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Asset Management
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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.
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July 17, 2024
Off-Channel Comms Top Concern For Compliance Pros
Investment advisers' compliance officers have listed electronic communications surveillance as their hottest topic, beating out concerns about the U.S. Securities and Exchange Commission's marketing rule, according to a new survey of compliance professionals representing nearly 600 investment advisers.
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July 17, 2024
SEC Awards $37 Million To Whistleblower
The U.S. Securities and Exchange Commission on Wednesday announced a $37 million award to a whistleblower who provided information that the commission did not previously know, which contributed to a successful enforcement action.
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July 17, 2024
1st Circ. Affirms SEC's $32M Win Against Investment Adviser
The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy.
Expert Analysis
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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.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Dapper Settlement Offers Rules Of The Road For NFT Issuers
The terms of a $4 million settlement in a class action alleging that Dapper Labs sold its NBA Top Shot Moments as unregistered securities may be a model for third parties that wish to avoid securities liability in connection with offering digital asset non-fungible token collectibles, say attorneys at K&L Gates.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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First-Of-Its-Kind Chancery Ruling Will Aid SPAC Defendants
The Delaware Chancery Court's first full dismissal of claims challenging a special purpose acquisition company transaction under the entire fairness doctrine in the recent Hennessy Capital Acquisition Stockholder Litigation establishes useful precedent to abate the flood of SPAC litigation, say Lisa Bugni and Benjamin Lee at King & Spalding.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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2nd Circ. ERISA Ruling May Help Fight Unfair Arb. Clauses
The Second Circuit recently held that a plaintiff seeking planwide relief under the Employee Retirement Income Security Act cannot be compelled to individual arbitration, a decision that opens the door to new applications of the effective vindication doctrine to defeat onerous and one-sided arbitration clauses, say Raphael Janove and Liana Vitale at Janove.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.