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Asset Management
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June 11, 2025
Miami Faces Atty Whistleblower Suit Over Mismanaged Funds
An attorney who managed billions of dollars worth of real estate for Miami brought a lawsuit alleging the city violated her state whistleblower protection rights, saying she was abruptly terminated after trying to report alleged payroll violations and financial mismanagement to her supervisors.
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June 11, 2025
Regulators Delay Compliance On Private Fund Disclosures
A divided U.S. Securities and Exchange Commission agreed on Wednesday to extend compliance dates for new Form PF rules that require additional disclosure from private funds, overcoming objections from one dissenting commissioner who feared the "11th-hour" extension could lead to abandoning the rules altogether.
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June 11, 2025
Fintech Startup Chimes In With $864M IPO Above Price Range
Venture-backed fintech startup Chime Financial Inc. priced an $864 million initial public offering above its marketed range on Wednesday, represented by Wilson Sonsini Goodrich & Rosati PC and underwriters counsel Davis Polk & Wardwell LLP, furthering the IPO market's recent momentum.
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June 11, 2025
Lighting Co. Strikes Deal To End ESOP Management Suit
A California-based lighting company and the managers of its employee stock ownership plan agreed to resolve a proposed class action claiming they mismanaged the $25 million sale of company stock that established the plan, according to a filing in federal court.
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June 11, 2025
Vedder Price Boosts IP, Exec Compensation Teams In NY
Vedder Price PC has bulked up its New York office with the addition of an intellectual property attorney from Vinson & Elkins LLP and an executive compensation and employee benefits pro from Schulte Roth & Zabel LLP.
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June 11, 2025
Health Network Strikes Deal In Retirement Plan Forfeiture Suit
A Pennsylvania health system has settled a suit claiming it failed to tamp down on unnecessary expenses in its $1.1 billion retirement plan and used forfeited funds to cover its own contributions to the plan instead of using the abandoned cash to reduce fees.
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June 11, 2025
Firms Plug $190M Into Luxury Hospitality Biz Cipriani
Private equity firm Beach Point Capital Management LP, advised by Sidley Austin LLP, and multistrategy investment manager Sparta Capital Management Ltd. on Wednesday announced that they have agreed to provide a $190 million financing loan to luxury hospitality company Cipriani, led by Paul Hastings LLP, to support its growth.
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June 11, 2025
Ares Wraps Inaugural $2.4B Japanese Data Center Fund
Private equity giant Ares Management Corp. said Wednesday that it wrapped its first fund dedicated to data center investment and development after securing $2.4 billion of investor commitments.
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June 11, 2025
Latham, Skadden-Led Insurer Joins IPO Wave With $113M IPO
Small business-focused excess and surplus insurer Ategrity Specialty Holdings LLC began trading Wednesday after pricing a $113 million initial public offering above its marketed range, represented by Latham & Watkins LLP and underwriters Skadden Arps Slate Meagher & Flom LLP, as more insurance firms tap public markets.
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June 11, 2025
Holland & Knight Finance Ace Jumps To Norton Rose
Norton Rose Fulbright announced Wednesday that it has fortified its corporate finance offerings with a former Holland & Knight LLP partner who will share his time between Dallas and Chicago.
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June 10, 2025
Lindberg Says NC Court Can't Force $1.24M Claim On Fla. Co.
Convicted mogul Greg Lindberg is fighting a New Jersey publisher's bid to collect on a $1.24 million judgment from a holding company in Florida, saying in a brief filed in North Carolina state appellate court that he doesn't hold an interest in the Florida company.
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June 10, 2025
Space Exploration Co. Voyager Prices Upsized $383M IPO
Defense and space exploration firm Voyager on Tuesday priced a larger-than-projected $383 million initial public offering above its marketed range, guided by Latham & Watkins LLP and underwriters' counsel Simpson Thacher & Bartlett LLP.Â
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June 10, 2025
Electric Truck Co. Lordstown Wants Investors' Suit Tossed
Electric truck startup Lordstown Motors Corp. has asked an Ohio federal judge to dismiss consolidated class claims from investors alleging the company misrepresented its production capacity and demand, saying it made no misleading representations about pre-orders.
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June 10, 2025
Edward Jones Among 5 Firms Paying $9.3M Over Inflated Fees
Edward Jones, TD Ameritrade and three other wealth adviser firms have reached a $9.3 million settlement with the North American Securities Administrators Association after having been accused of overcharging fees for small-dollar investors.
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June 10, 2025
SEC To Resume Review Of Swiss Adviser Registrations
Switzerland-based investment advisers seeking to do business in the U.S. can immediately resume submitting new and pending registration applications for consideration with the U.S. Securities and Exchange Commission, regulators said Tuesday.
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June 10, 2025
Fund Manager, Wife Can't Claim $1.9M Refund, Judge Rules
A Florida investment fund manager and his wife are not entitled to a $1.9 million income tax refund resulting from a depreciation deduction related to a private jet because the entity that purchased the jet was not operating as a business, a federal judge ruled.
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June 10, 2025
SEC's Investment Management Chief Greiner To Leave Agency
U.S. Securities and Exchange Commission veteran Natasha Vij Greiner is stepping down as the director of the agency's investment management division, ending a nearly 24-year career serving the SEC in multiple roles, regulators announced Tuesday.
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June 10, 2025
Nev. Pension Plan Urges 9th Circ. To Ax DOJ Military Bias Suit
Pension credits bought by military service members aren't an accrued benefit under the Uniformed Services Employment and Reemployment Rights Act, Nevada's public employee retirement system argued, urging the Ninth Circuit not to revive the U.S. Department of Justice's suit alleging the state and system overcharged employees for the credits.
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June 10, 2025
Davis Wright Guides Bluespring Deal Creating $1.4B Firm
Bluespring Wealth Partners, advised by Davis Wright Tremaine LLP, announced Tuesday it will buy a Texas-based wealth management firm affiliated with Kestra Financial and then merge it into its existing wealth management platform, LifeBridge Financial Group, establishing an investment advisory firm with $1.4 billion in assets under management.
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June 10, 2025
Catching Up With Delaware's Chancery Court
Delaware's Court of Chancery showed new resistance to suits alleging corporate weaponizing of advance notice bylaws, and a new report highlighted the high fees that attorneys are cashing in on in Delaware courts compared to the federal court system. Several new suits were also filed concerning allegedly under- or overvalued sales and acquisitions being pushed through.
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June 10, 2025
Churchill Secures $1.5B For 2nd Co-Investment Fund
Investment specialist Churchill Asset Management LLC, advised by K&L Gates LLP, on Tuesday revealed that it wrapped its second co-investment fund with $1.5 billion in tow.
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June 10, 2025
Skadden Guiding Brown & Brown On $9.8B Accession Buy
Skadden Arps Slate Meagher & Flom LLP is advising Brown & Brown Inc. on a nearly $10 billion agreement to purchase Accession Risk Management Group Inc., the companies disclosed in a joint statement Tuesday.Â
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June 09, 2025
2nd Circ. Affirms Dechert's Victory Over Hacking Suit
The Second Circuit on Monday refused to revive a North Carolina trade executive's lawsuit alleging hacking by a private investigator on Dechert LLP's behalf, ruling in a nonprecedential opinion that a district judge's failure to review disputed portions of a magistrate judge's recommendation to dismiss the suit was ultimately harmless.
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June 09, 2025
Boeing Investors Want Class Cert. In 737 Max Fraud Suit
Investors suing Boeing over claims that the company harmed them by misrepresenting the 737 Max's safety have urged an Illinois federal judge to certify their proposed class, arguing that the case has common enough allegations and a sufficient damages model to warrant the judge's sign-off.
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June 09, 2025
Texas, BlackRock Face Judge's Questions Over Coal Suit
A Texas federal judge on Monday questioned BlackRock Inc. and a Republican-led coalition over claims that the asset manager conspired with others in the industry to drive down coal production through its investment in publicly traded energy companies, wondering whether pressure placed on the companies to provide more detailed climate disclosures was enough to move the lawsuit forward.
Expert Analysis
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Energy Order Brings Risks For Lenders And Borrowers Alike
A recent executive order directing the attorney general to submit a report next month with recommendations for halting enforcement of state laws the administration says are hampering energy resources presents risks for lenders and borrowers using state-generated carbon credits, but proactive steps now can help insulate against adverse consequences, say attorneys at Faegre Drinker.
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Series
Power To The Paralegals: An Untapped Source For Biz Roles
Âé¶¹´«Ã½ firms looking to recruit legal business talent should consider turning to paralegals, who practice several key skills every day that prepare them to thrive in marketing and client development roles, says Vanessa Torres at Lowenstein Sandler.
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Series
Playing Poker Makes Me A Better Âé¶¹´«Ã½yer
Poker is a master class in psychology, risk management and strategic thinking, and I’m a better attorney because it has taught me to read my opponents, adapt when I’m dealt the unexpected and stay patient until I'm ready to reveal my hand, says Casey Kingsley at McCreadyÂé¶¹´«Ã½.
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Does R-Squared Have A Role In Event Study Analysis?
With 2024 marking the second consecutive year to experience an increase in securities class action filings, determining the reliability of event study models is of utmost importance, but it's time to reconsider the traditional method of doing so, say analysts at StoneTurn Group.
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Opinion
Why It's Time To Retire The Efficient Market Hypothesis
As agentic artificial intelligence systems increasingly affect financial markets, the efficient market hypothesis no longer offers a viable foundation for legal and regulatory engagement, and a new theoretical foundation is needed, say Zachary Brenner, a student at California Western School of Âé¶¹´«Ã½, and attorney Gary Brenner.
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As Tariffs Hit The Radar, PE Counsel Should Review Strategies
As tariffs compound existing challenges in the private equity sector, counsel should consider existing headwinds such as interest rates and industry-specific impacts like supply chains and pricing power, which may help mitigate risks and capture opportunity, says Nathan Viehl at Thompson Coburn.
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Series
Âé¶¹´«Ã½ School's Missed Lessons: Becoming A Firmwide MVP
Though lawyers don't have a neat metric like baseball players for measuring the value they contribute to their organizations, the sooner new attorneys learn skills frequently skipped in law school — like networking, marketing, client development and case evaluation — the more valuable, and less replaceable, they will be, says Alex Barnett at DiCello Levitt.
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What We Lost After SEC Eliminated Regional Director Role
Former U.S. Securities and Exchange Commission Regional Director Marc Fagel discusses the recent wholesale elimination of the regional director position, the responsibilities of the job itself and why discarding this role highlights how the appearance of creating a more efficient agency may limit the SEC's effectiveness.
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$38M Âé¶¹´«Ã½ Firm Settlement Highlights 'Unworthy Client' Perils
A recent settlement of claims against law firm Eckert Seamans for allegedly abetting a Ponzi scheme underscores the continuing threat of clients who seek to exploit their lawyers in perpetrating fraud, and the critical importance of preemptive measures to avoid these clients, say attorneys at Lockton Companies.
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Series
Teaching Business Âé¶¹´«Ã½ Makes Me A Better Âé¶¹´«Ã½yer
Teaching business law to college students has rekindled my sense of purpose as a lawyer — I am more mindful of the importance of the rule of law and the benefits of our common law system, which helps me maintain a clearer perspective on work, says David Feldman at Feldman Legal Advisors.
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SEC's Crypto Statement Offers Clarity On Disclosures
While the crypto industry awaits a definitive rule from the U.S. Securities and Exchange Commission on whether a crypto-asset is a security, its recent guidance provides a road map for registrants seeking to comply with current disclosure requirements and shows the commission is working toward a comprehensive regulatory framework, say attorneys at Debevoise.
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Series
Âé¶¹´«Ã½ School's Missed Lessons: Mastering Discovery
The discovery process and the rules that govern it are often absent from law school curricula, but developing a solid grasp of the particulars can give any new attorney a leg up in their practice, says Jordan Davies at Knowles Gallant.
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Opinion
Proposals Against Phillips 66 Threaten Corporate Âé¶¹´«Ã½
Activist investor Elliott Investment Management's latest attempted tactic — initiating a high-stakes proxy contest against Phillips 66 — goes too far and would cause the company to both violate Delaware law and avoid the legal exception to the shareholder proposal process, says J.W. Verret at George Mason University.
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CFTC Memos Clarify When 'Sorry' Still Gets You Subpoenaed
A pair of Commodity Futures Trading Commission advisories released in February and April open a new path to self-reporting but emphasize that serious breaches still warrant a trip to the penalty box, prompting firms to weigh whether — and how — to disclose potential violations in the future, say attorneys at Pryor Cashman.
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Parsing The SEC's New Increased Co-Investment Flexibility
The U.S. Securities and Exchange Commission's new co-investment exemptive orders simplify processes and reduce barriers for regulated funds — and rulemaking may evolve further to allow investors access to additional investment opportunities and increase available capital for issuers seeking to raise money from fund complexes, say attorneys at Simpson Thacher.