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Asset Management
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 17, 2024
Justices To Hear Nvidia Case On Securities Pleading Standard
The U.S. Supreme Court on Monday agreed to hear an appeal of a Ninth Circuit ruling that revived investors' claims over chipmaker Nvidia's crypto mining sales, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Ga. CPA Admits To Role In $1.3B Tax Fraud Scheme
After a federal jury convicted two of his co-conspirators in a landmark conservation easement tax shelter trial last year, a Georgia accountant who'd previously denied culpability elected to change course Friday and plead guilty to two felony charges.
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June 14, 2024
SEC Fines Pa. Adviser In Marketing Rule Action
A Pennsylvania investment adviser has agreed to pay $100,000 as part of an agreement to resolve U.S. Securities and Exchange Commission allegations it broke the regulator's rules barring misleading advertising about fund performance.
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June 14, 2024
5th Circ. Says Jury Instructions Deeply 'Flawed' In Tax Suit
A Fifth Circuit panel has found that the jury instructions for a $580,000 tax dispute were "irredeemably flawed," vacating the verdict and handing a loss to a partnership that claimed it had reasonable cause for its tax filing problems due to an employee's mental health issues.
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June 14, 2024
Providers' $12M Suit Against Cigna, Multiplan Trimmed
A California federal judge trimmed a suit against Cigna and Multiplan alleging the companies lowballed reimbursement to a group of substance use disorder treatment providers seeking more than $12 million under health plans they administered, keeping a federal benefits law claim intact but dropping several state law claims.
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June 14, 2024
Australian Biotech Firm Telix Pharmaceuticals Pulls US IPO
Australian biotechnology firm Telix Pharmaceuticals Ltd., whose U.S. shares were set to debut trading on Friday, canceled plans for an estimated $202 million U.S. initial public offering, citing unfavorable market conditions.
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June 14, 2024
4 Big ERISA Decisions From The 1st Half Of 2024
A California federal court allowed a novel type of 401(k) mismanagement suit to advance to discovery, the Ninth Circuit elaborated on the pleading standard for mental health parity claims, and workers beat back an attempt to force their federal benefits suit into arbitration at the Second Circuit. Here, attorneys discuss four consequential ERISA decisions in 2024's first half.
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June 13, 2024
Cooley-Led Diagnostics Firm Tempus AI Raises $411M IPO
Artificial intelligence-powered diagnostics company Tempus AI inc. priced a $410.7 million initial public offering Thursday at the top of its range, represented by Cooley LLP and underwriters counsel Davis Polk & Wardwell LLP.
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June 13, 2024
Prudential Investors Get Final OK On $35M Settlement
A New Jersey federal judge on Thursday granted final approval to a $35 million class action settlement between Prudential Financial Inc. and shareholders who alleged the company hid the risks associated with the purchase of thousands of life insurance policies.
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June 13, 2024
SEC's Gensler Rethinking AI Advising, Crypto Custody Regs
U.S. Securities and Exchange Commission Chair Gary Gensler told senators Thursday that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback from both supporters and naysayers.
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June 13, 2024
Retirement Sponsor Strikes Deal To End 401(k) Fee Suit
A professional employer organization that offered a $1.5 billion 401(k) plan to credit unions reached a deal to end former plan participants' proposed class action accusing it of saddling them with lofty fees, a Thursday filing in Wisconsin federal court said.
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June 13, 2024
Data Center Developer Secures Upsized $9.2B Investment
Hyperscale data center campus company Vantage Data Centers said it has secured a $9.2 billion equity investment from DigitalBridge Group Inc. and Silver Lake, which is nearly $3 billion more than anticipated when the investment was first announced back in January.
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June 13, 2024
Blackstone's $10B AIR Buy Gets Nod From Top 2 Proxy Firms
Denver-based Apartment Income REIT Corp.'s shareholders have recommendations from the two leading proxy advisory firms to approve an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, the company announced June 13.
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June 13, 2024
Deals Rumor Mill: Paramount, Cineworld, Kraken IPO
Media executive Edgar Bronfman Jr. has expressed interest in buying the company that controls Paramount Global, British cinema giant Cineworld may sell certain U.K. operations, and cryptocurrency exchange Kraken is considering a funding round of about $100 million before a potential initial public offering. Here, Law360 breaks down these and other notable deal rumors from the past week.
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June 13, 2024
JP Morgan Closes Debut Life Sciences Fund At Over $500M
J.P. Morgan Private Capital on Thursday announced that it clinched its inaugural life sciences private capital offering with more than $500 million in tow.
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June 12, 2024
Hedge Fund Manager Cops To $3M Fraud Scheme
A New York fund manager on Wednesday admitted to defrauding investors out of at least $3 million through his investment management firm, in a scheme that has been ongoing for the last three years.
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June 12, 2024
Oppenheimer, Cybersecurity Co. Settle $12M SPAC Bill Spat
Oppenheimer & Co. and an Israeli cybersecurity company have reached a settlement to end claims that the company refused to pay $12 million in fees for SPAC merger-related services the investment bank provided, according to a New York federal court filing made Wednesday.
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June 12, 2024
FDIC Head Must Go To Change Status Quo, GOP Reps. Say
House Republicans on Wednesday criticized Federal Deposit Insurance Corp. Chair Martin Gruenberg for not immediately resigning in the wake of a probe of the agency's workplace culture, but some Democrats took issue with the scope of a report on the investigation's findings while applauding his rumored successor.
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June 12, 2024
1st Circ. Finds PREPA Bondholders Have $8.5B In Valid Liens
The First Circuit said Wednesday that bondholders of the Puerto Rico Electric Power Authority have valid liens worth $8.5 billion on the revenue of the utility, reversing a lower court's ruling but leaving it up to the bankruptcy court to determine what effect that has on the restructuring plan.
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June 12, 2024
Judge Won't Trim $18M Shareholder Settlement Coverage Suit
A Pennsylvania federal judge declined to toss certain bad faith allegations against an insurer accused of wrongfully denying coverage for an $18 million settlement between an asset management company and a group of shareholders, adopting a magistrate judge's recommendation that the company sufficiently alleged its claim of bad faith.
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June 12, 2024
SPAC Dealmakers Expect Modest Pickup After Market Bottom
Market professionals expect a slow pickup in deals involving special-purpose acquisition companies starting in the second half of 2024, predicting on Wednesday that a leaner market will emerge following the recent crash and imposition of tighter regulations.
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June 12, 2024
Worker Hits Lumber Co. With 401(k) Fee, Investment Suit
A lumber company violated federal benefits law by choosing expensive, poor-performing funds for its employee retirement plan and saddling participants with lofty fees, according to a new lawsuit filed in Pennsylvania federal court.
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June 12, 2024
SEC Says Texas Crypto Cases Aren't Related To Fraud Suit
The U.S. Securities and Exchange Commission asked a Texas federal judge not to stay its case accusing a crypto asset mining and hosting company of securities fraud, saying in a Wednesday brief that the judge's concerns about other pending cases creating "moving-target precedents" were unfounded.
Expert Analysis
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Pay-To-Play Deal Shows Need For Strong Compliance Policies
The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.
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Bankruptcy Courts Have Contempt Power, Del. Case Reminds
A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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7 Effects Of DOL Retirement Asset Manager Exemption Rule
The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.
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Standardizing Early Case Appraisal In Securities Class Actions
While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.