Asset Management

  • June 24, 2024

    GM Financial Pulls FDIC Industrial Bank Application, For Now

    General Motors' financing arm said Monday that it has withdrawn its long-gestating bid for Federal Deposit Insurance Corp. approval to open an insured industrial bank, tabling its plans just days after the agency signed off on another such application for the first time in years.

  • June 24, 2024

    Billionaire Drops Case Against IRS Over Tax Info Leak

    Billionaire hedge fund founder Ken Griffin dropped his case Monday seeking to hold the IRS accountable for the leak of his tax return information in a data breach that affected thousands of wealthy and powerful taxpayers, including former President Donald Trump.

  • June 24, 2024

    Teamsters Fund Must Face Pension Conversion Suit

    A West Coast-based Teamsters pension fund must keep facing claims that it shortchanged married retirees by using outdated data to convert their benefits from single-life annuity form, with a Washington federal judge deeming the suit strong enough to beat the fund's dismissal motion.

  • June 24, 2024

    McDermott Investors See Partial Cert. In $6B CB&I Deal Suit

    Investors in energy industry engineering company McDermott International Inc. saw part of their proposed investor class certified as a lead plaintiff is sought for a second subclass in litigation over the company's $6 billion acquisition of Chicago Bridge & Iron Company NV.

  • June 24, 2024

    Fintech Exec Gets 45 Months For Crypto Market Manipulation

    A Florida federal judge on Monday sentenced the CEO of fintech company Hydrogen Technology Corp. to more than three years in prison for his role in a conspiracy to manipulate the market for Hydrogen's digital assets.

  • June 24, 2024

    Catching Up With Delaware's Chancery Court

    Amendments to Delaware's General Corporation Law topped the news out of the Court of Chancery again last week, as the hotly contested measure sailed through the state's legislature. Tesla and its shareholders continued their tug-of-war over attorney fees for Chancery litigation about Elon Musk's pay package, and new cases were filed involving biotechs, car rental companies, workout platforms, telecom towers, and a cargo ship fire in Brazil.

  • June 24, 2024

    DOL Still Mulling Changes To Pension De-Risking Guidance

    The U.S. Department of Labor told Congress in a new report Monday it hasn't ruled out changing guidance used by retirement plan managers when selecting an annuity provider for pension de-risking transactions, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.

  • June 24, 2024

    Defense Contractor Gresham Inks $83M SPAC Merger

    Defense contractor Gresham Worldwide Inc. and special-purpose acquisition company Ault Disruptive Technologies Corp. agreed Monday to merge in a deal that values Gresham at $83 million and enlarges the company's profile, steered by two law firms.

  • June 24, 2024

    Cooley-Led Therapy Developer Alumis Aims For $300M IPO

    Venture-backed drug developer Alumis Inc. launched plans on Monday for an estimated $300 million initial public offering, guided by Cooley LLP and underwriters' counsel Latham & Watkins LLP, joining an active pipeline of IPO prospects this week.

  • June 24, 2024

    Shipping Co. Agrees To Pay $225K To Resolve 401(k) Fee Suit

    A former worker at a shipping company has asked a North Carolina federal court to greenlight a $225,000 settlement that puts an end to her proposed class action accusing the company of saddling its retirement plan with excessive administrative fees and failing to remove its expensive recordkeeper.

  • June 24, 2024

    2nd Circ. Reopens Insider Trading Suit Against Hedge Fund

    The Second Circuit on Monday revived a lawsuit accusing hedge fund Raging Capital Management LLC of profiting off its position as a corporate insider of 1-800-Flowers, rejecting arguments that a recent U.S. Supreme Court ruling overturned circuit precedent allowing shareholders to sue beneficial owners who partake in short-swing trading.

  • June 21, 2024

    Under Armour To Pay $434M To End Securities Fraud Claims

    Under Armour Inc. has agreed to shell out $434 million to put to rest claims it inflated stock prices by hiding declining demand for its products, investors announced Friday, reaching a deal just weeks before a jury trial was set to kick off in Maryland federal court.

  • June 21, 2024

    Crypto Vet With FTX Ties Launches Fintech Policy Think Tank

    Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.

  • June 21, 2024

    11th Circ. Backs Fla. Agency Win In Ex-Warden's FMLA Suit

    The Eleventh Circuit refused Friday to reinstate a former warden's lawsuit accusing the Florida Department of Corrections of transferring and demoting her because she was nearing 60 and took six months of leave, saying she failed to connect the dots to show the agency was motivated by bias.

  • June 21, 2024

    Chase Didn't Stop Fraudulent Transfers, Fla. Biz Owner Says

    Chase Bank has been sued in Miami-Dade County state court, accused of negligence by a business owner who alleged that the bank failed to stop more than $445,000 that was drained from his accounts in a series of fraudulent wire transfers earlier this year.

  • June 21, 2024

    8 Firms To Lead 4 IPOs Totaling $806M As Action Heats Up

    Eight law firms are slated to guide four initial public offerings estimated to raise a combined $806 million during the week of June 24, potentially closing a slow month for new listings with a bang.

  • June 21, 2024

    Kona Ice Nabs $533K In Toppings Dispenser Patent Trial

    A Florida federal jury has come to the conclusion that a small shaved ice franchise from Boca Raton owes the Kona Ice brand a little over half a million dollars for infringing a patent covering a "liquid toppings dispensing system."

  • June 21, 2024

    American Airlines Can't Shake ESG Retirement Class Action

    A Texas federal judge won't free American Airlines from a class action claiming its pilots' $26 billion retirement plan focused too heavily on environmental and social factors, ruling the airline's failure to push investment managers to abandon the strategy buttresses the plaintiffs' case that American endorsed it.

  • June 21, 2024

    Ontrak Founder Convicted In Novel Insider Trading Case

    A California federal jury found Ontrak founder and former CEO Terren Peizer guilty on Friday of three counts of insider trading, following a first-of-its-kind prosecution on allegations he dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal. 

  • June 21, 2024

    3 Firms Build $540M Take-Private Sale Of Healthcare Data Biz

    Digital health company Sharecare Inc. on Friday announced that it has agreed to be bought by healthcare-focused private equity firm Altaris LLC in a $540 million take-private deal built by three law firms.

  • June 21, 2024

    5 ERISA Cases To Watch In 2024's Second Half

    The U.S. Department of Labor will be playing defense in the second half of 2024, battling injunction bids in Texas seeking to halt the agency's recently finalized retirement security regulations, as well as fighting to uphold a DOL rule tackling social and environmental factors in retirement plan investment decisions. Here, Law360 looks at five Employee Retirement Income Security Act cases that attorneys say they will have on their radar.

  • June 21, 2024

    Attys Eye $1.4M Slice Of State Street Retirement Plan Deal

    Class counsel are requesting a one-third cut from a $4.3 million settlement with State Street Corp. to resolve claims the bank stocked its employees' 401(k) plan with imprudent funds that it managed or that were run by its subsidiaries or affiliates.

  • June 20, 2024

    Del. House Sends Controversial Corp. Law Changes To Gov.

    Delaware legislation that would allow corporate boards to cede some governance rights to chosen stockholders cleared the state's House by a wide margin late Thursday, heading to Gov. John Carney after debate that saw dire predictions for either outcome.

  • June 20, 2024

    Kraken Unlikely To Escape SEC's Crypto Exchange Case

    A California federal judge said Thursday that he was not inclined to dismiss a U.S. Securities and Exchange Commission lawsuit claiming that cryptocurrency exchange Kraken illegally operated as an unregistered securities exchange, telling the company's lawyer, "You've got your work cut out for you" to change his mind.

  • June 20, 2024

    Ontrak Founder's Insider Trading Case Goes To Calif. Jury

    Federal prosecutors delivered closing arguments Thursday in the insider trading trial of Ontrak's founder, telling jurors that he hurriedly dumped $20 million of shares in the healthcare company after discovering its biggest client was going to terminate their deal, while defense counsel argued he was simply exercising expiring warrants.

Expert Analysis

  • Lean Into The 'Great Restoration' To Retain Legal Talent

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    As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.

  • What The NYSE Proposed Delisting Rule Could Mean For Cos.

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    The New York Stock Exchange's recently proposed rule would provide the exchange with discretionary authority to commence delisting proceedings for a company substantially shifting its primary business focus, raising concerns for NYSE-listed companies over the exact definition of the exchange's proposed "substantially different" standard, say attorneys at Winston & Strawn.

  • Boeing Saga Underscores Need For Ethical Corporate Culture

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    In the wake of recent allegations about Boeing’s safety culture, and amid the U.S. Department of Justice’s new whistleblower incentives, business leaders should reinvigorate their emphasis on compliance by making clear that long-term profitability requires ethical business practices, says Maxwell Carr-Howard at Dentons.

  • Key Takeaways From 2024 Accountants' Liability Conference

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    At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.

  • Series

    Fishing Makes Me A Better Lawyer

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    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.

  • Parsing Controversial Del. General Corporation Law Proposals

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    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.

  • A Healthier Legal Industry Starts With Emotional Intelligence

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    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.

  • To Make Your Legal Writing Clear, Emulate A Master Chef

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    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.

  • Takeaways From SEC's New Data Breach Amendments

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    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.

  • Circuit Judge Writes An Opinion, AI Helps: What Now?

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    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.

  • BF Borgers Clients Should Review Compliance, Liability

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    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.

  • Perspectives

    Trauma-Informed Legal Approaches For Pro Bono Attorneys

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    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.

  • Opinion

    Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill

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    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.

  • Series

    Playing Music Makes Me A Better Lawyer

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    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.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    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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