Asset Management

  • May 07, 2024

    Apple's $490M Investor Deal Needs 'A Little Bit More Work'

    A California federal judge refused Tuesday to preliminarily approve Apple's $490 million deal to end investors' class action alleging they were misled about iPhone sales in China, saying that while key terms are "satisfactory," the plan needs "a little bit more work," like fixing a "convoluted" notice to investors.

  • May 07, 2024

    Astec Inks $13.7M Investor Deal Over Wood Pellet Plant Woes

    An investor in manufacturer Astec Industries Inc. has asked a Tennessee federal judge for an initial green light on a $13.7 million deal to end claims the company misrepresented business prospects for its wood pellet plants.

  • May 07, 2024

    Canopy Growth Expands In US With Wana, Jetty Buys

    Canadian cannabis company Canopy Growth announced Tuesday that its U.S. division has exercised options to acquire two American companies as part of its goal to establish a domestic "brand-focused powerhouse" — acquisitions for which Canopy spent nearly $370 million.

  • May 07, 2024

    FINRA Fines Broker M1 Over Short Sale Identification Errors

    Financial services provider M1 Finance has agreed to pay $400,000 to the Financial Industry Regulatory Authority to settle claims that it failed to correctly identify 12 million short sales, inaccurately marking those orders as "long."

  • 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.

Expert Analysis

  • Private Capital Considerations Amid Market Revival

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    As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.

  • Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law

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    A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.

  • Intent-Based Theory Of Liability In Hwang Creates Ambiguity

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    A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.

  • Opinion

    Requiring Leave To File Amicus Briefs Is A Bad Idea

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    A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.

  • 4 Ways To Motivate Junior Attorneys To Bring Their Best

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    As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.

  • A Look At Recent Challenges To SEC's Settlement 'Gag Rule'

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    Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.

  • Flexibility Is Key In Hybrid Capital Investment Strategies

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    Flexible or hybrid capital funds have become a solution for some owners adverse to private debt or requiring short-term capital support not otherwise available in the market, but the complexity and possible range of structures available means that principals need to consider how they may work in different scenarios and outcomes, says Daniel Mathias at Cohen Gresser.

  • How American Airlines ESG Case Could Alter ERISA Liability

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    Spence v. American Airlines, a Texas federal case over the airline's selection of multiple investment funds in its retirement plan, threatens to upend the Employee Retirement Income Security Act's legal framework for fiduciary liability in the name of curtailing environmental, social and governance-related activities, say attorneys at Mayer Brown.

  • Tipsters May Be Key To Financial Regulators' ESG Efforts

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    The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.

  • Series

    Serving As A Sheriff's Deputy Made Me A Better Lawyer

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    Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.

  • Former Minn. Chief Justice Instructs On Writing Better Briefs

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    Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.

  • 2nd Circ. Adviser Liability Ruling May Shape SEC Enforcement

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    The Second Circuit’s recent decision in U.S. Securities and Exchange Commission v. Rashid, applying basic negligence principles to reverse a finding of investment adviser liability, provides a road map for future fraud enforcement proceedings, says Elisha Kobre at Bradley Arant.

  • Stay Interviews Are Key To Retaining Legal Talent

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    Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.

  • New Concerns, Same Tune At This Year's SIFMA Conference

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    At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.

  • 8 Tips As GCs Prep For New SEC Climate Disclosure Rules

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    The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.

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