Asset Management

  • February 19, 2025

    'Death Knell' For SEC Dealer Rule As Regulator Drops Appeal

    The U.S. Securities and Exchange Commission on Wednesday dropped its bid to revive its expansion of the dealer definition at the Fifth Circuit after industry groups representing private funds and crypto firms successfully challenged the rule in Texas federal court last year.

  • February 19, 2025

    SL Green Can't Escape Property Transfer Fraud Suit

    A New York federal judge refused Wednesday to let SL Green and several of the real estate investment trust's entities escape a fraudulent property transfer suit, but he narrowed state law claims seeking to collect on a related judgment for nearly $13 million.

  • February 19, 2025

    Silver Point Knocks SEC Suit Over Attorney Info Access Rules

    Investment adviser Silver Point Capital LP said it did not need to write special rules banning a now-deceased former BigLaw bankruptcy attorney from sharing information between its business units, accusing the U.S. Securities and Exchange Commission of filing a "farfetched theory of noncompliance" in a Connecticut enforcement action.

  • February 19, 2025

    Paper Co. Can't Fully Escape Severance Benefits Suit

    A former employee of a pulp and paper company can proceed with a severance benefits suit because a factual dispute exists, a Tennessee federal court ruled, though the court agreed to dismiss one of the claims and a defendant.

  • February 19, 2025

    Cintas 401(k) Class Counsel Get OK For $1.3M Fee

    Counsel for a class of 50,000 people who sued uniform supplier Cintas for mismanaging retirement benefits have been awarded $1.3 million in fees after striking a $4 million settlement with the company.

  • February 18, 2025

    Pandemic No Excuse To Alter $150M Notes, Alter Domus Says

    An auto parts magnate and his manufacturing company should not get away with using the COVID-19 pandemic as an excuse for changing promissory notes worth $150 million in ways that deflated their value, lending agent Alter Domus LLC asserted in Michigan federal court Tuesday.

  • February 18, 2025

    Trump Media Blames Rising Loss Partly On SEC Legal Bills

    The owner of President Donald Trump's social media platform attributed its widening losses in part to rising legal costs from the Biden-era U.S. Securities and Exchange Commission's investigations of the merger that took the company public, according to a statement.

  • February 18, 2025

    Vanguard Investors Object To $40M Settlement Proposal

    A handful of the investors claiming Vanguard breached its fiduciary duty when it triggered an asset sell-off that stuck them with big tax bills objected to a proposed $40 million settlement, with some saying attorneys in the underlying class action could get too much money for making the deal.

  • February 18, 2025

    Connecticut Art Business Seller Says Buyer Owes $2.3M

    A Wisconsin-based retailer that purchased an art marketing and distribution company from a family trust in 2019 has failed to make a $2.3 million payout based on its 2020 performance, according to a lawsuit in Connecticut state court.

  • February 14, 2025

    Loper Bright Doesn't Sink ESG Rule, Texas Judge Says

    A Texas federal judge again upheld a Biden-era rule allowing retirement fiduciaries to consider issues like climate change and social justice when choosing investments, ruling that the rule was still valid despite the U.S. Supreme Court doing away with a decades-long approach to interpreting statutes.

  • February 14, 2025

    SEC Crypto Mining Case Paused After Feds Bring Charges

    A Texas federal judge paused the U.S. Securities and Exchange Commission's case against a crypto asset mining and hosting company after federal prosecutors filed their own suit against three of its executives for allegedly spending investor funds on themselves instead of the mining equipment they promised.

  • February 14, 2025

    Ex-Fla. Rep's Associate Wants Sanctions For 'Sham' Lawsuit

    An associate of David Rivera has asked for sanctions against the former Florida congressman and his attorney, arguing that Rivera's suit accusing him of disclosing a confidential legal memorandum to law enforcement is "a complete sham" contrived to get discovery Rivera is not entitled to in the criminal proceeding in which he is accused of unlawfully lobbying on behalf of Venezuela.

  • February 14, 2025

    SEC Fines Adviser Firm, Ex-Rep Over Fiduciary Duty Claims

    The U.S. Securities and Exchange Commission entered into a $225,000 settlement with New York-based registered investment adviser One Oak Capital Management LLC and a former representative to resolve alleged misconduct related to advisory services provided to their retail clients.

  • February 14, 2025

    New Delisting Rules Shorten Leash For Distressed Companies

    Distressed companies should take heed of new stock exchange rules that are likely to accelerate delistings for stocks that trade below minimum requirements, particularly targeting businesses that rely on reverse stock splits to inflate their share prices, attorneys say.

  • February 14, 2025

    Some Discovery On Hold In Abbott Infant Formula Case

    An Illinois federal judge granted in part a request by Abbott Laboratories to pause a shareholder derivative suit over how it managed the 2022 infant formula crisis, allowing written discovery to go on while staying depositions until May.

  • February 14, 2025

    Alston & Bird Leads PE-Backed Michigan Bank's $151M IPO

    Shares of private equity-backed Northpointe Bancshares Inc. began trading Friday after the Michigan bank priced an upsized $151 million initial public offering below its marketed range, represented by Alston & Bird LLP and underwriters counsel Squire Patton Boggs LLP.

  • February 14, 2025

    'New Facts' Improper In Penny Stock Action, 2nd Circ. Told

    A Connecticut federal judge violated controlling case law and the constitutional rights of a penny stock CEO when imposing a judgment in a U.S. Securities & Exchange Commission enforcement action, defense counsel told the Second Circuit, arguing that the SEC admitted post-trial that it could not find any victims of the allegedly false public statements at issue.

  • February 14, 2025

    Asset Manager Fiera Broke Bonus Promises, Ex-Exec Says

    A Massachusetts portfolio manager says Fiera Capital Inc. lured him to the asset management firm with promises he could earn up to $850,000 a year, then sidelined him so he was unable to qualify for bonuses and forced him out a year later.

  • February 14, 2025

    Simpson Guides KKR On $850M-Plus Real Estate Credit Fund

    Global investment giant KKR, advised by Simpson Thacher & Bartlett LLP, announced on Friday it had clinched its second opportunistic real estate credit fund, raising over $850 million for a dedicated strategy of investments in senior loans and real estate securities in the U.S. and Western Europe.

  • February 14, 2025

    DOJ Takes Military Bias Dispute With Nev. To 9th Circ.

    The U.S. Department of Justice said it will appeal to the Ninth Circuit after a federal judge tossed its suit accusing the state of Nevada and its public employees retirement system of overcharging service members for pension credits.

  • February 13, 2025

    9th Circ. Panel Doubts SEC's 'Gag Rule' Violates Free Speech

    A Ninth Circuit panel on Thursday appeared to doubt a First Amendment challenge to the U.S. Securities and Exchange Commission's "gag rule" that settling parties cannot deny allegations against them, as each judge noted that the agreements are voluntary.

  • February 13, 2025

    Fake Hedge Funder Pleads Out To $5M AI Trading Scam

    The head of Tadrus Capital on Thursday admitted lying to investors who collectively spent more than $5 million investing in his supposedly artificial intelligence-powered hedge fund, which he claimed would pay out guaranteed double-digit returns.

  • February 13, 2025

    Judge In SEC Case Asks If Fugitive Trader Really Died

    A Connecticut federal judge on Thursday directed the receiver managing the distribution of clawed-back funds diverted in a fraud by fugitive trader Iftikar Ahmed to look into claims that Ahmed has died and report to the court on their veracity.

  • February 13, 2025

    NC Biz Court Bulletin: Defaulted Notes, EB-5 Investor Fraud

    The North Carolina Business Court has been handed in the first half of February a receivership case involving a defaulted $17.5 million promissory note, a fraud suit by Chinese EB-5 investors and a request to depose the chief legal officer of Smithfield Foods Inc.

  • February 13, 2025

    NYC Man Pleads Guilty To $62.8M Crowdfunded CRE Scheme

    A New York City man who raised $62.8 million through commercial real estate platform CrowdStreet for sham developments in Atlanta, Georgia, and Miami Beach, Florida, has pled guilty to a federal wire fraud charge.

Expert Analysis

  • Del. Dispatch: The 2024 Corporate Cases You Need To Know

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    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.

  • Top 10 Whistleblowing And Retaliation Events Of 2024

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    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.

  • When US Privilege Law Applies To Docs Made Outside The US

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    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.

  • Changes To Expect From SEC Under Trump Nominee

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    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.

  • Executive Orders That Could Affect Financial Services In 2025

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    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.

  • 'Minimal Participant' Bar Is Tough To Clear For Whistleblowers

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    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.

  • 2024 IPO Market Trends, And What To Expect Next Year

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    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.

  • A Look At SEC, CFTC's Record Year For Whistleblower Awards

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    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.

  • What 2024 Trends In Marketing, Comms Hiring Mean For 2025

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    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.

  • Expect Continuity In 2025 Anti-Money Laundering Policy

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    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.

  • Alpine Ruling Previews Challenges To FINRA Authority

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    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.

  • Series

    Group Running Makes Me A Better Lawyer

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    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.

  • Opinion

    6 Changes I Would Make If I Ran A Law School

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    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.

  • Firms Still Have The Edge In Lateral Hiring, But Buyer Beware

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    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.

  • 5th Circ. Crypto Ruling Shows Limits On OFAC Authority

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    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.

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