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Asset Management
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March 11, 2025
Endo Sells International Pharma Biz To Knight For Up To $99M
Pharmaceutical company Endo Inc., led by Davis Polk & Wardwell LLP and Torys LLP, on Tuesday announced plans to sell its international pharmaceuticals business to Davies Ward Phillips & Vineberg LLP-advised Canadian pharmaceutical company Knight Therapeutics Inc. for up to $99 million.
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March 11, 2025
Brookfield Wraps Inaugural Infrastructure Fund At $1B
Private equity giant Brookfield Asset Management on Tuesday revealed that it closed its inaugural middle-market infrastructure fund after securing $1 billion of capital commitments.
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March 10, 2025
Real Estate Cos. Commingled $50M Investor Funds, SEC Says
A Washington, D.C., area man and dozens of companies under his control have agreed to pay a total of $3.3 million to settle U.S. Securities and Exchange Commission allegations they deceived their investors with improper accounting practices that involved commingling $50 million in earmarked money.
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March 10, 2025
Warren Says Defense Nominee Has 'Clear Conflict Of Interest'
Democratic Sen. Elizabeth Warren called out deputy defense secretary nominee Stephen Feinberg on Sunday for a "clear conflict of interest" due to his ties to Ligado Networks, which is suing the federal government for $40 billion, and urged him to agree to recuse himself from any decisions about the company.
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March 10, 2025
Split SEC Pulls Subpoena Authority From Enforcement Head
A divided U.S. Securities and Exchange Commission on Monday withdrew a 15-year-old policy that allowed the director of enforcement to greenlight new investigations and approve the issuance of subpoenas, leaving the decision squarely in the hands of the agency's Republican majority.
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March 10, 2025
Adviser Wants OK Of $15M Award Against Electric Car Co.
A financial advisory firm has asked an Illinois federal judge to enforce a nearly $15 million arbitral award it won against a Dubai-headquartered electric vehicle company, saying the carmaker refused to pay what it owed under a consulting agreement to become publicly listed.
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March 10, 2025
Latham-Led Physical Therapy Startup Hinge Health Files IPO
Artificial intelligence-focused physical therapy startup Hinge Health Inc. on Monday filed plans for an initial public offering, represented by Latham & Watkins LLP and underwriters counsel Davis Polk & Wardwell LLP, joining a growing number of IPO prospects.
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March 10, 2025
2nd Circ. Won't Free Ex-JPMorgan Banker From Industry Ban
The Second Circuit on Monday upheld a lifetime investment advising ban against a former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker convicted of insider trading, saying that the U.S. Securities and Exchange Commission presented substantial evidence demonstrating that the ban was appropriate.
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March 10, 2025
MicroStrategy Seeks To Raise $21B To Buy More Bitcoin
MicroStrategy Inc. on Monday filed plans to raise up to $21 billion from equity sales in order to buy more bitcoin, potentially bolstering its stockpile of the flagship digital currency, represented by Latham & Watkins LLP and placement agents' counsel Davis Polk & Wardwell LLP.
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March 10, 2025
Tribal Casino Says Sovereign Immunity Sinks 401(k) Fee Suit
A tribal hospitality and casino company said it shouldn't face a proposed class action alleging its 401(k) plan was bogged down by exorbitant costs and underperforming investment options, telling a New York federal court it's immune from the case as an arm of the Oneida Indian Nation.
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March 10, 2025
Fintech-Focused SPAC Titan Acquisition Files $240M IPO
Special purpose acquisition company Titan Acquisition Corp. on Monday detailed plans to raise up to $240 million in its initial public offering, with the goal of merging with a company in the finance and tech-enabled services industries.
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March 10, 2025
Comerica Sued Over Interest Earned On Gov't Benefits Cards
Comerica Bank was hit with a proposed class action Friday claiming that the bank is not entitled to keep interest it earns on Social Security and other federal benefits Comerica distributes through government benefits cards.
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March 10, 2025
Ropes & Gray-Led Pamlico Raises $1.75B For 6th Fund
Ropes & Gray LLP-advised, middle-market private equity shop Pamlico Capital announced on Monday that it closed its sixth fund after securing $1.75 billion from investors.
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March 07, 2025
FINRA Says High Court Appeal Shouldn't Stop Broker's Case
The Financial Industry Regulatory Authority told the U.S. Supreme Court on Friday that it would like to move forward with disciplinary proceedings against a broker currently challenging the organization's constitutionality before the high court, arguing that the broker doesn't face the immediate harm of expulsion from the industry while the case is pending.
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March 07, 2025
SEC Reopens Defunct Broker's Decade-Old NYSE Appeal
The U.S. Securities and Exchange Commission has issued a lengthy order reopening disciplinary proceedings against a clearing broker penalized by the New York Stock Exchange more than a decade ago, saying certain short trades may not have been prohibited by a recession-era trading freeze.
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March 07, 2025
Split DC Circuit Says Distillery, Union Didn't Reach Impasse
A divided D.C. Circuit panel greenlighted on Friday enforcement of a National Labor Relations Board decision dinging an Oregon distillery for illegally imposing a final offer without reaching an impasse in contract talks with a Teamsters affiliate, with a dissenting judge saying the union used delay tactics.
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March 07, 2025
Robinhood To Pay $30M To Settle FINRA Supervisory Claims
Two Robinhood units on Friday agreed to pay $29.75 million to settle a sprawling series of supervisory and disclosure failures in a case brought by the Financial Industry Regulatory Authority, including that they failed to establish proper protocols to curb money laundering and give customers accurate disclosures about a particular equities strategy.
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March 07, 2025
Insignia Opens Books To Bain And CC Capital In Buyout Battle
Insignia Financial on Friday said that it agreed to open its books to Bain Capital and CC Capital after the two bidders increased their respective takeover offers to $3.34 billion Australian (US$2.11 billion) amid a bidding war.
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March 07, 2025
Investment Adviser Charged In 2-Year Client Swindle Scheme
Federal prosecutors in Chicago have charged a suburban investment adviser with wire fraud for allegedly stealing thousands of dollars from clients by convincing them to invest in nonexistent business opportunities.
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March 07, 2025
FINRA Fines Baird For Reg BI Violations At Subsidiary
Broker-dealer Robert W. Baird & Co. agreed to pay over $650,000 in combined penalties and restitution to settle Financial Industry Regulatory Authority claims that its subsidiary charged excessive fees and violated Regulation Best Interest by enrolling customers in programs they were already paying for.
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March 06, 2025
Hotel Says 'Wealth Of Detail' Proves Liability For $60M Award
The owner of a luxury Casablanca hotel urged a Delaware federal court on Thursday not to toss its lawsuit looking to hold investors in its former hotel manager liable for a $60 million arbitral award, arguing that its complaint has a "wealth of detail" showing why they should be on the hook.
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March 06, 2025
High Court Urged To Toss $22M SEC Disgorgement Order
An investment advisory firm has asked the U.S. Supreme Court to review a First Circuit ruling that upheld an order for the firm to pay $22 million in disgorgement to the U.S. Securities and Exchange Commission, arguing that courts cannot impose disgorgement when investors have not suffered any financial harm.
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March 06, 2025
FTC Challenges PE Firm's Medical Device Coatings Deal
The Federal Trade Commission moved Thursday to block private equity firm GTCR BC Holdings LLC's planned $627 million acquisition of Surmodics Inc. over concerns about competition for medical device coatings.
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March 06, 2025
Fintech Startup Klarna Ready For $1B IPO, Plus More Rumors
Fintech startup Klarna is readying a $1 billion initial public offering, Apollo Global Management is keen to lead a $35 billion funding package to help Meta build new data centers, and Italian fashion house Prada is near to closing a $1.6 billion deal to acquire luxury clothier Versace from Capri Holdings Ltd.
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March 06, 2025
As FDIC Walks Back Biden-Era Policies, Bank Groups Applaud
The financial services industry has welcomed the Federal Deposit Insurance Corp.'s recent moves withdrawing various rule proposals from the Biden administration, delaying the compliance deadline for another measure and proposing to rescind a policy statement on bank mergers.
Expert Analysis
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Series
Racing Corvettes Makes Me A Better Lawyer
The skills I use when racing Corvettes have enhanced my legal practice in several ways, because driving, like practicing law, requires precision, awareness and a good set of brakes — complete with the wisdom to know how and when to use them, says Kat Mateo at Olshan Frome.
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Opinion
Attorneys Must Act Now To Protect Judicial Independence
Given the Trump administration's recent moves threatening the independence of the judiciary, including efforts to impeach judges who ruled against executive actions, lawyers must protect the rule of law and resist attempts to dilute the judicial branch’s authority, says attorney Bhavleen Sabharwal.
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Rethinking 'No Comment' For Clients Facing Public Crises
“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
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A Closer Look At FDX's New Role As Banking Standard-Setter
Should the new Consumer Financial Protection Bureau let stand the decision empowering Financial Data Exchange as an industry standard-setter, it will be a significant step toward broader financial data-sharing, but its success will depend on industry adoption, regulatory oversight and consumer confidence, say attorneys at Clark Hill.
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Partially Faulting Airline For 401(k) ESG Focus Belies ERISA
A Texas federal court's recent finding that American Airlines breached its fiduciary duty of loyalty, but not of prudence, by letting its 401(k) pursue environmental, social and governance investments, misinterprets the Employee Retirement Income Security Act's standard of care, says Jeff Mamorsky, a Cohen & Buckmann partner and ERISA drafter.
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Fund Names Rule FAQs Leave Some Interpretative Uncertainty
Although recently released FAQs clarify many specific points of the 2023 expansion to the Investment Company Act's fund names rule, important questions remain about how U.S. Securities and Exchange Commission staff will interpret other key terms when the end-of-year compliance date arrives, say attorneys at Dechert.
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How Design Thinking Can Help Lawyers Find Purpose In Work
Lawyers everywhere are feeling overwhelmed amid mass government layoffs, increasing political instability and a justice system stretched to its limits — but a design-thinking framework can help attorneys navigate this uncertainty and find meaning in their work, say law professors at the University of Michigan.
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5 Major Crypto Developments From The Trump Admin So Far
The early weeks of the Trump administration have set the stage for a significant transformation in U.S. digital asset policy by prioritizing regulatory clarity, innovation and a shift away from enforcement-heavy tactics, but many of these changes will require congressional support and progress may be gradual, say attorneys at Ropes & Gray.
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Class Actions At The Circuit Courts: February Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses five federal appellate court class certification decisions and identifies practice tips from cases involving breach of life insurance contracts, constitutional violations of inmates and more.
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Comparing 2 Pending Bills To Regulate Stablecoins
Alexandra Steinberg Barrage at Troutman analyzes the key similarities and differences between two payment stablecoin proposals currently pending in Congress — the STABLE and GENIUS acts — as both chambers are forming a working group to deliver a clear regulatory framework for digital assets and bipartisan agreement appears within reach.
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Series
Competitive Weightlifting Makes Me A Better Lawyer
The parallels between the core principles required for competitive weightlifting and practicing law have helped me to excel in both endeavors, with each holding important lessons about discipline, dedication, drive and failure, says Damien Bielli at VF Law.
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Year Of The Snake Will Shake Up RE And Mortgage Finance
The year ahead may bring profound transformation and opportunities for growth in the real estate and mortgage finance sectors, with significant issues including policy battles and questions surrounding the future of Fannie Mae and Freddie Mac, says Marty Green at Polunsky Beitel.
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How Private Securities Suits Complement SEC Enforcement
U.S. Securities and Exchange Commission enforcement is vital to the healthy functioning of markets, but government enforcement alone is not enough to ensure meaningful monetary recoveries for investor losses due to securities law violations, say attorneys at Bernstein Litowitz.
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Opinion
Inconsistent Injury-In-Fact Rules Hinder Federal Practice
A recent Third Circuit decision, contradicting a previous ruling about whether consumers of contaminated products have suffered an injury in fact, illustrates the deep confusion this U.S. Supreme Court standard creates among federal judges and practitioners, who deserve a simpler method of determining which cases have federal standing, says Eric Dwoskin at Dwoskin Wasdin.
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In-House Counsel Pointers For Preserving Atty-Client Privilege
Several recent rulings illustrate the challenges in-house counsel can face when attempting to preserve attorney-client privilege, but a few best practices can help safeguard communications and effectively assert the privilege in an increasingly scrutinized corporate environment, says Daniel Garrie at Law & Forensics.