Asset Management

  • July 29, 2024

    9th Circ. Axes Limit On DOL Denying Calif. Agencies Grants

    The U.S. Department of Labor can shut California transit agencies out of a federal grant because of a conflict between a state pension law and a federal transit law, with the Ninth Circuit lifting a ban Monday on the agency denying grant applications because of that conflict.

  • July 29, 2024

    Firm Partners Ask Fla. Court To Toss Investor's Derivative Suit

    Two partners in a law firm have asked a Florida court to dismiss a derivative lawsuit brought by an investor claiming that they orchestrated a litigation funding fraud, arguing that the investor has no right to bring the suit without a vote from the other members of the company.

  • July 29, 2024

    4 Takeaways After Courts Block ERISA Advice Regs

    Two Texas federal judges' takedowns of the U.S. Department of Labor's recently expanded definition of a fiduciary under the Employee Retirement Income Security Act has limited the agency's authority to oversee certain kinds of retirement investment advice, attorneys say, including some rollover situations. Here, Law360 looks at four things benefits lawyers have taken away from the decisions.

  • July 29, 2024

    Magistrate Eyes Cuts To Norfolk Southern Investors' Suit

    A New York federal magistrate judge has recommended tossing a portion of a securities suit filed against Norfolk Southern Corp. in the wake of the East Palestine, Ohio, train derailment, reasoning that the retirement funds serving as lead plaintiffs fell short of pleading standards.

  • July 29, 2024

    Ackman's IPO For New Pershing Square Fund Faces Delay

    Hedge-fund giant Bill Ackman is still proceeding with an estimated $2.5 billion to $4 billion initial public offering of his new closed-end investment fund, Pershing Square USA Ltd., though the date of pricing is undetermined, according to the new fund.

  • July 29, 2024

    SEC OKs Award Of More Than $37M To Whistleblower

    The U.S. Securities and Exchange Commission has awarded more than $37 million to an anonymous whistleblower the agency credits for spurring a successful enforcement action despite retaliation from an unidentified employer.

  • July 29, 2024

    Commonwealth Financial Attacks SEC's 'Staggering' $93M Win

    Commonwealth Financial Network has asked the First Circuit to overturn what it called a "staggering" $93 million penalty it was ordered to pay to the U.S. Securities and Exchange Commission, arguing that its alleged failure to disclose conflicts of interest to investor clients was harmless.

  • July 29, 2024

    Kirkland-Led Amulet Closes $1.2B Health-Focused Fund

    Kirkland & Ellis LLP-advised private equity shop Amulet Capital Partners LP on Monday announced that it successfully closed its third healthcare-focused private equity fund with roughly $1.2 billion in tow.

  • July 29, 2024

    Davis Polk Adds Ex-Simpson Thacher Funds Partner In DC

    Davis Polk & Wardwell LLP announced Monday that a former Simpson Thacher & Bartlett LLP funds attorney joined the firm's investment management practice as a partner in Washington, D.C.

  • July 29, 2024

    Mich. AG Drops Remaining Case Against Carhartt Heiress Atty

    Prosecutors will not retry a Michigan attorney they claim stole from his wealthy client, the late Carhartt company heiress Gretchen Valade, and have agreed to toss similar embezzlement charges in a separate case. 

  • July 29, 2024

    Catching Up With Delaware's Chancery Court

    Litigation linked to Elon Musk sparked several filings in Delaware's Court of Chancery last week, including a call for sanctions and hand-wringing about a proposed multibillion-dollar attorney fee. Here, Law360 looks at this and other highlights from last week in Delaware's Chancery Court.

  • July 29, 2024

    White Collar Update: 4 Developments To Watch

    White-collar lawyers are on the lookout for U.S. Department of Justice actions targeting artificial intelligence "snake oil," aggressive pandemic-relief fraud prosecutions, and carrots for corporations and whistleblowers who expose misconduct. Here's a look at some key developments to watch in the second half of 2024.

  • July 29, 2024

    ECJ Nixes Swedish Dividends Tax On Foreign Pension Funds

    Sweden can't collect a withholding tax on dividends distributed by Swedish companies to public pension funds abroad while exempting its own public funds because that is inconsistent with European Union law requiring the free movement of capital, the European Court of Justice said Monday.

  • July 29, 2024

    Remainder Of DOL Fiduciary Regs Blocked In Texas

    A Texas federal judge froze the remainder of a package of regulations from the U.S. Department of Labor expanding the definition of a fiduciary under the Employee Retirement Income Security Act, after a judge blocked most of the policy in an adjacent district the day before.

  • July 29, 2024

    EU's Highest Court Upholds Disclosure Law

    The European Union's highest court on Monday upheld the bloc's law requiring tax advisers to report potentially aggressive cross-border tax arrangements, rejecting a challenge from Belgian tax attorneys who said their country's implementation of the EU's DAC6 law violated European law.

  • July 26, 2024

    Ex-Wells Fargo Director Wins $22M Verdict In ADA Trial

    A North Carolina federal jury Friday determined Wells Fargo must pay a former managing director $22.1 million after he accused the bank of failing to reasonably accommodate him for a paralyzed colon and bladder, and subsequently laid him off to avoid dealing with his disability, according to his attorney.

  • July 26, 2024

    SEC Sues Banker And Ex-Prosecutor Alleging $1.6M Fraud

    A Georgia banker fraudulently bilked approximately $1.6 million from unsuspecting investors for "furs and furniture" and other expenses while a former Florida prosecutor ignored several red flags when holding on to the investments, the U.S. Securities and Exchange Commission told a Georgia federal court.

  • July 26, 2024

    Franklin Says DOJ, SEC Probing Western Asset Management

    Western Asset Management, a global fixed-income manager, is facing parallel investigations from the U.S. Department of Justice and the U.S. Securities and Exchange Commission over some of its past trade allocations, its parent Franklin Resources Inc. said Friday.

  • July 26, 2024

    Matterport Stockholder Sues In Del. For Books On Merger

    A shareholder of 3D-imaging and digitization venture Matterport Inc. has launched a Delaware Court of Chancery lawsuit seeking company documents, citing concerns that the business was selling itself to global real estate analytics company CoStar Group in part to protect insider equity from pending litigation.

  • July 26, 2024

    Kinder Morgan Shorted Early Retirement Benefits, Judge Says

    A pension plan inherited by Kinder Morgan Inc. when it acquired El Paso Corp. was wrongly amended to prevent workers from accumulating early retirement benefits, a Texas federal judge ruled, siding with a class of retirees who claimed the changes violated federal benefits law.

  • July 26, 2024

    Chancery Questions $3.5M Atty Fee For Failed Proxy Battle

    An activist shareholder that launched a failed proxy contest at First Foundation Inc. struggled to convince a Delaware Chancery Court judge Friday that the settlement it reached with the Texas-based bank was worth a $3.5 million attorney fee.

  • July 26, 2024

    Activist Short Seller Accused Of $16M Securities Fraud

    Federal prosecutors in California announced the indictment Friday of the founder of popular trading advice website Citron Research, accusing Andrew Left of exploiting his platform to manipulate stock prices and earn $16 million through securities fraud.

  • July 26, 2024

    Winston Structured Finance Co-Chair Joins Reed Smith

    Reed Smith has added the co-chair of Winston & Strawn's structured finance practice as a New York-based partner in its financial industry group.

  • July 26, 2024

    3 Firms Build Casey's $1.1B Buy Of Fikes Wholesale

    Convenience store chain Casey's General Stores Inc. on Friday announced plans to buy CEFCO Convenience Stores owner Fikes Wholesale Inc. in a $1.145 billion cash deal that was built by three law firms.

  • July 26, 2024

    Alston & Bird Grows With Structured Finance Pro In New York

    Alston & Bird LLP has expanded its finance team in New York, adding a partner with more than 20 years of experience advising on structured finance transactions and mergers and acquisitions.

Expert Analysis

  • Opinion

    Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill

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    After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.

  • Series

    Playing Music Makes Me A Better Lawyer

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    My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.

  • How Attys Can Avoid Pitfalls When Withdrawing From A Case

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    The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • 2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach

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    The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.

  • 2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

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    Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • SEC Amendments May Launch New Execution Disclosure Era

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    The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

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