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Asset Management
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February 26, 2025
Supply Chain Software Co. Sued Over Bad Revenue Guidance
Supply chain software co. Manhattan Associates Inc. has been hit with a proposed class action in Georgia federal court by shareholders claiming the company misled them about its expected revenue and ability to increase its professional service offerings, causing a stock price decline.
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February 26, 2025
Trump Order May Affect Trader's FCPA Conviction, DOJ Says
Federal prosecutors say an oil trader from Connecticut should not win his bid to undo his overseas bribery conviction, but noted that the case's future is uncertain given President Donald Trump's executive order pausing Foreign Corrupt Practices Act cases.
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February 26, 2025
NY Investment Firm Founder Charged With $4M Fraud
The founder of investment firm Never Alone Capital LLC was hit with parallel criminal and civil suits on Wednesday from the Manhattan district attorney and the U.S. Securities and Exchange Commission, alleging he ran a fraudulent scheme that raised approximately $4 million from investors, most of which he then misappropriated for personal use.
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February 26, 2025
Aramark, Spinoff Co. Want 'Fraud By Hindsight' Suit Tossed
Aramark and a uniform supplier spinoff company asked a Georgia federal judge Tuesday to dismiss claims that it intentionally lied to investors about chronic underfunding of the business, accusing a union pension fund of "using a pleading tactic universally condemned by the courts: fraud by hindsight."
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February 26, 2025
Fuel Co. Trustee Accuses Ex-Owners Of $100M Buyout Fraud
The founders and former majority owners of the bankrupt fuel distributor Mountain Express Oil Co. were hit with a lawsuit by the company's trustee Monday alleging that they took nearly $100 million out of the business through a bogus stock buyout that pushed it to the brink of insolvency.
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February 26, 2025
GOP-Led House Panel Pushes Easier Rules On Capital Raising
A U.S. House of Representatives subcommittee invited input Wednesday on a slew of deregulatory bills that seek to ease rules governing private and public securities offerings, drawing plaudits from the Republican majority and mixed responses from Democrats.
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February 26, 2025
Simpson Thacher Guides $1B Real Estate Secondaries Fund
Neuberger Berman, an investment management firm advised by Simpson Thacher & Bartlett LLP, has capped its second real estate private equity secondary fund at $1.05 billion, surpassing its target by $200 million, according to a Wednesday announcement.
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February 26, 2025
Conn. Judge Tosses False Origin Claims In Atty's Firing Suit
A Connecticut federal judge has dismissed an attorney's lawsuit against his former firm and a litigation finance group described as its biggest client, nixing false designation and false origin claims surrounding the firm's alleged use of his name to lure clients after firing him.
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February 26, 2025
Michigan Counties Say Firm's Client Solicitations Merit DQ
Michigan counties sought to disqualify plaintiff firm Visser & Associates PLLC Tuesday, telling a federal judge that the lawyers went back on their word by soliciting potential class members in a suit claiming the government entities improperly kept a surplus of foreclosed home sales.
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February 26, 2025
Kirkland-Led Blackstone Wraps $5.6B Energy-Focused Fund
Private equity giant Blackstone, advised by Kirkland & Ellis LLP, on Wednesday announced that it wrapped its fourth energy transition-focused private equity fund after securing $5.6 billion of investor commitments.
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February 25, 2025
SEC Is Asked For Background On Fugitive Trader's Death Docs
A Connecticut federal judge has asked the Securities and Exchange Commission for more information about its investigation into what appears to be a forged death certificate for a fugitive trader who fled to India nearly a decade ago.
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February 25, 2025
PCAOB Fines PwC Israel $2.75M For Training Exam Cheating
An Israeli accounting firm affiliated with PricewaterhouseCoopers on Tuesday agreed to pay the Public Company Accounting Oversight Board $2.75 million to settle allegations that hundreds of personnel cheated on mandatory internal training courses.
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February 25, 2025
Customers Say Doxim Breach Exposed Bank Data To Hackers
Credit union customers claim a data breach at software-as-a-service company Doxim Inc. caused their valuable personal information to be available for sale on the dark web and that they've spent time and money mitigating fraud risk, arguing Monday they have demonstrated sufficient harm to support their class action.
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February 25, 2025
SEC's Small Biz Panel Seeks Relief For Venture Funds
A U.S. Securities and Exchange Commission advisory group is recommending the agency ease rules to allow qualifying venture funds to attract more investors without registering with the SEC, hoping to bolster capital available to small businesses.
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February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps
A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
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February 25, 2025
Kirkland-Led Thoma Bravo Snags €1.8B For 1st Europe Fund
Software-focused private equity shop Thoma Bravo, advised by Kirkland & Ellis LLP, on Tuesday announced that it closed its first European-focused fund after securing €1.8 billion ($1.89 billion) from investors.
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February 24, 2025
Texas Bank Fights To Keep $28M In Assets In Ginnie Mae Suit
A bank told a Texas federal court that it will lose $28 million worth of collateral assets if Ginnie Mae secures a summary judgment win in a suit over a vacated first-priority lien.
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February 24, 2025
SEC Could Loosen Income Limits On Startup Investments
The U.S. Securities and Exchange Commission's acting chairman said Monday that the agency is looking at a number of changes aimed at freeing up capital for investment, including the possibility of allowing lower- and middle-income Americans to invest in private, early-stage companies.
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February 24, 2025
Trump Media Seeks Shareholder Approval To Leave Delaware
The owner of Donald Trump's social media platform plans to hold a shareholder vote in April asking investors whether it should move its legal address to Florida, potentially joining a growing number of companies reincorporating outside of Delaware.
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February 21, 2025
Wall Street Groups Back Rescinding Biden Crypto Guidance
Wall Street's top lobbies are backing President Donald Trump's cryptocurrency agenda and have called for the recission of Biden-era federal banking policies and guidance that it says have "hindered" banks' ability to engage in the digital asset industry.
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February 21, 2025
Crypto Mining Machine Co. Bgin Blockchain Files $50M IPO
Cryptocurrency mining company Bgin Blockchain Ltd. filed for an initial public offering Friday with the U.S. Securities and Exchange Commission that is expected to raise $50 million, represented by Hunter Taubman Fischer & Li LLC and underwriters counsel Robinson & Cole LLP.
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February 21, 2025
Drugmakers Slam 'Untimely' Claims In Employers' Antitrust Suit
Pharmaceutical companies targeted by sweeping antitrust lawsuits from major employers, including Target, Lowe's and American Airlines, have asked a Pennsylvania federal judge to trim conspiracy claims from a lawsuit accusing them of orchestrating illegal agreements for price-fixing and customer allocation, arguing the allegation was unsupported and untimely.
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February 21, 2025
Judge Trims $40M Green Energy Co. Investor Suit
A Tennessee federal judge won't toss a proposed class action claiming that a Chicago green energy outfit and its executives used false promises of extravagant returns to lure investors, but ruled two defendants can escape some of the suit's claims.
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February 21, 2025
Payday Lender Says CFPB Uncertainty Should Pause Suit
ACE Cash Express has asked a Texas federal judge to pause a case launched by the Consumer Financial Protection Bureau accusing the payday lender of concealing free repayment plans from struggling borrowers, saying it is unclear how the agency will move forward with the action now that the Trump administration has effectively shut it down.
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February 21, 2025
Watchdog Says DOL Struggles To Enforce Mental Health Law
Workers with mental health conditions and substance use disorders are at higher risk of not receiving treatment or having to pay out of pocket for care that should be covered because of the U.S. Department of Labor's limited ability to enforce federal mental health parity laws, an agency watchdog said Friday.
Expert Analysis
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Rethinking Clawback Policies For 2025 Compensation Season
The start of a new year presents an opportunity for companies to reassess their executive compensation clawback policies, and while mandatory Dodd-Frank clawbacks are necessary, discretionary policies can offer companies greater flexibility to address misconduct, protect their reputations and align with shareholder priorities, say attorneys at Debevoise.
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Series
Gardening Makes Me A Better Lawyer
Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.
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Litigation Inspiration: Reframing Document Review
For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.
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The Challenges Of Abandoned Retirement Plans In Ch. 7
The Department of Labor's rule for unwinding retirement accounts when plan sponsors file for Chapter 7 bankruptcy was intended to alleviate trustees' administration issues, but practical challenges, like unresolved fee and identification matters, could hinder its implementation, say David Goodrich at Golden Goodrich and Nancy Simons at Stretto.
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How CFIUS' Updated Framework Affects Global Investors
The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.
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5 Ways SEC's Crypto Approach Could Change Under Trump
Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.
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Series
Flying Makes Me A Better Lawyer
Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.
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With Precautions, AI Can Help With Suspicious Activity Filings
While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.
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How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'
Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.
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Nvidia Supreme Court Case May Not Make Big Splash
The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.
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Series
Circus Arts Make Me A Better Lawyer
Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.
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How To Safely Leverage AI In The Digital Assets Industry
Digital asset businesses that use or plan to implement artificial intelligence should assess their risk management frameworks to ensure that AI-related business areas, including customer support and fraud detection, are in compliance with applicable laws and regulatory guidance from the last year, say attorneys at Winston & Strawn.
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What Trump Presidency May Mean For Climate Reporting
While the Trump administration will likely take a hands-off approach to climate-related disclosures and rescind regulations promulgated under the Biden administration, state and international ESG laws mean the private sector may not reverse course on such disclosures, say attorneys at Seyfarth.