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Asset Management
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March 11, 2025
Florida Judge Won't Block FINRA Action Against Broker
A Florida federal judge has declined to block a Financial Industry Regulatory Authority enforcement action against a broker-dealer representative, despite his claims that the pending in-house hearing is unconstitutional under the U.S. Supreme Court's recent Jarkesy decision.
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March 11, 2025
Hedge Fund Group Sends SEC Its Regulatory Wish List
The U.S. Securities and Exchange Commission should reevaluate rules that impose "significant, unjustified costs and burdens on investors and other market participants with little to no corresponding benefits," the Managed Funds Association said in a letter to the regulator Tuesday.
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March 11, 2025
Entity That Got Ponzi Scheme Funds Must Face SEC Suit
A Texas federal judge has declined to free an entity that accepted part of proceeds from an $8.4 million Ponzi scheme from an SEC action, writing that he could "reasonably infer" the entity did not accept the funds in good faith.
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March 11, 2025
GPB Capital Execs Denied New Trial In Fraud Case
Two GPB Capital executives were denied a new trial by a Brooklyn federal judge who said a jury was reasonable in finding them guilty of running their funds like a Ponzi scheme, using investor capital to make distribution payments to give the appearance of a healthy portfolio.
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March 11, 2025
Conservative Outlet Newsmax Eyes $75M Go-Public Offering
Newsmax Inc. said on Tuesday it plans to raise up to $75 million in a scaled-down alternative to a traditional initial public offering, represented by Sheppard Mullin Richter & Hampton LLP, a potential debut for the conservative media company in public markets.
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March 11, 2025
NYC Workers Can't Revive Fossil Fuel Divestment Challenge
A New York state appeals court refused Tuesday to reopen a lawsuit claiming several New York City pension plans unlawfully put politics over municipal employees' financial needs by divesting $3.9 billion from fossil fuels, backing a trial court's determination that the workers hadn't shown their benefits were affected.
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March 11, 2025
Endo Sells International Pharma Biz To Knight For Up To $99M
Pharmaceutical company Endo Inc., led by Davis Polk & Wardwell LLP and Torys LLP, on Tuesday announced plans to sell its international pharmaceuticals business to Davies Ward Phillips & Vineberg LLP-advised Canadian pharmaceutical company Knight Therapeutics Inc. for up to $99 million.
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March 11, 2025
Brookfield Wraps Inaugural Infrastructure Fund At $1B
Private equity giant Brookfield Asset Management on Tuesday revealed that it closed its inaugural middle-market infrastructure fund after securing $1 billion of capital commitments.
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March 10, 2025
Real Estate Cos. Commingled $50M Investor Funds, SEC Says
A Washington, D.C., area man and dozens of companies under his control have agreed to pay a total of $3.3 million to settle U.S. Securities and Exchange Commission allegations they deceived their investors with improper accounting practices that involved commingling $50 million in earmarked money.
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March 10, 2025
Warren Says Defense Nominee Has 'Clear Conflict Of Interest'
Democratic Sen. Elizabeth Warren called out deputy defense secretary nominee Stephen Feinberg on Sunday for a "clear conflict of interest" due to his ties to Ligado Networks, which is suing the federal government for $40 billion, and urged him to agree to recuse himself from any decisions about the company.
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March 10, 2025
Split SEC Pulls Subpoena Authority From Enforcement Head
A divided U.S. Securities and Exchange Commission on Monday withdrew a 15-year-old policy that allowed the director of enforcement to greenlight new investigations and approve the issuance of subpoenas, leaving the decision squarely in the hands of the agency's Republican majority.
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March 10, 2025
Adviser Wants OK Of $15M Award Against Electric Car Co.
A financial advisory firm has asked an Illinois federal judge to enforce a nearly $15 million arbitral award it won against a Dubai-headquartered electric vehicle company, saying the carmaker refused to pay what it owed under a consulting agreement to become publicly listed.
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March 10, 2025
Latham-Led Physical Therapy Startup Hinge Health Files IPO
Artificial intelligence-focused physical therapy startup Hinge Health Inc. on Monday filed plans for an initial public offering, represented by Latham & Watkins LLP and underwriters counsel Davis Polk & Wardwell LLP, joining a growing number of IPO prospects.
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March 10, 2025
2nd Circ. Won't Free Ex-JPMorgan Banker From Industry Ban
The Second Circuit on Monday upheld a lifetime investment advising ban against a former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker convicted of insider trading, saying that the U.S. Securities and Exchange Commission presented substantial evidence demonstrating that the ban was appropriate.
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March 10, 2025
MicroStrategy Seeks To Raise $21B To Buy More Bitcoin
MicroStrategy Inc. on Monday filed plans to raise up to $21 billion from equity sales in order to buy more bitcoin, potentially bolstering its stockpile of the flagship digital currency, represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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March 10, 2025
Tribal Casino Says Sovereign Immunity Sinks 401(k) Fee Suit
A tribal hospitality and casino company said it shouldn't face a proposed class action alleging its 401(k) plan was bogged down by exorbitant costs and underperforming investment options, telling a New York federal court it's immune from the case as an arm of the Oneida Indian Nation.
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March 10, 2025
Fintech-Focused SPAC Titan Acquisition Files $240M IPO
Special purpose acquisition company Titan Acquisition Corp. on Monday detailed plans to raise up to $240 million in its initial public offering, with the goal of merging with a company in the finance and tech-enabled services industries.
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March 10, 2025
Comerica Sued Over Interest Earned On Gov't Benefits Cards
Comerica Bank was hit with a proposed class action Friday claiming that the bank is not entitled to keep interest it earns on Social Security and other federal benefits Comerica distributes through government benefits cards.
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March 10, 2025
Ropes & Gray-Led Pamlico Raises $1.75B For 6th Fund
Ropes & Gray LLP-advised, middle-market private equity shop Pamlico Capital announced on Monday that it closed its sixth fund after securing $1.75 billion from investors.
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March 07, 2025
FINRA Says High Court Appeal Shouldn't Stop Broker's Case
The Financial Industry Regulatory Authority told the U.S. Supreme Court on Friday that it would like to move forward with disciplinary proceedings against a broker currently challenging the organization's constitutionality before the high court, arguing that the broker doesn't face the immediate harm of expulsion from the industry while the case is pending.
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March 07, 2025
SEC Reopens Defunct Broker's Decade-Old NYSE Appeal
The U.S. Securities and Exchange Commission has issued a lengthy order reopening disciplinary proceedings against a clearing broker penalized by the New York Stock Exchange more than a decade ago, saying certain short trades may not have been prohibited by a recession-era trading freeze.
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March 07, 2025
Split DC Circuit Says Distillery, Union Didn't Reach Impasse
A divided D.C. Circuit panel greenlighted on Friday enforcement of a National Labor Relations Board decision dinging an Oregon distillery for illegally imposing a final offer without reaching an impasse in contract talks with a Teamsters affiliate, with a dissenting judge saying the union used delay tactics.
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March 07, 2025
Robinhood To Pay $30M To Settle FINRA Supervisory Claims
Two Robinhood units on Friday agreed to pay $29.75 million to settle a sprawling series of supervisory and disclosure failures in a case brought by the Financial Industry Regulatory Authority, including that they failed to establish proper protocols to curb money laundering and give customers accurate disclosures about a particular equities strategy.
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March 07, 2025
Insignia Opens Books To Bain And CC Capital In Buyout Battle
Insignia Financial on Friday said that it agreed to open its books to Bain Capital and CC Capital after the two bidders increased their respective takeover offers to $3.34 billion Australian (US$2.11 billion) amid a bidding war.
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March 07, 2025
Investment Adviser Charged In 2-Year Client Swindle Scheme
Federal prosecutors in Chicago have charged a suburban investment adviser with wire fraud for allegedly stealing thousands of dollars from clients by convincing them to invest in nonexistent business opportunities.
Expert Analysis
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5 Keys To Building Stronger Attorney-Client Relationships
Attorneys are often focused on being seen as the expert, but bonding with clients and prospects by sharing a few key personal details provides the basis for a caring, trusted and profoundly deeper business relationship, says Deb Feder at Feder Development.
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BlackRock Suit Highlights Antitrust Risks Of ESG
In Texas v. BlackRock, pending in Texas federal court, 13 state attorneys general are suing large institutional investors in the coal business, underscoring key reasons companies may want to alter their approach to developing and implementing policies related to environmental, social, and governance factors, especially if coordination with competitors is involved, say attorneys at Manatt.
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Suggestions For CFTC Enforcement's New Leadership
The recent change in leadership at the U.S. Commodity Futures Trading Commission presents an opportunity to reflect on past practices and consider opportunities for improvement at the commission's Enforcement Division, including in observing precedent and providing greater enforcement transparency, say attorneys at Clifford Chance.
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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A Closer Look At FDX's New Role As Banking Standard-Setter
Should the new Consumer Financial Protection Bureau let stand the decision empowering Financial Data Exchange as an industry standard-setter, it will be a significant step toward broader financial data-sharing, but its success will depend on industry adoption, regulatory oversight and consumer confidence, say attorneys at Clark Hill.
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Partially Faulting Airline For 401(k) ESG Focus Belies ERISA
A Texas federal court's recent finding that American Airlines breached its fiduciary duty of loyalty, but not of prudence, by letting its 401(k) pursue environmental, social and governance investments, misinterprets the Employee Retirement Income Security Act's standard of care, says Jeff Mamorsky, a Cohen & Buckmann partner and ERISA drafter.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Class Actions At The Circuit Courts: February Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal appellate court class certification decisions and identifies practice tips from cases involving breach of life insurance contracts, constitutional violations of inmates and more.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Year Of The Snake Will Shake Up RE And Mortgage Finance
The year ahead may bring profound transformation and opportunities for growth in the real estate and mortgage finance sectors, with significant issues including policy battles and questions surrounding the future of Fannie Mae and Freddie Mac, says Marty Green at Polunsky Beitel.