Asset Management

  • May 07, 2024

    NYC Eatery Asks 2nd Circ. To Undo Revival Of Workers' Suit

    A New York City restaurant operator urged the Second Circuit Tuesday to reject a lower court finding that its workers' federal wage claims may be cut from their class action but can also be reinstated if the appeals court were to vacate their state wage claims, insisting the decision is unfair.

  • May 07, 2024

    Everton Investors Bemoan Soccer Team Sale Amid Fraud Suit

    The Everton FC Shareholders Association wants to slam the brakes on the "farce" sale of its Premier League soccer team to private equity firm 777 Partners LLC, arguing they are not qualified owners, a demand that comes as the firm faces allegations of fraud.

  • May 07, 2024

    Ex-Tugboat CEO Can't Reinstate $75M Defamation Verdict

    A Washington state appeals panel won't let the former CEO of boating company Harley Marine Services Inc. reinstate a $75 million defamation verdict against his former business partners, finding that the comments that formed the basis for the verdict are covered under the state's "absolute" litigation privilege.

  • May 07, 2024

    6th Circ. Considers Rebooting Crypto Reporting Challenge

    Sixth Circuit judges seemed unsure of whether a group of cryptocurrency users can challenge a pending mandate to report large crypto transactions, as the judges grappled Tuesday with whether the plaintiffs have shown they are harmed by the forthcoming rule and whether the challenge is premature.   

  • May 07, 2024

    DOL Official Says Expect Pension De-Risking Report Soon

    The U.S. Department of Labor's employee benefits chief said Tuesday the agency expects to submit a report to Congress shortly on so-called pension risk transfers, which involve the exchange of defined benefit pension plan liabilities for annuity insurance contracts.

  • May 07, 2024

    Fenwick-Led Cloud Security Co. Raises $1B At $12B Valuation

    New York-headquartered cloud security company Wiz, advised by Fenwick & West LLP, announced on Tuesday that it hit a $12 billion valuation after securing $1 billion in its latest fundraising round.

  • May 06, 2024

    Coinbase Operates As Unregistered Broker, Investors Say

    Coinbase and its CEO have been hit with a proposed class action in California federal court alleging the crypto exchange "has been a part of a shadowy crypto ecosystem operating just outside of the law since formed over 10 years ago."

  • May 06, 2024

    2nd Circ. Hints At Reviving Suit Against 'Insider' Hedge Fund

    The Second Circuit on Monday appeared ready to revive a derivative lawsuit against a hedge fund alleged to have profited from its status as a corporate insider of 1-800-Flowers, with a majority of the court casting doubt on the fund's argument that a recent U.S. Supreme Court decision defeats the case on standing.

  • May 06, 2024

    Unclaimed Property Class Action Against Pa. Treasurer Axed

    A Pennsylvania federal judge has tossed a potential class action challenging the constitutionality of the state's unclaimed property law, finding that the state treasurer doesn't have to pay interest on property that was otherwise abandoned.

  • May 06, 2024

    Amazon Loses Bid To Ship Patent Case From EDTX To Wash.

    An Eastern District of Texas judge has denied Amazon's motion to transfer a two-factor authentication patent suit against it to the Western District of Washington, ruling that the e-commerce giant didn't show that its home base was clearly a more convenient location.

  • May 06, 2024

    FCC Only Commits To Normal Review Of Soros-Audacy Deal

    The FCC has informed two Republican lawmakers worried about Soros Fund Management's acquisition of an ownership interest in radio station owner Audacy that it will conduct a regular license review, but stopped short of promising the foreign ownership review that the legislators want due to their concerns about the fund's "deeply partisan" billionaire owner.

  • May 06, 2024

    Bridgewater Fights To Keep Bias Claims Under Wraps

    Connecticut asset management firm Bridgewater Associates LP fought Friday to keep dispute with two terminated employees over alleged discrimination in arbitration, saying the Federal Arbitration Act bans its ex-workers from using state court procedures contrary to private dispute resolution agreements, and from airing grievances in public.

  • May 06, 2024

    Mass General Eyes Retirement Plan Fee Suit Settlement

    The Mass General healthcare system in Boston and a proposed class of its workers are in the process of negotiating an agreement to resolve the employees' claims that they were charged excessive administrative fees for their retirement plan, the parties told a Massachusetts federal court.

  • May 06, 2024

    SEC's Grewal Says Self-Reporting Best Bet For No Penalties

    Self-reporting is the most important factor that U.S. Securities and Exchange Commission enforcement staff weigh in determining cooperation credit and whether a firm should face a penalty, SEC Enforcement Director Gurbir Grewal said in an interview with Law360.

  • May 06, 2024

    Intel Faces Investor Suit Over Post-Restructuring Losses

    Intel Corp. has been hit with a proposed class action alleging that the tech giant misled investors about the success of a new internal business model only to see one segment of the company report $7 billion in operating losses earlier this year, sending stock prices lower.

  • May 06, 2024

    Salesforce Inks 11th Hour ERISA Deal With Up To 50K Workers

    Salesforce has inked an eleventh-hour settlement with a certified class of up to 50,000 employees alleging the company violated ERISA by allowing its 401(k) plan to be filled with expensive and poorly performing investment options, preempting a bench trial scheduled for Monday, a court clerk told Law360.

  • May 06, 2024

    Catching Up With Delaware's Chancery Court

    A record $100 million settlement, a fishy Facebook decision, a canceled Amazon delivery and an upended $7.3 billion sale dispute topped the news out of Delaware's Court of Chancery last week. There were also new cases involving Hess, Microsoft and the 2022 World Cup.

  • May 06, 2024

    Titan Of The Plaintiffs Bar: McKool Smith's Courtney Statfeld

    Courtney Statfeld's dad always tells her, "they never see you coming." The McKool Smith principal is one of few female litigators practicing in the male-dominated field of complex financial products, and she has made a conscious decision over the years to be herself — and to let her work speak for itself.

  • May 06, 2024

    Hedge Fund Asks Legal Tech Co. To Stop Share Issuance

    The activist hedge fund that publicly criticized Dye & Durham Ltd. in an April note penned a new letter on Monday, calling a previously announced share issuance from the legal technology company a "defensive tactic to entrench the board" and a "serious capital allocation mistake."

  • May 06, 2024

    Auto Parts Co. Strikes Deal To End Suit Over $1.6B 401(k) Plan

    Auto parts supplier Magna International agreed to settle a class action covering about 20,000 workers who claimed to have lost millions in retirement savings because the company failed to cut underperforming and costly investments from their $1.6 billion retirement plan.

  • May 03, 2024

    Cruise Contractors Aim To End $2.8M Union Fund Debt Row

    Two cruise ship contractors and a union pension fund told a Louisiana federal judge Friday that they're winding down their dispute over the contractors' $2.8 million debt to the fund, asking him to toss the case but let them reopen it if they can't settle the last outstanding issue.

  • May 03, 2024

    Gannett Can't Dodge Tax Firm's Defamation Case

    Gannett Co. can't escape a defamation case accusing it of writing misleading articles saying Ryan LLC, a tax services and technology firm, engaged in shady business practices, a Texas appeals court ruled, finding the media giant isn't shielded from the claims by the Lone Star State's anti-SLAPP law.

  • May 03, 2024

    NY Judge Urged To Detain Chinese Tycoon Who Owes $500M

    A trio of Chinese investors have urged a New York federal judge to prevent a Chinese cinema magnate from being deported, saying he will otherwise skip town without paying more than $500 million in arbitral awards and nearly $164,000 in attorney fees.

  • May 03, 2024

    Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told

    Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.

  • May 03, 2024

    Chancery OKs Extra Digging Into Trump Media Share Dispute

    The sponsor of a special-purpose acquisition company that took Donald Trump's social media venture public earlier this year won Delaware Court of Chancery approval Friday to briefly dig deeper into disputed share-exchange terms for the deal, with more than $58 million on the line.

Expert Analysis

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • How Advance Notice Bylaws Are Faring In Del. Courts

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    Recent decisions make it clear that the Delaware Chancery Court is carefully reviewing public companies' amended advance notice bylaws in order to balance the competing interests of boards and shareholders, and will likely strike down bylaws that improperly interfere with stockholder franchises, say attorneys at Olshan Frome.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Regulatory Trends Offer 4 Lessons For Debt Relief Providers

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    A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • How Broker-Dealers Can Prepare For New Remote Work Rules

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    Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

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