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Asset Management
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October 28, 2024
Surge In Nicotine Fee Suits Shows Wellness Program Risks
A recent crop of suits accusing large employers of violating nondiscrimination provisions in federal benefits law by making workers who use nicotine pay more for health insurance underscore the risk of using fees to offset healthcare costs, attorneys say. Here are five nicotine surcharge suits to keep an eye on.
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October 28, 2024
Boeing Moves Ahead With $19B Share Sale Amid Cash Crunch
Boeing launched plans Monday to sell common and preferred stock estimated to raise nearly $19 billion, potentially easing the aviation giant's cash crush amid a prolonged strike and production setbacks, represented by Kirkland & Ellis LLP and underwriters' counsel Davis Polk & Wardwell LLP.
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October 28, 2024
Tribe-Linked Lenders Flouted Interest Laws, Borrower Says
A Florida man and his purported data analytic companies face a proposed class action alleging they improperly touted a relationship with a small Native American tribe as they made consumer loans with triple-digit annual interest rates.
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October 28, 2024
Linklaters Adds 4 A&O Shearman Finance Partners In NY
Linklaters LLP announced Monday the addition of four partners from the recently merged Allen Overy Shearman Sterling to the firm's finance division, deepening its U.S. capital markets and restructuring offerings in New York.
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October 25, 2024
SEC Wants PE Firm's 'Fishing Expedition' Claims Paused
The U.S. Securities and Exchange Commission has asked a Texas federal judge to pause a real estate-focused private equity fund's suit alleging that the regulator subjected it to an unconstitutional "fishing expedition" outside its regulatory purview.
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October 25, 2024
Off The Bench: Toss-Up For Ohtani Ball, UFC Fighters' Payday
In this week's Off The Bench, the three claimants to a historic baseball now know how much is at stake for the winner, a long fight against wage suppression for mixed martial arts fighters is a step closer to ending, and WNBA players want a bigger piece of a growing revenue pie.
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October 25, 2024
Spirit Airlines Eyes $80M In Cost Cuts Amid New Deal Rumor
Spirit Airlines will implement layoffs as part of a plan to cut roughly $80 million in costs and has agreed to sell 23 Airbus aircraft to GA Telesis for about $519 million, disclosing the measures as the company is said to be in renewed talks to potentially sell itself to Frontier Airlines.
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October 25, 2024
Skadden, Latham Steer Chinese Driverless Tech Startup's IPO
Autonomous driving technology developer WeRide Inc., represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkins LLP, on Friday raised $440.5 million combined through a U.S. initial public offering and private placement, saying it will apply fresh capital toward accelerating its global expansion.
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October 25, 2024
Frontier Urges Approval Of 'Highly Attractive' Verizon Deal
Frontier Communications on Friday urged shareholders to support its planned $20 billion sale to Verizon, calling the $38.50 per-share price tag "highly attractive" despite mounting opposition from top investors, one of which claimed the company may be worth double that.
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October 25, 2024
Self-Driving Car Co. Waymo Snags $5.6B In Series C Funding
Self-driving car company Waymo on Friday announced that it closed a behemoth investing round, raising $5.6 billion from private equity and venture capital investors.
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October 25, 2024
Kirkland-Led Nautic Closes Largest-Ever Fund At $4.5B
Kirkland & Ellis LLP-advised Nautic Partners LLC on Friday announced that it closed its largest fund yet after securing $4.5 billion from investors.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Goodwin, Cooley Guide Septerna's Upsized $288M IPO
Clinical-stage drug developer Septerna Inc. is set to debut trading on Friday after pricing an upsized, $288 million initial public offering above its initial range, under guidance from Goodwin Procter LLP and underwriters' counsel Cooley LLP, extending a recent surge in biotechnology IPOs.
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October 24, 2024
Truth Social SPAC Founder Wants $1M Award For Payout Suit
The investment sponsor of the special purpose acquisition company, or SPAC, that took former President Donald Trump's Truth Social media company public has asked for a $1 million fee award for driving the Delaware Chancery Court litigation over the Trump camp's attempts to slash a SPAC deal stock conversion ratio that would have cost some preferred investors millions.
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October 24, 2024
FINRA Says Its Regs Apply To Metaverse, Seeks Comments
Broker-dealers and other firms that are weighing incorporating the metaverse into their business operations should be mindful of how Financial Industry Regulatory Authority rules apply to such activities and reach out with any concerns about regulatory ambiguities, the regulator said Thursday.
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October 24, 2024
Va. Judge Won't Block Feds' Nonprofit Disclosure Law
A Virginia federal judge on Oct. 24 refused to stop the U.S. Department of the Treasury from enforcing a law that requires nonprofits such as community associations to disclose personal identifying information about their beneficial owners and applicants to a Treasury agency that focuses on stopping financial crimes.
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October 24, 2024
FINRA Fines Broker Over Securities Lending Algorithm Issues
Interactive Brokers LLC has agreed to a $475,000 fine from the Financial Industry Regulatory Authority to resolve alleged issues with its securities lending algorithm that resulted in the firm returning borrowed shares to customers when it should not have and for allegedly allowing an unregistered person to work on the algorithm's software development.
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October 24, 2024
Katten, Hogan Lovells Guide Tampa Bay Lightning Stake Sale
The duo behind Blue Owl Capital on Thursday announced plans to buy a stake in NHL team the Tampa Bay Lightning in a deal strung together by Katten Muchin Rosenman LLP and Hogan Lovells.
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October 24, 2024
Willkie-Led Ingram Micro Rejoins Markets After $409M IPO
Private equity-backed technology products distributor Ingram Micro Holding Corp. rallied in debut trading on Thursday, marking the company's return to public markets following a $409 million initial public offering, represented by Willkie Farr & Gallagher LLP and underwriters' counsel Cahill Gordon & Reindel LLP.
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October 24, 2024
Southwest Shakes Up Boardroom In Deal With Activist Elliott
Southwest Airlines on Thursday announced a board shake-up, marking the latest of the airline's moves as part of its "transformational" plan amid pressure from activist investor Elliott Investment Management.
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October 24, 2024
Feds Want Leniency For Key Witness At Bankman-Fried Trial
Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.
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October 24, 2024
Cigna, Frontier Renew Stalled Merger Bids, Plus Other Rumors
Cigna Group and Frontier Airlines have both restarted once-stalled bids to acquire smaller rivals, rekindling merger rumors spanning the healthcare and airlines industries, while Sports Illustrated's secondary ticket platform wants to borrow up to $50 million to acquire competitor Anytickets. Here, Law360 breaks down these and other notable deal rumors from the past week.
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October 24, 2024
SEC Says German On Hook For $4.6M Tied To Fraud Scheme
The U.S. Securities and Exchange Commission asked a judge on Thursday to reinstate a $3.3 million disgorgement order, plus $1.3 million in interest, against a German national who allegedly received proceeds from a multinational pump-and-dump scheme.
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October 23, 2024
Crypto Co. Tron, Founder Can't Shake Investor Suit Over ICO
Blockchain firm Tron Foundation and its founder Justin Sun on Wednesday partially lost their bid to dismiss a shareholder suit alleging they sold unregistered tokens in a 2017 initial coin offering, with a New York federal judge ruling the claims have enough of a connection to New York to proceed.
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October 23, 2024
Ameriprise, Ex-Worker Duo To Arbitrate Stolen Docs Claims
Financial services company Ameriprise will arbitrate claims that a father-son pair of ex-employees took confidential records "in the dark of the night" on their way out the door to work for a competitor, the Financial Industry Regulatory Authority has determined.
Expert Analysis
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.
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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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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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Takeaways From SEC's New Data Breach Amendments
The U.S. Securities and Exchange Commission's recent amendment of its consumer privacy rules to require investment advisers and broker-dealers to put procedures in place to uncover data breaches and report them to customers evidences that protecting client records and information remains an SEC priority, say attorneys at Simpson Thacher.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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The State Of Play In DEI And ESG 1 Year After Harvard Ruling
Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.