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Asset Management
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May 01, 2024
Del. Justices Reverse Toss Of $7.3B Inovalon Deal Challenge
Delaware's top court on Wednesday reversed a Chancery Court dismissal of stockholder challenges to the $7.3 billion go-private sale of Inovalon Holdings Inc. to Nordic Capital, saying that the lower court wrongly concluded that minority investors were adequately informed about the deal and special committee conflicts of interest.
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May 01, 2024
Dish Agrees To Class Cert. In 401(k) Mismanagement Suit
Dish Network and a group of former workers told a Colorado federal judge they've agreed that class treatment is the best fit for a lawsuit claiming the company failed to trim an underperforming Fidelity Freedom Fund target date suite from its retirement plan that cost workers millions in savings.
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May 01, 2024
Billionaire Energy Co. Founder Sues Booz Allen Over IRS Leak
Energy Transfer co-founder Kelcy Warren accused government contractor Booz Allen Hamilton of failing to supervise an employee who stole Warren's private tax information and that of thousands of other wealthy people while on assignment at the IRS, according to a complaint in Maryland federal court.
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May 01, 2024
Trump's Truth Social Stake Expands To Nearly 65%
Former President Donald Trump's stake in his social media platform rose to 65%, according to a securities filing, valuing his stake at more than $5 billion based on current trading, though Trump is barred from selling shares for several months.
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May 01, 2024
AI Is Top Of Mind For Companies — And Securities Regulators
As references to artificial intelligence in securities filings soar, attorneys say companies must ground their disclosures in fact and be upfront about risks posed by AI in order to avoid the wrath of regulators, who promise to crack down on misleading claims.
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May 01, 2024
PG&E, KKR In Exclusive Talks For Partial Sale Of Power Biz
Pacific Gas & Electric Corp. is in exclusive talks with private equity giant KKR to sell a minority interest in its subsidiary, Pacific Generation LLC, to KKR's infrastructure strategy in a deal that would reduce customer rates by more than $100 million over the next two decades.
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April 30, 2024
Epstein Victims Must Disclose Names In FBI Suit, Judge Says
A New York federal judge on Tuesday denied anonymity to 12 survivors of sexual predator Jeffrey Epstein in their lawsuit alleging the FBI ignored numerous tips that Epstein was running a sex trafficking ring, saying the victims failed to support claims they would suffer irreparable harm if their identities were revealed.
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April 30, 2024
2nd Circ. Revives Commerzbank RMBS Suit Against US Bank
The Second Circuit on Tuesday revived part of a nearly decade-old Commerzbank AG lawsuit brought against U.S. Bank NA over its role as a trustee on a slew of pre-2008 crisis RMBS trusts, sending some of the German bank's previously dismissed claims back to district court for a "closer inspection."
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April 30, 2024
SEC Fines Adviser Firm For Splitting Legal Fees With Client
A Puerto Rico-based investment adviser will pay more than $500,000 to settle the U.S. Securities and Exchange Commission's claims it entered into an improper joint legal fee arrangement with a mutual fund that was also its client.
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April 30, 2024
Skadden, Latham Lead Travel Firm Viking's Upsized $1.5B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Tuesday priced an upsized $1.5 billion initial public offering within its price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the largest IPO of 2024.
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April 30, 2024
5th Circ. Questions Texas' Standing In SEC Proxy Rule Battle
The Fifth Circuit appeared skeptical Tuesday of a Texas-led challenge to a U.S. Securities and Exchange Commission regulation that will require fund managers to make it easier for investors to identify ESG issues on corporate ballots, with the judges wondering whether the Lone Star State and others had standing to bring the lawsuit.
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April 30, 2024
FTC Puts $26B Permian Basin Gas Deal Under Scrutiny
The Federal Trade Commission is taking an in-depth look at the proposed oil and gas merger between Diamondback Energy and Endeavor Energy Resources by issuing a second request for additional information about the deal, according to new securities filings.
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April 30, 2024
Lender Alleging Fraud Asks Court To Block Golf Club Sales
A lender accusing the owner of multiple Atlanta golf clubs of defrauding it of more than $4 million has asked a Georgia federal court to block upcoming golf course sales to avoid the "imminent risk" that the borrower would hide the proceeds and dodge attempts to recoup losses from the alleged scheme.
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April 30, 2024
Sen. Warren Probes Annuity Cos. Over Use Of 'Secret' Perks
Large annuity providers are using lavish vacations and other kickbacks to drive sales that disadvantage consumers, Sen. Elizabeth Warren, D-Mass., said Tuesday, demanding information from more than a dozen companies on the heels of a new Labor Department rule aiming to ramp up scrutiny on financial advisers.
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April 30, 2024
NY Bank Investors Spar Over Bid To Merge, Pause Suits
New York Community Bancorp Inc. shareholders traded barbs in filings this week over whether a New York federal judge should allow an individual shareholder to intervene in the larger group's attempt to consolidate and stay their derivative shareholder suits against the bank.
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April 30, 2024
Dechert Adds Wilson Sonsini, Ex-SEC Crypto Expert In DC
A cryptocurrency and financial technology attorney who spent nearly six years with the U.S. Securities and Exchange Commission has left his most-recent role as a partner with Wilson Sonsini Goodrich & Rosati PC to join Dechert LLP in Washington, D.C., the firm announced Tuesday.
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April 30, 2024
Software Firm Silvaco Launches Plans For $108M IPO
Designer of automation software and semiconductor intellectual property solutions Silvaco Group on Tuesday unveiled plans to raise $108 million in its initial public offering, which at midpoint would give the Santa Clara, California-headquartered company a fully diluted market value of $550 million.
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April 30, 2024
Goodwin Private Funds Partner Joins Fried Frank In NY
Fried Frank has announced it hired a New York-based asset management attorney who spent more than a decade at Simpson Thacher & Bartlett LLP and was most recently a partner at Goodwin Procter LLP.
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April 30, 2024
Don't Miss It: McDermott, Paul Weiss Lead Month's Hot Deals
A lot can happen in the world of mergers and acquisitions over the course of a month. Here, Law360 recaps the deals you may have missed, including transactions helmed by McDermott and Paul Weiss.
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April 30, 2024
Golub Capital Amasses $2B For 6th Credit Opportunities Fund
Private credit-focused asset management firm Golub Capital on Tuesday announced that it clinched its sixth credit opportunities fund after amassing $2 billion of capital from investors.
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April 30, 2024
Ex-Rugby Team Owner Sues Over $6M Franchise Sale
The former owner of an Atlanta, Georgia-based rugby team who sold it to a New Hampshire club for $6 million sued the buyer and another rugby team operator in Delaware federal court Monday, alleging that she is still owed $3.75 million from the sale.
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April 29, 2024
Terraform Says SEC's $5.4B Sanction Bid Fails Under Morrison
Crypto firm Terraform Labs and its founder Do Kwon struck back at the U.S. Securities and Exchange Commission's $5.4 billion sanctions request following its trial win, filing dual briefs Monday that argued the regulator has only shown that "a small number" of allegedly illegal token sales took place in the U.S. and under its jurisdiction as outlined in the U.S. Supreme Court's Morrison decision.
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April 29, 2024
TD Ameritrade Fined $600K Over Flawed Automated Approvals
TD Ameritrade Inc. has agreed to pay a $600,000 fine to the Financial Industry Regulatory Authority, which alleged the online stock trading platform relied on an inadequate automated approval system for options trading that allowed risk-prone customers to be approved for certain trades despite red flags.
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April 29, 2024
Catching Up With Delaware's Chancery Court
A multibillion-dollar Tesla trust proposal, a Truth Social bond, power plays over Prince's estate, and three in the ring for World Wrestling Entertainment. All of this and much more came up in Delaware Chancery Court dockets last week.
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April 29, 2024
Viking Upsizes IPO To $1.2B As More Companies Enter Fray
Cruise operator Viking Holdings Ltd. on Monday upsized its expected initial public offering to about $1.2 billion, by increasing the number of shares that existing stockholders plan to sell, as more companies join an expanding IPO pipeline.
Expert Analysis
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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DOL's Retirement Security Rule Muddies Definitional Waters
The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.
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A Deep Dive Into FSOC's Expansion Of Nonbank Oversight
The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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2nd Circ. Holding Could Disrupt SEC Disgorgement Methods
A recent Second Circuit decision in U.S. Securities and Exchange Commission v. Govil that held disgorgement to be an equitable remedy has the potential to substantially disrupt the SEC's long-standing approach to monetary remedies in many of the cases the agency brings, say attorneys at Debevoise.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SEC Fines Mean Cos. Should Review Anti-Whistleblower Docs
The Securities and Exchange Commission’s expanding focus on violations of whistleblower protection laws — as seen in recent settlements where company contracts forbade workers from reporting securities misconduct — means companies should review their employment and separation agreements for language that may discourage reporting, says Caroline Henry at Maynard Nexsen.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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5 Credit Card Practices Drawing CFPB Notice In New Report
The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.
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Navigating Discovery Of Generative AI Information
As generative artificial intelligence tools become increasingly ubiquitous, companies must make sure to preserve generative AI data when there is reasonable expectation of litigation, and to include transcripts in litigation hold notices, as they may be relevant to discovery requests, say Nick Peterson and Corey Hauser at Wiley.
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Finding Focus: Strategies For Attorneys With ADHD
Given the prevalence of ADHD among attorneys, it is imperative that the legal community gain a better understanding of how ADHD affects well-being, and that resources and strategies exist for attorneys with this disability to manage their symptoms and achieve success, say Casey Dixon at Dixon Life Coaching and Krista Larson at Stinson.
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A Look At DOJ's New Nationwide Investment Fraud Approach
Investment fraud charges are increasingly being brought in unlikely venues across the country, and the rationale behind the U.S. Department of Justice's approach could well be the heightened legal standards in connection with prosecuting investment fraud, says Jonathan Porter at Husch Blackwell.
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Decoding The Digital Asset Landscape In Bankruptcy
Recent cases show the explosion of cryptocurrency as an asset class has created new challenges for debtors-in-possession, bankruptcy trustees, and federal and state receivers, and fiduciaries will have to consider a number of legal and practical considerations when determining how to manage these assets in insolvency, say David Castleman at Otterbourg and Anthony Facciano at Stretto.