The U.S. Department of the Treasury issued a notice Thursday proposing to sharpen its procedures and enforcement practices for reviewing foreign investment deals for national security issues, according to an announcement.
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FRIDAY, APRIL 12, 2024 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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Treasury Proposes Steeper Foreign Investment Law Penalties

By Charlie Innis

The U.S. Department of the Treasury issued a notice Thursday proposing to sharpen its procedures and enforcement practices for reviewing foreign investment deals for national security issues, according to an announcement.

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SocGen To Sell Equipment Finance Unit To Rival For €1.1B

By Tom Fish

French banking giant Societe Generale SA said Thursday that it has agreed to sell its professional equipment financing business to rival BPCE for €1.1 billion ($1.2 billion) to streamline the business and bolster its equity capital.

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Kirkland, Jones Day Build $787.5M Sale Of Steris' Dental Unit

By Jade Martinez-Pogue

Medical device company Steris, advised by Jones Day, on Thursday announced plans to sell its dental segment to Kirkland & Ellis LLP-advised middle market private equity shop Peak Rock Capital for $787.5 million.

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State Enforcers: Not Joining Fed Cases No Sign Of Opposition

By Matthew Perlman

Several state enforcers said Thursday they choose which antitrust cases being brought by federal enforcers they join based on a number of factors, and it doesn't mean they are opposed to a case if they decide not to join.

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Deals Rumor Mill: US Steel, Germany's Stada, Paramount

By Al Barbarino

The DOJ opens a probe into Nippon’s proposed $14.9 billion takeover of US Steel, German drugmaker Stada explores a sale, and Paramount and Skydance are hashing out potential deal terms. Here, Law360 breaks down these and other notable deal rumors from the past week.

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POLICY

FTC 'Hopeful' Merger Judges Can See Past Market Definition

By Bryan Koenig

The Federal Trade Commission's top antitrust enforcer emphasized Thursday that the FTC and Justice Department's new merger guidelines could facilitate transaction challenges based solely on "direct" competitive effects, regardless of what market definition numbers indicate.

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ENFORCEMENT & COMPLIANCE

Autonomy Became Less Transparent Before Sale, Jury Told

By Bonnie Eslinger

An ex-market analyst testifying Thursday in a California criminal trial over claims that former Autonomy CEO Michael Lynch duped HP into buying the British company for $11.7 billion told jurors that the company became less forthcoming about some of its accounting a couple of years before the sale.

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DELAWARE

Del. Justices OK Denial Of Icahn-Illumina Midcase Appeal Bid

By Leslie A. Pappas

Billionaire investor Carl Icahn may not put his Chancery Court litigation against biotechnology company Illumina Inc.'s board on hold for a review of a decision that struck portions of the complaint that were based on confidential information, Delaware's Supreme Court said Thursday, upholding the lower court's rejection of the midcase appeal.

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Flopped Casino SPAC Investor Sues In Del. To Block Payout

By Leslie A. Pappas

An investor in a special purpose acquisition company that made a doomed, $2.7 billion effort to buy a casino in the Philippines has asked Delaware's Court of Chancery to prevent the SPAC from redeeming its outstanding shares, arguing it would violate Delaware law because the SPAC is insolvent.

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DEALS

Arax Buys US Capital Wealth In Latest Asset Manager Merger

By Jade Martinez-Pogue

Wealth management platform Arax Investment Partners, advised by Fried Frank Harris Shriver & Jacobson LLP, announced on Thursday that its assets under management will grow to $16 billion following its acquisition of independent wealth management firm U.S. Capital Wealth Advisors, in a deal marking the latest in a string of mergers between asset managers.

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LITIGATION

Jury Frees Urban Outfitters From Trade Secrets Suit

By P.J. D'Annunzio

Urban Outfitters on Thursday beat back a lawsuit from a bankrupt online fashion rental company claiming the retailer stole its proprietary information to set up a competing business, with a Philadelphia federal jury finding that the clothing chain did not misappropriate trade secrets.

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Investors Get OK For $111M Ponzi Case Receiver Passed On

By Daniel Ducassi

A Colorado federal judge has given the green light for a group of investors to seek over $111 million from a forex-focused financial technology firm in the U.K. and its affiliate, in a lawsuit alleging they played an instrumental role in a scheme that duped investors and drew the attention of U.S. securities regulators and prosecutors.

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BANKRUPTCY

Nogin Can Get Another $3M In Ch. 11 Cash To Get Plan Done

By Vince Sullivan

E-commerce company Nogin Inc. received permission Thursday from a Delaware bankruptcy court to draw another $3 million in Chapter 11 financing as it continues working toward implementing its court-approved restructuring plan.

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EXPERT ANALYSIS

Blocked JetBlue-Spirit Deal Illustrates New Antitrust Approach

The U.S. Department of Justice’s recent successful block of a merger between JetBlue Airways and Spirit Airlines demonstrates antitrust enforcers’ updated and disparate approach to out-of-market benefits versus out-of-market harms, say Lisa Rumin and Anthony Ferrara at McDermott.

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LEGAL INDUSTRY

Orrick To Pay $8M To Settle Data Breach Litigation

By Lauren Berg

A proposed class of data-breach victims asked a California federal judge Thursday to greenlight an $8 million settlement with Orrick Herrington & Sutcliffe LLP in litigation over a March 2023 data breach that purportedly exposed Social Security numbers and other personal information of more than 638,000 individuals.

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Analysis

OJ Simpson's Jury Was Sequestered. Why Not Trump's?

By Phillip Bantz

Unlike jurors in the murder case of O.J. Simpson, the 12 Manhattanites picked to hear criminal charges against Donald Trump likely won't be sequestered during the trial — easing psychological and financial burdens but potentially exposing them to outside pressures.

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Calif., NY And SD Judicial Nominees Advance To Full Senate

By Courtney Buble

Four judicial nominees were voted out of the Senate Judiciary Committee on Thursday, including one scrutinized for his affiliation with the National Asian Pacific American Bar Association and the group's position on hot button issues.

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Leonard Leo Rebuffs Senate Judiciary Committee Subpoena

By Courtney Bublé

Sen. Dick Durbin, D-Ill., chair of the Senate Judiciary Committee, served influential conservative and longtime Federalist Society executive Leonard Leo with a subpoena on Thursday as part of his U.S. Supreme Court ethics probe, which Leo is refusing to comply with.

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Tax Controversy Quintet Joins Bradley Arant In Atlanta

By Adrian Cruz

Bradley Arant Boult Cummings LLP announced that it hired a five-person tax controversy team from Chamberlain Hrdlicka White Williams & Aughtry highlighted by the addition of three experienced partners, including two former Internal Revenue Service trial attorneys.

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Ex-Ellenoff Grossman Atty Faces Possible Firing Suit Remand

By Patrick Hoff

A former Ellenoff Grossman & Schole LLP associate's suit saying she was fired for protesting sexual harassment should return to state court, a New York federal judge recommended, saying the federal court can't enforce arbitration pacts invalidated by a 2022 amendment to the Federal Arbitration Act.

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Jewish Attys Sue Union Over Dues After Pro-Palestine Stance

By Emily Brill

A public defenders union violated the First Amendment by forcing two Jewish attorneys who oppose its pro-Palestine rhetoric to continue paying dues, the New York City-based attorneys claimed in a federal lawsuit filed Thursday, naming the city and their employer as defendants as well.

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LAW FIRMS IN TODAY'S NEWS

Abrams & Bayliss

Alston & Bird

Baker & Hostetler

Bird Marella

Bradley Arant

Chamberlain Hrdlicka

Choate Hall

Clifford Chance

Cole Schotz

Cravath Swaine

Crowell & Moring

Culp Elliott

Daniel G. Suber & Associates

Davenport Evans

Dentons

Dilworth Paxson

Ellenoff Grossman

Faegre Drinker

Federman & Sherwood

Ford O'Brien

Fox Rothschild

Fried Frank

Gibbons PC

Green & Noblin PC

Jones Day

Kasowitz Benson

Kirkland & Ellis

McDermott Will & Emery

Morgan Lewis

Nelson Mullins

Orrick Herrington

Paduano & Weintraub

Potter Anderson

Richards Layton

Schubert Jonckheer

Schulte Roth

Schwartz Perry

Steptoe LLP

Wachtell Lipton

White and Williams

Young Conaway

COMPANIES IN TODAY'S NEWS

AirTran Holdings, Inc.

Amazon.com Inc.

American Bar Association

American Federation of State County & Municipal Employees

Apple Inc.

B. Riley Financial Inc.

BMC Software Inc.

Blue Owl Capital Inc.

Clayton Dubilier & Rice LLC

Deloitte Touche Tohmatsu Ltd.

Delta Air Lines Inc.

Euronext Amsterdam NV

Federalist Society

GRAIL Inc.

Google LLC

Icahn Enterprises LP

Illumina Inc.

Iron Mountain Inc.

JetBlue Airways Corp.

KKR & Co. Inc.

KPMG International

Koch Industries Inc.

Kuvare US Holdings Inc.

LinkedIn Corp.

National Amusements Inc.

Nickelodeon Global Network Ventures Inc.

Nogin

Nordic Capital Ltd.

Okada Manila

Paramount Global

Peak Rock Capital

RedBird Capital Partners

Saudi Arabian Oil Co.

Skydance Media LLC

Societe Generale

Southwest Airlines Co.

Spirit Airlines Inc.

Steris PLC

The Goldman Sachs Group Inc.

U.S. Capital Advisors LLC

United Auto Workers

University of Southern California

Urban Outfitters Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Department of Justice

City of New York

Committee on Foreign Investment in the United States

Delaware Court of Chancery

Federal Bureau of Investigation

Federal Trade Commission

Internal Revenue Service

Manhattan District Attorney's Office

U.S. Attorney's Office for the Northern District of California

U.S. Bankruptcy Court for the District of Delaware

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the District of Massachusetts

U.S. District Court for the Eastern District of Pennsylvania

U.S. District Court for the Northern District of California

U.S. District Court for the Southern District of New York

U.S. Securities and Exchange Commission

U.S. Supreme Court

United Nations

United States District Court for the District of Colorado

Washington Attorney General's Office