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Asset Management
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October 22, 2024
Starbucks Shareholder Sues Execs Over $890M Buyback
A Starbucks Corp. shareholder on Monday accused the coffee giant's former CEO and current and former company directors — including Microsoft CEO Satya Nadella — of misleading investors about future growth and revenues, resulting in a stock buyback program that was allegedly inflated by more than $227 million.
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October 22, 2024
Day Trader Seeks Early Win In Verifone Insider Trading Suit
A day trader moved for an early win in a U.S. Securities and Exchange Commission insider trading case alleging the trader was tipped off by a former Francisco Partners consultant about the firm's $3.4 billion purchase of Verifone Systems Inc., arguing there is no evidence that he knew he received material nonpublic information, let alone traded on it.
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October 22, 2024
A Piece Of Baseball Lore Went Over The Fence And Into Court
Los Angeles Dodgers slugger Shohei Ohtani's 50th home run of the season caused a mad dash in the stands for a piece of baseball history. That melee has carried over into Florida state court, where at least three people are claiming ownership of the ball and its seven-figure price tag.
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October 22, 2024
Latham Leads Hyundai's Indian Biz On Record $3.3B IPO
Hyundai Motor India Ltd. dipped in debut trading Tuesday after it raised India's largest ever initial public offering at $3.3 billion, represented by Latham & Watkins LLP and Shardul Amarchand Mangaldas & Co., marking a key milestone in the Korean automaker's overseas expansion.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
Akin-Led Mubadala Capital Wraps 4th Fund At $3.1B
Abu Dhabi-based Mubadala Capital, advised by Akin Gump Strauss Hauer & Feld LLP, on Tuesday revealed that it clinched its fourth private equity fund after securing $3.1 billion of commitments from investors.
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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."
Expert Analysis
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Basel Endgame Rules: A Change Is Coming
The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.
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Series
Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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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.