Asset Management

  • March 27, 2024

    Smith Gambrell Sued For Keeping $4.6M In Real Estate Row

    Several business entities involved in the failed purchase of a Brooklyn development property contend that Smith Gambrell & Russell LLP is unlawfully refusing to release more than $4.6 million that the firm is holding in escrow, according to a complaint filed in New York state court.

  • March 27, 2024

    House Subpoenas PBGC Over $127M Teamsters Overpayment

    A House committee subpoenaed the Pension Benefit Guaranty Corp. as part of its probe into a $127 million overpayment to Teamsters pensioners who had already died, distributed as part of a multibillion-dollar bailout of multiemployer funds Congress approved during the pandemic.

  • March 27, 2024

    Kirkland-Led Percheron Closes Sophomore Fund At $1.55B

    Kirkland & Ellis LLP-advised Percheron Capital on Wednesday announced that it clinched its sophomore fund after securing $1.55 billion in capital commitments, which will be used to invest in essential services businesses across North America.

  • March 27, 2024

    Dykema-Led CPS Energy Buying Texas Gas Assets For $785M

    Dykema Gossett PLLC-advised CPS Energy has agreed to buy a Texas power generation portfolio from Talen Energy Corp. for $785 million, the companies said Wednesday.

  • March 27, 2024

    Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'

    Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.

  • March 26, 2024

    Stifel Units To Pay FINRA $2.3M Over ETF Supervision Claims

    Broker-dealer Stifel Nicolaus & Co. Inc. and an affiliated firm have agreed to pay $2.3 million in fines and restitution to settle the Financial Industry Regulatory Authority's allegations that they failed to properly supervise certain nontraditional exchange-traded funds, causing losses for clients, including seniors.

  • March 26, 2024

    Judge To Let McDermott Investors Seek 2-Subclass Cert.

    A Texas federal judge has declined to certify a proposed class of investors in energy industry engineering company McDermott International Inc., siding with a magistrate judge who recommended dismissing the class certification bid so the investors could refile and seek certification for two investor subclasses.

  • March 26, 2024

    Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY

    An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.

  • March 26, 2024

    Trailblazing SEC Commissioner Roberta Karmel Dies At 86

    Roberta Karmel, a well-regarded legal scholar who pushed back against early-career sexism to become the U.S. Securities and Exchange Commission's first female commissioner, died over the weekend at the age of 86, according to the law school where she taught for decades.

  • March 26, 2024

    FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed

    Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.

  • March 26, 2024

    Alcoa Retirees Score Partial Win In Life Insurance Fight

    Alcoa USA Corp. violated its collectively bargained obligations when it unilaterally cut off company-provided life insurance benefits, but was within its rights to pay retirees to waive their claims to benefits, an Indiana federal judge ruled.

  • March 26, 2024

    Terraform Backer Tells Jury His Firm Lost Big On $36M Stake

    A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.

  • March 26, 2024

    Turf Co. Secures Dismissal Of Funds' Contributions Row

    Benefits funds affiliated with the International Union of Painters and Allied Trades can't move ahead with their claims that a turf installer didn't pay contributions, a California federal judge ruled, saying the funds didn't include the calculation for payment in their allegations.

  • March 26, 2024

    Jurisdiction Snafu Sinks US Bank Exec's Second Firing Suit

    A former U.S. Bank managing director has lost a second lawsuit challenging his firing, after a Colorado federal judge on Tuesday ruled that the executive is precluded from bringing a wrongful termination claim after a procedural misstep in the first case.

  • March 26, 2024

    SEC To Settle Fraud Suit With CEO Of North Carolina CBD Co.

    The U.S. Securities and Exchange Commission and the North Carolina CBD company CEO it accused of self-dealing and defrauding investors in a fund he ran has asked a federal judge to pause the government's case, telling the court they have reached a settlement.

  • March 26, 2024

    Late Navy Lt.'s Dad Says Northrop Lied About Aircraft Safety

    The father of a U.S. Navy lieutenant who died during an aviation training mission alleges Northrop Grumman Corp. lied to the Navy about the safety of its advanced Hawkeye aircraft despite receiving hazard reports on engine failures dating back to 2015.

  • March 26, 2024

    6 Firms Build $340M SPAC Merger For AI-Driven Medicine Biz

    Precision medicine company OmnigenicsAI Corp. on Tuesday announced it and artificial intelligence-enabled preventative medicine company MultiplAI Health Ltd., which it recently agreed to acquire, will go public through a merger with blank-check company APx Acquisition Corp. I in a deal built by six firms, valuing the two businesses at a combined $340 million.

  • March 26, 2024

    REIT Exec Tells 2nd Circ. To Toss $3.2M Judgment

    The co-founder of a real estate investment trust told the Second Circuit to toss the $3.2 million judgment awarded in a former partner's 2014 suit, arguing that related jury instructions were "too confusing and prejudicial."

  • March 26, 2024

    Arista Networks Founder To Pay SEC $1M Insider Trading Fine

    The billionaire founder of technology company Arista Networks Inc. will pay a nearly $1 million fine to settle the U.S. Securities and Exchange Commission's allegations that he engaged in insider trading regarding an impending acquisition, the agency announced Tuesday.

  • March 25, 2024

    SEC Says Cannabis Investment Fund Was $500K Scheme

    The U.S. Securities and Exchange Commission has filed suit in Arizona federal court against a would-be venture capitalist, accusing him of fraudulently raising more than $500,000 from two investors for the cannabis startup where he worked.

  • March 25, 2024

    Truth Social To Start Trading With Performance Tied To Trump

    Shares of former President Donald Trump's nascent social media platform Truth Social are set to begin trading Tuesday, setting up a potentially volatile ride for an unprofitable company with scant revenue.

  • March 25, 2024

    Investment Firm Slips Plan Members' Self-Dealing 401(k) Suit

    A New York federal judge on Monday threw out a lawsuit retirement plan participants lodged against investment firm AllianceBernstein accusing it of steering retirees' savings into its own poorly performing investments, saying there's no evidence the company was benefiting from these alleged actions.

  • March 25, 2024

    Solar Co. Downplayed Exposed Wire Issue, Investors Claim

    Energy company Shoals Technologies Group Inc. has been hit with a proposed class action alleging it downplayed the cost of repairing exposed wires for customers and that investors were blindsided when the company finally revealed it would need to spend at least $60 million to fix the issue.

  • March 25, 2024

    Texas Hotel REIT Says Blackwells Wants Illegal Proxy Contest

    A Texas hotel real estate investment trust asked a Texas federal court Sunday to stop a shareholder vote "from being infected with deception and misinformation," saying a New York-based hedge fund wants to run an illegal proxy contest to take control of the company's board of directors while hiding plans to buy it.

  • March 25, 2024

    Truist Says Plastic Co. Trying To Dodge $20M Default

    Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.

Expert Analysis

  • Justice O'Connor Was Architect of ERISA's Lasting Success

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    U.S. Supreme Court Justice Sandra Day O'Connor laid the foundations of Employee Retirement Income Security Act jurisprudence, defining a default standard of review, preemption rules and the act's interplay with employment law, through opinions that are still instructive as ERISA approaches its 50th anniversary, says José Jara at Fox Rothschild.

  • ESG Concerns Can No Longer Be Ignored In 2024

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    While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.

  • Opinion

    Conflicts Abound When Activist Short-Sellers Publish Reports

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    The self-serving relationship between activist short-sellers and plaintiff-side litigators is conflict-ridden and hinders the fact finder's impartiality when a short report forms the basis for lead plaintiffs' allegations, say Nessim Mezrahi and Stephen Sigrist at SAR.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Bank-Fintech Partnerships Can Thrive Despite A Tough 2023

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    Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.

  • 5 Securities Litigation Issues To Watch In 2024

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    There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.

  • Series

    ESG Around The World: South Africa

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    While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q4

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    As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Corporate Transparency Act Takeaways For Banking Industry

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    As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Compliance Risk After SEC Warning Against 'AI Washing'

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    The U.S. Securities and Exchange Commission has begun looking into the way public companies disclose how they use artificial intelligence to investors and it is likely to become an enforcement priority, meaning companies and their compliance programs should take steps now to avoid regulatory sanctions and shareholder lawsuits, say attorneys at Bracewell.

  • Series

    Texas Banking Brief: All The Notable Legal Updates In Q4

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    Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.

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