Asset Management

  • February 07, 2024

    SEC Inks Deal To End Oppenheimer Muni Bond Disclosure Case

    The U.S. Securities and Exchange Commission has reached a settlement with Oppenheimer & Co., putting to rest a suit that was one of the commission's first-ever enforcement actions accusing underwriters of skirting municipal bond disclosure requirements, according to a letter filed Wednesday.

  • February 07, 2024

    Skadden, Wilson Sonsini Steer Disney's $1.5B Epic Investment

    The Walt Disney Co., represented by Skadden Arps Slate Meagher & Flom LLP, and Epic Games, guided by Wilson Sonsini Goodrich & Rosati PC, announced Wednesday that they will collaborate on an "all-new games and entertainment universe," with Disney investing $1.5 billion to acquire an equity stake in the "Fortnite" maker.

  • February 07, 2024

    Ex-Fintech Exec Convicted Of Crypto Manipulation Conspiracy

    The former head of financial engineering at fintech company Hydrogen Technology Corp. was convicted by a Florida federal jury Wednesday of conspiring to manipulate the market for Hydrogen's digital assets.

  • February 07, 2024

    Goldman Sachs Fined By FINRA For Trade-Monitoring Failures

    Goldman Sachs agreed to pay over $500,000 to the Financial Industry Regulatory Authority to settle claims that it failed to include certain information in surveillance reports designed to identify potentially manipulative trading.

  • February 07, 2024

    TradeStation To Pay SEC, States $3M Over Crypto Lending

    State and federal securities regulators on Wednesday unveiled a $3 million set of settlements with TradeStation Crypto Inc. to resolve claims that the crypto-focused brokerage failed to register its interest-earning program for digital assets as a security.

  • February 07, 2024

    Truist Will Pay $6.3M To End BB&T High-Yield Rate Cut Suit

    Truist Financial Corp. has reached a $6.3 million settlement to resolve claims that it wrongfully lowered the interest rate on high-yield money market accounts that customers opened three decades ago.

  • February 07, 2024

    Athens Airport's $845M IPO Takes Flight, Steered By 8 Firms

    Shares of Athens International Airport SA rose in debut trading Wednesday following an $845 million initial public offering that priced at the top of its range, a landmark IPO for the Greek government that was guided by eight law firms.

  • February 07, 2024

    ​​​​​​​Full Del. High Court Asked To Revive $1.2B Crypto Merger

    Cryptocurrency wallet provider BitGo deserves the chance to go to trial with digital assets firm Galaxy Digital over their broken $1.2 billion merger because the dispute involves complex questions of administrative, agency and securities laws, as well as regulatory guidance, BitGo told Delaware's highest court Wednesday.

  • February 07, 2024

    NGL Deal Adviser Urges Del. Justices To Uphold $36M Verdict

    An attorney for LCT Capital told Delaware's Supreme Court on Wednesday that a $36 million Delaware jury verdict favoring the institutional broker-adviser in a merger services dispute with NGL Energy Partners should carry "enormous" weight on its second appeal despite client protests.

  • February 07, 2024

    Mich. Judge Rips Romantics Singer For Copying Trial Brief

    A founding member of the Romantics will likely have a tough time regaining control of the band's finances after a Michigan appellate judge said Wednesday he couldn't condone the "incompetence" of the musician's trial attorneys, who filed a brief that was a copy of the opposing side's argument. 

  • February 07, 2024

    Trump Trial Judge Gets Little Info On Exec's Alleged Perjury

    An attorney for Donald Trump and his companies' former chief financial officer Allen Weisselberg told the New York state judge presiding over their civil fraud trial Wednesday that she could not respond to "unsubstantiated" reports that the ex-CFO was in plea negotiations for allegedly lying on the stand, citing her ethical obligations.

  • February 07, 2024

    Matterport Stockholders Say Officials Wrongly Cashed $225M

    Shareholders of 3D model maker Matterport Inc. accused top company officials in Delaware Chancery Court of self-dealing by paying themselves performance rewards following a 2021 merger, even though the company hadn't met benchmarks to allow them to cash out $225 million in shares.

  • February 07, 2024

    Aera Energy Valued At $2.1B In California Resources Merger

    California Resources Corp. on Wednesday agreed to buy oil and gas producer company Aera Energy at a $2.1 billion valuation, in a deal the companies say will create California's top oil and gas producer, led by Sullivan & Cromwell LLP and Latham & Watkins LLP, respectively.

  • February 07, 2024

    Edward Jones Worker Says Race Quota Concern Led To Firing

    Edward Jones pushed out a Black marketing employee after he raised concerns that the company used illegal race quotas that favored white men in a quiz used to connect customers with financial advisers, according to a suit filed in New York federal court.

  • February 07, 2024

    With PE Exits Set To Surge, Buyers Must Act Quickly, Wisely

    Private equity exits are expected to rebound this year after a decade low in 2023, as investment time horizons expire and investors demand returns, but strategic buyers will need to act quickly and keep a finger on the market's pulse as competition heats up.

  • February 07, 2024

    BDO Inks $2.25M Deal In 401(k) Mismanagement Suit

    A proposed class of workers asked an Illinois federal judge to greenlight a $2.25 million settlement with accounting firm BDO, which they allege failed to verify that its retirement plan's funds were evaluated properly.

  • February 07, 2024

    Refrigeration Co. Can't Put ESOP Valuation Suit On Ice

    An industrial refrigeration company can't avoid a former executive's suit alleging it mismanaged an employee stock ownership plan by grossly undervaluing the business, after a North Carolina federal judge ruled he could still sue on behalf of the plan even if he's no longer a trustee.

  • February 07, 2024

    Worker Says J&J Mismanaged Prescription Benefits

    A Johnson & Johnson employee told a New Jersey federal court in a proposed class action that workers were overcharged for prescription drug benefits, including through an expensive contract with pharmacy benefits manager Express Scripts.

  • February 07, 2024

    4 Private Equity Firms Wrap Funds Totaling $1.45B

    Four private equity funds announced Wednesday that they have held final closings for investment vehicles that in total raised around $1.45 billion, the largest of which was a $900 million debut fund from Latham & Watkins LLP-led Coalesce Capital.

  • February 07, 2024

    Del. Justices Uphold Clovis Holdings Cash-Drain Claims

    The Delaware Supreme Court on Wednesday upheld, without elaboration, a Chancery Court award of nearly $7.8 million in damages, fees and prejudgment interest to the sole investor in a stone powder-based paper investment venture that was allegedly drained of cash by insiders.

  • February 07, 2024

    REIT Raises $672M IPO At Low End While Insurer Pulls Plans

    Senior housing real estate investment trust American Healthcare REIT Inc. rose in debut trading Wednesday after pricing a $672 million initial public offering at the bottom of its range, while insurer The Fortegra Group Inc. canceled its offering given market conditions, revealing mixed signals about the nascent IPO recovery.

  • February 07, 2024

    Bybit Wants $953M FTX Suit Axed For 'Threadbare' US Ties

    Cryptocurrency exchange Bybit Fintech Ltd. has urged a Delaware bankruptcy judge to throw out an FTX lawsuit that aims to recover $953 million that Bybit and affiliates allegedly raced to withdraw before FTX collapsed, arguing that the case has "no connection" to the U.S. and even if it did, FTX's claims all fail.

  • February 07, 2024

    Fund Formation Group Of The Year: Fried Frank

    Fried Frank Harris Shriver & Jacobson LLP attorneys counseled on the formation of multibillion-dollar funds, including five totaling $37 billion for Goldman Sachs, a €16.7 billion ($18 billion) fund for Permira and a $17 billion fund for Brookfield Asset Management, landing the firm among Law360's 2023 Fund Formation Groups of the Year.

  • February 07, 2024

    House Panel's Top Dem Floats Bill To Require Automatic IRAs

    The House Ways and Means Committee's top Democrat introduced legislation Wednesday that would expand workers' retirement coverage by requiring employers with 10 or more employees to establish a federal automatic individual retirement account program.

  • February 06, 2024

    Feds Say Mukasey Repping SBF, Mashinsky Possible Conflict

    Prosecutors alerted a New York federal judge Tuesday about a possible conflict stemming from Sam Bankman-Fried's recent hiring of Marc Mukasey, who also represents Celsius founder Alex Mashinsky in his criminal proceedings, noting Celsius lent money to Alameda Research, which repaid some of the loans using FTX's customer funds.

Expert Analysis

  • Opinion

    Activist Short-Sellers Are The Dark Knights Of Wall Street

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    While so-called activist short-sellers have been subject to increased scrutiny in recent years, these investors work in the shadows like Batman to expose fraud on Wall Street, often generating leads that may move regulators to take action, say attorneys at Labaton Sucharow.

  • New Regs Will Strengthen Voluntary Carbon Offset Market

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    Voluntary carbon offsets are a vital tool for organizations seeking to achieve net-zero greenhouse gas emissions — and recent efforts by the U.S. Commodity Futures Trading Commission, the U.S. Department of Agriculture, the state of California and others are essential to enhancing the reliability and authenticity of carbon credits, says David Smith at Manatt.

  • Series

    Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

  • A Breakdown Of The OCC's New Venture Lending Pointers

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    In light of the Office of the Comptroller of the Currency's recent bulletin outlining venture lending risks for banks, Matt Schwartz and Jeffrey Hare at DLA Piper highlight key considerations for both lenders and venture-backed companies seeking or maintaining loans from OCC-regulated national banks and federal thrifts.

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

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    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combating cryptocurrency-related scams and enforcing recordkeeping compliance.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
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    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • An Informed Guide To Mastering Retirement Plan Forfeitures

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    When considering how to allocate departing retirement plan participants’ forfeitures, sponsors should consider recently filed lawsuits that allege Employee Retirement Income Security Act violations for using such funds to offset employer contributions, as well as proposed IRS guidance concerning how and when they must be used, says Eric Gregory at Dickinson Wright.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

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    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • Crypto Has Democratized Trading In Bankruptcy Claims

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    Following the pandemic, there has been a wave of cryptocurrency bankruptcies and a related increase in access to information, allowing nontraditional bankruptcy investors to purchase claims and democratizing a once closed segment of alternative investing, says Joseph Sarachek at Strategic Liquidity.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • What SEC Retreat In Ripple Case Means For Crypto Regulation

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    The U.S. Securities and Exchange Commission has chosen a regulation-by-enforcement approach to cryptocurrency policy rather than through rulemaking, but the agency's recently aborted enforcement action against two Ripple Labs executives for alleged securities law violations demonstrates the limits of this piecemeal tactic, says Keith Blackman at Bracewell.

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