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Asset Management
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October 10, 2024
Fiduciary Co. Asks Justices To Weigh ERISA Arbitration Denial
A fiduciary services provider urged the U.S. Supreme Court to review the Second Circuit's decision blocking arbitration in a proposed class action alleging a debt relief company overcharged an employee stock ownership plan, arguing the ruling demonstrated a "judicial hostility" to arbitration that justices have warned against.
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October 10, 2024
Hyundai Plans IPO For Indian Biz, Plus More Rumors
Hyundai's Indian unit is eyeing a massive $3.3 billion initial public offering, rumors are swirling regarding ownership stakes of major European soccer clubs, and Saudi Arabia’s Public Investment Fund may buy a $1 billion minority stake in sports-streaming giant DAZN. Here, Law360 breaks down these and other notable rumors from the past week.
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October 10, 2024
Brazilian Firm Cites Market Conditions In Delaying US IPO
Private equity-backed lubricants maker Moove Lubricants Holdings is hitting pause on initial public offering plans because of "adverse market conditions," according to a Wednesday securities filing from its parent company.
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October 10, 2024
Siguler Guff Snags Over $900M For Credit Opportunities Fund
New York-based private markets investment firm Siguler Guff & Company LP, advised by Ropes & Gray LLP, on Thursday announced that it closed its third small business lending fund and related accounts with more than $900 million in tow.
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October 10, 2024
Longtime Mayer Brown Counsel Joins Potomac Law Group
Alan Velasco worked for years as an engineer before launching his law practice at Mayer Brown in the early 2010s. Now, after 11 years with the firm, he's closed the book on the first chapter of his legal career to join Potomac Law Group as a partner in San Francisco.
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October 09, 2024
Team Of 3 Firms Seeks To Lead UBS Cash Sweep Case
Two UBS customers suing the investment bank on allegations of shortchanging them with low-yielding cash sweep accounts moved Tuesday to consolidate their proposed class actions in New York federal court and install three firms at the helm.
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October 09, 2024
Chancery Keeps $5B Md. Data Center Project Fight In Del.
A court battle over control and management of early work on a potential $5 billion data complex in western Maryland will remain in the First State despite a marginally earlier-filed suit in Texas' new business court, a Delaware vice chancellor ruled late Wednesday.
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October 09, 2024
Hedge Fund Agrees To Drop Spoofing Claims Against TD Bank
Broker-dealer affiliates of TD Bank will no longer face a hedge fund's claims that they manipulated markets by placing trade orders they never intended to fulfill, the parties told a Manhattan federal judge.
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October 09, 2024
Gensler Mum On Future As AI, Crypto Rules Await Action
U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.
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October 09, 2024
Atty, Claims Firm Barred From Soliciting Foreclosure Class
A Michigan law firm and a third-party claims firm agreed Wednesday not to solicit potential members to an action alleging Michigan counties kept profits from foreclosures of tax-delinquent properties, following a meeting with class attorneys who had urged a judge to bar them from attempting to poach class members.
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October 09, 2024
Del. Justices Told Noncompete Toss Will Upend State Doctrine
An attorney for an Illinois-based auto parts company urged Delaware's Supreme Court on Wednesday to clarify recent court precedent on employee "forfeiture-for-competition" agreements, saying a federal court strike-down of the company's forfeit action against a former manager would be "anathema" to Delaware's "contractarian doctrine and tradition" if upheld.
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October 09, 2024
Kohl's Sued After Vendor Hack Leaks 1.9M Customers Files
Kohl's department store customers hit the retail giant on Wednesday with a putative breach of implied contract class action in Pennsylvania federal court alleging the store failed to protect data from 1.9 million customers from a hack targeting a contractor the retailer uses for debt collection.
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October 09, 2024
Insurer Wins Ex-PwC Exec's Long-Term Disability Suit
An Illinois federal judge handed Hartford Life and Accident Insurance Co. a win in a federal benefits lawsuit from a former PricewaterhouseCoopers LLP executive who alleged she was wrongly denied long-term disability benefits after fibromyalgia left her unable to continue working.
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October 09, 2024
Payment Processor Accuses Pot Biz Of Ending Contract Early
A Florida-based payment processor accused a cannabis merchant of ending a three-year contract early and blowing off requests for an agreed-upon termination fee, putting the processor out nearly $320,000.
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October 09, 2024
Spanish Baker Europastry Delays But Won't Give Up On IPO
Family-owned frozen bakery products giant Europastry S.A. has iced plans for an initial public offering, four months after unveiling plans to raise €225 million ($246 million) on Spanish stock exchanges.
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October 09, 2024
SEC Equity Trading Reforms Spark DC Circ. Challenge
The U.S. Securities and Exchange Commission is facing a legal challenge in the D.C. Circuit over recent equity trading regulatory changes that allow stocks to be quoted in half-penny increments and lower access fee caps.
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October 09, 2024
SEC Awards $5M To 3 Whistleblowers, Denies Award To 4th
The U.S. Securities and Exchange Commission awarded more than $5 million to three unidentified whistleblowers while denying a fourth applicant's bid for a payout, in a partially redacted order saying the applicant's provided information did not cause the commission to open an investigation or inquiry.
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October 09, 2024
Duane Morris Adds Corporate, Banking Partner In New York
Duane Morris LLP has brought on a former Stinson LLP partner for its corporate practice group in New York, the firm said Wednesday.
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October 09, 2024
7 Firms Lead Deal Forming Insurance, Asset Management Biz
Private investment firm CC Capital and Canadian financial services company The Westaim Corp. on Wednesday announced plans to launch an integrated insurance and asset management platform through a partnership built by seven law firms.
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October 09, 2024
Fla. University Inks $1.5M Deal In 401(k) Mismanagement Suit
A Florida university struck a $1.5 million deal with a class of employees that claimed the school weighed down its $400 million retirement plan with excessive recordkeeping fees and shoddy investment funds.
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October 09, 2024
Ropes & Gray Leads PE-Backed KinderCare's $576M IPO
Private equity-backed early childhood education provider KinderCare rose in debut trading Wednesday after pricing a $576 million initial public offering within its range, represented by Ropes & Gray and underwriters' counsel Kirkland, igniting a busy week for new listings that could include up to five IPOs.
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October 08, 2024
Genting Unit Used Bahamas Resort To Hide Fraud, Suit Says
A Bahamanian real estate development company on Monday sued a U.S. company organized under destination resorts and casino giant Genting Group, saying in a Florida federal complaint that the Genting company used a resorts in the Bahamas as a "financial wasteland" that obscured fraudulent activities.
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October 08, 2024
Texas Looks To Sink Suit Challenging Anti-ESG Law
Texas officials have asked a federal court to toss claims brought against them over a law restricting state investments with financial firms and businesses that want to reduce their reliance on fossil fuels, arguing they have sovereign immunity and the law doesn't violate the First Amendment.
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October 08, 2024
PetroSaudi Says US Not Entitled To All Of $380M Award
A PetroSaudi unit said it wants a California federal court to make clear that only 5% of funds should go to the Biden administration in a dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds.
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October 08, 2024
SEC Texting Sweep: Message Received, Guidance Needed
After financial firms have paid billions of dollars in recordkeeping fines around employees' use of off-channel communications, recent criticism of the U.S. Securities and Exchange Commission's approach by its Republican members has drawn support from attorneys who worry the agency is pushing for an impossible standard of perfect compliance.
Expert Analysis
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Why The SEC Is Targeting Short-And-Distort Schemes
The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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2nd Circ. Case Reinforces Need For Advance Notice Bylaws
The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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3 Ways To Lower Insider Trading Risk After First 10b5-1 Case
In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.