Asset Management

  • May 24, 2024

    Carhartt Heiress Atty Can't Get Mistrial Over Own Witness

    A Michigan attorney can't get a mistrial in a criminal case accusing him of embezzling millions from his wealthy Carhartt heiress client after his own witness discussed the client's $37 million potential loss during cross-examination, with a state judge saying Friday he was mystified why the witness was even called but that the defense had insisted on it. 

  • May 24, 2024

    Petition Watch: Forum Shopping, Monopolies & Gun Safety

    Law360 looks at four U.S. Supreme Court petitions filed in the past two weeks, including the FDA's request that the justices curb an increase in forum shopping at the Fifth Circuit, and two veterinarians who want the justices to allow plaintiffs to pursue antitrust claims for actions allegedly leading to the creation of a monopoly.

  • May 24, 2024

    OCC Orders Controls Improvements At Comerica

    The Office of the Comptroller of the Currency has ordered a Comerica unit to strengthen its asset management controls and address other "unsafe or unsound practices," according to a newly released consent order.

  • May 24, 2024

    House Lawmakers Want New Hearing With FDIC's Gruenberg

    Federal Deposit Insurance Corp. Chair Martin Gruenberg is scheduled to appear before the U.S. House Financial Services Committee to answer questions about the damning findings of a probe of the FDIC's workplace culture.

  • May 24, 2024

    Engineering Co. Mismanaged 401(k) Plan, Ex-Worker Says

    An engineering company forced participants in its $5.1 billion retirement plan to pay lofty administrative fees by automatically enrolling them into expensive managed account programs, thereby breaching federal benefits law, according to a proposed class action filed in Virginia federal court Friday.

  • May 24, 2024

    CFTC's Johnson Is Under Consideration For FDIC Top Job

    The Biden administration is considering Kristin Johnson, a Democratic member of the U.S. Commodity Futures Trading Commission, as a possible candidate to replace Martin Gruenberg at the helm of the Federal Deposit Insurance Corp., Law360 has learned.

  • May 24, 2024

    Biden's Judicial Impact And What's Left On The Wish List

    President Joe Biden secured confirmation of his 200th federal judge Wednesday and has transformed the judiciary by picking more women and people of color than any other president. But the upcoming election season could derail his hopes of confirming many more judges.

  • May 24, 2024

    Off The Bench: NCAA Settles House NIL Class Action

    In this week’s Off the Bench, the NCAA settles its court dispute with hundreds of thousands of athletes over name, image and likeness compensation, NFL rookie Marvin Harrison Jr. is taken to court over an endorsement contract, and former Super Bowl champion Antonio Brown’s post-career life is burdened further by bankruptcy. If you were sidelined this week, Law360 is here to catch you up on the sports and betting stories that had our readers talking.

  • May 24, 2024

    DC Circ. Says Bainbridge Can't Have Argentina's Building

    The D.C. Circuit on Friday denied an appeal from Bainbridge Fund Ltd. in a property dispute with Argentina, saying the company can't take possession of the property in an effort to satisfy a $95 million judgment over defaulted bonds.

  • May 24, 2024

    ERISA Arbitration Backers See Hope In 2nd Circ. Dissent

    A split Second Circuit panel backed workers — and joined three other circuits — when it rejected an attempt to force a proposed class action Employee Retirement Income Security Act lawsuit into individual arbitration, but employers are seizing on a dissent from the recent ruling to try to turn the tide.

  • May 24, 2024

    2nd Circ. Wary Of Deloitte Workers' 401(k) Suit Revival Bid

    The Second Circuit appeared reluctant Friday to revive a proposed class action against Deloitte alleging workers' employee 401(k) plans were weighed down by excessive recordkeeping fees, with multiple judges on a panel pointing to a lack of specific cost comparisons to other plans in an amended complaint.

  • May 24, 2024

    NYSE Companies Could Face Heat If Business Focus Changes

    A New York Stock Exchange proposal seeking additional authority to delist companies that enact wholesale business changes after going public could subject certain companies to more scrutiny, attorneys say, though such drastic actions are expected to be rare.

  • May 24, 2024

    Foley & Lardner Given All-Clear To Exit SEC Suit

    A North Carolina federal judge permitted Foley & Lardner LLP on Friday to exit as counsel for a Malta-based registered investment adviser that is defending claims in a $75 million lawsuit brought by the U.S. Securities and Exchange Commission, despite the judge's previous concerns about the firm's withdrawal.

  • May 24, 2024

    Ace Global Nixes $150M Greenhouse Farming Services Merger

    Special purpose acquisition company Ace Global Business Acquisition Ltd. on Friday announced that its planned merger with Chinese LED company LE Worldwide Ltd. has been canceled due to "significant" declines in LE Worldwide's revenues.

  • 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.

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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