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Asset Management
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September 03, 2024
PE Firm Investors Say False SEC Filings Caused Big Losses
Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.
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September 03, 2024
SEC Fines Adviser That Lost Clients' Crypto In FTX Collapse
An investment adviser that lost client funds in the collapse of FTX found itself on the receiving end of a U.S. Securities and Exchange Commission enforcement action on Tuesday, with Galois Capital Management LLC settling allegations that it failed to find a proper custodian for those crypto assets.
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September 03, 2024
5th Circ. Hesitant To Call Tornado Cash 'Entity'
A Fifth Circuit panel prodded the U.S. Department of the Treasury's argument that Tornado Cash counts as a corporation-like organization, telling the agency that its reasoning for calling the sanctioned crypto mixer an entity was "slippery" during oral arguments Tuesday.
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September 03, 2024
Pharma Co., State Street Hit With Pension Annuity Suit
Bristol-Myers Squibb retirees hit the pharmaceutical giant and its investment adviser, State Street, with a class action Tuesday in New York, alleging they breached their fiduciary duty to pensioners by converting pension benefits into annuity insurance contracts using a provider that wasn't the safest available.
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September 03, 2024
Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial
A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.
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September 03, 2024
Adviser Lied About Wall Street Skyscraper Digs, SEC Says
A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
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September 03, 2024
Paul Weiss Adds Ex-Fried Frank Atty To Lead Fund Finance
Paul Weiss Rifkind Wharton & Garrison LLP has added an asset management specialist previously with Fried Frank Harris Shriver & Jacobson LLP as head of its fund finance group, the firm announced Tuesday.
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September 03, 2024
Semnur Pharmaceuticals To Go Public Via $2.5B SPAC Merger
Paul Hastings LLP-advised Semnur Pharmaceuticals Inc. on Tuesday unveiled plans to go public via a merger with Winston & Strawn LLP-led blank check company Denali Capital Acquisition Corp. in a deal that gives the pharmaceutical company a pre-transaction equity value of $2.5 billion.
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August 30, 2024
5th Circ. Rejects SEC Whistleblower Award Calculation Appeal
The Fifth Circuit on Friday rejected petitions by two whistleblowers who allege that the U.S. Securities and Exchange Commission shortchanged them after they helped to uncover purportedly the largest fraud in Texas history, by a company that was driven into bankruptcy.
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August 30, 2024
3 Atty Takeaways On What's Ahead As ERISA Turns 50
As the Employee Retirement Income Security Act turns 50 years old this Labor Day, attorneys reflecting on five decades of development of the federal employee benefits law see a complex path ahead for both litigation and policy. Here are three key takeaways from top attorneys on what’s next for ERISA on its golden anniversary.
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August 30, 2024
FINRA Dings Raymond James $2M Over Customer Complaints
Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.
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August 30, 2024
Steel Co. Escapes 401(k) Investment Lineup Fight, For Now
An Indiana federal judge tossed a suit claiming a steel producer cost workers millions in their $2 billion retirement plan by tapping underperforming funds for its investment lineup, ruling the suit lacks proof that the funds performed far worse than others on the market.
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August 30, 2024
Cancer Detection Co. Valued At $375M In SPAC Merger
Blank check company Mountain Crest Acquisition Corp. V, advised by Loeb & Loeb LLP, announced that it has agreed to merge with and take public Korean cancer diagnosis technology company CubeBio Co. Ltd., led by Nelson Mullins Riley & Scarborough LLP, in a deal valued at $375 million.
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August 30, 2024
Fall IPO Pickup Could Be A Prelude For 2025 Recovery
More companies are preparing to go public after Labor Day, signaling a modest increase in initial public offerings that capital markets advisers say could presage a stronger recovery in 2025, assuming next year brings more clarity regarding interest-rate policy and the result of the presidential election.
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August 29, 2024
Tesla, Elon Musk Beat Dogecoin Buyers' Fraud Suit, For Good
A New York federal judge on Thursday for the final time threw out a contentious lawsuit brought by Dogecoin investors accusing Elon Musk of manipulating the market so that he and Tesla could turn a profit on the meme-themed cryptocurrency.
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August 29, 2024
Texas' Anti-ESG Law Is Unconstitutional, Green Biz Org Says
A sustainability-focused business group on Thursday sued Texas state officials in federal court seeking to block a law that restricts state investments with financial firms and businesses that want to reduce their reliance on fossil fuels.
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August 29, 2024
SEC Says PE Firm Ran $3.3M Real Estate Investment Scam
The U.S. Securities and Exchange Commission has filed a suit in California federal court accusing a private equity firm and its managing partner, who was previously convicted of financial crimes, of fraudulently raising $3.3 million through a Ponzi-like real estate investment scheme.
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August 29, 2024
Ex-SPAC Agrees To Face 'Springing Penalty' In SEC Case
Former blank check company National Energy Services Reunited Corp. has agreed to pay the U.S. Securities and Exchange Commission $400,000, with a potential additional penalty of $1.2 million if it doesn't undertake certain remediation efforts, over alleged financial reporting and controls failures stemming from its acquisition of 2 companies.
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August 29, 2024
DLA Piper Steers Tech-Focused SPAC GigCapital's Latest IPO
GigCapital7 Corp., the latest special-purpose acquisition company led by technology-focused entrepreneur Avi Katz, began trading Thursday after completing a downsized initial public offering that raised $200 million, represented by DLA Piper and underwriters' counsel Lucosky Brookman LLP.
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August 29, 2024
Schwab's 'Cash Sweep' Paid For TD Ameritrade Buy, Suit Says
The Charles Schwab Corp. has been hit with a proposed class action in California federal court by three customers alleging that the investment bank obtains "outsized benefits" from its cash sweep programs and used a significant amount of the cash to finance its $26 billion acquisition of TD Ameritrade Holding Corp. several years ago.
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August 29, 2024
8th Circ. Won't Revive O'Reilly Auto Parts 401(k) Fee Suit
The Eighth Circuit refused Thursday to reopen a proposed class action claiming O'Reilly Automotive Inc. let its $1.1 billion employee retirement plan be saddled with excessive investment management and record-keeping fees, ruling workers leading the suit hadn't provided meaningful comparisons by which to measure the plan's costs.
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August 29, 2024
GAO Suggests IRS Improve Retirement Account Oversight
The Internal Revenue Service needs to beef up its oversight of conflicts of interest between fiduciaries and individual retirement account investors, according to a U.S. Government Accountability Office report.
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August 29, 2024
Waters Corp. Strikes Deal To End 401(k) ERISA Action
Waters Corp. has indicated that it plans to settle a proposed class action brought by a former employee claiming the company's mismanagement of its retirement plan violated its fiduciary duty to plan participants.
Expert Analysis
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Class Actions At The Circuit Courts: August Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy considers certification cases touching on classwide evidence of injury from debt collection practices, defining coupon settlements under the Class Action Fairness Act, proper approaches for evaluating attorney fee awards in class action settlements, and more.
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Crypto Regs Could See A Reset Under The Next President
Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Key Concerns To Confront In FDIC Brokered Deposit Proposal
Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.
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Series
Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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3 Ways To Limit Risks Of Black-Box AI In Financial Services
As regulators increasingly highlight the potential for artificial intelligence to make unfair consumer credit decisions, and require financial institutions to explain how these so-called black-box algorithms arrive at conclusions, companies should consider three key questions to reduce their regulatory risks from these tools, say Jeffrey Naimon and Caroline Stapleton at Orrick.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
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.
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How Justices Upended The Administrative Procedure Act
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.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
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.
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Opinion
Texas Judges Ignored ERISA's Core To Stall Fiduciary Rule
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.