Asset Management

February 19, 2025
Solar Co. Says Investors Seek To 'Punish' It Over Wire Issues

Solar energy equipment maker Shoals Technologies Group Inc. and its underwriters have asked a Tennessee federal judge to toss a consolidated proposed investor class action taking aim at the company's disclosures about certain product wiring issues, arguing Tuesday that it had timely shared information about the developing situation.
February 19, 2025
Ex-CNBC Pundit Cops To Scamming Investors Out Of $2.7M

A former frequent CNBC guest pled guilty Wednesday to defrauding investors out of at least $2.7 million, part of a plea deal reached with federal prosecutors after he spent years on the lam.
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.

Expert Analysis

Impact Of Successful Challenges To SEC's Rulemaking Ability

In 2024, the U.S. Securities and Exchange Commission faced significant legal challenges to its aggressive rulemaking agenda as several of its rules were vacated by the Fifth Circuit, which could hinder the SEC's ability to enact rules extending beyond express statutory authority in the future, say attorneys at Debevoise.
A Look At PCAOB's Record-Breaking Enforcement In 2024

The Public Company Accounting Oversight Board in 2024 brought more enforcement actions against auditors and imposed increasingly higher monetary penalties, showing that it was not afraid to exercise its power to fine and reprimand firms, a trend that will likely continue in 2025, say attorneys at Briglia Hundley.
Series

Exercising On My Peloton Bike Makes Me A Better Lawyer

While I originally came to the Peloton bike for exercise, one cycling instructor’s teachings have come to serve as a road map for practicing law thoughtfully and mindfully, which has opened opportunities for growth and change in my career, says Andrea Kirshenbaum at Littler.
Predicting What's Next For SEC By Looking At Past Dissents

While Paul Atkins' nomination to be the next chair of the U.S. Securities and Exchange Commission has taken center stage, an analysis of Republican Commissioners Hester Peirce and Mark Uyeda's past votes and dissents provides a preview of where enforcement may shift in the new administration, say attorneys at Gibson Dunn.
Exploring Venue Strategy For Trump-Era Regulatory Litigation

Litigation will likely play a prominent role in shaping policy outcomes during the second Trump administration, and stakeholders have several tools at their disposal to steer regulatory litigation toward more favorable venues, say attorneys at Covington.
What 2024's Noncompete Turmoil Means For Banks In 2025

A look back at the most significant legal challenges to the enforceability of various restrictive covenants like noncompete and nonsolicitation agreements in 2024 can help financial institutions address the use of these critical tools this year, say attorneys at Maynard Nexsen.
New Year, New Risks: 8 Top Cyber Issues For Finance In 2025

As financial institutions forge ahead in 2025, they must strike a delicate balance between embracing technological innovation and guarding against its darker threats, which this year could include everything from supply chain vulnerabilities to deepfakes, say attorneys at Baker Donelson.
8 Trends And Predictions Following PE's Late 2024 Surge

Private equity will remain at the forefront of value creation in 2025, and anticipated market trends include sponsors' desire to return capital to investors and a more business-friendly tack by the Antitrust Division of the U.S. Department of Justice, say attorneys at Weil.
Series

Playing Esports Makes Me A Better Lawyer

Competing in a global esports tournament at Wimbledon last year not only fulfilled my childhood dream, but also sharpened skills that are essential to my day job, including strategic thinking, confidence and networking, says AJ Schuyler at Jackson Lewis.
An Associate's Guide To Career Development In 2025

As the new year begins, associates at all levels should consider establishing career metrics, fostering key relationships and employing other specific strategies to help move through the complexities of the legal profession with confidence and emerge as trailblazers, say EJ Stern and Amanda George at Fractional Law Firm.
The Securities Litigation Trends That Will Matter Most In 2025

2025 is shaping up to be a significant year for securities litigation, as plaintiffs and defendants alike navigate shifting standards for omission theories of liability, class certification, risk disclosure claims and more, say attorneys at Willkie.
What To Watch For In The 2025 Benefits Landscape

While planning for 2025, retirement plan sponsors and service providers should set their focus on phased implementation deadlines under both Secure 1.0 and 2.0, an upcoming U.S. Supreme Court ruling, and the fate of several U.S. Department of Labor regulations, says Allie Itami at Lathrop GPM.
How White Collar Enforcement May Shift In Trump's 2nd Term

After President-elect Donald Trump returns to the White House next month, the administration’s emphasis on immigration laws, drug offenses and violent crime will likely reduce the focus on white collar crime overall, but certain areas within the white collar world may see increased activity, say attorneys at Keker Van Nest.
The Justices' Securities Rulings, Dismissals That Defined '24

The U.S. Supreme Court's 2024 securities rulings led to increased success for defendants' price impact arguments, but the justices' decisions not to weigh in on important issues relating to the Private Securities Litigation Reform Act's pleading requirements may be just as significant, say attorneys at Skadden.
10 Noteworthy CFPB Developments From 2024

In a banner year for consumer finance regulation, the Consumer Financial Protection Bureau made significant strides in its efforts to rein in Big Tech and nonbank financial firms, including via rules regarding open banking, credit card late fees, and buy now, pay later products, say attorneys at Wiley.