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Asset Management
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January 09, 2025
5 Things Executive Pay Attys Should Keep An Eye On In 2025
Tesla chief executive Elon Musk will be seeking a green light for a $56 billion pay package while a new administration in the White House may scuttle proposed incentive pay regulations and a ban on noncompete agreements. Here, Law360 looks at five things executive compensation lawyers will be following in the new year.
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January 09, 2025
AI Startup Anthropic Seeks $60B Valuation, Plus More Rumors
Artificial-intelligence startup Anthropic is seeking $2 billion in a new funding round that would value the company at $60 billion, while fashion giant Shein is now eyeing a mid-2025 initial public offering in London and Constellation Energy is lining up a $30 billion bid to acquire electricity provider Calpine. Here, Law360 breaks down the notable deal rumors from the past week.
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January 09, 2025
Musk Could Dodge Some Claims In X Severance Suit
Six former Twitter employees who alleged they weren't paid severance benefits after Elon Musk took over the company shouldn't be able to proceed with their claims under Texas law, a Delaware federal magistrate judge said, but he recommended that claims under California and New York law be given a second chance.
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January 08, 2025
Group Alleges $10M 'Sham' In Fla. Plant-Based Co. Stock Deal
A Canadian investment group has sued two Delaware corporations in Florida federal court over a "sham" stock deal, alleging it was fraudulently induced to sell its plant-based food technology company and later cheated out of $10 million worth of cash and common stock it was promised.
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January 08, 2025
Convicted Ex-Nomura Trader To Settle SEC's RMBS Action
Ex-Nomura Securities International Inc. trader Michael Gramins, who was convicted in 2017 of scheming to trick mortgage bond buyers, has reached a tentative agreement with the U.S. Securities and Exchange Commission to settle follow-on civil claims, according to an agency filing on Wednesday.
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January 08, 2025
Quantitative Trader Accused Of Stealing Firm's Source Code
New York federal prosecutors have accused a quantitative trader of stealing the secrets of a billion-dollar company's source code from his former employer to use at his own trading firm, according to an indictment unsealed Wednesday in New York federal court.
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January 08, 2025
Edward Jones Fined $17M Over Customer Transition Fees
Edward Jones has agreed to pay $17 million to end an investigation into alleged supervisory failures that may have led it to overcharge customers who transitioned from its brokerage division to its advisory division, state regulators announced Wednesday.
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January 08, 2025
Oppenheimer Fights Claims Over Ex-Worker's Ponzi Scheme
Financial services giant Oppenheimer & Co. Inc. is seeking to avoid an arbitration fight brought by three North Carolina residents over a Ponzi scheme orchestrated by a former Oppenheimer employee, arguing in a new suit the individuals have never been customers of Oppenheimer and, therefore, have no standing to bring claims or arbitrate.
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January 08, 2025
UnitedHealth Wants $3.3B Amedisys Deal Challenge Tossed
UnitedHealth Group and Amedisys Inc. asked a Maryland federal court Wednesday to toss a challenge of their planned $3.3 billion merger, contending that federal and state enforcers are refusing to say what "local" home health and hospice service markets would be hurt by the deal.
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January 08, 2025
CFPB Hit With Industry Suit Over Medical Debt Reporting Rule
A top trade group for the credit reporting industry has moved to challenge the Consumer Financial Protection Bureau's new rule that would take billions of dollars in medical debt off credit reports, accusing the agency of overreach in a lawsuit filed in Texas federal court.
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January 08, 2025
3 Firms Steer Galapagos' Plan To Spin Off New Drug Company
Belgian biotechnology firm Galapagos NV said Wednesday that it will spin off certain operations into a second company focused on developing innovative medicines with about €2.45 billion ($2.5 billion) in cash to start, while Galapagos in turn focuses on cell therapies, through a deal guided by three law firms.
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January 08, 2025
Shoppers Say Kroger Merger Suit Still Alive After Nixed Deal
Consumers challenging the abandoned merger between Kroger Co. and Albertsons urged a California federal court not to toss their case despite two court injunctions against the deal, arguing that they have effectively prevailed on their antitrust claims and should get an injunction and attorney fees.
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January 08, 2025
US Declares Genocide In Sudan, Sanctions Military Leader
The U.S. government has declared genocide in Sudan and sanctioned paramilitary leader Gen. Mohammad Hamdan Dagalo for engaging in war crimes and human rights abuses, according to a statement.
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January 08, 2025
Fried Frank-Led Bonaccord Clinches $1.6 Billion Fund II
Fried Frank Harris Shriver & Jacobson LLP-advised Bonaccord Capital Partners, a private equity business of private markets solutions provider P10 Inc., on Wednesday announced that it wrapped its second general partner stakes fund after securing $1.6 billion in total commitments.
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January 08, 2025
Criminal Case Against Terraform Founder Said To Exceed SEC's
The $40 billion criminal case against Terraform founder Do Kwon contains evidence such as recordings and seized mobile phones that exceed what securities regulators presented when they prevailed against him at a civil fraud trial, prosecutors said Wednesday.
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January 08, 2025
Auto Financing Co. Vroom's Equity Swap Ch. 11 Plan Gets OK
A Texas bankruptcy judge on Wednesday approved automotive financing and analytics company Vroom Inc.'s Chapter 11 plan to convert $290.5 million of debt into equity, overruling an objection to the deal from the U.S. Department of Justice's bankruptcy watchdog and allowing Vroom to continue operating.
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January 08, 2025
Mortgage Cos. Fined $20M Over Cybersecurity Breach
Bayview Asset Management LLC and three affiliates on Wednesday agreed to pay a $20 million fine and improve their cybersecurity programs to settle allegations from 53 state financial regulators that the mortgage companies had deficient cybersecurity practices and didn't fully cooperate with regulators after a 2021 data breach.
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January 08, 2025
SeaWorld Strikes $1.25M Deal In 401(k) Mismanagement Suit
SeaWorld agreed to pay $1.25 million to resolve a class action alleging it hindered its $237 million retirement plan with pricey funds and expensive recordkeeping fees, a California federal court filing said.
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January 07, 2025
Oilfield Services Firm Flowco Set to Drill Down On $392M IPO
Oilfield equipment and services provider Flowco Holdings Inc. on Tuesday launched plans for an estimated $392 million initial public offering, represented by Sidley Austin LLP and underwriters' counsel Latham & Watkins LLP, marking the latest company to join the new year's IPO pipeline.
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January 07, 2025
NFT Buyers Can't Sue Over Market Fluctuations, Gallery Says
A Metaverse-based art collection club has urged a federal judge to dismiss a fraud suit brought by investors claiming it lied about the benefits of investing in its members-only NFT opportunity, arguing that the alleged losses aren't attributable to anything other than market fluctuations and that New York's consumer protection laws do not protect out-of-state investors.
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January 07, 2025
Carlyle Beats Chancery Challenge To $77.5M Authentix Sale
The Carlyle Group on Tuesday beat a more than four-year-old suit accusing the global investment giant and three directors of authentication provider Authentix Inc. of breaching their fiduciary duties in approving Authentix's $77.5 million sale to private equity firm Blue Water Energy LLP in 2017.
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January 07, 2025
AT&T, Biz Groups Urge Justices To Back Cornell's ERISA Win
Top business and employee benefits industry lobbying groups along with telecommunications giant AT&T urged the U.S. Supreme Court to uphold Cornell University's victory over a federal benefits lawsuit alleging retirement plan mismanagement, in a flood of amicus briefs at the high court before arguments later this month.
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January 07, 2025
'Unflattering' Story Not Defamatory, Gannett Says
A tax firm's defamation suit against USA Today should be tossed, the newspaper's owner told Texas justices Monday, arguing that a 2021 investigative series was not defamatory even if its "gist" was "unflattering."
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January 07, 2025
Canada Needs Catalysts To Heat Up Cold IPO Market
Following another chilly year for initial public offerings in Canada, capital markets lawyers in the Great White North are approaching 2025 with caution, hoping that a few catalysts can break through and thaw an otherwise frozen market for public listings.
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January 07, 2025
5 Argument Sessions Benefits Attys Should Check Out In Jan.
The U.S. Supreme Court will hear from Cornell University workers looking to revive a retirement plan mismanagement suit and a former firefighter who says federal disability bias law protects post-employment benefits, while circuit courts will weigh gender-affirming care restrictions and a battle over pension annuity payments. Here, Law360 looks at five arguments that benefits attorneys ought to keep an eye on this month.
Expert Analysis
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Del. Dispatch: The 2024 Corporate Cases You Need To Know
The Delaware Court of Chancery in 2024 issued several decisions that some viewed as upending long-standing corporate practices, leading to the amendment of the Delaware General Corporation Law and debates at some Delaware corporations about potentially reincorporating to another state, say attorneys at Fried Frank.
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Top 10 Whistleblowing And Retaliation Events Of 2024
From a Florida federal court’s ruling that the False Claims Act’s qui tam provision is unconstitutional to a record-breaking number of whistleblower tips filed with the U.S. Commodity Futures Trading Commission, employers saw significant developments in the federal and state whistleblower landscapes this year, say attorneys at Proskauer.
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When US Privilege Law Applies To Docs Made Outside The US
As globalization manifests itself in disputes over foreign-created documents, a California federal court’s recent trademark decision illustrates nuances of both U.S. privilege frameworks and foreign evidentiary protections that attorneys must increasingly bear in mind, say attorneys at Hunton.
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Changes To Expect From SEC Under Trump Nominee
President-elect Donald Trump's nomination of Paul Atkins for U.S. Securities and Exchange Commission chair will likely lead to significant shifts in the Division of Enforcement's priorities, likely focused on protecting retail investors and the stability of the capital markets, say attorneys at Morrison Foerster.
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Executive Orders That Could Affect Financial Services In 2025
The incoming Trump administration is likely to quickly revive or update a number of prior executive orders, and possibly issue new ones, that could affect financial services by emphasizing market discipline rather than regulatory initiatives to drive change in the industry, say attorneys at Davis Wright.
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'Minimal Participant' Bar Is Tough To Clear For Whistleblowers
Under the U.S. Department of Justice’s corporate whistleblower pilot program, would-be whistleblowers will find it tough to show that they only minimally participated in criminal misconduct while still providing material information, but sentencing precedent shows how they might prove their eligibility for an award, say attorneys at MoloLamken.
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2024 IPO Market Trends, And What To Expect Next Year
The initial public offering market returned to historically typical levels on a deal count basis in 2024 but continued to lag based on proceeds raised due to a larger number of smaller IPOs this year, and signs point to continued ongoing momentum in the next year, say attorneys at Paul Hastings.
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A Look At SEC, CFTC's Record Year For Whistleblower Awards
Another banner year shows that the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission have developed the gold standard for whistleblower award programs, but a CFTC funding crisis threatens to derail that program's success, say Andrew Feller and Geoff Schweller at Kohn Kohn.
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What 2024 Trends In Marketing, Comms Hiring Mean For 2025
The state of hiring in legal industry marketing, business development and communications over the past 12 months was marked by a number of trends — from changes in the C-suite to lateral move challenges — providing clues for what’s to come in the year ahead, says Ben Curle at Ambition.
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Expect Continuity In 2025 Anti-Money Laundering Policy
The past year has seen a range of anti-money laundering actions from federal financial regulators, and notwithstanding the imminent change from the Biden administration to the Trump administration, continuity may be more prevalent than change in the AML compliance space in 2025, say attorneys at White & Case.
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Alpine Ruling Previews Challenges To FINRA Authority
While the D.C. Circuit's holding that the Financial Industry Regulatory Authority can't expel member firm Alpine prior to U.S. Securities and Exchange Commission review was relatively narrow, it foreshadows possibly broader constitutional challenges to FINRA's enforcement and other nongovernmental disciplinary programs, say attorneys at Stradley Ronon.
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Series
Group Running Makes Me A Better Lawyer
The combination of physical fitness and community connection derived from running with a group of business leaders has, among other things, helped me to stay grounded, improve my communication skills, and develop a deeper empathy for clients and colleagues, says Jessica Shpall Rosen at Greenwald Doherty.
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Opinion
6 Changes I Would Make If I Ran A Law School
Reuben Guttman at Guttman Buschner identifies several key issues plaguing law schools and discusses potential solutions, such as opting out of the rankings game and mandating courses in basic writing skills.
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Firms Still Have The Edge In Lateral Hiring, But Buyer Beware
Partner mobility data suggests that the third quarter of this year continued to be a buyer’s market, with the average candidate demanding less compensation for a larger book of business — but moving into the fourth quarter, firms should slow down their hiring process to minimize risks, say officers at Decipher Investigative Intelligence.
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5th Circ. Crypto Ruling Shows Limits On OFAC Authority
The Fifth Circuit's recent decision that immutable smart contracts on the Tornado Cash crypto-transaction software protocol are not "property" subject to Office of Foreign Assets Control jurisdiction may signal that courts can construe OFAC's authority more restrictively after Loper Bright, say attorneys at Morgan Lewis.