Asset Management

  • March 25, 2024

    Truist Says Plastic Co. Trying To Dodge $20M Default

    Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.

  • March 25, 2024

    FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales

    Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.

  • March 25, 2024

    Atty Can Drop Alleged Schemer Who Didn't Pay For 2 Years

    A man accused of being the mastermind behind a $2 million cannabis crowdfunding scheme must find a new lawyer after stiffing his previous counsel for nearly two years, a Michigan federal judge said Monday.

  • March 25, 2024

    Ripple's Legal Chief Says SEC Wants $2B In Remedies

    The CEO and legal head of blockchain firm Ripple Labs said Monday that the U.S. Securities and Exchange Commission plans to seek $2 billion in fines and penalties over the firm's failure to register institutional sales of its XRP token, but the firm plans to strike back at the high dollar amount.

  • March 25, 2024

    Pilot For UK Billionaire Says Stock Tips Case Is Too Vague

    A pilot charged with trading on insider stock tips from U.K. billionaire Joe Lewis told a New York federal judge Friday that prosecutors had failed to identify a piece of information that he knew was non-public, urging the court to toss the case.

  • March 25, 2024

    Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told

    Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.

  • March 25, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.

  • March 25, 2024

    Trian, Blackwells Double Down On Disney Activist Campaigns

    As The Walt Disney Company's annual shareholder meeting approaches, two activist investors are ramping up their campaigns against the storied entertainment company and imploring fellow shareholders to vote for their separate slate of director candidates at the April 3 gathering.

  • March 25, 2024

    Lazard Beats Fired Indian Exec's Bias, Retaliation Suit

    Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.

  • March 25, 2024

    NC Justices Deadlock On Reviving Investors' $9M Fraud Suit

    The North Carolina Supreme Court has deadlocked on deciding whether to revive negligence claims against a hedge fund administrator for failing to flag what turned out to be a $9 million Ponzi scheme, meaning a lower court ruling favoring the administrator will stand.

  • March 25, 2024

    Class Cert. In United Military Leave Suit Will Have To Wait

    An Illinois federal judge said he had doubts about claims that United Airlines owes pay to pilots taking military leaves, saying he'll wait for several appeals courts to decide the fate of similar suits before signing off on class certification.

  • March 25, 2024

    M&T Bank Execs Seek Exit From Fla. Law Firm's $1.5M Suit

    Two M&T Bank Corp. representatives want out of a lawsuit claiming they participated in the unlawful restriction of a Florida law firm's trust account amid a chargeback dispute, arguing they are protected from such claims by Florida's corporate shield doctrine.

  • March 25, 2024

    FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing

    FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.

  • March 22, 2024

    US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others

    U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.

  • March 22, 2024

    Telecom Shareholders Want Tribunal DQ'd Over 'Biased' Blog

    The majority shareholders in a Latin American telecommunications tower operator are urging a New York court to reconsider its bid to disqualify the entire tribunal overseeing an arbitration over an alleged corporate coup, saying a blog run by one of the arbiters shows proof of bias.

  • March 22, 2024

    Trump Media SPAC CEO Accused Of Misleading Investors

    A sponsor of the special-purpose acquisition company approved to take Donald Trump's social media website public has sued its CEO in Florida federal court, saying a "coup d'etat" was orchestrated to oust the former leader and mislead investors in an effort to assume control over the enterprise.

  • March 22, 2024

    Reddit's Robust Debut Bodes Well For Tech IPOs

    Social media platform Reddit Inc.'s strong debut following its $748 million initial public offering could provide fresh momentum for a sizable pipeline of venture-backed technology companies exploring IPO plans, capital markets advisers say.

  • March 22, 2024

    Starboard Value Eyes Board Seats At Algonquin Power

    Canadian utility company Algonquin Power & Utilities Corp. on Friday said its board of directors will review director nominees submitted by activist investor Starboard Value LP, who said the company's current board has a "long history of making value-destructive decisions" and needs to be refreshed.

  • March 22, 2024

    Feds Reach Deal To Seize, Sell FTX Executive Jets

    Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.

  • March 22, 2024

    Radiology Co., Trustee Must Face Ex-Worker's ESOP Suit

    A Colorado federal judge refused to toss a proposed class action accusing a radiology company and its trustee of overcharging the company's employee stock ownership plan in a $163.7 million sale, saying the former workers' complaint puts forward enough details to back up their allegations.

  • March 22, 2024

    Congress Spares Employee Benefits From $400M DOL Cut

    A commitment from Congress to keep funding level for the U.S. Department of Labor's sub-agency that oversees employee benefits despite a $400 million agency-wide cut was one of the highlights for benefits attorneys in a new fiscal year 2024 spending deal. Here are three takeaways from attorneys on the funding agreement.

  • March 22, 2024

    5 Things To Know As SEC Takes Terraform Fraud Case To Trial

    The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.

  • March 22, 2024

    87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading

    Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."

  • March 22, 2024

    Galderma Starts Trading In Switzerland After Pricing IPO

    Private equity-backed Swiss skincare company Galderma Group AG began trading publicly Friday after pricing its $2.4 billion initial public offering, marking the next stage of its growth trajectory.

  • March 22, 2024

    Trump Wins Investor Approval Of Truth Social SPAC Deal

    Digital World Acquisition Corp. shareholders on Friday approved a proposal to acquire former President Donald Trump's social media platform, setting in motion long-delayed plans to take Trump's startup public despite unresolved litigation tied to the merger.

Expert Analysis

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Bank-Fintech Partnerships Can Thrive Despite A Tough 2023

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    Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • Series

    ESG Around The World: South Africa

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    While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q4

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    As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Corporate Transparency Act Takeaways For Banking Industry

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    As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Series

    Texas Banking Brief: All The Notable Legal Updates In Q4

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    Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.

  • Cybersecurity Issues For Financial Industry To Track In 2024

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    In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.

  • 5 Recent Developments Family Offices Are Watching In 2024

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    Although family offices have long been exempt from many of the more onerous regulations and reporting requirements governing U.S. investment advisers and asset managers, recent amendments to federal rules will have an impact on how family offices invest and operate in 2024, say attorneys at Morgan Lewis.

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