Asset Management

  • December 19, 2024

    Judge Says Investing Firm Owes Marketer $330K, Not $10M

    Following a four-day bench trial, a Colorado federal judge has ruled a marketing company is entitled to $331,000 in damages from an investment advisory firm that shorted it on commission for consulting services, but rejected the $10 million liability the marketer asserted in the nearly decade-old litigation.

  • December 19, 2024

    3rd Circ. Says Loan Shark, Robbery Not Enough For Asylum

    The Third Circuit ruled against a Brazilian family seeking asylum following threats from a loan shark and a home invasion, saying that their status as crime victims and debtors does not constitute a particular social group eligible for asylum.

  • December 19, 2024

    Medical Device Investors Get Final OK On $15M Deal

    A North Carolina federal judge has given final approval to a $15.25 million settlement that will resolve a suit claiming Bioventus Inc. misled investors about its internal controls and financial health and its readiness to implement new Medicare regulations, leading to inflated stock prices, along with $5 million in attorney fees.

  • December 19, 2024

    X Workers Say Entire Severance Suit Should Survive

    Former X employees urged a Delaware federal court to set aside portions of a magistrate judge's recommendation that the court partially toss their unpaid severance benefits lawsuit, saying the judge incorrectly found that a merger agreement stripped them of standing.

  • December 18, 2024

    Pharma Trial Consultant To Pay SEC $3M Over Insider Trading

    An oncologist and clinical professor at the University of California, Irvine agreed to pay the U.S. Securities and Exchange Commission $3 million to resolve allegations he purchased shares in a Massachusetts biotech company based on insider information regarding a clinical trial he was overseeing, the SEC announced Wednesday.

  • December 18, 2024

    Split 9th Circ. Backs 46-Month Prison Term For Stock Pumper

    A divided Ninth Circuit on Wednesday affirmed a 46-month sentence for a Canadian man convicted of securities fraud in a pump-and-dump scheme involving a cannabis and gaming company, rejecting his argument that the lower court erred by calculating "intended loss" to enhance his sentence, since circuit precedent recognizes both actual and intended losses.

  • December 18, 2024

    Charles Schwab Says Ex-Employee Stole Client Info

    Charles Schwab has filed a suit in Texas federal court accusing a former employee of misappropriating confidential trade secrets and client information to solicit business once he joined a competitor.

  • December 18, 2024

    FDIC Moves Closer To Suing Ex-Brass Of Silicon Valley Bank

    Federal Deposit Insurance Corp. leaders have given a green light for the agency to potentially sue former top brass of Silicon Valley Bank for alleged mismanagement of the bank that led to its collapse last year.

  • December 18, 2024

    Cryptocurrency Firm Exec Gets 4 Years For $4.5M Theft

    A former cryptocurrency research firm executive was sentenced to four years in prison by a Hartford, Connecticut, judge after previously pleading guilty to embezzling nearly $5 million from the firm for his personal use.

  • December 18, 2024

    Insignia Financial Rejects $1.7B Buyout Bid From Bain

    Australia's Insignia Financial said Wednesday it has rejected a nonbinding Bain Capital buyout bid valued at roughly $1.7 billion, stating it does not "adequately represent fair value" for its shareholders. 

  • December 17, 2024

    Broker, AML Chief Settle SEC Suspicious Activity Claims

    Broker-dealer SogoTrade Inc. and its former anti-money laundering compliance officer on Tuesday agreed to pay fines, and other terms, to settle U.S. Securities and Exchange Commission charges that they repeatedly failed to investigate suspicious customer activity or file related reports.

  • December 17, 2024

    SEC, CFTC Members Eye Crypto Coordination Under Trump

    Republican commissioners at the federal securities and futures regulators told crypto industry participants on Tuesday that they will urge their agencies to collaborate more closely on providing regulatory relief and clarity in the new year as they wait for lawmakers to get long-awaited crypto legislation across the finish line.

  • December 17, 2024

    Hunton Adds Ex-Flagstar Atty To NYC Office

    Hunton Andrews Kurth LLP announced on Tuesday it has hired ex-Flagstar Bank senior vice president and associate general counsel Ian W. Sterling for its New York City office as a special counsel who specializes in structured finance and securitization.

  • December 17, 2024

    4 Recent Policy Developments Benefits Attys Should Know

    A trio of federal agencies finalized new disclosure requirements for how health plans cover mental health treatments, states took steps to regulate pharmacy benefit managers, the U.S. Department of Labor's investment advice regulations failed in court, and Congress passed legislation to make compliance with the Affordable Care Act easier. Here, Law360 looks back at four policy-related developments in the employee benefits field from the latter half of 2024.

  • December 17, 2024

    Northwest Bancshares Buys Peer Penns Woods In $270M Deal

    Dinsmore & Shohl LLP-advised Northwest Bancshares Inc. has agreed to purchase Stevens & Lee PC-led Penns Woods Bancorp Inc. in an all-stock deal valued at roughly $270.4 million, the organizations said Tuesday.

  • December 17, 2024

    Fenwick-Led AI Startup Databricks Nets $10B In Private Round

    Venture-backed Databricks Inc. said Tuesday it raised $10 billion through a private funding that valued the artificial intelligence startup at $62 billion, represented by Fenwick & West LLP, marking the latest sign of investor enthusiasm for AI technology.

  • December 16, 2024

    BNY Scores Exit In Mutual Fund Conflict Of Interest Suit

    A Pennsylvania federal magistrate judge on Monday granted The Bank of New York Mellon's bid to toss a proposed class action claiming that it failed to disclose conflicts of interest when funneling client assets into mutual funds and other investment vehicles that favored the bank, ruling that the claims are preempted by the Securities Litigation Uniform Standards Act.

  • December 16, 2024

    Split SEC Will Require Certain Filings Be Made Electronically

    A split U.S. Securities and Exchange Commission on Monday adopted rule amendments that require certain filings be made electronically, with Chair Gary Gensler saying the changes will streamline the commission's filing process.

  • December 16, 2024

    'Plans Do Matter,' Tempur Sealy Says In Final Merger Hearing

    Tempur Sealy made its final push Monday in support of its $4 billion planned Mattress Firm purchase, telling a judge during closing arguments that the Federal Trade Commission hadn't shown that the company planned to deviate from its intent for Mattress Firm to remain autonomous. 

  • December 16, 2024

    AME Church Inks $20M Deal In Retirement Fraud Suit

    The African Methodist Episcopal Church has agreed to pay $20 million to resolve a suit claiming it failed to step in when an employee embezzled $90 million from its retirement plan, according to a Tennessee federal court filing seeking an initial green light on the deal.

  • December 16, 2024

    SEC Wants Out Of PE Firm's 'Fishing Expedition' Suit

    The U.S. Securities and Exchange Commission has asked a Texas federal judge to toss a suit brought by a real estate-focused private equity fund alleging the SEC subjected it to an unconstitutional "fishing expedition" outside its regulatory purview, arguing that sovereign immunity bars the firm's claims and that the court has no jurisdiction over the case.

  • December 16, 2024

    Investment Pro Denies $600M 'Cherry-Picking' Fraud Charges

    A California investment executive on Monday denied cheating a group of his firm's clients by assigning them poorer-performing trades, pleading not guilty before a Manhattan federal judge to what prosecutors call a $600 million criminal "cherry-picking" fraud.

  • December 16, 2024

    High Court Bar's Future: Latham's Roman Martinez

    Roman Martinez of Latham & Watkins LLP approaches oral arguments before the U.S. Supreme Court as if they were just another dinner with family or friends — people he's argued with since he was a kid.

  • December 13, 2024

    Medical Device Co. Brass Hid SPAC's True Value, Suit Says

    The executives and directors of a healthcare holding company have been hit with a shareholder derivative suit in Colorado federal court alleging the company hid the financial and regulatory risks it faced to inflate its value after merging with a blank check company.

  • December 13, 2024

    Advocacy Group Has Change Of Heart On SEC Reg Challenge

    An investor advocacy organization that sued the U.S. Securities and Exchange Commission over its recently adopted "tick size" rule has said it will let others take the reins of the lawsuit because it is worried that the incoming administration will not propose the stronger stock market regulations it wants.

Expert Analysis

  • How Cos. Can Build A Strong In-House Pro Bono Program

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    During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says Mary Benton at Alston & Bird.

  • Series

    Home Canning Makes Me A Better Lawyer

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    Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the Federal Circuit, says attorney Kevin McNish.

  • How Project 2025 Could Upend Federal ESG Policies

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    If implemented, Project 2025, the Heritage Foundation's policy playbook for a Republican presidential administration, would likely seek to deploy antitrust law to target ESG initiatives, limit pension fund managers' focus to pecuniary factors and spell doom for the U.S. Securities and Exchange Commission's climate rule, say attorneys at Mintz.

  • Opinion

    FDIC's Foray Into Index Fund Rules Risks Regulatory Chaos

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    A proposed Federal Deposit Insurance Corp. rule concerning control over passive index fund investments in banks is outside the agency's remit, clashes with an existing Federal Reserve process and would inhibit competition in the index fund sector, says J.W. Verret at George Mason University.

  • Use The Right Kind Of Feedback To Help Gen Z Attorneys

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    Generation Z associates bring unique perspectives and expectations to the workplace, so it’s imperative that supervising attorneys adapt their feedback approach in order to help young lawyers learn and grow — which is good for law firms, too, says Rachael Bosch at Fringe Professional Development.

  • Opinion

    Congress Can And Must Enact A Supreme Court Ethics Code

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    As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.

  • What To Make Of Dueling Corporate Transparency Act Rulings

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    Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.

  • Series

    The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan

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    Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.

  • To Report Or Not To Report Others' Export Control Violations

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    A recent Bureau of Industry and Security enforcement policy change grants cooperation credit to those that report violations of the Export Administration Regulations committed by others, but the benefits of doing so must be weighed against significant drawbacks, including the costs of preparing and submitting a report, says Megan Lew at Cravath.

  • What FDIC Expansion Of Change In Bank Control Could Mean

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    A recent Federal Deposit Insurance Corp. proposal pertaining to the Change in Bank Control Act has the potential to create uncertainty around investments by mutual fund complexes in banking organizations, which represent a stable source of capital for the banking industry, say attorneys at Sullivan & Cromwell.

  • State Of The States' AI Legal Ethics Landscape

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    Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.

  • How BIS' Rule Seeks To Encourage More Voluntary Disclosure

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    Updated incentives, penalties and enforcement resources in the Bureau of Industry and Security's recently published final rule revising the Export Administration Regulations should help companies decide how to implement export control compliance programs and whether to disclose possible violations, say attorneys at Freshfields.

  • Making Sure Your Co. Isn't In The Next Section 13(f) Sweep

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    Enforcement actions taken against 11 institutional investment managers for alleged failures to file forms required by Section 13(f) of the Securities Exchange Act serve as a reminder that firms should carefully monitor their obligations to avoid becoming the target of the next enforcement sweep, say attorneys at Ropes & Gray.

  • 8 Childhood Lessons That Can Help You Be A Better Attorney

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    A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.

  • Opinion

    This Election, We Need To Talk About Court Process

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    In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.

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