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Asset Management
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May 20, 2024
Fried Frank, K&L Gates Lead $950M Sale Of Transportation Biz
Transportation and distribution services provider Saltchuk Resources Inc., advised by K&L Gates LLP, on Monday announced plans to acquire energy transportation services provider Overseas Shipholding Group Inc., led by Fried Frank Harris Shriver & Jacobson LLP, in a take-private transaction valued at $950 million.
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May 20, 2024
Co-Head Of Deadlocked $5B Wealth Firm Asks To Dissolve
A New York investment advisory firm managing $5 billion for elite clients including a minority owner of the St. Louis Cardinals is heading for trial in Delaware's Court of Chancery after one of its controlling members asked for a judicial dissolution, saying the company was deadlocked.
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May 20, 2024
6th Circ. Orders Sanctioned Prison Co. To Pay NLRB Atty Fees
The Sixth Circuit said a Federal Bureau of Prisons contractor has to pay the U.S. National Labor Relations Board's attorney fees from arguing the contractor should be held in contempt in a dispute over two fired union supporters, with one judge dissenting in part over 0.4 billable hour.
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May 20, 2024
Simpson Thacher Leads Blackstone In $705M Biltmore Sale
Blackstone said Monday it has closed the sale of the Arizona Biltmore in Phoenix to private equity real estate firm Henderson Park for $705 million, confirming January reports that the transaction was under contract and revealing Simpson Thacher & Bartlett LLP and Jones Day as counsel behind the deal.
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May 17, 2024
Feds Say Duo Ran $73M 'Pig Butchering' Laundering Scheme
Two Chinese citizens have been arrested on charges of being kingpins in a money laundering operation that processed more than $73 million of funds that were stolen in so-called pig butchering cryptocurrency schemes.
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May 17, 2024
Judge Doubts 9th Circ. Ruling Upends VC's Fraud Conviction
A California federal judge appeared skeptical Friday of convicted self-described "millennial" venture capitalist Michael Rothenberg's renewed request for a new trial or acquittal in light of a recent Ninth Circuit decision clarifying "materiality" in the federal criminal fraud statutes, doubting that Rothenberg was prejudiced by jury instructions addressing materiality.
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May 17, 2024
Kirkland-Led Hotpot Chain Sizzles In US Listing Debut
Shares of Super Hi International Holdings Ltd. rallied in debut trading Friday after the Singaporean hotpot restaurateur priced a $53 million U.S. initial public offering, represented by Kirkland & Ellis LLP and underwriters' counsel Paul Hastings LLP, marking the latest of several cross-border listings in the U.S. pipeline.
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May 17, 2024
Kohl's Directors' Aversion To Sale Was Self-Serving, Suit Says
A Kohl's shareholder has hit the retailer's brass with a derivative suit alleging they covered up the results of a disastrous shift in business strategy and takeover offers, all in a bid to protect their own positions.
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May 17, 2024
Koch-Tied Group Says Transparency Law Offends Federalism
The Corporate Transparency Act is unconstitutional because it does not regulate interstate commerce yet mandates that state-registered entities disclose personal information, a conservative group affiliated with the billionaire Koch brothers told the Eleventh Circuit on Friday.
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May 17, 2024
Cantor, Lutnick Strike Deal With Window SPAC Investors
Shareholders of a special purpose acquisition company that took a now-bankrupt smart window manufacturer public have reached a tentative agreement to settle their proposed Delaware Chancery Court class action against Cantor Fitzgerald LP and its billionaire chair and CEO Howard Lutnick.
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May 17, 2024
Winston & Strawn Leads Asia-Focused SPAC $100M IPO
Shares of RF Acquisition II, a special-purpose acquisition company targeting the technology sector in Asia, began trading publicly on Friday following the company's $100 million initial public offering.
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May 17, 2024
TD Bank Says Ex-Advisers Enticed $25M To Raymond James
TD Bank NA and its subsidiary TD Private Client Wealth LLC are accusing two former employees of "brazenly" breaking nonsolicitation agreements by moving to Raymond James Financial Services Inc. and enticing $25 million in client assets to come with them.
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May 17, 2024
Blackstone Leads $7.5B Financing For AI-Focused CoreWeave
Artificial intelligence-focused infrastructure provider CoreWeave said Friday it had secured an agreement for a $7.5 billion debt financing facility provided by Blackstone with strategic participation from hedge fund Magnetar Capital, the co-lead investor, and tech investor Coatue.
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May 16, 2024
Convicted Insurance Mogul Says He'll Trim Empire
Convicted insurance mogul Greg Lindberg told the North Carolina Supreme Court he's relinquishing control of portions of his enterprise to fulfill a deal to restructure them with independent oversight, according to court filings.
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May 16, 2024
Carhartt Heiress's Atty Stole Millions, Jury Told
A jury trial kicked off Thursday in a case against a Michigan lawyer accused of embezzling millions of dollars from trusts belonging to the granddaughter of Carhartt Inc.'s founder, with one of her financial managers testifying that the attorney made loans to himself without permission.
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May 16, 2024
3rd Circ. Revives Wesco Retirees' ERISA Fee Case
The Third Circuit reinstated a proposed class action Thursday accusing Wesco Distribution Inc. of letting its employee retirement plan pay exorbitant administrative fees, ruling a trial court's "partly valid" criticisms of the suit weren't enough to warrant dismissal.
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May 16, 2024
Deals Rumor Mill: Shein IPO, Kraft Heinz, Cinven-Jaggaer
Online fashion giant Shein is shifting IPO plans from the U.S. to London amid resistance from U.S. lawmakers and Chinese regulators, Kraft Heinz wants to sell its Oscar Mayer business, and private equity firm Cinven hopes to divest software firm Jaggaer for $3 billion. Here, Law360 breaks down these and other notable deal rumors from the past week.
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May 16, 2024
IQVIA To Pay $3.5M To Resolve Ex-Workers' 401(k) Suit
Healthcare technology company IQVIA agreed to pay $3.5 million to end a 9,000-member class action accusing it of choosing investments that consistently underperformed and had excessive risk and expense for its $1.13 billion 401(k) plan, a filing in North Carolina federal court said.
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May 16, 2024
DOL Unveils Long-Delayed Abandoned Retirement Plan Rules
After being sidelined for more than a decade, a plan for expanding U.S. Department of Labor rules for terminating retirement plans abandoned by employers are moving forward again, the agency reported Thursday, along with a long-delayed role in the process for bankruptcy trustees.
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May 16, 2024
SEC Adopts Rules For Uncovering, Reporting Data Breaches
The U.S. Securities and Exchange Commission announced the adoption of cybersecurity rules Thursday that will require investment advisers and broker-dealers to put procedures in place for detecting data breaches and for notifying customers when their personal information may have been compromised.
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May 16, 2024
No Relief For Struggling SPACs Under Buyback Tax Proposal
Special-purpose acquisition companies won't get sought-after relief from a new 1% tax on stock buybacks under a recent Treasury Department proposal that otherwise provides helpful clarity on the tax's implications for the subdued SPAC market, lawyers say.
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May 16, 2024
Ex-Execs Accuse Truist Of Hijacking Control Of Mortgage Unit
Three former executives who spearheaded the real estate finance arm of Truist Financial Corp. before they left for a competitor are countersuing the bank for allegedly usurping control of the business, saying Truist then tried forcing them out to skirt paying severance.
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May 16, 2024
C3.ai Shareholder Sues In Del., Citing Baker Hughes Pact
A shareholder of artificial intelligence-driven software developer C3.ai Inc. filed a derivative suit in Delaware's Court of Chancery late Wednesday, alleging breaches of fiduciary duty and unjust enrichment related to the California company's strategic partnership with Baker Hughes Co.
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May 16, 2024
Top Linklaters Attys See PE Rebound In Run-Up To Elections
After a subtle uptick in private equity deal values in the first quarter, the global chair of Linklaters LLP's corporate department in New York, George Casey, and one of its top PE dealmakers in London, Alex Woodward, believe the pace of transactions is picking up and the market is primed for a comeback.
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May 16, 2024
US Must Produce Emails Between IRS Managers, Docs Leaker
The government must produce emails between Internal Revenue Service managers and a former contractor who leaked thousands of wealthy people's tax returns, a Florida federal judge has ordered, saying the materials are relevant to a billionaire's case accusing the agency of responsibility for the leak.
Expert Analysis
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Del. Ruling Guides On Advance Notice Bylaw Amendments
The Delaware Chancery's Court's recent denial of investment fund Paragon Technologies' injunction motion against Ocean Power Technologies underscores the importance of carefully crafting and enforcing corporate advance notice bylaw amendments, especially in light of universal proxy rules, say attorneys at Venable.
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Series
Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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Justice O'Connor Was Architect of ERISA's Lasting Success
U.S. Supreme Court Justice Sandra Day O'Connor laid the foundations of Employee Retirement Income Security Act jurisprudence, defining a default standard of review, preemption rules and the act's interplay with employment law, through opinions that are still instructive as ERISA approaches its 50th anniversary, says José Jara at Fox Rothschild.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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Opinion
Conflicts Abound When Activist Short-Sellers Publish Reports
The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Bank-Fintech Partnerships Can Thrive Despite A Tough 2023
Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q4
As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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Corporate Transparency Act Takeaways For Banking Industry
As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.