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Asset Management
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July 31, 2024
SEC Settles Reg BI Case Against Calif. Broker-Dealer
The U.S. Securities and Exchange Commission announced Wednesday it has agreed to settle allegations that Western International Securities Inc. sold more than $13 million in high-risk debt securities to those with lower risk profiles, marking the potential end of a first-of-its kind enforcement action claiming violations of Regulation Best Interest.
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July 31, 2024
Chancery Goes With Deal Price In Exchange Co. Appraisal
A venture capital firm that sued for an appraisal of its investment in FairXchange Inc. is entitled to $10.42 per share, the same as the $330 million deal price that Coinbase Global Inc. offered when it bought the securities exchange startup in 2022, a Delaware vice chancellor ruled Tuesday.
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July 31, 2024
Ares Rakes Up Nearly $34B For 3rd Direct Lending Fund
Alternative investment management giant Ares Management Corp., advised by Proskauer Rose LLP, said Wednesday that it had successfully closed its third direct lending fund, which is expected to boast a total capital base of roughly $33.6 billion.
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July 31, 2024
Black Worker Says PBGC Didn't Promote Him Due To His Race
The Pension Benefit Guaranty Corp. passed over a Black worker for a senior director role in favor of a less qualified white woman and retaliated against him for a previously filed race discrimination complaint, a lawsuit filed in D.C. federal court said.
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July 31, 2024
NYC Fraudster Gets Two Years For Crime Borne Of 'Nastiness'
A Manhattan federal judge sentenced a New York City woman to two years in prison Wednesday for stealing $290,000 from investors who backed her purported investment club, saying the defendant's criminal conduct, including threats to victims, was uncommonly callous.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
Del. Justices Reject 'Half-Hearted' Arbitration Bid In Fee Fight
Delaware's Supreme Court has affirmed a ruling that an entity that invests in tech companies waited too long to try to arbitrate a manager's legal fee advancement suit, rejecting a "half-hearted suggestion" that it was unaware of an arbitration provision until "its third set of counsel" joined the case.
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July 31, 2024
Mental Health Biz Hits $3.3B Valuation After Funding Round
Behavioral health solutions provider Spring Health announced Wednesday it reached a valuation of $3.3 billion following the closing of its Series E funding round, in which the company raised $100 million.
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July 31, 2024
Willkie-Led Silver Hill Secures $1.13B For 4th Fund
Energy-focused private equity shop Silver Hill Energy Partners, advised by Willkie Farr & Gallagher LLP, on Wednesday announced that it clinched its fourth fund after racking up $1.13 billion of total investor commitments.
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July 31, 2024
Firms Must Justify $1.4M Fee Bid In State Street Settlement
A Massachusetts federal judge who oversaw a yearslong attorney overbilling scandal and slashed a fee bid in another case over alleged false and misleading statements ordered a pair of firms to tell him why they should get one-third of a $4.3 million settlement with State Street Corp.
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July 31, 2024
BakerHostetler, Dechert Steer $2.3B CBIZ-Marcum Deal
Cleveland-based accounting firm CBIZ Inc. said Wednesday it has agreed to buy competitor Marcum in a $2.3 billion deal that will create the seventh-largest accounting services provider in the U.S.
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July 30, 2024
FDIC Moves To Revamp Brokered Deposit Regs In Policy Push
The Federal Deposit Insurance Corp. on Tuesday unveiled a proposal that would subject more bank deposits to heightened regulation as "brokered" funds, outlining new rules that the agency pitched as addressing risks highlighted by failures of firms like First Republic Bank and Voyager, a crypto lender.
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July 30, 2024
FTX Users Say Sullivan & Cromwell Must Face Abetting Claims
FTX customers told a Florida federal judge on Tuesday that Sullivan & Cromwell LLP can't dismiss customer claims it aided and abetted the defunct cryptocurrency exchange's fraud as "speculative allegations" when the customers' complaint "paints a much more detailed and nefarious picture."
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July 30, 2024
4th Circ. Refuses To Certify Class Of Golf Course Investors
The Fourth Circuit on Tuesday declined to reverse a lower court order denying class certification to a group of Chinese investors who allege their money was used to purchase several golf courses, ruling they are not similar enough to make certification proper.
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July 30, 2024
Atty Teams Wrestle In Chancery Over WWE Merger Suit Pick
Two legal tag teams have pitched competing bids to lead a Delaware Court of Chancery suit aimed at World Wrestling Entertainment Inc. and its $21.4 million merger with Ultimate Fighting Championship, with one stressing the depth of its complaint and the other, in part, stressing depth of experience in pressing sexual misconduct claims.
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July 30, 2024
Chancery Rejects Forte-Camac Deal As 'Not Fair' To Class
A Delaware Chancery Court judge on Tuesday rejected a settlement between Forte Biosciences Inc. and Camac Partners LLC that would have ended the activist investor's class action over Forte's alleged board entrenchment, finding that the proposed deal gave Camac "unique and personal benefits" that weren't shared with the rest of the class.
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July 30, 2024
Calif. Broker-Dealer To Pay FINRA $1.5M For Excessive Trades
Broker-dealer Western International Securities Inc. has agreed to pay more than $1.5 million to settle allegations from the Financial Industry Regulatory Authority that the firm failed to properly monitor potentially excessive trading in about 100 accounts, and it was hit with a separate cease-and-desist order from the U.S. Securities and Exchange Commission Tuesday over Regulation Best Interest violations.
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July 30, 2024
SEC Sues NC Investment Adviser Over Bogus Guarantees
A North Carolina investment adviser lied to clients about the safety of their investments when he sold them on risky corporate bonds issued by a financial services company that went bankrupt, the U.S. Securities and Exchange Commission said in a newly filed complaint.
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July 30, 2024
Ropes & Gray Adds Partner To Int'l Tax Practice
Ropes & Gray LLP recently added a tax adviser with a wealth of experience navigating transactions, funds and investments for clients as a partner in its New York office, the firm said.
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Activist Investor Demands Against US Firms Spike 9%
The number of U.S. companies subject to shareholder activist demands in the first half of this year increased to 449 from 412 companies in the first half of last year, representing a 9% jump, according to a report published Tuesday by Diligent Market Intelligence.
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July 30, 2024
Kirkland Leads Hidden Harbor Capital To $800M Fund Close
Kirkland & Ellis LLP-advised Hidden Harbor Capital Partners on Tuesday announced that it has clinched its third fund after securing $800 million from investors.
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July 30, 2024
Husch Blackwell Hires UB Greensfelder Partner In St. Louis
Several years after Husch Blackwell LLP's newest partner, Garrett Reuter Jr., graduated from law school, he joined Greensfelder Hemker & Gale PC to work alongside his late father. Now, he's bringing clients he grew up watching his father work with, to a new platform.
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
Ackman's New Investment Fund Lowers IPO Target To $2B
Bill Ackman's new investment fund Pershing Square USA Ltd. set a $2 billion fundraising target for its initial public offering, down significantly from earlier estimates, according to a securities filing Tuesday, under guidance from Sullivan & Cromwell LLP and underwriters' counsel Skadden Arps Slate Meagher & Flom LLP.
Expert Analysis
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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How EB-5 Regional Centers Can Prepare For USCIS Audits
In response to the recently announced U.S. Citizenship and Immigration Services guidelines that require EB-5 regional center audits every five years to verify their compliance with immigration and securities laws, regional centers should take steps to facilitate a seamless audit process, say Jennifer Hermansky and Miriam Thompson at Greenberg Traurig.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Recent Wave Of SEC No-Action Denials May Be Slowing
The U.S. Securities and Exchange Commission in March granted no-action relief to Verizon and others on the grounds that a director resignation bylaw proposal would mean violating Delaware law, bucking recent SEC hesitation toward such relief and showing that articulating a basis in state law is a viable path to exclude a proposal, say attorneys at Winston & Strawn.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.