Asset Management

  • February 20, 2024

    Bankrupt Co. Stole $100M In Special Needs Trusts, Suit Says

    The parents of a disabled child claim the founders and financial entities behind a now-bankrupt corporate trustee orchestrated a decadelong predatory scheme to misappropriate more than $100 million of special needs trust assets, according to a proposed class action filed Monday in Florida federal court.

  • February 20, 2024

    Epstein's Attorney, Accountant Accused Of Aiding Trafficking

    Two survivors of sexual predator Jeffrey Epstein claim his longtime lawyer and accountant played essential parts in the disgraced financier's sex trafficking enterprise by creating a complex financial infrastructure to keep the money flowing, according to a proposed class action filed in New York federal court.

  • February 20, 2024

    Wells Fargo Says SEC Has Closed Hiring Practices Probe

    Wells Fargo said Tuesday that the U.S. Securities and Exchange Commission has closed an investigation into the bank's hiring practices, following allegations that some bank managers conducted sham interviews to meet a diversity quota, while Barclays PLC has said it no longer faces an investigation into its anti-money laundering compliance.

  • February 20, 2024

    Justices Won't Hear JPMorgan Syndicated Loan Dispute

    The U.S. Supreme Court decided on Tuesdsay that it will not hear a dispute accusing JPMorgan Chase and other banks of failing to warn noteholders about the risks of lending money to a soon-to-be bankrupt company, keeping the case's dismissal intact after the Second Circuit ruled that the syndicated loan at the center of the case was not subject to securities laws.

  • February 20, 2024

    SocGen's $35M Yen-Libor Rigging Suit Deal Gets 1st OK

    A New York federal judge Tuesday granted preliminary approval of a $35 million settlement to resolve a yearslong dispute involving a class of Societe Generale investors who accused the French financial services provider of being involved in a conspiracy to rig the London interbank offered rate for the Japanese yen.

  • February 20, 2024

    Bank's Ex-Employees Must Face Trade Secrets Suit

    A Texas federal judge refused on Tuesday to toss the bulk of trade secret claims against a group of former employees of a company that eventually became Centennial Bank, but he did agree to trim some claims.

  • February 20, 2024

    FinCEN Details Owner Data Access Rules For Small Banks

    The U.S. Treasury Department's Financial Crimes Enforcement Network on Tuesday released a compliance guide for small financial firms on accessing and safeguarding company ownership information that their customers are required to report under recently implemented rules.

  • February 20, 2024

    DOL Says Fringe Benefits Cos., Execs Mismanaged Funds

    The U.S. Department of Labor accused two fringe benefits administration companies and their executives of mismanaging funds destined for government contractor employees' benefits, telling a Maryland federal court Tuesday that more than $4 million in withdrawals remains missing.

  • February 20, 2024

    Chancery Trounces New Jersey Attys' Bid To Bar Doc Reviews

    A Delaware vice chancellor has pointedly rejected what he called New Jersey discovery rule "exceptionalism" in a dispute over absolute protection claims for documents sought in a suit accusing advisers of siphoning millions from a family-controlled trust briefly chartered in Delaware.

  • February 20, 2024

    DOJ Could See The Bright Side Of $35.3B Capital One Deal

    Despite the sticker shock of Capital One's $35.3 billion deal to acquire Discover Financial Services, experts believe it will ultimately be approved by the U.S. Department of Justice, which for years has placed its antitrust microscope over the larger players in the credit card space. 

  • February 20, 2024

    Cedars-Sinai Can't Escape Ex-Worker's Retirement Fee Suit

    A California federal judge refused to toss a proposed class action against Cedars-Sinai Medical Center alleging mismanagement of an employee retirement plan, finding an ex-worker sufficiently backed up claims the California hospital system should have done more to lower fees and offer better investment choices to retirees.

  • February 20, 2024

    New Yorker Writer Pans Subpoena Over Adams' Ties To Pastor

    A writer for The New Yorker said that being forced to testify about an indicted Brooklyn pastor's ties to Mayor Eric Adams would step on journalistic privilege, arguing that Manhattan federal prosecutors could instead rely on other sources.

  • February 20, 2024

    AI Computing Co. Clinches $102M In VC-Led Funding

    Artificial intelligence-based computing company Recogni has closed its Series C funding round after raising $102 million from investors, with the funds going toward driving system development for AI inference solutions that improve both performance and power efficiency, the company announced Tuesday. 

  • February 20, 2024

    Fox Rothschild AI Chief Talks 'Terrifying' Deepfakes, Biased AI

    Mark McCreary, the chief artificial intelligence and information security officer at Fox Rothschild, leads his firm's internal AI strategy and provides counsel to other law firms trying to bushwhack their path through the often murky AI legal landscape, rife with hallucinated case law citations and disturbingly real deepfakes.

  • February 20, 2024

    Full 5th Circ. To Hear Appeal Of Nasdaq Board Diversity Rule

    The Fifth Circuit agreed Tuesday to rehear en banc a lawsuit challenging a Nasdaq board diversity rule that the U.S. Securities and Exchange Commission had approved, granting conservative groups that brought the lawsuit another shot at overturning a rule that requires Nasdaq-listed companies to disclose board diversity data.

  • February 20, 2024

    Truist Selling Insurance Brokerage At $15.5B Value

    Truist Financial Corp. said Tuesday it has agreed to sell its remaining stake in subsidiary Truist Insurance Holdings to an investor group led by private equity firms Stone Point Capital and Clayton Dubilier & Rice, in an all-cash transaction that gives the insurance brokerage an enterprise value of $15.5 billion.

  • February 20, 2024

    Justices Won't Touch UBH Mental Health Coverage Case

    The U.S. Supreme Court declined Tuesday to hear United Behavioral Health's challenge to a Tenth Circuit decision that found the company violated federal benefits law by refusing to cover a teenage girl's inpatient mental health treatment claims.

  • February 16, 2024

    Old Rules Face New Risks As Justices Hear Truck Stop's Case

    A North Dakota truck stop's long-haul quest to save on bank card fees reaches the U.S. Supreme Court on Tuesday in a case that could hand businesses a double-edged sword with which to hack away at even decades-old regulations.

  • February 16, 2024

    'No Respect': 2nd Circ. Judge Chides Dissatisfied Arb. Users

    A Chinese cinema magnate's argument that he was inadequately notified of an arbitration that led to a $457 million penalty had a Second Circuit judge invoking the 1972 classic film "The Godfather" on Friday, as he criticized parties who only come to court to complain after the fact.

  • February 16, 2024

    Feds Charge Ex-Commodities Trader With $3.7M Scheme

    A former commodities trader has been charged with misappropriating $3.7 million from would-be investors using misrepresentations that he later repeated to undercover agents, New Jersey federal prosecutors said Friday.

  • February 16, 2024

    JPMorgan Faces $350M Fine Over Trade Reporting Gaps

    JPMorgan Chase & Co. revealed in a U.S. Securities and Exchange Commission filing Friday that it expects to pay $350 million in civil penalties to settle claims it failed to enter certain trading data into market surveillance systems.

  • February 16, 2024

    Leon Black Accuser Agrees To Drop Assault Claims

    A woman who accused former Apollo Global Management CEO Leon Black of sexually assaulting her during the late Jeffrey Epstein's decadeslong sex trafficking scheme has agreed to drop her claims against the billionaire, although other claims against Epstein's trust co-executors are still pending, according to court documents filed Thursday.

  • February 16, 2024

    CFPB Broadens Supervisory Appeals Process

    The Consumer Financial Protection Bureau on Friday updated its process for financial institutions that appeal supervisory findings, issuing a new procedural rule that expands the types of matters that can be appealed and the options for resolving appeals.

  • February 16, 2024

    NYCB Brass Face Investor Suit Over Signature Bank Takeover

    Executives and directors of New York Community Bank were named in a new shareholder derivative suit, adding to the growing list of litigation the bank and its leaders are facing over the fallout from its acquisition of Signature Bank's assets last year.

  • February 16, 2024

    Ex-Yellow Corp. Workers Push WARN Class Cert In Ch. 11

    Former employees of trucking firm Yellow Corp. told a Delaware bankruptcy court that recognizing them as a class is the best way to handle their claim that the bankrupt company didn't give them adequate warning of layoffs.

Expert Analysis

  • Understanding SEC's Focus Amid Lack Of Final AI Rules

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    Although the U.S. Securities and Exchange Commission's proposed rules to govern artificial intelligence are likely far from being finalized, understanding existing regulatory provisions that could address AI risks with respect to development, disclosure, compliance and data protection could help firms anticipate and avoid pitfalls, say attorneys at Skadden.

  • Preparing For DOJ's Data Analytics Push In FCPA Cases

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    After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.

  • How High Court SEC Case Could Affect The ITC

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    While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.

  • CFPB Overdraft Rule Could Mean Big Shift In Banking Biz

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    The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.

  • $32.4M Fine For Info Disclosure Is A Stark Warning For Banks

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    The New York State Department of Financial Services and the Federal Reserve's fining of a Chinese state-owned bank $32.4 million last month underscores the need for financial institutions to have policies and procedures in place to handle confidential supervisory information, say attorneys at Sidley.

  • Exxon ESG Proxy Statement Suit May Chill Investor Proposals

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    Exxon Mobil’s recent use of a Texas federal lawsuit to intimidate shareholders into withdrawing a climate-friendly proxy proposal could inspire more public companies to sue to avoid adopting ESG resolutions — a power move that would chill activist investor participation and unbalance shareholder-corporate relations, say Domenico Minerva and James Fee at Labaton Keller.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

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    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • The Corporate Disclosure Tug-Of-War's Free Speech Issues

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    The continuing conflict over corporate disclosure requirements — highlighted by a lawsuit against Missouri's anti-ESG rules — has important implications not just for investors and regulated entities but also for broader questions about the scope of the First Amendment, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • New CMS Rule Will Change Nursing Facility Disclosures

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    A new rule from the Centers for Medicare & Medicaid Services significantly expands disclosure requirements for nursing facilities backed by private equity companies or real estate investment trusts, likely foreshadowing increased oversight that could include more targeted audits, say Janice Davis and Christopher Ronne at Morgan Lewis.

  • Navigating The Sunset Of Sibor And Other Key Benchmarks

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    Similar to the recent transition away from Libor, the expected cessation deadlines of the Canadian Dollar Offered Rate and Singapore Interbank Offered Rate are nigh, so Canadian and Singapore dollar-denominated credit facilities will likely need to be amended, say attorneys at Cadwalader.

  • Stay Ruling Challenges Sovereign Debt Dynamics

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    The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.

  • What Shareholder Approval Rule Changes Mean For Cos.

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    The U.S. Securities and Exchange Commission recently approved proposed rule changes to shareholder requirements by the New York Stock Exchange, an approval that will benefit listed companies in many ways, including by making it easier to raise capital from passive investors, say attorneys at Baker Botts.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

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