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Private Equity
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October 07, 2024
3 Firms Advise $1B Blue Owl Buy Of Data Center Firm IPI
Asset manager Blue Owl Capital said Monday that it will pay $1 billion to acquire digital infrastructure fund manager IPI Partners, in a deal advised by Gibson Dunn & Crutcher LLP, Morrison Foerster LLP and Kirkland & Ellis LLP.
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October 07, 2024
Kirkland, Ropes Build $2B Take-Private Of Calif. Wine Maker
Los Angeles-based private equity shop Butterfly Equity, led by Kirkland & Ellis LLP, on Monday announced plans to buy and take private Ropes & Gray LLP-advised North American luxury wine maker The Duckhorn Portfolio in an all-cash deal that values the company at roughly $1.95 billion.
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October 07, 2024
3 Firms Guide Apollo, Barnes Group On $3.6B Take-Private
Barnes Group said Monday that funds managed by Apollo Global Management will acquire the aerospace parts maker in a deal valued at $3.6 billion, with Wachtell Lipton Rosen & Katz advising Barnes and Latham & Watkins LLP and Paul Weiss Rifkind Wharton & Garrison LLP guiding Apollo.
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October 04, 2024
Top 5 Supreme Court Cases To Watch This Fall
The U.S. Supreme Court will hear several cases in its October 2024 term that could further refine the new administrative law landscape, establish constitutional rights to gender-affirming care for transgender minors and affect how the federal government regulates water, air and weapons. Here, Law360 looks at five of the most important cases on the Supreme Court's docket so far.
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October 04, 2024
Milbank LLP Lands Departing SEC Enforcement Chief Grewal
Departing U.S. Securities and Exchange Commission enforcement director Gurbir Grewal will land at Milbank LLP in New York after he leaves the agency later this month, joining the law firm's litigation and arbitration group, according to a person familiar with the matter.
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October 04, 2024
Chancery OKs Settlement, $3.5M Fee In PE Squeeze Suit
Pointing to a derivative suit settlement that "effectively unwinds the harm" from deeply conflicted private equity financings extended to a struggling trampoline park chain during the COVID-19 pandemic, a Delaware vice chancellor on Friday approved both the deal and a $3.5 million fee for plaintiff attorneys.
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October 04, 2024
Antitrust Groups Ask 9th Circ. To Revive Price-Fixing Suit
Three antitrust advocacy groups asked the Ninth Circuit to resuscitate a proposed class action accusing several hotel operators and two software companies in Nevada federal court of engaging in a price-fixing scheme involving algorithmic software.
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October 04, 2024
Trump Media SPAC Dropped From $20M Insider-Trading Suit
A Florida federal judge dismissed a special purpose acquisition company from a shareholder complaint alleging a board member and investor made nearly $20 million from insider trading following news of a merger with Donald Trump's social media website, saying the SPAC isn't a necessary party to the lawsuit.
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October 04, 2024
MLB's Storied History Runs Through The Bankruptcy Court
With the value of professional sports teams skyrocketing over the last decade, it's hard to imagine a Major League Baseball club having to file for bankruptcy. But it's happened at least five times since 1970 for a variety of reasons, and the teams that have taken advantage of the bankruptcy courts have charted much different paths post-insolvency.
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October 04, 2024
Pool Equipment-Maker Sinks Shareholder Suit, For Now
A New Jersey federal judge Wednesday dismissed a proposed investor class action against pool supply company Hayward Holdings Inc. over claims that the company concealed it was struggling with ballooning inventory and lowered demand, saying the investors do not sufficiently explain why the alleged misstatements cited in the complaint are actionable.
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October 04, 2024
Chinese Courier, GOP-Focused Bank Ink IPOs Totaling $107M
Chinese courier service BingEx Ltd. and online bank Chain Bridge Bancorp Inc. began trading Friday after pricing initial public offerings that raised a combined $107 million, guided primarily by four firms, and extending a busy autumn for IPOs.
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October 04, 2024
SPAC Scraps $238M Merger Plan With Debt Servicer
Special purpose acquisition company Everest Consolidator Acquisition Corp. has canceled its merger plans with consumer debt service Unifund Financial Technologies, saying there were breaches in the merger agreement that made closing impossible.
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October 04, 2024
Private Equity Firm Says Insurer Must Pay $2.8M Hack Claim
A private equity firm said its insurer must cover over $2.83 million the firm said it lost as a result of a hacking event, telling a Nebraska federal court that its policy covers loss resulting from theft or from breach of duty by directors and officers.
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October 04, 2024
Massumi & Consoli Adds Ex-Morgan Lewis Attorney In DC
An attorney with more than two decades of experience representing clients in transactions in the healthcare industry moved her practice this week to Massumi & Consoli's Washington, D.C., office after more than 13 years with Morgan Lewis & Bockius LLP.
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October 04, 2024
Iger-Owned NWSL Club Fined $200K For Salary Cap Violations
The National Women's Soccer League has imposed three penalties on Los Angeles-based Angel City FC, including a $200,000 fine, after the football club was found to have violated multiple league rules relating to salary caps.
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October 04, 2024
Taxation With Representation: Gibson Dunn, Weil, Simpson
In this week's Taxation with Representation, DirectTV buys EchoStar's video business for $10 billion, Marsh McLennan inks a $7.75 billion deal for McGriff Insurance, and PepsiCo closes a $1.2 billion deal to purchase Siete Foods.
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October 04, 2024
Inside The Top 5 PE Funds Of 2024's Third Quarter
The top five private equity funds to close in 2024's third quarter show a steady increase in fundraising as conditions across the broader PE and mergers and acquisitions market continue to improve. Here, Law360 counts down the top five largest private equity funds that closed in Q3.
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October 03, 2024
Kohl's Beats Investor Class Action Over Activist Bid, For Now
A Wisconsin federal judge has dismissed an investor class action alleging that Kohl's attributed positive financial results to executives' strategic planning instead of unrelated, pandemic-related factors in an attempt to defeat an activist at a board meeting, finding that the investors have failed to plead any actionable false or misleading statements.
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October 03, 2024
Trump Media's COO Resigns As Stock Is Released To Investor
The parent of Donald Trump's social media platform had a busy Thursday, announcing that its chief operating officer has resigned and separately disclosing that it released nearly 800,000 shares to a backer of the vehicle that took Trump's entity public in connection with a court order.
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October 03, 2024
Ex-Hedge Fund Star Won't Get Additional $14.4M
A former D.E. Shaw & Co. managing director isn't owed an additional $14.4 million in deferred compensation after winning a $52 million award for defamation from a Financial Industry Regulatory Authority arbitration panel, a New York appeals court affirmed Thursday.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
OpenAI Hits $157B 'Post-Money' Valuation After $6.6B Funding
Artificial intelligence firm OpenAI announced it has raised $6.6 billion through a private funding round that values the ChatGPT developer at $157 billion, showing strong investor appetite for AI startups amid an otherwise sober fundraising environment.
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October 03, 2024
Global M&A Hits Highest Q3 Dollar Volume Since 2021
The total value of global mergers and acquisitions in the third quarter of 2024 notched its highest level since the same period in 2021, and it was also the strongest quarter so far this year, according to data provided by Dealogic.
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October 03, 2024
CVS Pushed To Unwind Aetna Megadeal, And Other Rumors
CVS is exploring strategic options that could break up the business, Kleenex's owner explores a sale at a potential $4 billion value, and Ares is in talks to buy 10% of the Miami Dolphins’ parent. Here, Law360 breaks down these and other notable deal rumors from the past week.
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October 03, 2024
King & Spalding RE Pro Rejoins Barnes & Thornburg In Dallas
Barnes & Thornburg LLP announced that a former partner has rejoined the firm's real estate department from King & Spalding LLP, adding that the returning attorney's practice centers on commercial real estate and real estate finance.
Expert Analysis
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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5 Steps To Navigating State Laws On Healthcare Transactions
As more states pass legislation requiring healthcare-transaction notice, private equity investors and other deal parties should evaluate the new laws and consider ways to mitigate their effects, say Carol Loepere and Nicole Aiken-Shaban at Reed Smith.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Next Steps After 5th Circ. Nixes Private Fund Adviser Rules
The Fifth Circuit's recent toss of key U.S. Securities and Exchange Commission rules regarding private fund advisers represents a setback for the regulator, but open questions, including the possibility of an SEC petition to the U.S. Supreme Court, mean it's still too early to consider the matter closed, say attorneys at Debevoise.
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Inside Antitrust Agencies' Rollup And Serial Acquisition Moves
The recent request for public comments on serial acquisitions and rollup strategies from the Federal Trade Commission and U.S. Justice Department mark the antitrust agencies' continued focus on actions that fall below premerger reporting thresholds, say attorneys at Paul Weiss.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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Reps And Warranties Insurance Considerations As M&A Slows
The first six months of the year have seen increasingly favorable rates and policy terms for the representations and warranties insurance market, and policy purchasers are right to pay close attention to pricing, coverage, exclusions, structures and claims as the M&A market cools, say attorneys at Cooley.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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How M&A Attorneys Can Best Serve Self-Funded Searchers
Post-pandemic, and with the so-called great wealth transfer on the horizon, individuals looking for small and midsize businesses to acquire are increasingly going the self-funded route, so deal attorneys must understand the major pain points and unique needs of this demographic, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Key Takeaways From 2024 Accountants' Liability Conference
At the recent annual Accountants' Liability Conference, regulators provided important commentary on new Public Company Accounting Oversight Board rulemaking and standard-setting initiatives, and emphasized regulatory priorities ranging from the tone at the top to alternative practice structures, say attorneys at Arnold & Porter.
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Series
Fishing Makes Me A Better Lawyer
Atop the list of ways fishing makes me a better lawyer is the relief it offers from the chronic stress of a demanding caseload, but it has also improved my listening skills and patience, and has served as an exceptional setting for building earnest relationships, says Steven DeGeorge at Robinson Bradshaw.