Asset Management

  • February 28, 2024

    Ex-NYPD Officer Accused Of Forex Investment Fraud

    A former NYPD officer has been charged with using misrepresentations to induce people to invest in his foreign exchange fund and then paying them back with proceeds from future investors to give the appearance of legitimacy.

  • February 28, 2024

    Pilots Say Airline Shorted Servicemembers' 401(k) Funds

    A discount airline unlawfully failed to contribute to employees' retirement funds when they were on military leave despite repeatedly being told about the oversight by pilots and their union, according to a proposed class action in Minnesota federal court.

  • February 28, 2024

    Crown Castle Founder Alleges Entrenchment Bid In Del. Suit

    The co-founder of cell tower operator Crown Castle Inc. sued the Texas company Wednesday in Delaware's Court of Chancery, seeking to invalidate a cooperation agreement between its board and activist investor Elliott Investment Management LP.

  • February 28, 2024

    US Trustee Taps Ex-Prosecutor To Be FTX Examiner

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.

  • February 28, 2024

    Trump Can't Freeze $465M Penalty But Can Seek Loans

    A New York state appellate judge on Wednesday refused to freeze the $465 million civil fraud judgment against Donald Trump while he appeals the award, but said the former president could take out loans to cover the cost of the judgment.  

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Fed's Barr Urges Careful Bank Counterparty Risk Practices

    The Federal Reserve's vice chair for supervision said Tuesday that banks should closely manage their exposure to counterparties, including by carefully measuring the credit risks they pose and using conservative margining practices.

  • February 27, 2024

    NJ Real Estate Fund Executive Cops To $658M Ponzi Scheme

    The CEO of a Garden State real estate investment fund pled guilty in New Jersey federal court on Tuesday to defrauding more than 2,000 investors through a $658 million Ponzi scheme, while also evading millions of dollars in tax liabilities, according to federal prosecutors.

  • February 27, 2024

    Goldman's $4.6M Exec Compensation Deal OK'd By Chancery

    A Delaware Chancery Court judge on Tuesday approved a settlement deal in a derivative suit against Goldman Sachs Group alleging excessive compensation was paid to nonemployee directors, which includes an agreement by the company to change its compensation practices and reduce executives' pay by an estimated $4.6 million.

  • February 27, 2024

    Chinese Real Estate Giant KE Holdings Gets IPO Suit Trimmed

    A New York federal judge tossed a swath of claims against Chinese real estate giant KE Holdings and its executives in an investor suit claiming they overstated the number of agents and stores on its platform, which a short seller later said was false, leading the stock price to drop.

  • February 27, 2024

    Attys Get Personal In Mich. Foreclosure Default Fight

    Counsel traded jabs Monday over Michigan counties' tax foreclosure practices, with a lawyer for county treasurers claiming the other side took advantage of a family medical situation to launch a default judgment bid and a plaintiffs' attorney saying the case had ruined his friendship with the other lawyer.

  • February 27, 2024

    ​​​​​​​Payment Software Co.'s Bylaws Spark Class Action In Del.

    An investor sued a billing software maker and its board Tuesday in Delaware's Court of Chancery to invalidate what he called "coercive" company bylaw provisions that aim to thwart dissident stockholders from successfully waging a proxy contest.

  • February 27, 2024

    American Airlines Says ESG Doesn't Break Fiduciary Duty

    American Airlines Inc. has asked a Texas federal judge to ground a proposed class action involving environmental, social and governance policies in retirement plans, saying Monday that the plaintiff has no evidence that the airline breached fiduciary duty or that he suffered a loss.

  • February 27, 2024

    Macy's To Cut Stores, Focus On Luxury Amid Proxy Fight

    Macy's announced a plan Tuesday to close 150 stores, add new luxury-focused locations and monetize at least $600 million worth of its assets as it faces a proxy fight from activist investors that offered $5.8 billion for the company last month.

  • February 27, 2024

    DOL Finalizing ERISA Voluntary Correction Program Changes

    A top official with the U.S. Department of Labor's employee benefits arm said Tuesday that the agency expects to soon finalize changes to a program allowing retirement plan managers to voluntarily self-correct when they fail to forward employee contributions on time or make other transaction errors.

  • February 27, 2024

    Food Co. Gets Inflated ESOP Deal Suit Kicked To Arbitration

    An Illinois federal judge said a worker must arbitrate her suit claiming a food manufacturer sold inflated company shares to its employee stock ownership plan, finding the plan's arbitration agreement allows the business to sidestep an exception blocking some federal benefit law claims from out-of-court resolutions.

  • February 27, 2024

    Deal-Makers Expect Further Uptick In M&A-Related Disputes

    Global deal-makers expected increases in mergers and acquisitions-related disputes moving into 2024 after high interest rates and financing constraints created challenges to sealing deals, according to Berkeley Research Group's M&A Disputes Report 2024, which was reviewed by Law360 on Tuesday and is expected to be released in the coming days.

  • February 27, 2024

    GOP Lawmakers Press PBGC On $127M Pension Overpay

    The federal agency that bails out failing pension plans gave inadequate answers to two Republican lawmakers' questions about the agency's accidental $127 million overpayment to a Teamsters plan during the coronavirus pandemic, the lawmakers said in a letter to the agency, demanding it send new responses and documents. 

  • February 26, 2024

    Live Nation Can't Cancel Suit Over Eras Tour Sales Meltdown

    A California federal judge refused Friday to end a proposed securities class action alleging Live Nation made misleading statements about its operations when news of alleged anticompetitive practices with Ticketmaster caused stock prices to drop, finding the suit describes "a materially different state of affairs" than what Live Nation claimed.

  • February 26, 2024

    Genesis Creditors, Owners Allege Cash Grab At Plan Hearing

    Customers and the equity owners of cryptocurrency lender Genesis on Monday accused each other of trying to rob them of assets they deserve, as the debtor began a confirmation hearing for its Chapter 11 plan in New York bankruptcy court.

  • February 26, 2024

    Apache's $3B Write-Down Merits Bigger Class, Investors Say

    A group of Apache Corp. investors on the cusp of winning class certification are arguing that their promised class should be extended to encompass even more investors who were allegedly deceived by company promises of a potentially lucrative drilling project that ultimately led to a $3 billion write-down when it went bust. 

  • February 26, 2024

    CFTC Insists Agency Has Authority To Ban Election Gambling

    The U.S. Commodity Futures Trading Commission told a D.C. federal judge on Monday that barring an online trading platform from offering election betting was within its power as a federal agency, and is also in the public interest.

  • February 26, 2024

    'Pig Butchering' Victim Slaps Binance, Ex-CEO With RICO Suit

    Binance and the cryptocurrency exchange's former CEO let criminal syndicates run fraud schemes through its platform by flouting laws against money laundering and money transmitting, according to an $8.1 million civil racketeering suit filed in Boston federal court.

  • February 26, 2024

    Pastor And Ally Of NYC Mayor Was A Con Man, Jury Hears

    A well-known Brooklyn pastor with close ties to New York City Mayor Eric Adams is a con man, a Manhattan federal prosecutor told jurors Monday, one who lied to lenders, stole from an elderly parishioner and claimed his connections to City Hall could result in millions of dollars in profits from a real estate deal.

  • February 26, 2024

    Proxy Advice Is Not Solicitation, DC Judge Rules In SEC Case

    A D.C. federal judge tossed U.S. Securities and Exchange Commission regulations that define voting advice from proxy advisory firms as solicitation under agency rules, granting a win to one such firm following years of on-and-off litigation.

Expert Analysis

  • How Broker-Dealers Can Prepare For New Remote Work Rules

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    Securities regulators recently expanded broker-dealers' ability to permit flexible remote working arrangements through the introduction of residential supervisory locations, a welcome change that better allows broker-dealers to attract and retain talent, say attorneys at King & Spalding.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Considerations For Disclosing AI Use In SEC Filings

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    Recent remarks from U.S. Securities and Exchange Commission Chair Gary Gensler should be heard as a clarion call for public companies to disclose artificial intelligence use, with four takeaways on what companies should disclose, says Richard Hong at Morrison Cohen.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Cos. Must Know How NY, Federal LLC Disclosure Laws Differ

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    Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.

  • Del. Ruling Stands Out In Thorny Noncompete Landscape

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    In Cantor Fitzgerald v. Ainslie, the Delaware Supreme Court last month upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, providing a noteworthy opinion amid a time of increasing disfavor toward noncompetes and following a string of Chancery Court rulings deeming them unreasonable, say Margaret Butler and Steven Goldberg at BakerHostetler.

  • SEC Regs Give Banks Chance To Step Up Cyber Safety Game

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    Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

  • Opinion

    Exxon Court Should Clarify Shareholder Proposal Exclusion

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    ExxonMobil last month took the unusual action of asking a Texas federal judge whether a proposal from climate activists seeking to limit oil and gas sales could be excluded from its 2024 proxy statement, and the court should use this opportunity to reevaluate SEC policy and set clear limits on when shareholder proposals can be included, says Stephen Bainbridge at UCLA School of Law.

  • 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.

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