicus brief he'll explain how Lindberg's main argument is "mistaken."

  • March 27, 2024

    ​​​​​​​CSX Can't End DOL's Improper Retirement Plan Fee Suit

    A Florida federal judge backed a magistrate judge's recommendation Wednesday that the court knock down CSX Transportation Inc.'s bid to dismiss a suit alleging it mismanaged its retirement plan fees, discarding the company's concerns that the report made improper legal conclusions.

  • March 27, 2024

    On Deck In JPML: Baby Food, 23andMe Privacy, NCAA

    The Judicial Panel on Multidistrict Litigation's packed meeting Thursday in South Carolina will see the panel mulling consolidation of privacy litigation against 23andMe, claims of heavy metals in baby food, and scholarship-fixing claims by student athletes against the NCAA — and that's just for starters.

  • March 27, 2024

    Ex-NJ Corrections Officer Admits To Scamming $600K

    A former New Jersey corrections officer has admitted to orchestrating two fraud schemes, including an alleged cryptocurrency scam that resulted in losses of more than $600,000, the U.S. attorney for New Jersey has announced.

  • March 27, 2024

    Coinbase Denied Early Victory Over SEC Enforcement Action

    A Manhattan federal judge on Wednesday rejected crypto exchange Coinbase's bid to defeat the U.S. Securities and Exchange Commission's claims that it operated as an unregistered securities exchange, broker and clearing agency.

  • March 27, 2024

    SEC Cyber Enforcement Top Concern For Compliance Pros

    More than 40% of compliance personnel from asset management, investment adviser and private markets firms are concerned about how the U.S. Securities and Exchange Commission will enforce its new cybersecurity rules, according to findings from a recent survey.

Expert Analysis

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.

  • Following Banking Regulators' Breadcrumbs To 2024 Priorities

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    Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.

  • Series

    Playing Competitive Tennis Makes Me A Better Lawyer

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    My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.

  • A Guide To New Russia Sanctions For Foreign Financial Cos.

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    Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.

  • The Questions Around Prometheum's SEC-Compliant Strategy

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    While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.

  • Series

    The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.

  • Reverse Merger Tips For Biotechs After SEC's Recent Actions

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    Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.

  • CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale

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    The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.

  • Considerations For Lawyer Witnesses After FTX Trial

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    Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.

  • Employee Experience Strategy Can Boost Law Firm Success

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    Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.

  • Opinion

    CFPB Must Clarify When Anti-Fraud Benefits Offset Harms

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    The Consumer Financial Protection Bureau's ill-explained orders against two banks, concerning legitimate unemployment accounts that were frozen in attempts to control COVID-era fraud, illustrate an urgent need for bureau guidance on when the systemwide benefits of a potentially unfair practice outweigh the risk of harming a minority of consumers, says Jonathan Joshua at Joshua Law Firm.

  • Series

    Competing In Triathlons Makes Me A Better Lawyer

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    While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.

  • Where Justices Stand On Chevron Doctrine Post-Argument

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    Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

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