Asset Management

  • September 04, 2024

    SEC Fines NJ Financial Cos. For Whistleblowing Violations

    New Jersey-based brokerage Nationwide Planning Associates Inc. and two affiliated investment advisers have agreed to collectively pay $240,000 to settle allegations that they prevented their clients from acting as whistleblowers, the U.S. Securities and Exchange Commission announced Wednesday.

  • September 04, 2024

    Atty Tied To Ponzi Scheme Can't Discharge CFTC Debt

    A Colorado federal judge on Wednesday denied an attorney's request to have his debt to the Commodity Futures Trading Commission discharged after he and others were found liable for $10 million for their roles in a Ponzi scheme.

  • September 04, 2024

    Produce Co. With Bankrupt Parent Settles $1M Payment Suit

    A Michigan federal judge has dismissed a $1.3 million payment dispute between Canadian produce distributors and the U.S. arm of a vegetable wholesaler, after the parties reached a deal to resolve the litigation.

  • September 04, 2024

    Apollo Defends $570M Controller Deal In Chancery Suit

    An attorney for Apollo Global Management Inc. pushed back Wednesday in Delaware's Court of Chancery on stockholder claims that former company chairman and former CEO Leon Black and two others dominated the business in the runup to a $570 million payout to the three insiders in 2021.

  • September 04, 2024

    Solana Labs Denied Arbitration In Token Crypto Fraud Suit

    A California federal judge has denied a motion to compel arbitration in a suit alleging Solana Labs Inc. and its key investors promoted and sold Solana cryptocurrency tokens as unregistered securities, saying that Solana failed to prove that the lead plaintiff agreed to the terms of service that included an arbitration clause, among other things.

  • September 04, 2024

    SEC Fines Investor Over $7.5M In Undisclosed Affiliate Fees

    The U.S. Securities and Exchange Commission has fined Florida-based investor Digital Bridge for failing to properly disclose about $7.5 million worth of payments to affiliates for services provided to a group of funds the firm manages.

  • September 04, 2024

    Brazilian Oil Bribery Case Jury Warned Of 'Liar' Witness

    Attorneys for a Connecticut trader accused of bribing Brazilian oil officials urged a jury on Wednesday not to trust an alleged co-conspirator scheduled to testify for the government, calling that man a "skilled and adept liar" who would "substantially assist" prosecutors in possible return for a favorable family immigration decision.

  • September 04, 2024

    J&J Hit With $1B Damages In Del. Merger Milestone Fight

    Johnson & Johnson owes more than $1 billion to a medical robotics developer and entrepreneur caught up in a multibillion-dollar post-acquisition dispute, a Delaware vice chancellor ruled Wednesday.

  • September 03, 2024

    8th Circ. Again Scraps Class Cert. For TD Ameritrade Clients

    The Eighth Circuit reversed Tuesday a lower court's ruling certifying a class of TD Ameritrade clients for the second time in a lawsuit alleging the stockbroker routed orders to trading venues that didn't always provide the best execution, rejecting the named plaintiff's new class-wide damages theory based on commissions.

  • September 03, 2024

    Feds Abandon $12M Somali Fraud Case Against Atty

    The U.S. government has dropped its Maryland federal court case against a lawyer who was set for trial this year on charges of misappropriating over $12 million in Somali state assets, citing "pre-trial evidentiary rulings."

  • September 03, 2024

    2nd Circ. Backs Toss Of Ericsson Investors' ISIS Bribes Suit

    The Second Circuit on Tuesday upheld a New York federal judge's decision to toss an investor class action against telecom giant Ericsson and several members of its top brass over claims that they hid knowledge of possible bribes to the Islamic State from U.S. investors and committed other violations of federal securities laws.

  • September 03, 2024

    Alphabet Beats Investor Suit Over Antitrust Issues, For Now

    A California federal judge on Tuesday tossed a proposed securities fraud class action against Google and its parent company Alphabet Inc., saying investors failed to adequately allege that Google intended to deceive them when responding to a congressional query on concerns of anti-competitive ad tech practices.

  • September 03, 2024

    PE Firm Investors Say False SEC Filings Caused Big Losses

    Private equity firm Migom Global Corp., its subsidiary bank and its CEO have been named in a proposed securities class action alleging they inflated financial statements filed with the U.S. Securities and Exchange Commission to conceal their diversion of tens of millions of dollars in customer deposits to personal ventures.

  • September 03, 2024

    SEC Fines Adviser That Lost Clients' Crypto In FTX Collapse

    An investment adviser that lost client funds in the collapse of FTX found itself on the receiving end of a U.S. Securities and Exchange Commission enforcement action on Tuesday, with Galois Capital Management LLC settling allegations that it failed to find a proper custodian for those crypto assets.

  • September 03, 2024

    5th Circ. Hesitant To Call Tornado Cash 'Entity'

    A Fifth Circuit panel prodded the U.S. Department of the Treasury's argument that Tornado Cash counts as a corporation-like organization, telling the agency that its reasoning for calling the sanctioned crypto mixer an entity was "slippery" during oral arguments Tuesday.

  • September 03, 2024

    Pharma Co., State Street Hit With Pension Annuity Suit

    Bristol-Myers Squibb retirees hit the pharmaceutical giant and its investment adviser, State Street, with a class action Tuesday in New York, alleging they breached their fiduciary duty to pensioners by converting pension benefits into annuity insurance contracts using a provider that wasn't the safest available.

  • September 03, 2024

    Trustee, Trader Culled From Jury In $1M Brazilian Bribery Trial

    A bankruptcy trustee and a commodities trader were among the potential jurors weeded out Tuesday ahead of Wednesday's opening statements in the criminal trial of a Connecticut oil trader accused of bribing officials with Brazil's state-owned oil giant Petróleo Brasileiro SA and its U.S. subsidiaries.

  • September 03, 2024

    Adviser Lied About Wall Street Skyscraper Digs, SEC Says

    A purported $10 million private fund investment adviser faces U.S. Securities and Exchange Commission allegations that it lied about being a public company with an office on Manhattan's Wall Street as part of a filing in which it claimed registration exemption.

  • September 03, 2024

    Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY

    Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.

  • September 03, 2024

    Catching Up With Delaware's Chancery Court

    Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.

  • September 03, 2024

    Paul Weiss Adds Ex-Fried Frank Atty To Lead Fund Finance

    Paul Weiss Rifkind Wharton & Garrison LLP has added an asset management specialist previously with Fried Frank Harris Shriver & Jacobson LLP as head of its fund finance group, the firm announced Tuesday.

  • September 03, 2024

    Semnur Pharmaceuticals To Go Public Via $2.5B SPAC Merger

    Paul Hastings LLP-advised Semnur Pharmaceuticals Inc. on Tuesday unveiled plans to go public via a merger with Winston & Strawn LLP-led blank check company Denali Capital Acquisition Corp. in a deal that gives the pharmaceutical company a pre-transaction equity value of $2.5 billion.

  • August 30, 2024

    5th Circ. Rejects SEC Whistleblower Award Calculation Appeal

    The Fifth Circuit on Friday rejected petitions by two whistleblowers who allege that the U.S. Securities and Exchange Commission shortchanged them after they helped to uncover purportedly the largest fraud in Texas history, by a company that was driven into bankruptcy.

  • August 30, 2024

    3 Atty Takeaways On What's Ahead As ERISA Turns 50

    As the Employee Retirement Income Security Act turns 50 years old this Labor Day, attorneys reflecting on five decades of development of the federal employee benefits law see a complex path ahead for both litigation and policy. Here are three key takeaways from top attorneys on what’s next for ERISA on its golden anniversary.

  • August 30, 2024

    FINRA Dings Raymond James $2M Over Customer Complaints

    Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.

Expert Analysis

  • Roundup

    After Chevron

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    In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    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.

  • Proposed Customer ID Rule Could Cost Investment Advisers

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    A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.

  • What 2 Rulings On Standing Mean For DEI Litigation

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    Recent federal court decisions in the Fearless Fund and Hello Alice cases shed new light on the ongoing wave of challenges to diversity, equity and inclusion initiatives, with opposite conclusions on whether the plaintiffs had standing to sue, say attorneys at Moore & Van Allen.

  • 4 Important Events In Bank Regulation: A Midyear Review

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    The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.

  • Series

    Skiing And Surfing Make Me A Better Lawyer

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    The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.

  • Advisers Can Avoid Gaps In SEC Marketing Rule Compliance

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    A recent risk alert from the U.S. Securities and Exchange Commission and the enforcement history of the marketing rule indicate that advisers have encountered persistent difficulties in achieving compliance — but there are steps advisers can take to mitigate risks of violations, say Scott Moss and Jimmy Kang at Lowenstein Sandler.

  • Unpacking The Circuit Split Over A Federal Atty Fee Rule

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    Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.

  • Banks As Crypto Custodians May Rest On SEC Bulletin's Fate

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    Banks' willingness to accept custody of cryptocurrency assets, like the exchange-traded funds approved by the U.S. Securities and Exchange Commission this spring, may hinge on whether a 2022 SEC accounting bulletin directing banks to track customers' digital assets on their balance sheets can survive Congress' attempts to strike it down, says Roger Chari at Duane Morris.

  • After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1

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    The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.

  • A Framework For Investigating Commercial Loan Fraud

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    As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.

  • Recruitment Trends In Emerging Law Firm Frontiers

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    BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.

  • Series

    Glassblowing Makes Me A Better Lawyer

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    I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.

  • What DOL Fiduciary Rule Means For Private Fund Managers

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    Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.

  • What 11th Circ. Fearless Fund Ruling Means For DEI In Courts

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    The Eleventh Circuit's recent backing of a freeze on the Fearless Fund's grants to women of color building new companies marks the latest major development in litigation related to diversity, equity and inclusion and may be used to question other DEI programs targeted at providing opportunities to certain classes of individuals, say attorneys at Simpson Thacher.

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