Analysis

5th Circ. Private Funds Ruling Could Rewrite SEC Agenda

By Jessica Corso

The Fifth Circuit on Wednesday vacated U.S. Securities and Exchange Commission regulations that would have required private fund advisers to provide detailed disclosures to investors, in a sweeping decision that could upend the regulator's approach to promised rules on climate, artificial intelligence and crypto assets.

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StepStone Clinches Record $3.3B VC Secondaries Fund

By Jade Martinez-Pogue

New York-based investment firm StepStone Group Inc., advised by Proskauer Rose LLP, has clinched its latest venture capital secondaries fund after securing $3.3 billion from investors, marking what the firm says is the largest fund dedicated exclusively to pursuing venture capital secondaries to date.

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HanesBrands Selling Champion To Authentic For Up To $1.5B

By Al Barbarino

HanesBrands said Wednesday it has agreed to sell its Champion business to Authentic Brands Group for up to $1.5 billion, under the guidance of Kirkland & Ellis LLP and Jones Day.

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Truth Social Investors Want Fla. Suit Paused For Del. Claims

By Carolina Bolado

Two early investors in Donald Trump's Truth Social media company urged a Florida judge on Wednesday to pause the company's suit trying to claim their shares while a first-filed suit in Delaware is pending, arguing that the company is forum shopping in an attempt to get around an unfavorable Delaware Chancery Court order.

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Texas To Launch Stock Exchange Backed By $120M Capital

By Tom Zanki

TXSE Group Inc. said Wednesday it plans to launch the Texas Stock Exchange, a national trading venue for public companies and exchange-traded products, following a $120 million private capital raise that was guided by Haynes and Boone LLP.

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Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison

By Elliot Weld

A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.

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Debevoise-Led Ambac Unveils 2 Deals Totaling $702M

By Jade Martinez-Pogue

Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.

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AI Co., Biotech Prep IPOs Worth $602M As Novelis Delays

By Jade Martinez-Pogue

Healthcare data artificial intelligence platform Tempus AI and Australian biotech Telix Pharmaceuticals on Wednesday unveiled plans for initial public offerings that will aim to raise a combined total of approximately $602 million, while sustainable aluminum solutions provider Novelis, a day prior, postponed IPO plans due to market conditions.

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Private Equity Giant To Buy €438.7M Stake In Italy's FiberCop

By Najiyya Budaly

KKR will buy the stake held by the Italian subsidiary of Swisscom AG in a fiber company for €438.7 million ($476.8 million), the companies said on Wednesday, as the private equity giant expands its presence in the telecommunications market in the country.

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UK Investment Firm Raises €300M For Energy Transition Fund

By Najiyya Budaly

British investment manager Foresight Group said Wednesday that it has raised €300 million ($326 million) for its second fund, which is aimed at investing in renewable energy generation and infrastructure.

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Ex-Skadden Atty, Credit Suisse Beat TransPerfect's Fraud Suit

By Rose Krebs

A Delaware federal judge has tossed TransPerfect Holdings LLC's lawsuit alleging that misrepresentations by a now-retired Skadden Arps Slate Meagher & Flom LLP partner and Credit Suisse Securities (USA) LLC led it to pay too much for language translation company TransPerfect Global Inc., finding that claims are time-barred.

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StarTek Controller Sued In Del. After Public-Share Buyout

By Jeff Montgomery

Two public stockholders of global customer experience outsourcing consultant StarTek Inc. sued four company directors and its private equity controller in Delaware's Court of Chancery on Wednesday, alleging an unfair and conflicted $4.30-per-share buyout of the company's remaining public shares.

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Parsing Controversial Del. General Corporation Law Proposals

In response to issues raised in three recent high-profile Delaware Court of Chancery decisions, many amendments to the Delaware General Corporation Law were quickly proposed that, if enacted, would bring significant changes likely to be hotly debated — and litigated — for the foreseeable future, say attorneys at Morgan Lewis.

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A Healthier Legal Industry Starts With Emotional Intelligence

The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.

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Google Legal Dept. Goes From Crisis Mode To Long Term

By Bryan Koenig

As much of the major antitrust litigation against Google winds down, the company is shuffling around its in-house legal departments to add more people and settle from crisis mode into the more sustainable posture of a technology giant where lawsuits have likely become a permanent feature of its existence.

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After Judge Takes Trip To Israel, Attys Want Him Off Gaza Case

By Cara Bayles

Palestinian rights activists asked a Ninth Circuit judge to recuse himself from a case claiming that the Biden administration flouted international laws barring genocide by supporting Israel's military efforts in Gaza, noting that the judge recently took a trip to Israel sponsored by the World Jewish Congress.

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Rutgers Law Students Must Provide Comms In Bias Suit

By Madison Arnold

A pair of Rutgers Law School students must turn over recordings and messages in a Jewish classmate's lawsuit accusing the school of antisemitic bias for opening a disciplinary investigation against him after he spoke out against the same two students for allegedly spreading antisemitism, a New Jersey state judge has ruled.

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Federal Judges Facing Scrutiny For Clerk-Hiring Boycotts

By Jack Karp

The federal judiciary must take a look at its judges' hiring practices in the wake of some jurists' public refusal to hire students from certain law schools over on-campus political activity over the Israel-Hamas war, a nonprofit government watchdog said Wednesday.

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Interview

DLA Piper Atty, Ex-UK Official On Practicing Across The Pond

By Alison Knezevich

In returning to the United States after nearly two decades in London, former Serious Fraud Office official Judy Krieg says DLA Piper was the ideal place to serve clients and leverage the skills she has gained from working on both sides of the Atlantic.

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An Ex-BigLaw Atty Shot His Wife. Who Gets Her Settlement?

By Kelcey Caulder

The administrator of the estate of Diane McIver, who was fatally shot by her husband, former Fisher Phillips partner Claud "Tex" McIver, while driving through Atlanta in 2016, has asked a Georgia state court to decide who is entitled to settlement funds from a wrongful death case brought by the estate.

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Brown Rudnick Partner's 50% Fee Hike Nixed In Ch. 11 Case

By Hilary Russ

A Brown Rudnick LLP bankruptcy partner Wednesday had his 50% fee increase rejected by a Delaware judge, who took issue with the proposed hike to $1,500 an hour for representing the creditors' committee in Kidde-Fenwal Inc.'s Chapter 11 case.

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Ga. Trump Election Case On Hold For DA DQ Appeal

By Kelcey Caulder

The Georgia Court of Appeals on Wednesday temporarily halted proceedings in the Georgia election interference case against former President Donald Trump and his co-defendants while it reviews a trial judge's ruling allowing Fulton County District Attorney Fani T. Willis to continue prosecuting the case.

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Trump Gag Order Still Needed Through Sentencing, DA Says

By Elliot Weld

Manhattan District Attorney Alvin Bragg's office has asked a judge not to lift the gag order on Donald Trump before the convicted former president's sentencing next month, arguing in a letter released Wednesday that there is still a need to "protect the integrity" of the hush money case.

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Hunter Biden's Ex-Wife, Ex-Lover Testify About His Drug Use

By Leslie A. Pappas

Hunter Biden's trial on felony gun charges continued in Delaware federal court on Wednesday with testimony from his ex-wife, a former girlfriend and the salesman at the shop where he bought the Colt Cobra revolver on Oct. 12, 2018.

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Atty Carried Gun, Rope During Attempted Break-In, Police Say

By Lauren Berg

Police in Royal Oak, Michigan, said Tuesday they have arrested a Dearborn personal injury attorney after he allegedly tried to break into the home of a former co-worker while carrying a firearm, knife, handcuffs and other "concerning items."

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Lippes Mathias Merges With Syracuse Health, Business Firm

By Andrea Keckley

Buffalo, New York-based firm Lippes Mathias LLP said this week that it had created one of the state's largest healthcare attorney teams outside New York City in combining with Syracuse business and healthcare boutique CCBLaw, a move that will ultimately add 11 lawyers and eight nonlawyer professionals to its ranks.

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From Small Town To 11th Circ., Nominee Pledges 'Open Mind'

By Jake Maher

A nominee for an Eleventh Circuit seat on Wednesday discussed his small-town upbringing, award-winning career as a prosecutor and the "obligation" he feels to be a role model for others considering a career in the law, saying he would approach cases with an "open mind" if confirmed to the federal appeals court.

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NY Gov. Denies Cop-Shoving Judge New Term

By Frank G. Runyeon

A Buffalo judge censured for brawling with neighbors, shoving a police officer and bragging about his ties to power was denied a second term by New York Gov. Kathy Hochul, who took the unusual step of rejecting the judge's request for reappointment.

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AAA Says Fee Critique 'Flawed' For Missed Eclipse Day Depo

By Lynn LaRowe

An attorney sanctioned for missing a deposition in Florida while he was in Arkansas viewing April's solar eclipse used "guesswork" in a response asking a federal judge in the Sunshine State to whittle a request for $7,800 in fees down to just over $1,200, according to a reply filed this week by AAA in a lawsuit by a former employee.

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Ex-Sacks Weston Atty Blames 'Toxic' Firm For His Theft

By P.J. D'Annunzio

A Philadelphia attorney convicted of defrauding his former law firm told a state ethics panel Wednesday that he was remorseful for his deeds, but he noted he was driven to his crime by being owed money by his firm for too long.

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PwC Asks Calif. Justices To Revive $2.5M Sanction Against LA

By Gina Kim

PwC urged the California Supreme Court on Wednesday to revive a $2.5 million sanction against the city of Los Angeles for yearslong discovery misconduct in an underlying utility billing dispute, arguing the trial court's inherent authority to pose such penalties isn't limited to nonmonetary sanctions.

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