Asset Management

  • September 05, 2024

    Coinbase, Execs Must Face Investor Suit Over Business Risks

    A New Jersey federal judge on Thursday declined to dismiss a consolidated investor class action against Coinbase and its executives over disclosures the cryptocurrency exchange made about certain business risks it faced, although he trimmed certain allegations deemed to be, among other things, corporate puffery.

  • September 05, 2024

    Ex-SEC Enforcement Atty Joins Whistleblower Law Boutique

    Kohn Kohn & Colapinto announced Thursday that a former U.S. Securities and Exchange Commission enforcement attorney will join the whistleblower law firm as senior special counsel.

  • September 05, 2024

    Unconstitutionality Of Transparency Act Clear, 11th Circ. Told

    A small business group and one of its members have told the Eleventh Circuit that an Alabama federal judge correctly ruled that the Corporate Transparency Act is unconstitutional, so there was no need for them to demonstrate that the law fails to pass constitutional muster.

  • September 05, 2024

    Investment Firm Fights Order To Return Docs In NJ Bias Suit

    A Black-owned investment firm accusing BlackRock Inc. and New Jersey of squeezing it out of a lucrative contract has challenged a U.S. magistrate judge's order to return redacted emails to the Garden State, arguing that the order was made without a full written record or a requested conference on the privilege dispute.

  • September 05, 2024

    PE Firm Argues Tossing of FTC Case Also Ends Workers' Suit

    The dismissal of a government antitrust action against Welsh Carson Anderson & Stowe warrants the dismissal of a second lawsuit brought by a Houston workers' benefit fund since the complaint is "unapologetically based" on the parallel Federal Trade Commission action, the private equity firm told a Houston federal judge in a hearing Thursday.

  • September 05, 2024

    Circor Dodges SEC Fine As Ex-Exec Faces Falsified Docs Suit

    The U.S. Securities and Exchange Commission on Thursday said industrial valve manufacturer Circor International Inc. has avoided a penalty after it self-reported and remediated an alleged accounting scheme, while the agency sued a former executive accused of falsifying the financial results for one of the company's business units.

  • September 05, 2024

    2nd Circ. Chilly To Mortgage-Backed Securities ERISA Suit

    The Second Circuit appeared unlikely Thursday to revive a union pension fund's suit looking to hold Wells Fargo and Ocwen Financial Corp. liable for losses on mortgage-backed securities, with two judges signaling the risky loans the fund sued over might not be covered by federal benefits law.

  • September 05, 2024

    4 Firms Build First Majestic's $970M Buy Of Silver Mining Biz

    Silver and gold mining company First Majestic Silver Corp. on Thursday announced that it has agreed to buy Mexican silver exploration, development and production company Gatos Silver Inc. in a $970 million deal crafted by four law firms.

  • September 05, 2024

    Chancery Presses Pause On $450M Bolt Financial Financing

    Affiliates of multinational investors Hedosophia and BlackRock have won a Delaware Court of Chancery pause of a purported Bolt Financial Inc. $450 million equity financing that would eliminate and replace all the company's preferred stock while returning founder Ryan Breslow to his CEO seat.

  • September 05, 2024

    Casino Queen Strikes Deal In Workers' ESOP Suit

    Casino Queen's parent company agreed to settle a proposed class action by workers claiming it cost them tens of millions when their employee stock ownership plan bought $170 million of the company's stock in an overinflated deal, according to an Illinois federal court filing Thursday.

  • September 04, 2024

    SEC Lets Deadline Pass For 5th Circ. Private Funds Appeal

    The U.S. Securities and Exchange Commission won't challenge a Fifth Circuit decision that vacated its recently passed disclosure rules for private fund advisers, taking no action as its deadline to appeal to the U.S. Supreme Court passed.

  • September 04, 2024

    UBS Financial Gets Wrapped Up In Cash Sweep Class Action

    UBS Financial Services has been hit with a proposed class action suit alleging it prioritized its own financial interests and those of its affiliated banks over customers by using its cash sweep program to direct customers' uninvested cash balances into accounts that disproportionately benefited the investment bank.

  • September 04, 2024

    PE Advisers Flouted Registration Requirements, SEC Says

    A pair of Florida-based private equity advisers and their CEO have agreed to settle U.S. Securities and Exchange Commission allegations that they broke federal securities laws by improperly declaring themselves exempt from registering as advisers to private funds, according to the agency.

  • September 04, 2024

    SEC Fines NJ Financial Cos. For Whistleblowing Violations

    New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.

  • September 04, 2024

    Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt

    A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.

  • September 04, 2024

    Produce Co. With Bankrupt Parent Settles $1M Payment Suit

    A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.

  • September 04, 2024

    Apollo Defends $570M Controller Deal In Chancery Suit

    An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.

  • September 04, 2024

    Solana Labs Denied Arbitration In Token Crypto Fraud Suit

    A California federal judge has denied a motion to compel arbitration in a suit alleging Solana Labs Inc. and its key investors promoted and sold Solana cryptocurrency tokens as unregistered securities, saying that Solana failed to prove that the lead plaintiff agreed to the terms of service that included an arbitration clause, among other things.

  • September 04, 2024

    SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees

    The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.

  • September 04, 2024

    Brazilian Oil Bribery Case Jury Warned Of 'Liar' Witness

    Attorneys for a Connecticut trader accused of bribing Brazilian oil officials urged a jury on Wednesday not to trust an alleged co-conspirator scheduled to testify for the government, calling that man a "skilled and adept liar" who would "substantially assist" prosecutors in possible return for a favorable family immigration decision.

  • September 04, 2024

    J&J Hit With $1B Damages In Del. Merger Milestone Fight

    Johnson & Johnson owes more than $1 billion to a medical robotics developer and entrepreneur caught up in a multibillion-dollar post-acquisition dispute, a Delaware vice chancellor ruled Wednesday.

  • September 03, 2024

    8th Circ. Again Scraps Class Cert. For TD Ameritrade Clients

    The Eighth Circuit reversed Tuesday a lower court's ruling certifying a class of TD Ameritrade clients for the second time in a lawsuit alleging the stockbroker routed orders to trading venues that didn't always provide the best execution, rejecting the named plaintiff's new class-wide damages theory based on commissions.

  • September 03, 2024

    Feds Abandon $12M Somali Fraud Case Against Atty

    The U.S. government has dropped its Maryland federal court case against a lawyer who was set for trial this year on charges of misappropriating over $12 million in Somali state assets, citing "pre-trial evidentiary rulings."

  • September 03, 2024

    2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit

    The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.

  • September 03, 2024

    Alphabet Beats Investor Suit Over Antitrust Issues, For Now

    A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.

Expert Analysis

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • How Banks Should Respond To Calif. AG's Overdraft Warning

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    Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.

  • Climate Disclosure Mandates Demand A Big-Picture Approach

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    As carbon emissions disclosure requirements from the European Union, California and the U.S. Securities and Exchange Commission take effect, the best practice for companies is not targeted compliance with a given reporting regime, but rather a comprehensive approach to systems assessment and management, says David Smith at Manatt.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Intent-Based Theory Of Liability In Hwang Creates Ambiguity

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    A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • A Look At Recent Challenges To SEC's Settlement 'Gag Rule'

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    Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.

  • Flexibility Is Key In Hybrid Capital Investment Strategies

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    Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.

  • How American Airlines ESG Case Could Alter ERISA Liability

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    Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.

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