Asset Management

  • 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.

  • March 21, 2024

    Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud

    The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.

  • March 21, 2024

    Cigna Slams Suit's Claims Of Algorithm-Led Coverage Denials

    Insurance giant Cigna Group wants a Connecticut federal court to toss a proposed class action alleging that an algorithm unlawfully rejected hundreds of thousands of claims en masse and without a proper review, arguing the suit is based on a "misleading" news article and shows a misunderstanding of the health insurer's claim denial process.

  • March 21, 2024

    Healthcare Co. Beats Suit Over TDF Funds' Performance

    A California federal judge granted a win to a healthcare company and its investment adviser in a class action challenging what former workers claim are shoddy target-date-funds included in the company's 401(k) plan, saying the funds at issue performed better than comparable investments.

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Directors Of Public Cos. Back Trian CEO Amid Disney Proxy Fight

    Thirteen current and former public company directors, all of whom have worked with Trian Fund Management and CEO Nelson Peltz, sent a letter to The Walt Disney Company's board of directors Thursday highlighting why they believe Peltz would make a good addition to the board amid a heated proxy battle.

  • March 21, 2024

    DOL Urges 5th Circ. To Back Biden Admin. ESG Investing Rule

    The U.S. Department of Labor urged the Fifth Circuit on Thursday to uphold a rule allowing retirement advisers to consider social issues such as climate change when choosing investments, arguing that conservative states challenging the rule haven't shown it defies federal benefits law.

  • March 21, 2024

    Barings' Exec Helped Raid Employees To Join Rival, Suit Says

    A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.

  • March 21, 2024

    CFPB Head Sees Flaws In Capital One-Discover Deal Rationale

    The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.

Expert Analysis

  • 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.

  • How State AGs Process And Prioritize Consumer Complaints

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    Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

  • What The 2023 Bank Failures Taught Us, And What's To Come

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    As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.

  • How SEC And NY Cyber Reporting Rules Affect Key Industries

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    The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.

  • Attorneys' Busiest Times Can Be Business Opportunities

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    Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.

  • A Difficult Year For CRE, But Future May Be Brighter

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    2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.

  • In The World Of Legal Ethics, 10 Trends To Note From 2023

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    Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.

  • Strategies For Wire Fraud Prevention As Risk Is On The Rise

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    Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.

  • Volume-Based Transaction Pricing Proposal Raises Questions

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    A rule recently proposed by the U.S. Securities and Exchange Commission, which would prohibit securities exchanges from offering volume-based transaction pricing for agency or riskless principal orders in certain stocks, is meant to address competitive concerns — but there are reasons to question the logic behind this proposal, say attorneys at Sidley.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

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