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Asset Management
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October 21, 2024
SEC To Focus On Advisers' Investment Outsourcing In '25
U.S. Securities and Exchange Commission examiners are poised to generally stay the course with their exam priorities in the coming year, with a particular focus on investment advisers that outsource their investment functions, according to a report released Monday.
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October 21, 2024
NYSE, Cboe Win SEC Approval For Bitcoin ETP Options
The U.S. Securities and Exchange Commission has given the New York Stock Exchange and Cboe Global Markets permission to list and trade options of certain bitcoin exchange-traded products, following the long-anticipated approval of the ETPs themselves at the start of this year.
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October 21, 2024
SEC, CFTC Chairs Talk Crypto, AI & Wall Street Texting Sweep
The leaders of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission appeared before an audience of top financial professionals Monday to discuss the future of cryptocurrency and artificial intelligence regulations and to defend against accusations that ongoing probes of brokers' use of off-channel communications were too harsh.
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October 21, 2024
3rd Circ. Urged To Rethink $60M Moroccan Hotel Award Fight
An investment group wants the Third Circuit to reconsider its decision reviving a dispute over the enforcement of a $60 million arbitral award favoring the current owner of a luxury hotel in Casablanca, saying the ruling is unprecedented and disregards well-established Delaware law.
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October 21, 2024
6th Circ. Won't Force Arbitration Of Kellogg 401(k) Fee Suit
The Sixth Circuit on Monday revived a proposed class action against a Kellogg Co. subsidiary alleging mismanagement of an employee 401(k) plan, finding a Michigan federal court wrongly tossed the suit in favor of arbitration in April 2023.
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October 21, 2024
Bechtel Beats 401(k) Excessive Fee Suit For Now
A Virginia federal judge threw out a retired worker's suit claiming an engineering company automatically pushed workers' savings in its $5.1 billion retirement plan into an overpriced managed account program, ruling her case lacks proof that comparable plans got a better deal.
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October 21, 2024
Judge Upholds Ginnie Mae's Authority To Vacate Bank's Lien
A Texas federal judge ruled that the Government National Mortgage Association didn't overstep its authority when it vacated a bank's lien on a loan worth tens of millions of dollars, rejecting Texas Capital Bank's bid for partial summary judgment.
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October 21, 2024
Kirkland, Paul Weiss Build $859M Cybersecurity Biz Merger
Cybersecurity solutions companies Sophos, advised by Kirkland & Ellis LLP, and Secureworks, led by Paul Weiss Rifkind Wharton & Garrison LLP, on Monday announced plans to merge in an all-cash deal valued at roughly $859 million.
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October 21, 2024
Catalent CEO Defends Novo Deal, Will Stay On After Buyout
Catalent CEO Alessandro Maselli told the medical company's customers Monday that Catalent will continue to support them following its planned $16.5 billion sale to Novo Holdings, seeking to assure clientele after Sen. Elizabeth Warren and advocacy groups pressured the Federal Trade Commission to scrutinize and potentially block the deal.
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October 21, 2024
Davis Polk, Kilpatrick Guide $1.6B Mid-Atlantic Bank Merger
Davis Polk & Wardwell LLP and Kilpatrick Townsend & Stockton LLP are guiding a $1.6 billion deal that will see Virginia-based Atlantic Union Bankshares Corp. absorb Maryland's Sandy Spring Bancorp in what the companies said Monday will create a lower Mid-Atlantic region bank holding company with more than $39 billion in assets.
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October 18, 2024
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
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October 18, 2024
US Fights PetroSaudi Bid To Limit $380M Seizure
The U.S. on Friday slammed a PetroSaudi company's request for a California federal court to clarify that officials can only seize 5% of a $380 million award, calling the request an improper attempt at revisiting a 3-year-old court ruling.
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October 18, 2024
Hong Kong Regulators Unveil Plans To Quicken IPOs
Hong Kong regulators and stock exchange officials announced a plan on Friday to accelerate their time frames for reviewing initial public offerings, a bid to improve the region's attractiveness for new listings amid intense global competition.
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October 18, 2024
Hogan Lovells Guides Buyer On San Diego Soccer Team Deal
National Women's Soccer League team the San Diego Wave Fútbol Club has assumed new ownership after Hogan Lovells-advised private equity firm Levine Leichtman Family Office bought the team from previous owner Ron Burkle, advised by Loeb & Loeb LLP, marking the latest in a string of NWSL deals this year.
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October 18, 2024
Allianz, Santander End Shareholder Suit Coverage Fight
Allianz has agreed to drop its request in Massachusetts federal court for a ruling that it is not obligated to cover Santander Holdings' defense in a now-settled 2022 shareholder lawsuit, a recent filing showed.
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October 18, 2024
NYC Building Sold After Losing Half Of Tenants To Ch. 11
A historic mixed-use building in New York City's Chelsea neighborhood that was ravaged by the bankruptcies of two major tenants has been acquired and recapitalized by a partnership of RXR Realty and Hudson Bay Capital through a $421 million financing package from Blackstone, the buyers announced Friday.
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October 18, 2024
6 Firms Guide $1.1B Turkish-Kazakh E-Commerce Deal
Six law firms across three countries have guided a transaction announced Friday that will see Kaspi.kz, which runs a popular payments app in Kazakhstan, purchase a majority stake in Turkish e-commerce platform Hepsiburada for more than $1.1 billion in cash.
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October 18, 2024
Conn. Brother Wants No Jail Time In Brazilian Oil Scheme
A Connecticut man who pled guilty to laundering money in a Brazilian oil bribery scheme that also ensnared his brother says he should not be sentenced to jail time because he needs cancer treatments and has been "devastated financially."
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October 18, 2024
Taxation With Representation: Baker, Simpson, Ropes
In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.
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October 18, 2024
FTC Faces More Pressure To Block $16.5B Novo-Catalent Deal
A dozen advocacy groups are pushing the Federal Trade Commission to block Novo Holdings' planned $16.5 billion purchase of Catalent, arguing that the deal would stifle competition for certain obesity and gene therapy drugs — and that no remedy can fix that.
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October 18, 2024
JPMorgan Says Trial 'Needless' After Couple Loses $20M Suit
JPMorgan Chase Bank NA told a Massachusetts federal judge Thursday there is no need for a two-week trial on the bank's counterclaims after it scored a pretrial win in a suit brought by an elderly couple who said bad investments cost them $20 million.
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October 17, 2024
US Sanctions Chinese Cos. For Work On Russian Drones
The U.S. Department of the Treasury on Thursday imposed fresh sanctions on three entities, including two from China, for helping develop long-range Garpiya attack drones used by Russia in its deadly war against Ukraine.
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October 17, 2024
DOL, Red States Spar Over Loper Bright Impact On ESG Rule
Conservative-led states suing the U.S. Department of Labor have told a Texas federal court that the end of the Chevron doctrine boosts their bid to end a rule allowing retirement plan advisers to consider environmental, social and governance factors in investment choices, while the DOL argued that it deserves another summary judgment win.
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October 17, 2024
Chinese Self-Driving Technology Firm Pony AI Files US IPO
Chinese autonomous-driver technology provider Pony AI Inc. filed plans Thursday for an initial public offering, represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, potentially paving the way for a rare U.S. IPO by a Chinese company amid trade tensions between both countries.
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October 17, 2024
FTC Admits Federal Court Merger Fights Are Usually Decisive
Federal Trade Commission complaint counsel has admitted a reality that the agency has long resisted: While federal court preliminary injunction fights are ostensibly meant only to pause a merger while a merits case plays out through an in-house court, the federal court case usually decides the transaction's fate.
Expert Analysis
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SEC Settlement Holds Important Pay-To-Play Lessons
The U.S. Securities and Exchange Commission’s recent fine of an investment adviser, whose new hire made a campaign contribution within a crucial lookback period, is a seasonable reminder for public fund managers to ensure their processes thoroughly screen all associates for even minor violations of the SEC’s strict pay-to-play rule, say attorneys at Lowenstein Sandler.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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What The SEC Liquidity Risk Management Amendments Entail
Fund managers should be cognizant of the U.S. Security and Exchange Commission's recent changes to certain reporting requirements and guidance related to open-end fund liquidity risk management programs, and update their filing systems if need be, says Rachael Schwartz at Sullivan & Worcester.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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7 Takeaways For Investment Advisers From FinCEN AML Rule
With a new FinCEN rule that will require covered investment advisers to implement anti-money laundering programs and comply with extra recordkeeping requirements by 2026, companies should begin planning necessary updates to their policies and procedures by focusing on seven of the rule’s key requirements, identified by attorneys at Simpson Thacher.
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Mitigating Risk In Net Asset Value Facility Bankruptcies
In times of economic turbulence, parties to bankruptcy proceedings that involve net asset value facilities can mitigate risk by understanding the purpose of the automatic stay, complications it can create for NAV facility lenders and options for relief, say attorneys at Mayer Brown.
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What VC Fund Settlement Means For DEI Grant Programs
An unexpected settlement in American Alliance for Equal Rights v. Fearless Fund, based on specific details of an Atlanta venture capital fund's challenged minority grant program, leaves the legal landscape wide open for organizations with similar programs supporting diversity, equity and inclusion to chart a path forward, say attorneys at Moore & Van Allen.
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Missouri Injunction A Setback For State Anti-ESG Rules
A Missouri federal court’s recent order enjoining the state’s anti-ESG rules comes amid actions by state legislatures to revise or invalidate similar legislation imposing disclosure and consent requirements around environmental, social and governance investing, and could be a blueprint for future challenges, say attorneys at Paul Hastings.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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A Preview Of AI Priorities Under The Next President
For the first time in a presidential election, both of the leading candidates and their parties have been vocal about artificial intelligence policy, offering clues on the future of regulation as AI continues to advance and congressional action continues to stall, say attorneys at Mintz.
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How Companies Are Approaching Insider Trading Policies
An analysis of insider trading policies recently disclosed by 49 S&P 500 companies under a new U.S. Securities and Exchange Commission rule reveals that while specific provisions vary from company to company, certain common themes are emerging, say attorneys at Gibson Dunn.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Opinion
Congress Must Do More To Bolster ERISA Protections
As the Employee Retirement Income Security Act turns 50 this month, we applaud Congress for championing a statute that protects worker and retiree rights, but further action is needed to ban arbitration clauses in plan provisions and codify regulations imperiled by the U.S. Supreme Court’s Chevron ruling, say Michelle Yau and Eleanor Frisch at Cohen Milstein.
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Increased Scrutiny Raises Int'l Real Estate Transaction Risks
Recently proposed regulations expanding the Committee on Foreign Investment in the United States' oversight, a White House divestment order and state-level legislative efforts signal increasing scrutiny of real estate transactions that may trigger national security concerns, say Luciano Racco and Aleksis Fernández Caballero at Foley Hoag.