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Asset Management
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March 14, 2025
Fannie, Freddie Can't Avoid $612M Investor Win, Judge Rules
A D.C. federal judge on Friday upheld a $612.4 million jury verdict against the Federal Housing Finance Agency, Fannie Mae and Freddie Mac, ruling that the jury was provided with "ample evidence" that reasonably led to its conclusion that FHFA improperly amended stock purchase agreements related to the companies.
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March 14, 2025
Qatari Sheikh's Billions Invoked In $1M Scam, SEC Claims
A purported wealth management company and its managing member face U.S. Securities and Exchange Commission fraud allegations over a pair of $1 million dollar schemes, including one involving an elaborate ruse invoking ties to the wealth of the royal family of Qatar.
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March 14, 2025
'Pig Butchering' Crypto Site Must Pay $2.5M, Judge Says
A purported crypto trading platform has been ordered to pay nearly $2.5 million after failing to respond to U.S. Commodity Futures Trading Commission claims that it was at the heart of a so-called pig-butchering scheme — or a scam that sees victims fleeced by fictitious, chatty social media users.
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March 14, 2025
BNY Sued Over $17.7B Unregistered Barclays-Issued Notes
A trio of investors has filed a proposed class action against The Bank of New York Mellon Corp. for allegedly failing to properly authenticate several exchange-traded note offerings from Barclays, leading to the sale of $17.7 billion in unregistered securities.
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March 14, 2025
Market Turbulence Threatens To Stall IPO Recovery
Stock market volatility is impeding a recovery in initial public offerings that market dealmakers hoped would begin by spring, prompting many IPO lawyers and advisers to defer hopes of a rebound until at least the second half of 2025.
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March 14, 2025
Brookfield Hits Peru With $2.7B Arbitration Over Toll Roads
Brookfield Asset Management Inc. said it has initiated an international arbitration proceeding against Peru as the company seeks restitution of approximately $2.7 billion in damages over its operation of toll roads in the capital city of Lima.
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March 14, 2025
Chief Justice Won't Halt FINRA Case Against Suing Brokerage
Chief U.S. Supreme Court Justice John Roberts on Friday denied a request to stay an in-house Financial Industry Regulatory Authority disciplinary proceeding while a broker-dealer attempts to convince the justices to hear its constitutional challenge to the regulator.
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March 14, 2025
Davis Polk-Led Fintech Startup Klarna Files For IPO
Swedish fintech startup Klarna Bank AB on Friday filed plans for a long-awaited initial public offering, represented by Davis Polk & Wardwell LLP and underwriters counsel Latham & Watkins LLP, potentially setting in motion a blockbuster IPO.
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March 14, 2025
Three Arrows Beats FTX To Get $1.5B Bankruptcy Claim
The liquidators of failed cryptocurrency hedge fund Three Arrows Capital have prevailed in a dispute with FTX Trading Ltd. over the allowance of a $1.53 billion bankruptcy claim, with a Delaware judge deciding to grant Three Arrows' bid to change its original claim despite FTX asserting that the move was made in bad faith.
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March 14, 2025
Father Drops Suit Over Auction Of NBA Star's Viral Jersey
The New York man whose young son swapped jerseys with NBA star Victor Wembanyama dismissed his state court lawsuit on Friday against the company that sold the jersey for more than $73,000.
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March 14, 2025
Weil-Led European PE Shop Wraps €430M Fund
Pan-European private equity shop bd-capital, led by Weil Gotshal & Manges LLP, on Friday announced that it clinched its second fund above target after securing €430 million ($467.6 million) from investors.
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March 14, 2025
Taxation With Representation: Davis Polk, Paul Weiss
In this week's Taxation With Representation, Mallinckrodt PLC and Endo Inc. combine, Rocket Cos. buys Redfin, and Endo divests its international pharmaceuticals business to Knight Therapeutics Inc.
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March 13, 2025
SEC's Expansion Of Confidential Filings Likely To Spur Deals
The U.S. Securities and Exchange Commission's latest effort to expand companies' ability to confidentially file for more securities offerings during initial stages should accelerate the pace of public issuances, according to capital markets lawyers.
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March 13, 2025
$181K Sanctions Against Texas AG-Tied Investor Stand
A Texas appeals court upheld around $181,000 in sanctions against the real estate developer at the center of Texas Attorney General Ken Paxton's failed impeachment, finding in a Thursday opinion that developer Natin Paul breached court orders when he wired money to an NBA player.
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March 13, 2025
Judge Trims Claims Of Botched Federal Savings Transition
A D.C. federal judge trimmed a proposed class of federal employees and their family members' claims against two companies that manage workers' retirement plan and the plan's board Wednesday, tossing claims of negligence and breach of fiduciary duty but leaving breach of contract and unjust enrichment claims intact.
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March 13, 2025
Stifel Owes $132.5M Over Structured Notes, FINRA Panel Says
Broker-dealer Stifel Nicolaus & Co. Inc. owes a family more than $132.5 million in a Financial Industry Regulatory Authority arbitration stemming from allegations their accounts were overinvested in structured notes.
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March 13, 2025
StubHub, Figma Pursue IPOs, And More Deal Rumors
StubHub and Figma are pursuing IPOs, Granicus' owners are exploring a $4 billion sale, and deals tied to Reese Witherspoon and Eminem could be in the pipeline. Here, Law360 breaks down these and other notable deal rumors from the past week.
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March 13, 2025
US Bank Agrees To Massive Class In 401(k) Fee Suit
U.S. Bancorp told a Minnesota federal court Thursday that it agreed to the certification of an approximately 93,000-member class in a lawsuit alleging the financial company allowed its employee 401(k) to pay exorbitant recordkeeping fees.
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March 13, 2025
Vanguard's $40M Deal In Tax Suit Gets Delay In Final Approval
A Pennsylvania federal judge delayed a proposed $40 million settlement between Vanguard and investors who claimed the firm unfairly stuck them with big tax bills, saying both sides must respond to objections about the effects of a recent SEC settlement on the deal.
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March 13, 2025
SEC Drops Dealer-Registration Case Criticized By Hedge Fund
The U.S. Securities and Exchange Commission is dropping its claim that a Boston hedge fund should have registered as a broker-dealer, abandoning a case that the defense had argued overstepped the law and would subject more firms to federal oversight.
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March 13, 2025
Willkie Farr Hires Kirkland Private Funds Partner In NY
Willkie Farr & Gallagher LLP has hired a private funds attorney in New York who spent the past four years at Kirkland & Ellis LLP advising fund sponsors on operational and other matters, the firm announced Wednesday.
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March 12, 2025
European Commission Wants DC Court To Ax $84M ECT Suit
The European Commission has urged a D.C. federal court to toss an investor's suit against Spain to enforce an approximately €77 million ($84 million) arbitral award under the Energy Charter Treaty as the country plans to ask the U.S. Supreme Court to review a related case.
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March 12, 2025
Wells Fargo Can't Force Adviser's Widow To Arb., Panel Finds
Wells Fargo can't force a deceased employee's widow to arbitrate her claims that she never received certain stipulated benefits after her husband's death because the widow never agreed to arbitrate those claims, a California state appeals court has determined.
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March 12, 2025
SEC Answers Latham's Call To Free Up Private Capital
Staff at the U.S. Securities and Exchange Commission issued guidance Wednesday that could allow accredited investors to self-certify their ability to participate in private securities offerings, a move that Latham & Watkins LLP said represents a "new era" for capital fundraising.
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March 12, 2025
Bitcoin ATM Co. Wants TRO Over Unplugged Machines
A bitcoin ATM operator has asked the Delaware Chancery Court to issue a temporary restraining order against a Midwest grocery store chain for allegedly unplugging and covering up ATMs at more than 60 locations, in violation of operating agreements between the parties.
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.