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Asset Management
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March 26, 2025
Atty's Falsehoods In Key Docs Aided $23M Fraud, Suit Says
A pair of investment funds and two investors have hit a lawyer with professional malpractice and misrepresentation claims in Illinois federal court, accusing him of making false statements in solicitation documents to help their since-convicted managing member carry out a $23 million fraud.
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March 26, 2025
Atkins' Industry Ties To Be Under Scope At SEC Nom Hearing
President Donald Trump's pick to lead the U.S. Securities and Exchange Commission is expected to receive a friendly reception from Republican senators at his confirmation hearing on Thursday, but one leading Democrat has promised to press Paul Atkins on his ties to industry and the conflicts that could create.
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March 26, 2025
3 Firms Guide Nuclear Power Startup's $925M SPAC Merger
Nuclear power developer Terrestrial Energy Inc. plans to go public by merging with special purpose acquisition company HCM II Acquisition Corp. at a $925 million equity value under guidance from three law firms, both parties announced Wednesday.
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March 26, 2025
Ga. Judge Orders 3 To Pay $1.4M In SEC's Ponzi Scheme Suit
A Georgia federal judge has ordered three investment advisers to pay, in total, more than $1.4 million in monetary relief over their alleged roles in a Ponzi scheme involving a private equity fund named Horizon Private Equity III.
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March 26, 2025
Trump Pardons Ex-Hunter Biden Biz Pal For Tribal Bond Fraud
President Donald Trump pardoned a former business partner of Hunter Biden who was convicted of helping to execute a $60 million bond scam against a South Dakota tribal corporation, saying he believes the former venture capital and private equity fund investor was treated unfairly.
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March 26, 2025
NYC Property Cos. Hit With Security Deposits Class Action
A proposed class of residential tenants accused a property manager and a property owner in New York federal court on Wednesday of violating state law by not placing their security deposits in accounts that would accrue interest and paying security deposits without accrued interest after the tenants moved out.
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March 26, 2025
Court Holds On Tight To 'What I Like About You' Band's Row
A Michigan federal judge said Wednesday the lead singer of The Romantics must face a bandmate's demands for a detailed accounting of the band's finances and allegations the singer has been withholding royalties and revenue from performances from a shared company.
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March 26, 2025
Fintech Biz Hits $3.5B Valuation After $300M Funding Round
San Francisco-based fintech company Mercury, advised by Freshfields LLP, on Wednesday announced that it reached a $3.5 billion valuation after completing a $300 million Series C investment round led by venture capital giant Sequoia Capital.
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March 26, 2025
Toronto Exchange Says Court In Texas Can't Hear TM Suit
The Toronto Stock Exchange says a Texas federal court lacks jurisdiction over the Texas Stock Exchange's trademark lawsuit, telling the court it only submitted a cease-and-desist letter to stop the nascent stock exchange from using allegedly similar marks.
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March 26, 2025
Willkie Securities Enforcement Leader Joins Simpson Thacher
A former co-chair of Willkie Farr & Gallagher LLP's securities enforcement practice has moved to Simpson Thacher & Bartlett LLP in Washington, D.C., Simpson Thacher said Wednesday.
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March 26, 2025
Olympus Partners Raises $3.5B For 8th PE Fund
Connecticut-based private equity firm Olympus Partners on Wednesday announced that it has raised $3.5 billion for its eighth institutional private equity fund.
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March 26, 2025
Alerus Evades Challenge To $7.2M Employee Stock Plan Sale
A California federal judge cut employee stock ownership plan trustee Alerus Financial loose from a proposed class action brought by telecommunications company workers who claimed they got shortchanged when their shares were sold in a $7.2 million deal, saying they failed to connect Alerus to the sale.
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March 26, 2025
Enterprise Browser Co. Valued At $4.8B After Funding Round
Enterprise browser company Island on Wednesday revealed that it reached a $4.8 billion valuation after closing its most recent financing round with $250 million in tow.
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March 25, 2025
Amazon Slams 'Alternative Reading' Of ERISA In Worker Suit
Amazon on Monday urged a Washington federal court to throw out a worker's proposed class action alleging that Amazon used abandoned retirement plan funds to offset its own contributions, arguing that the suit's "alternative reading" of the Employee Retirement Income Security Act "flies in the face of" the well-established practice.
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March 25, 2025
Fix It Early, Do Your Homework: Bank Legal Chiefs Share Tips
Deutsche Bank's chief legal officer advised firms facing regulatory investigations to begin the remediation process sooner rather than later in a Tuesday panel featuring the legal chiefs for some of the world's biggest banks discussing lessons they've learned and their relationships with outside counsel.
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March 25, 2025
Industry Backs BlackRock Over States' 'Crippling' Coal Suit
Two leading financial industry groups are throwing their support behind BlackRock Inc. and two other asset managers fighting a state-backed antitrust suit over their coal company investments, with one group arguing that forcing the firms to divest would have "crippling effects" for tens of millions of American investors.
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March 25, 2025
GOP-Led House Committee Mulls Bills To Ease Capital Raising
The U.S. House of Representatives Financial Services Committee on Tuesday debated bills that would ease rules governing private and public securities offerings, marking Congress' latest push to deregulate capital markets under President Donald Trump's second term.
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March 25, 2025
Insurance Mogul Seeks To Overturn $122M Contempt Order
A convicted billionaire embroiled in lawsuits over the demise of his insurance empire wants out of a nine-figure contempt order, telling the North Carolina Court of Appeals that neither he nor his company has the ability to pay more than $122 million to purge the contempt.
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March 25, 2025
FINRA President Hints At Offloading Arbitration Oversight
The president of the Financial Industry Regulatory Authority said Tuesday that he's considering whether another entity should take up the brokerage regulator's arbitration oversight, questioning whether it's an appropriate function for FINRA to continue running.
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March 25, 2025
Hershey Escapes Ex-Production Worker's Leave Bias Suit
Hershey defeated a former production operator's lawsuit claiming he was fired for taking time off to assist his wife with fertility treatments, a Pennsylvania federal judge ruled, saying there was nothing wrong with an internal investigation that found he was misusing the leave he'd been given.
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March 25, 2025
McGuireWoods-Led Falfurrias Wraps $1.35B PE Fund
McGuireWoods LLP-advised private equity shop Falfurrias Management Partners on Tuesday revealed that it closed its sixth middle-market private equity fund with $1.35 billion in investor commitments.
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March 24, 2025
Google Pares Back Investors' Suit Over Antitrust Probe
A California federal judge Monday allowed investors to move forward with a securities fraud claim against Google, its CEO Sundar Pichai and parent company Alphabet Inc. over an allegedly false statement to Congress in 2020 about the fairness of ad auctions, but tossed the rest of the suit for good.
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March 24, 2025
Wells Fargo Loses Bid To Toss Suit Over $300M Ponzi Scheme
A Florida federal judge on Monday adopted a magistrate judge's recommendation to deny Wells Fargo's bid to toss two retirees' putative class action accusing the bank of aiding and abetting a $300 million Ponzi scheme that deceived more than 1,000 investors, mostly elderly investors.
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March 24, 2025
Live Nation Inks $20M Deal Over Swift Tour-Tied Investor Suit
Investors suing Live Nation Entertainment Inc. have asked a California federal judge to approve a $20 million deal ending claims that the company made misleading statements about its operations when news of alleged anticompetitive practices with Ticketmaster caused stock prices to drop following the tickets sales debacle for Taylor Swift's The Eras Tour.
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March 24, 2025
FINRA Fines Pa. Broker-Dealer $1M Over Muni Bond Sales
A Pittsburgh-based brokerage has agreed to penalties and disgorgement totaling over $1 million to resolve Financial Industry Regulatory Authority claims it got undue order priority for certain new municipal bond orders by failing to mention those orders were for its own dealer account.
Expert Analysis
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What's Potentially In Store For CFTC Under New Leadership
Under the leadership of acting U.S. Commodity Futures Trading Commission Chairman Caroline Pham, and with the nomination of former commissioner Brian Quintenz to serve as permanent chair, the commission is set to widely embrace digital assets and event contracts, say attorneys at Davis Wright.
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Revived Executive Order Is A Deregulatory Boon To Banks
A recently reinstated 2019 executive order reveals the Trump administration’s willingness to provide unprecedented protections for regulated parties — including financial institutions — but to claim them, banks and other entities must adopt a forward-leaning posture to work with the regulators, say attorneys at Davis Wright.
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2 Practical Ways For Banks To Battle Elder Financial Abuse
Federal regulators' recent statement raising awareness of elder financial exploitation provides a useful catalog of techniques that banks can employ to fight fraud, particularly encouraging older account holders to establish trusted contacts and sharing timely warnings about the latest scams with customers, say attorneys at Nutter.
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Opinion
SEC Defense Bar Should Pursue Sanctions Flexibility Now
The U.S. Securities and Exchange Commission defense bar has an opening under the new administration to propose flexible, tailored sanctions that can substantially remediate misconduct and prevent future wrongdoing instead of onerous penalties, which could set sanctions precedent for years to come, says Josh Hess at BCLP.
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7 Tips For Associates To Thrive In Hybrid Work Environments
Excerpt from Practical Guidance
As the vast majority of law firms have embraced some type of hybrid work policy, associates should consider a few strategies to get the most out of both their in-person and remote workdays, says James Argionis at Cozen O’Connor.
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Series
Playing Beach Volleyball Makes Me A Better Lawyer
My commitment to beach volleyball has become integral to my performance as an attorney, with the sport continually reminding me that teamwork, perseverance, professionalism and stress management are essential to both undertakings, says Amy Drushal at Trenam.
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30 Years Later: How PSLRA Has Improved Securities Litigation
In the 30 years since the Private Securities Litigation Reform Act's passage, the statute has achieved its purpose of shifting securities class actions to investors most capable of monitoring the litigation, selecting competent counsel at competitive rates and maximizing recoveries for the investor classes they represent, say attorneys at Bernstein Litowitz.
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Terraform Case May Be Bellwether For Crypto Enforcement
The prosecution of crypto company Terraform Labs and its CEO, Do Kwon, offers a unique test of the line between lawful and unlawful conduct in digital transactions, and the Trump administration’s posture toward the case will provide clues about its cryptocurrency enforcement agenda in the years to come, say attorneys at Brooks Pierce.
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How Law Firms Can Counteract The Loneliness Epidemic
The legal industry is facing an urgent epidemic of loneliness, affecting lawyer well-being, productivity, retention and profitability, and law firm leaders should take concrete steps to encourage the development of genuine workplace connections, says Michelle Gomez at Littler and Gwen Mellor Romans at Herald Talent.
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What Remedies Under New Admin's SEC Could Look Like
The U.S. Securities and Exchange Commission is likely to substantially narrow the remedies it pursues over the next few years, driven by the mounting challenges it faces in court, as well as the views of its incoming chair and fellow Republican commissioners on injunctions, penalties and disgorgement, say attorneys at Milbank.
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5 Keys To Building Stronger Attorney-Client Relationships
Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.
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BlackRock Suit Highlights Antitrust Risks Of ESG
In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.
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Suggestions For CFTC Enforcement's New Leadership
The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.