Asset Management

  • October 11, 2024

    Kramer Levin Formalizes Its Private Credit Practice

    Kramer Levin Naftalis & Frankel LLP has formalized a private credit practice co-led by partners David Berg and Yasho Lahiri, putting a name to the work the firm has already been doing in the space.

  • October 11, 2024

    Taxation With Representation: Davis Polk, Latham, Kirkland

    In this week's Taxation With Representation, Rio Tinto agrees to acquire Arcadium Lithium for roughly $6.7 billion, Ares Management Corp. and GCP International reach a $3.7 billion deal, and Butterfly Equity announces plans to buy The Duckhorn Portfolio for $2 billion.

  • October 10, 2024

    Rosen, Rigrodsky Law To Lead Coupang IPO Derivative Suit

    The Rosen Law Firm PA and Rigrodsky Law PA will represent investors in a consolidated derivative action against brass at South Korean e-commerce company Coupang Inc. over alleged misrepresentations about its labor practices ahead of its $3.5 billion initial public offering.

  • October 10, 2024

    TD Bank Deal A $3B Lesson In Compliance, DOJ Official Says

    TD Bank's historic settlement with U.S. authorities over anti-money laundering violations should serve as a warning for compliance officials and executives at banks across the country, Deputy Attorney General Lisa Monaco said Thursday.

  • October 10, 2024

    Chancery OKs $9.5M Deal For Katapult SPAC Challenge

    A $9.5 million deal settled a Delaware Court of Chancery stockholder suit Thursday seeking damages arising from a stock slump following the $883 million blank check company deal that took subprime consumer lender Katapult Holdings Inc. public in June 2021.

  • October 10, 2024

    Northern Trust Strikes Deal To End 401(k) Management Suit

    The Northern Trust Co. has agreed to settle a proposed class action claiming the financial services company weighed down its 401(k) plan with underperforming proprietary fund options, according to filings in Illinois federal court Thursday.

  • October 10, 2024

    SEC Urges 1st Circ. To Uphold $93M Win Over Financial Firm

    The U.S. Securities and Exchange Commission urged the First Circuit on Thursday to affirm its $93 million win against Commonwealth Financial Network for allegedly failing to disclose that it profited from clients using higher-fee funds when similar, lower-cost versions were available.

  • October 10, 2024

    Suits Over JPMorgan Cash Sweeps Program Merged In NY

    A New York federal judge has combined two proposed class actions accusing JPMorgan Chase of underpaying interest on customers' cash sweep accounts, a claim multiple banking giants are currently facing in consumer and regulatory actions.

  • October 10, 2024

    Sen. Warren, Novo At Odds On Merits Of $16.5B Deal

    Sen. Elizabeth Warren on Thursday raised the alarm on Novo Holdings' planned $16.5 billion purchase of Catalent, arguing the transaction could give Novo "unprecedented" control over the production of certain obesity drugs by Eli Lilly and other top competitors, but Novo insists the deal would give it no such edge.

  • October 10, 2024

    Pfizer Threatened To Sue Former Execs, Starboard Says

    Activist investment firm Starboard Value has set its sights on pharmaceutical giant Pfizer, issuing a letter Thursday that alleges Pfizer has threatened to sue former executives that Starboard is working with and expresses "concerns about the trajectory of the business."

  • October 10, 2024

    Investor Connected To Texas AG Seeks To Ax Fraud Case

    Nate Paul, a real estate investor at the heart of the failed impeachment of Texas Attorney General Ken Paxton, has moved to dismiss federal wire fraud and conspiracy charges against him, arguing that the indictment does not claim that he acted willfully when allegedly ripping off lenders and investors.

  • October 10, 2024

    Sports Tech Sees Threefold Increase In M&A Deal Values

    The sports tech sector saw a more than threefold increase in merger and acquisition deal values in the first half of this year compared with the second half of 2023, with more than $27 billion in transactions led by Silver Lake's $13 billion take-private acquisition of Endeavor Group, according to a report released by global tech investment bank Drake Star on Thursday.

  • October 10, 2024

    Fiduciary Co. Asks Justices To Weigh ERISA Arbitration Denial

    A fiduciary services provider urged the U.S. Supreme Court to review the Second Circuit's decision blocking arbitration in a proposed class action alleging a debt relief company overcharged an employee stock ownership plan, arguing the ruling demonstrated a "judicial hostility" to arbitration that justices have warned against.

  • October 10, 2024

    Hyundai Plans IPO For Indian Biz, Plus More Rumors

    Hyundai's Indian unit is eyeing a massive $3.3 billion initial public offering, rumors are swirling regarding ownership stakes of major European soccer clubs, and Saudi Arabia’s Public Investment Fund may buy a $1 billion minority stake in sports-streaming giant DAZN. Here, Law360 breaks down these and other notable rumors from the past week.

  • October 10, 2024

    Brazilian Firm Cites Market Conditions In Delaying US IPO

    Private equity-backed lubricants maker Moove Lubricants Holdings is hitting pause on initial public offering plans because of "adverse market conditions," according to a Wednesday securities filing from its parent company.

  • October 10, 2024

    Siguler Guff Snags Over $900M For Credit Opportunities Fund

    New York-based private markets investment firm Siguler Guff & Company LP, advised by Ropes & Gray LLP, on Thursday announced that it closed its third small business lending fund and related accounts with more than $900 million in tow.

  • October 10, 2024

    Longtime Mayer Brown Counsel Joins Potomac Law Group

    Alan Velasco worked for years as an engineer before launching his law practice at Mayer Brown in the early 2010s. Now, after 11 years with the firm, he's closed the book on the first chapter of his legal career to join Potomac Law Group as a partner in San Francisco.

  • October 09, 2024

    Team Of 3 Firms Seeks To Lead UBS Cash Sweep Case

    Two UBS customers suing the investment bank on allegations of shortchanging them with low-yielding cash sweep accounts moved Tuesday to consolidate their proposed class actions in New York federal court and install three firms at the helm.

  • October 09, 2024

    Chancery Keeps $5B Md. Data Center Project Fight In Del.

    A court battle over control and management of early work on a potential $5 billion data complex in western Maryland will remain in the First State despite a marginally earlier-filed suit in Texas' new business court, a Delaware vice chancellor ruled late Wednesday.

  • October 09, 2024

    Hedge Fund Agrees To Drop Spoofing Claims Against TD Bank

    Broker-dealer affiliates of TD Bank will no longer face a hedge fund's claims that they manipulated markets by placing trade orders they never intended to fulfill, the parties told a Manhattan federal judge.

  • October 09, 2024

    Gensler Mum On Future As AI, Crypto Rules Await Action

    U.S. Securities and Exchange Commission Chair Gary Gensler declined to comment Wednesday on his or the agency's future should former U.S. President Donald Trump win a second term in office this November, even as questions remain about the post-election future of proposed regulations, like those that would safeguard crypto assets and crack down on the use of predictive data analytics.

  • October 09, 2024

    Atty, Claims Firm Barred From Soliciting Foreclosure Class

    A Michigan law firm and a third-party claims firm agreed Wednesday not to solicit potential members to an action alleging Michigan counties kept profits from foreclosures of tax-delinquent properties, following a meeting with class attorneys who had urged a judge to bar them from attempting to poach class members.

  • October 09, 2024

    Del. Justices Told Noncompete Toss Will Upend State Doctrine

    An attorney for an Illinois-based auto parts company urged Delaware's Supreme Court on Wednesday to clarify recent court precedent on employee "forfeiture-for-competition" agreements, saying a federal court strike-down of the company's forfeit action against a former manager would be "anathema" to Delaware's "contractarian doctrine and tradition" if upheld.

  • October 09, 2024

    Kohl's Sued After Vendor Hack Leaks 1.9M Customers Files

    Kohl's department store customers hit the retail giant on Wednesday with a putative breach of implied contract class action in Pennsylvania federal court alleging the store failed to protect data from 1.9 million customers from a hack targeting a contractor the retailer uses for debt collection.

  • October 09, 2024

    Insurer Wins Ex-PwC Exec's Long-Term Disability Suit

    An Illinois federal judge handed Hartford Life and Accident Insurance Co. a win in a federal benefits lawsuit from a former PricewaterhouseCoopers LLP executive who alleged she was wrongly denied long-term disability benefits after fibromyalgia left her unable to continue working.

Expert Analysis

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

  • How Justices Upended The Administrative Procedure Act

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    In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.

  • Jarkesy May Thwart Consumer Agencies' Civil Penalty Power

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    The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.

  • Opinion

    Texas Judges Ignored ERISA's Core To Stall Fiduciary Rule

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    Two recent rulings from Texas federal courts, which rely on a plainly wrong reading of the Employee Retirement Income Security Act to effectively strike a forthcoming rule that would impose functional fiduciary duties onto sellers of investment services, may expose financially unsophisticated 401(k) participants to peddlers of misleading advice, says Mark DeBofsky at DeBofsky Law.

  • 2nd Circ. Ruling Reaffirms Short-Swing Claims Have Standing

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    The Second Circuit's recent ruling in Packer v. Raging Capital reversing the dismissal of a shareholder's Section 16(b) derivative suit seeking to recover short-swing profits for lack of constitutional standing settles the uncertainty of the district court's decision, which could have undercut Congress' intent in crafting Section 16(b) in the first place, say attorneys at Simpson Thacher.

  • Inside OCC's Retail Nondeposit Investment Products Refresh

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    In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.

  • Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?

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    A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.

  • Bank M&A Continues To Lag Amid Regulatory Ambiguity

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    Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Why The SEC Is Targeting Short-And-Distort Schemes

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    The U.S. Securities and Exchange Commission's recent crackdown on the illegal practice of short-and-distort trades highlights the urgent need for public companies to adopt proactive measures, including pursuing private rights of action, say attorneys at Baker McKenzie.

  • Series

    Playing Dungeons & Dragons Makes Me A Better Lawyer

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    Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.

  • 3 Leadership Practices For A More Supportive Firm Culture

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    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

  • Series

    After Chevron: Don't Let Loper Lead To Bank Compliance Lull

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    Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

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    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling

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    While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

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    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

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