Asset Management

  • April 01, 2024

    Masimo Rips Politan's New Attempt To Grab Board Seats

    Medical technology company Masimo Corp. on Monday pushed back against activist allegations of broken governance and lack of independent oversight, saying investor Politan Capital Management LP's plans to oust its current chairman and CEO contradict shareholders' best interests.

  • March 29, 2024

    BofA Sued After FTC Imposter Steals $2M From Accounts

    A 67-year-old Florida woman has sued Bank of America over alleged negligence and violations of several federal laws, claiming in the case that was removed to federal court this week that the financial services company failed to protect her accounts as she fell victim to a sophisticated social engineering scam by a person posing as a Federal Trade Commission investigator who stole $2 million.

  • March 29, 2024

    BP Hid Negative Effects Of Pension Changes, Judge Says

    A Texas federal judge sided with a class of over 7,000 BP retirees who alleged that the oil giant meddled with their pension plans and underpaid their retirement benefits, finding that BP touted the changes to the plan as positive while unlawfully hiding more detrimental information.

  • March 29, 2024

    HJ Sims Honoring Books And Records Settlement, Court Told

    The daughter of a seven-decade employee of Herbert J. Sims & Co. Inc. has withdrawn a books and records suit against the investment bank and its owner, The Teksys Corp., telling a Connecticut state court that she is now satisfied that the defendants have abided by the terms of a November settlement.

  • March 29, 2024

    Texas Farmers Sue USDA Over Sex, Race Disaster Aid Priorities

    A group of Texas farmers is asking a federal district judge to declare the U.S. Department of Agriculture's disaster assistance and pandemic relief programs unconstitutional, alleging in a complaint Friday that the government distributes the aid based on sex and race in violation of federal anti-discrimination laws.

  • March 29, 2024

    Up Next After Bankman-Fried Sentencing: FTX Cooperators

    Now that FTX founder Sam Bankman-Fried has been sentenced to 25 years in prison for an $11 billion fraud on the collapsed crypto exchange, it's time for the three top lieutenants who testified against him at trial to face their own judgments — and experts say the cooperators are well positioned to avoid jail time.

  • March 29, 2024

    Blue Yonder Buying One Network For $839M

    Panasonic-owned supply chain management company Blue Yonder said Friday it has agreed to acquire digital supply chain network supplier One Network Enterprises for approximately $839 million.

  • March 29, 2024

    Retirement Advisers Back Biden Admin's ESG Rule In 5th Circ.

    Supporters of a Biden administration rule allowing retirement advisers to consider environmental, social and governance issues when making decisions for clients rose to defend the policy in the Fifth Circuit, arguing the move aligns with fiduciary duties to minimize risks and maximize returns for clients.

  • March 29, 2024

    Kirkland-Led Hunter Point Amasses $3.3B For Inaugural Fund

    Kirkland & Ellis LLP-advised Hunter Point Capital on Friday announced that it closed its inaugural general partner stakes fund after securing $3.3 billion in capital commitments, marking what the firm says is the largest-ever debut general partner stakes fund dedicated to private market strategies.

  • 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.

Expert Analysis

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • The Corporate Disclosure Tug-Of-War's Free Speech Issues

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    The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • New CMS Rule Will Change Nursing Facility Disclosures

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    A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.

  • Navigating The Sunset Of Sibor And Other Key Benchmarks

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    Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.

  • Stay Ruling Challenges Sovereign Debt Dynamics

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    The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • Series

    ESG Around The World: Brazil

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    Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.

  • The FINRA Reports That May Foreshadow New AI Rules

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    By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

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    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • What Financial Cos. Must Know For Handling T+1 Settlements

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    The U.S. Securities and Exchange Commission has adopted a groundbreaking new T+1 settlement rule for securities transactions in order to improve market efficiency — but it presents significant challenges for the financial services industry, especially private equity firms, hedge funds and institutional asset managers, says Adam Weiss at Petra Funds Group.

  • The Double-Edged Sword Of Biometrics In Financial Services

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    Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.

  • 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.

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