Asset Management

  • May 24, 2024

    Big Win For Activist As Full Gildan Activewear Board Resigns

    The entire board of apparel company Gildan Activewear Inc., including its president and CEO Vince Tyra, have all resigned from the company after months of facing pressure from activist investor Browning West.

  • May 23, 2024

    SEC Opens Gate To Ether ETFs, But Firms Await Green Light

    The U.S. Securities and Exchange Commission started the process of bringing exchange-traded funds holding the cryptocurrency ether to market on Thursday when it approved a series of filings permitting national securities exchanges to list the products, leaving firms to wait for the next step before trading can begin.

  • May 23, 2024

    Governance In Focus As ESG Gains Ground This Proxy Season

    Support for corporate governance and compensation shareholder proposals has reached a five-year high this year, while support for environmental and social proposals has risen slightly after two years of decline, according to a new report.

  • May 23, 2024

    'Not Us At Our Best:' SEC's Top Cop Talks Debt Box Error

    The U.S. Securities and Exchange Commission's enforcement director Gurbir Grewal took responsibility Thursday for his agency's sanctioned actions in a lawsuit against crypto project Debt Box, saying that the case did not represent the agency "at our best" but was not a sign that there were any widespread problems with the way it conducts its enforcement proceedings. 

  • May 23, 2024

    FTX Judge Declines To Undo Ch. 11 Digital Claim Estimation

    The judge overseeing the Chapter 11 case of cryptocurrency exchange FTX Trading Ltd. on Thursday denied a request to vacate an earlier ruling allowing the debtor to estimate the claims of creditors holding digital assets based on their petition date value, saying the party seeking to undo the order had not provided any new evidence to justify the action.

  • May 23, 2024

    Big Banks Hit With Claims Of Turning Man Into 'Money Mule'

    A wealthy Texas entrepreneur says Morgan Stanley, Merrill Lynch, Charles Schwab and Deutsche Bank turned him into a "money mule" by using his accounts to launder billions of dollars over multiple decades, alleging a conspiracy also involving his family and a prominent lawyer that cost him millions.

  • May 23, 2024

    7th Circ. Unsure VIX-Fix Claims Were Wrongly Tossed

    The Seventh Circuit seemed unsure Thursday that two investment companies should be allowed to pursue volatility index manipulation claims against Barclays, Morgan & Stanley Co. and other financial institutions after a lower court found that one lacked standing and the other missed a statutory deadline.

  • May 23, 2024

    TRO Against Ex-TD Bank Employees Revised

    A federal judge in Connecticut walked back part of a temporary restraining order against ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial, saying the previous order may have been more restrictive than necessary.

  • May 23, 2024

    Wiz Khalifa Settles Suit Over Cannabis Venture

    Rapper Wiz Khalifa has settled a lawsuit filed by the co-owner of his cannabis enterprise who claimed he was cut out of a $20 million deal to license the artist's name and likeness to promote cannabis products.

  • May 23, 2024

    Apple Investor Again Seeks Green Light For $490M Settlement

    An Apple Inc. investor has asked a California federal judge to revisit a $490 million settlement deal that would end claims the tech giant misled investors about iPhone sales in China, telling the court that it had addressed the judge's critique that parts of the relevant filings were "convoluted."

  • May 23, 2024

    Ex-Fund Manager Settles SEC's $264M Offering Fraud Claims

    A former private fund manager has agreed to pay $250,000 to resolve U.S. Securities and Exchange Commission claims he violated securities fraud laws by making promises that funds he handled would invest almost $264 million that they did not actually have on hand in issuers, including two special purpose acquisition vehicles.

  • May 23, 2024

    Archegos Witness Admits Lying To Exec Charged In Collapse

    An Archegos manager who pled guilty to fraud and is cooperating with prosecutors conceded to a Manhattan federal jury Thursday that he fostered an effort to mock his former boss and hide information before the hedge fund's $36 billion collapse.

  • May 23, 2024

    DOL Says 11th Circ. 'Alone' In ERISA Internal Remedy Stance

    The U.S. Department of Labor urged the Eleventh Circuit to reinstate a lawsuit from former seafood company workers who claimed their employee stock ownership plan was overcharged in a $92 million deal, saying they didn't jump the gun by suing instead of pursuing claims internally.

  • May 23, 2024

    Virtual Reality Startup's $150M SPAC Merger Is Scrapped

    Blank-check company Maquia Capital Acquisition Corp. and virtual reality software provider Immersaid have mutually agreed to cancel their planned merger that would have taken Immersed public at an estimated $150 million valuation.

  • May 22, 2024

    American Air Pilots Win Cert. Over 401(k)'s ESG Investments

    A Texas federal judge on Wednesday certified a class of pilots accusing American Airlines of packing its $26 billion retirement plan with investments that focused too heavily on environmental, social and governance factors, like climate change, and too little on financial returns.

  • May 22, 2024

    Activist Investor Must Face Exxon's Suit Over Proxy Proposal

    A Texas federal judge Wednesday refused to dismiss an Exxon Mobil Corp. lawsuit against a U.S.-based activist investor over a now-withdrawn shareholder proposal concerning climate change, saying it isn't certain they won't refile their proposal in the future.

  • May 22, 2024

    Skadden, Latham Lead Specialty Insurer's Upsized $128M IPO

    Private equity-backed insurer Bowhead Specialty Holdings Inc. on Wednesday priced an upsized $128 million initial public offering above its planned price range, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters' counsel Latham & Watkin LLP, marking the first sizable insurance IPO of 2024.

  • May 22, 2024

    Binance.US Beats Fla. Regulator's Suspension Order

    A Florida state appeals court agreed with Binance.US on Wednesday that the state's financial regulator shouldn't have denied the cryptocurrency exchange the ability to do business in the state after its affiliate and founder pled guilty last year, and that the agency didn't follow proper procedure in blocking Binance's operations.

  • May 22, 2024

    Robbins Geller, Motley Rice Seek To Rep Solar Co. Investors

    Motley Rice LLC and Robbins Geller Rudman & Dowd LLP want to represent investors of energy company Shoals Technologies Group Inc. in consolidated proposed class action claims taking aim at the company and its brass and underwriters for allegedly concealing costly issues with wires in its products.

  • May 22, 2024

    CBRE Calls Exec's Noncompete Right Fit In A Small World

    A Texas appellate court wondered Wednesday whether a temporary injunction that seemingly bars a former CBRE executive from working in his trade anywhere in the world goes too far, and questioned the validity of the underlying noncompete agreement at the center of the legal battle.

  • May 22, 2024

    Paul Hastings Leads Kayne Anderson Unit's $100M IPO

    An affiliate of Kayne Anderson Capital Advisors has announced it raised roughly $100 million in an initial public offering, with Paul Hastings LLP advising the company and Ropes & Gray LLP representing the underwriters, joining a handful of similar specialty investment vehicles that have gone public in 2024.

  • May 22, 2024

    Energy Contractor Can't Get Quick Appeal In 401(k) Suit

    A Texas federal judge refused to allow an energy contractor to immediately appeal a decision declining to dismiss a proposed class action accusing it of stacking its retirement plan with underperforming funds, saying allowing the Fifth Circuit to weigh in now would only slow down the litigation.

  • May 22, 2024

    Archegos Exec Says Founder Didn't Direct Him To Lie

    The former director of risk management for Archegos told a Manhattan federal jury on Wednesday that the collapsed hedge fund's founder never instructed him to lie to banks in order to finance trading activity, as a defense lawyer sought to poke holes in the government's fraud case.

  • May 22, 2024

    Del. Justices Reverse BitGo-Galaxy Merger Suit Dismissal

    Delaware's Supreme Court on Wednesday reversed the dismissal of a lawsuit that cryptocurrency wallet provider BitGo Holding Inc. filed against digital assets firm Galaxy Digital Holdings Inc., remanding the dispute over their broken $1.2 billion merger back to Chancery Court to resolve multiple "ambiguities."

  • May 22, 2024

    Oaktree Assumes Inter Milan Ownership After Missed Payment

    Oaktree Capital Management LP has taken over ownership of FC Internazionale Milano after the soccer club failed to fully repay a three-year loan from Oaktree that matured this month, leaving a balance of €395m ($428.4 million).

Expert Analysis

  • Using A Children's Book Approach In Firm Marketing Content

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    From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.

  • The State Of Play In DEI And ESG 1 Year After Harvard Ruling

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    Almost a year after the U.S. Supreme Court decided Students for Fair Admissions v. Harvard, attorney general scrutiny of environmental, social and governance-related efforts indicates a potential path for corporate diversity, equity and inclusion initiatives to be targeted, say attorneys at Crowell & Moring.

  • 2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach

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    The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.

  • 2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors

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    Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.

  • Influencer Considerations As FINRA Initiates Crackdown

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    To avert risks when evaluating influencer and referral programs, firms should assess the Financial Industry Regulatory Authority's recent settlements involving the supervision of social media tastemakers, as well as recent FINRA guidance in this area, say attorneys at Troutman Pepper.

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • SEC Amendments May Launch New Execution Disclosure Era

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    The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.

  • Mitigating Incarceration's Impacts On Foreign Nationals

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    Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • Asset Manager Exemption Shifts May Prove Too Burdensome

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    The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.

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