Asset Management

  • December 05, 2024

    Jane Street Ends Trade Secret Fight With Rival Investing Firm

    Jane Street Group LLC and Millennium Management LLC have agreed to put to rest their trade secrets dispute over a proprietary trading strategy, according to a joint stipulation of dismissal filed Thursday in New York federal court.

  • December 05, 2024

    Trump Taps Musk Ally David Sacks As 'AI & Crypto Czar'

    President-elect Donald Trump announced Thursday that he has selected David O. Sacks, a tech investor who worked alongside Elon Musk and entrepreneur Peter Thiel in the early days of PayPal, to be the newly created "White House AI & Crypto Czar."

  • December 05, 2024

    DOL Says Court Erred In Tossing ESOP Claims Against Exec

    A medical equipment industry executive should continue facing claims that he ripped off workers by selling overpriced stock to his company's employee stock ownership plan, the U.S. Department of Labor told an Idaho federal judge Thursday, asking him to rethink letting the executive escape the allegations.

  • December 05, 2024

    First Citizens Accused Of $3M High-Yield Bait-And-Switch

    First Citizens Bank & Trust Company faces claims from an agritourism nonprofit and its registered agent that they invested $3 million with the bank expecting a competitive rate of return before finding those funds were actually in products yielding a much lower interest rate.

  • December 05, 2024

    Chinese Bank Faces New Suit Alleging Reinsurance Fraud

    Another group of insurers has accused one of China's largest banks of participating in a "multi-billion-dollar fraud" in the reinsurance market, telling a New York federal court Thursday that the bank, including its New York branch, has refused to honor over $890 million worth of letters of credit.

  • December 05, 2024

    FTX Clawback Deal With Ex-Alameda Co-CEO Gets Court Nod

    A Delaware bankruptcy judge has approved a deal to settle clawback claims by FTX against former Alameda Research Ltd. executive John Samuel Trabucco, who agreed to hand over two San Francisco apartments purchased in 2021 for $8.7 million and a 53-foot yacht bought in 2022 for $2.5 million.

  • December 05, 2024

    Jones Day Reps CNX On $505M Deal For Natural Gas Biz

    CNX Resources Corp. said Thursday it has agreed to acquire for about $505 million the natural gas upstream and associated midstream business of Apex Energy II LLC, a portfolio company of funds managed by Carnelian Energy Capital Management LP.

  • December 05, 2024

    SpaceX Seeks Astronomical $350B Value, And More Rumors

    SpaceX is in discussions for a transaction that could value the rocket and spacecraft maker at about $350 billion, the private equity owner of Crunch Fitness could sell the health club at a $1.5 billion value, and the management group looking to buy the Japanese owner of 7-Eleven may launch an IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • December 05, 2024

    IQVIA Gets Final OK For $3.5M Deal In Ex-Workers' 401(k) Suit

    A North Carolina federal judge on Thursday gave his final seal of approval to a $3.5 million settlement for a class of 9,000 employees who accused healthcare technology company IQVIA of mismanaging its $1.13 billion 401(k) plan.

  • December 05, 2024

    Battery Recycling Firm To Go Public Via $250M SPAC Merger

    Renewable energy-focused Ace Green Recycling Inc. has agreed to go public by merging with special purpose acquisition company Athena Technology Acquisition Corp. II in a deal that values Ace Green's equity at $250 million, both parties have announced.

  • December 04, 2024

    Target Can't Escape Investors' Pride Month Merch Suit

    Target Corp. cannot escape claims alleging customer backlash over its 2023 LGBTQ-focused marketing campaign caused the retail giant's sales and stock price to decline, a Florida federal judge ruled Wednesday, finding that the investors have plausibly pled Target made misleading warnings about the risk of customer boycotts.

  • December 04, 2024

    'Side Deal' Unlikely To Ax Fees In $10M Morgan Stanley Deal

    A California federal judge said Wednesday he isn't inclined to strip counsel who negotiated Morgan Stanley's $10 million deal with its financial advisers of their fees over an abandoned "side deal" between the company and the lead plaintiff, saying it should have been disclosed but didn't impact the deal's fairness.

  • December 04, 2024

    Fla. Ex-Rep Sues Associate Connected To Foreign Agent Case

    A former Florida congressman has sued an associate in Miami-Dade County over a breach of contract, alleging that he disclosed a confidential legal memorandum to law enforcement officials and others in connection to a federal indictment charging the ex-lawmaker with unlawfully lobbying on behalf of Venezuela.

  • December 04, 2024

    Debt Relief Co. Agrees To Be Banned Under CFPB Settlement

    The Consumer Financial Protection Bureau informed a California federal court that a purported debt relief services company and its owner have agreed to cease operations and pay civil penalties for allegedly charging customers illegal upfront fees.

  • December 04, 2024

    CFTC Hits $17.1B Enforcement Record With FTX-Linked Deals

    The Commodity Futures Trading Commission secured a record annual enforcement haul of more than $17.1 billion in fiscal year 2024, including a historic $12.7 billion judgment against failed crypto exchange FTX and its affiliated trading firm Alameda Research, the agency announced Wednesday.

  • December 04, 2024

    5th Circ. Probes $8M Payout For Allegedly Undelivered Services

    An investment company on Wednesday found itself before the Fifth Circuit having to justify paying $7.7 million for allegedly undelivered services from an affiliate, as it appeals a $2.6 million bill it got hit with for prematurely ending a contract.

  • December 04, 2024

    Uber Investors' Attys Awarded $58M In $200M IPO Suit Deal

    A California federal judge granted final approval Wednesday to Uber's $200 million deal settling class claims from investors accusing it of making false and misleading statements ahead of its initial public offering, and also awarded $58 million for attorney fees that he called quite "substantial" but "warranted."

  • December 04, 2024

    Wells Fargo Wants Suits Over $300M Scheme Tossed

    Wells Fargo Bank NA urged a Florida federal judge on Wednesday to toss both a proposed class action and a receiver's lawsuit claiming the bank aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, arguing that neither pleading sufficiently shows that Wells Fargo knew about the fraud.

  • December 04, 2024

    'Patriotic' Marketplace PublicSquare Raises $36M Stock Sale

    The money-losing owner of self-described patriotic marketplace PublicSquare bolstered its balance sheet Wednesday through a $36 million registered direct offering guided by two law firms, one day after it named Donald Trump Jr. to its board of directors.

  • December 04, 2024

    Crypto Groups Hail Trump's SEC Pick Paul Atkins

    President-elect Donald Trump on Wednesday said he will nominate former U.S. Securities and Exchange Commission member Paul Atkins to lead the agency next year, a decision that cryptocurrency advocates praised as opening a path for greater acceptance of an industry that has faced a slew of lawsuits under the current SEC.

  • December 04, 2024

    Calif. Trading Instructor Gets Prison For $2M Investment Fraud

    A North Carolina federal judge sentenced a California man extradited from Australia to face charges over a $2 million investment fraud scheme he orchestrated to 70 months in prison and ordered him to pay $1.9 million in restitution, federal prosecutors in the Tar Heel State announced.

  • December 04, 2024

    Paul Weiss-Led PE Firm's SPAC Bids £836M For E-Training Biz

    Investor General Atlantic said Wednesday that a company it manages has agreed to buy Learning Technologies Group PLC, a workplace training provider, for a total of £836 million ($1.1 billion) as the U.S. business looks to expand in the growing sector.

  • December 03, 2024

    Top Ex-SEC Officials Warn Of Enforcement Upheaval

    Former top U.S. Securities and Exchange Commission officials on Tuesday predicted a sea change in the agency's enforcement approach in the coming second administration of President-elect Donald Trump, with a lighter touch for corporate wrongdoers and a whole new ballgame with respect to cryptocurrency.

  • December 03, 2024

    Crypto Co. Hut 8 Wants Out Of Merger Disclosure Investor Suit

    Crypto mining company Hut 8 moved to dismiss a proposed shareholder class action that is based on the claims of a short-seller's report that Hut 8 overpaid for a company with severe operational issues, saying the suit does not show the alleged misrepresentations were false or misleading when made or that investors were actually harmed.

  • December 03, 2024

    4 Mass. State Court Rulings You May Have Missed In Nov.

    An age discrimination case was undone by the fine print of an employment agreement, while an "utterly inadequate" document search led to a five-figure sanctions order, among other notable recent decisions in Massachusetts state court.

Expert Analysis

  • What Insurers Need To Know About OFAC's Expanded FAQs

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    The Office of Foreign Assets Control's recently expanded insurance FAQs clarify how OFAC views insurance policies in a number of specific circumstances involving sanctioned parties, and make plain that sanctions compliance is the responsibility of all participants in the insurance ecosystem, including underwriters, brokers and agents, say attorneys at Morgan Lewis.

  • Rethinking Clawback Policies For 2025 Compensation Season

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    The start of a new year presents an opportunity for companies to reassess their executive compensation clawback policies, and while mandatory Dodd-Frank clawbacks are necessary, discretionary policies can offer companies greater flexibility to address misconduct, protect their reputations and align with shareholder priorities, say attorneys at Debevoise.

  • Series

    Gardening Makes Me A Better Lawyer

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    Beyond its practical and therapeutic benefits, gardening has bolstered important attributes that also apply to my litigation practice, including persistence, patience, grit and authenticity, says Christopher Viceconte at Gibbons.

  • SEC Prioritized Enforcement Sweeps As Cases Slowed In '24

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    Following three consecutive years of increasing activity, fiscal year 2024 marked the lowest number of cases the U.S. Securities and Exchange Commission has brought since Gary Gensler assumed office in April 2021, buttressed by some familiar enforcement sweeps, say attorneys at Covington.

  • Litigation Inspiration: Reframing Document Review

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    For attorneys — new ones especially — there is much fulfillment to find in document review by reflecting on how important, interesting and pleasant it can be, says Bennett Rawicki at Hilgers Graben.

  • The Challenges Of Abandoned Retirement Plans In Ch. 7

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    The Department of Labor's rule for unwinding retirement accounts when plan sponsors file for Chapter 7 bankruptcy was intended to alleviate trustees' administration issues, but practical challenges, like unresolved fee and identification matters, could hinder its implementation, say David Goodrich at Golden Goodrich and Nancy Simons at Stretto.

  • How CFIUS' Updated Framework Affects Global Investors

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    The recent change to the monitoring and enforcement regulations governing the Committee on Foreign Investment in the United States will broaden administrative practices around nonnotified transaction investigations, increase the scope of information demands from the committee and accelerate its ability to impose mitigation on parties, say attorneys at Simpson Thacher.

  • 5 Ways SEC's Crypto Approach Could Change Under Trump

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    Given the Trump campaign's procrypto stance, the U.S. Securities and Exchange Commission could take a number of different approaches to crypto policy in the next administration, including pausing registration-only enforcement actions and proposing tailored rules that take into account the differences between crypto-assets and traditional securities, say attorneys at WilmerHale.

  • Series

    Flying Makes Me A Better Lawyer

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    Achieving my childhood dream of flying airplanes made me a better lawyer — and a better person — because it taught me I can conquer difficult goals when I leave my comfort zone, focus on the demands of the moment and commit to honing my skills, says Ivy Cadle at Baker Donelson.

  • With Precautions, AI Can Help With Suspicious Activity Filings

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    While artificial intelligence can enhance suspicious activity report processes, financial services firms should review applicable expectations and areas of deficiencies that can lead to enforcement actions before using AI to help write SARs, say attorneys at Jenner.

  • How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'

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    Against the backdrop of U.S. Securities and Exchange Commission enforcement in the crypto space, mini-initial public offerings, with less burdensome requirements than full registration, can serve as an alternative way for token issuers to raise funds, say attorneys at O'Melveny.

  • Nvidia Supreme Court Case May Not Make Big Splash

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    The skeptical tenor of the justices' questioning at oral argument in Nvidia v. Ohman Fonder suggests that the case is unlikely to alter the motion to dismiss pleading standard in securities class actions, as some had feared, say attorneys at WilmerHale.

  • Series

    Circus Arts Make Me A Better Lawyer

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    Performing circus arts has strengthened my ability to be more thoughtful, confident and grounded, all of which has enhanced my legal practice and allowed me to serve clients in a more meaningful way, says Bailey McGowan at Stinson.

  • 3 Ways To Train Junior Lawyers In 30 Minutes Or Less

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    Today’s junior lawyers are experiencing a skills gap due to pandemic-era disruptions, but firms can help bring them up to speed by offering high-impact skill building content in bite-sized, interactive training sessions, say Stacey Schwartz at Katten, Diane Costigan at Winston & Strawn and Lauren Tierney at Freshfields.

  • How To Safely Leverage AI In The Digital Assets Industry

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    Digital asset businesses that use or plan to implement artificial intelligence should assess their risk management frameworks to ensure that AI-related business areas, including customer support and fraud detection, are in compliance with applicable laws and regulatory guidance from the last year, say attorneys at Winston & Strawn.

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