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Asset Management
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July 18, 2024
DaVita To Pay $34M In Medicare Kickback Whistleblower Suit
Dialysis company DaVita will pay more than $34 million to settle a Medicare fraud case over alleged kickbacks doctors received in exchange for patient referrals, after a whistleblower from the company's C-suite came forward, the U.S. Attorney's Office for the District of Colorado announced Thursday.
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July 18, 2024
5th Circ. Remands ESG Rule Row Citing Chevron's End
The Fifth Circuit on Thursday instructed a Texas federal court to reconsider a Biden administration rule allowing retirement plan advisers to consider environmental, social and governance factors when choosing investments, pointing to recent U.S. Supreme Court rulings that have "upended" the legal landscape.
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July 18, 2024
4 Men Cop To $2M 'Instant Deposit' Robinhood Fraud
Four men have pled guilty in New York federal court to being involved in a scheme to steal millions of dollars from trading firm Robinhood by exploiting a program that gave them access to cash advances.
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July 18, 2024
Chancery Awards $6M Stockholder Atty Fee In Moelis Suit
A Delaware vice chancellor granted a $6 million fee request on Thursday from attorneys who won a Chancery Court strike-down of a stockholder agreement granting Moelis & Co. founder Ken Moelis expansive control over the global investment bank's decisions.
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July 18, 2024
LPL Reaps Benefits From Forced Cash Sweep, Suit Says
LPL Financial was hit with a putative class suit by a customer who claims the broker-dealer automatically moves customers' uninvested cash into its cash sweep programs, primarily benefiting the firm at the expense of its clients.
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July 18, 2024
Feds Collar Would-Be 'Smart Ring' CEO For Investor Fraud
Los Angeles federal prosecutors have charged a Florida woman with securities and wire fraud with allegations detailing a $2 million investment scheme involving a purported "smart ring" company.
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July 18, 2024
Ukraine Businessman Looks To Arbitrate $1B Gramercy Suit
A Ukrainian businessman is urging a Wyoming federal court to force Gramercy Funds Management to arbitrate in London its racketeering lawsuit accusing him of fraudulently transferring more than a billion dollars from his agricultural business, a debtor of the Connecticut-based hedge fund.
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July 18, 2024
6 Firms Steer Latin American Airline Giant's $533M IPO Plans
Latam Airlines Group SA on Thursday outlined plans for an estimated $533 million U.S. initial public offering, guided by six law firms, marking a return to U.S. markets two years after the South American airline giant exited bankruptcy.
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July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
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July 18, 2024
Ocugen Execs Hit With Derivative Suit Over Shoddy Controls
The top brass at biopharmaceutical company Ocugen Inc. were hit with a derivative suit alleging the company's lack of effective internal financial controls caused it to be misvalued and allowed shareholders to approve proposals based on incomplete information.
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July 18, 2024
Moody's Says White Ex-Director's Depo 'Fatal' To Bias Suit
Financial analytics company Moody's on Wednesday told a Pennsylvania federal judge that it was clear a former employee who sued it for discrimination wasn't fired for being white and old, pointing to his "fatal" admission that he'd still be employed had he responded to a company vaccination survey.
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July 18, 2024
NJ Ex-Broker-Dealer Indicted In $3.4M Insider Trading Scheme
A former partner at a Garden State broker-dealer was charged in New Jersey federal court with engaging in an insider trading scheme that brought him $3.4 million in illicit trading profits, according to the U.S. attorney's office.
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July 18, 2024
Cozen O'Connor Targets Penny Stock Co. CEO For Legal Fees
Cozen O'Connor is asking a Connecticut state court judge to affirm two Pennsylvania judgments against a penny stock company CEO who lost a federal enforcement action, alleging Bernard Findley and two of his companies owe nearly $750,000 in legal fees.
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July 18, 2024
Another Enphase Investor Suit Claims Execs Hid Slow Growth
Enphase Energy's top brass has been slapped with another shareholder complaint in California federal court, alleging they misrepresented the energy technology company's financial outlook by concealing a decrease in battery shipments and slower manufacturing outputs, which artificially inflated its stock price.
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July 18, 2024
Mixed Results Greet 2 IPOs For Hospital Giant, Insurance Firm
Private equity-backed hospital operator Ardent Health and insurance brokerage TWFG Inc. began trading Thursday after completing two initial public offerings that raised $379 million combined at varying points of their price ranges, guided by four law firms.
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July 18, 2024
Vermont Suit Accuses PBMs Of Price-Fixing
Vermont's attorney general filed suit against pharmacy benefit managers Express Scripts and CVS Wednesday, accusing the companies of abusing their market power to drive up prescription costs for consumers and squeezing out price competition from small pharmacies.
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July 18, 2024
Pharma Biz Buys Animal Medicine Co. For Up To $520M
Latham & Watkins LLP-advised animal health therapeutics company Invetx, which is currently owned by life sciences-focused investment management firm Novo Holdings, on Thursday announced plans to be bought by veterinary pharmaceuticals company Dechra Pharmaceuticals Ltd., advised by Kirkland & Ellis LLP, for up to $520 million.
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July 18, 2024
Womble Bond Adds Finance Atty With Latin America Focus
Womble Bond Dickinson's growing New York office is welcoming a capital markets and structured finance attorney after his more than 10 years with Hogan Lovells, most recently in Brazil.
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July 18, 2024
6th Circ. Questions If Kellogg 401(k) Claims Can Be Arbitrated
A Sixth Circuit panel on Thursday suggested the terms of Kellogg Co.'s retirement plan may bar a former accountant from bringing claims the plan was mismanaged, as the company tries to enforce an arbitration clause that arguably prevents planwide relief.
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July 18, 2024
Kirkland-Led Calif. PE Firm Secures $1.5B For 3rd Fund
Los Angeles-based private equity shop Kingswood Capital Management LP, advised by Kirkland & Ellis LLP, on Thursday announced that it clinched its third fund after raising $1.5 billion of capital commitments, bringing the firm's total assets under management to roughly $3.2 billion.
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July 18, 2024
Ex-HP Worker Revamps 401(k) Forfeiture Funds Suit
A former HP employee retooled his lawsuit accusing the company of unlawfully using former workers' forfeited 401(k) funds to satisfy its own contributions, telling a California federal court the company was presented with a conflict of interest in deciding how to use the money.
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July 17, 2024
Politan Sues Masimo Over Delayed Board Election Meeting
Activist investment firm Politan Capital Management LP launched a lawsuit Wednesday against Masimo Corp. in Delaware Chancery Court just days after the medical technology company accused it of violating securities laws by trying to gain control of Masimo through a proxy contest that duped Masimo shareholders using "lies and deceit."
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July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
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July 17, 2024
Ex-SEC Lawyer's Fellow Penny Stock Fraudster To Pay $1M
A Texas federal judge handed down final judgment Tuesday to a co-defendant of an ex-SEC lawyer turned fraudster in a civil case involving a penny stock scheme, barring Justin Herman from ever dealing penny stocks again and ordering him to pay over $1 million.
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July 17, 2024
SEC Says Ex-CEO Of Trump-Tied SPAC Hid Merger Talks
The U.S. Securities and Exchange Commission on Wednesday accused the former CEO of Digital World Acquisition Corp. of falsely representing that the special purpose acquisition company had no potential merger targets when he was actually personally discussing a merger with former President Donald Trump's social media company.
Expert Analysis
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Cyber Incident Response Checklist For SEC Compliance
In light of recent guidance from the U.S. Securities and Exchange Commission, which clarified the distinction between two types of cybersecurity incident disclosures, companies should align their materiality assessment, incident response and disclosure control processes to bolster compliance and provide a measure of protection, say attorneys at Troutman Pepper.
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2 Rulings Serve As Conversion Fee Warnings For Banks
A comparison of the different outcomes in Wright v. Capital One in a Virginia federal court, and in Guerrero v. Bank of America in a North Carolina federal court, highlights how banks must be careful in describing how currency exchange fees and charges are determined in their customer agreements, say attorneys at Weiner Brodsky.
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Dueling Calif. Rulings Offer Insight On 401(k) Forfeiture Suits
Two recent decisions from California federal courts regarding novel Employee Retirement Income Security Act claims around 401(k) forfeitures provide early tea leaves for companies that may face similar litigation, offering reasons for both optimism and concern over the future direction of the law, say Ashley Johnson and Jennafer Tryck at Gibson Dunn.
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Opinion
Now More Than Ever, Lawyers Must Exhibit Professionalism
As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.
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How To Survive Shareholder Activism
In an era where shareholder activism is on the rise, companies must identify weaknesses, clearly communicate strategies, update board composition and engage with shareholders consistently in order to avoid disruptive shareholder activism and safeguard the interests of both the company and its shareholders, say J.T. Ho at Orrick and Greg Taxin at Spotlight Advisors.
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'Outsourcing' Ruling, 5 Years On: A Warning, Not A Watershed
A New York federal court’s 2019 ruling in U.S. v. Connolly, holding that the government improperly outsourced an investigation to Deutsche Bank, has not undercut corporate cooperation incentives as feared — but companies should not completely ignore the lessons of the case, say Temidayo Aganga-Williams and Anna Nabutovsky at Selendy Gay.
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Series
Serving In The National Guard Makes Me A Better Lawyer
My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.
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Big Business May Come To Rue The Post-Administrative State
Many have framed the U.S. Supreme Court’s recent decisions overturning Chevron deference and extending the window to challenge regulations as big wins for big business, but sand in the gears of agency rulemaking may be a double-edged sword, creating prolonged uncertainty that impedes businesses’ ability to plan for the future, says Todd Baker at Columbia University.
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Will Texas Stock Exchange Provide Regulatory Haven?
While the newly proposed Texas Stock Exchange may represent a market reaction to increasingly complex regulations, those looking to list on a national securities exchange should consider that their choice of an exchange may not relieve them of some of the most burdensome public company requirements, say Elizabeth McNichol and Ryan Lilley at Katten.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.
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Opinion
Discount Window Reform Needed To Curb Modern Bank Runs
We learned during the spring 2023 failures that bank runs can happen extraordinarily fast in light of modern technology, especially when banks have a greater concentration of large deposits, demonstrating that the antiquated but effective discount window needs to be overhauled before the next crisis, says Cris Cicala at Stinson.
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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A Timeline Of Antisemitism Legislation And What It Means
What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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50 Years Later, ERISA Remains A Work In Progress
A look at the 50 years since the Employee Retirement Income Security Act’s passage shows that while the law safeguards benefits through vesting rules, fiduciary responsibilities and anti-discrimination provisions, the act falls short in three key areas, says Carol Buckmann at Cohen & Buckmann.