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Asset Management
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April 15, 2025
Cloud Startup Figma Confidentially Files IPO Amid Volatility
Cloud-based design platform Figma Inc. said Tuesday it confidentially filed for an initial public offering, marking a first step toward going public during tense times for equity markets and coming more than one year after a failed merger with Adobe.
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April 15, 2025
Financial Adviser Fights Ex-Employer's Bid To Pierce Privilege
A financial adviser accused of stealing clients by his ex-employer Wealth Enhancement Group LLC has urged a Connecticut state judge to reject the company's bid to get his communications with legal counsel at Spencer Fane LLP, saying it relies on an "expansive and unfounded reading" of the crime-fraud exception to attorney-client privilege.
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April 15, 2025
Insurer Denies Coverage For Short Seller Cohodes' Libel Case
Short seller Marc Cohodes, who was accused by a financial advisory firm of causing $5 million in reputational damage via libelous posts on X, cannot have coverage for the litigation, an insurer told a Montana federal court, noting that his homeowners policy excluded intentional wrongdoing.
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April 15, 2025
Davis Polk Guides StoneX On $900M RJ O'Brien Buy
Davis Polk & Wardwell LLP is guiding New York-based StoneX Group on its agreement to acquire Mayer Brown LLP-advised futures brokerage R.J. O'Brien, or RJO, at an equity value of approximately $900 million.
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April 15, 2025
Kirkland-Led Linden Wraps $5.4B Healthcare-Focused Fund
Healthcare-focused private equity shop Linden Capital Partners, advised by Kirkland & Ellis LLP, on Tuesday announced that it clinched its sixth fund with $5.4 billion of capital commitments.
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April 14, 2025
SEC Won't Revisit WhatsApp Settlements With 16 Firms
A divided U.S. Securities and Exchange Commission refused Monday to redo settlements it inked with 16 financial firms over their failure to keep records of so-called off-channel communications, finding the "settlor's remorse" the firms are suffering because others received better terms is not reason enough to modify their deals.
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April 14, 2025
Coinbase Wants 3rd Circ. To Look At Share Traceability Ruling
Coinbase has asked a New Jersey federal judge to let the Third Circuit immediately review the court's decision to allow an investor class action to proceed, saying it runs contrary to Fifth and Ninth circuit rulings concerning the traceability of share purchases, particularly in companies like Coinbase that went public via a so-called direct listing.Â
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April 14, 2025
SEC Clears Green Impact Exchange To Enter Market In 2026
The U.S. Securities and Exchange Commission on Monday cleared a proposal by Green Impact Exchange to launch the first sustainability focused national securities exchange, scheduled to begin operating in 2026.
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April 14, 2025
Ark. PBM Regulation Violates ERISA, Teamsters Fund Says
An Arkansas insurance regulation forcing health plans to turn over information about reimbursement rates negotiated by pharmacy benefit managers, or PBMs, conflicts with federal benefits law, a Teamsters healthcare fund claimed, urging an Illinois federal court to block the state from enforcing the rule.
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April 14, 2025
Wealth Management App Developer Hits Ch. 11 In Delaware
The developer of a wealth management software app filed for Chapter 11 in Delaware bankruptcy court on Monday, seeking to wind down after its Australian parent company collapsed last year.
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April 14, 2025
Real Estate-Focused SPAC Prepares For $200M IPO
Special purpose acquisition company Timber Road Acquisition Corp. filed documents on Monday that outlined its plans for a $200 million initial public offering in search of merger targets in real estate and consumer industries, with Reed Smith LLP representing the company and Loeb & Loeb LLP as counsel for an underwriter.
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April 14, 2025
Morgan Stanley Raises $2.3B For 3rd Co-Investment Fund
Morgan Stanley Investment Management said Monday it has closed its third dedicated private equity co-investment fund at its hard cap of about $2.3 billion, underscoring investor demand for direct exposure to deals alongside leading buyout firms.
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April 14, 2025
Wilson Sonsini, Kirkland Lead $2.5B Driverless Truck Biz Deal
Wilson Sonsini Goodrich & Rosati PC-steered Kodiak Robotics, a firm valued at $2.5 billion that specializes in driverless truck technology, said Monday it plans to go public later this year by merging with blank-check company Ares Acquisition Corp. II, which is being represented by Kirkland & Ellis LLP.
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April 11, 2025
Broker, Marketer Look To Beat Fund Firm's Fraud Claims
A broker-dealer and a marketing services company seek to shed an investment management firm's securities fraud and other claims in a suit alleging they caused at least $3.5 million in damages with misrepresentations that led investors to withdraw from the firm's fund.
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April 11, 2025
Investors Claim $43M Fraud By Miami Adviser's Firms
More than three dozen investors have sued the companies connected to a former financial adviser in Miami state court over claims of fraud, alleging he squandered nearly $43 million to enrich himself and fund a Ponzi-like scheme.
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April 11, 2025
Tariff Reprieve Offers Little Comfort For Venture-Backed IPOs
President Donald Trump's move to pause most tariff threats is not reassuring venture-backed startups eyeing public listings, many of which will likely postpone initial public offerings for at least another quarter or until shaky market conditions stabilize, a new report concludes.
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April 11, 2025
SEC Takes 'Small Step' On Corporate Crypto Disclosures
A U.S. Securities and Exchange Commission division has released a statement aimed at clarifying how federal securities laws apply to some offerings and registrations in cryptocurrency asset markets, which one commissioner called "a small step in identifying relevant disclosures."
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April 11, 2025
Envestnet Sued For Docs On $4.5B Bain Capital Deal In Del.
A former trust investor in wealth and data management giant Envestnet Inc. sued in Delaware's Court of Chancery on Thursday for access to books and records on the company's $4.5 billion take-private deal with Bain Capital last year, citing concerns over both price and potential conflicts.
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April 11, 2025
Goodwin-Led Lock 8 Clinches 3rd Fund With $182M In Tow
New York-based private equity shop Lock 8 Partners LLC, advised by Goodwin Procter LLP, on Friday announced that it closed its third lower middle market technology buyout fund after securing $182 million of investor commitments.
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April 11, 2025
Taxation With Representation: Norton Rose, Ropes & Gray
In this week's Taxation With Representation, Capri Holdings sells Versace to Prada, Woodside Energy sells a liquefied natural gas terminal stake to Stonepeak, crypto infrastructure firm Ripple acquires prime brokerage platform Hidden Road, and Bain Capital takes a stake in Lincoln Financial.
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April 10, 2025
Grayscale Settles Bitcoin Rival's Conn. Biz Interference Suit
Cryptocurrency firm Osprey Funds LLC and its larger digital asset management rival Grayscale Investments LLC have agreed to settle a lawsuit over the transition of a Grayscale bitcoin investment trust into an exchange-traded fund, or ETF.
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April 10, 2025
SEC Urged To Look At FINRA's 'Unprecedented' Review Delay
Shareholders of Entrex Carbon Market Inc. have urged the U.S. Securities and Exchange Commission to review what they say is the Financial Industry Regulatory Authority's harmful failure to act on the carbon offset trading platform's requests for a name change and approval of stock splits.
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April 10, 2025
Chinese Tea Chain Serves Up IPO Plans In Rocky Market
Chinese teahouse company Chagee Holdings Ltd., represented by Davis Polk & Wardwell LLP and underwriters' counsel Cleary Gottlieb Steen & Hamilton LLP, on Thursday unveiled plans for an estimated $396 million initial public offering, joining a volatile IPO market rocked by uncertainty over President Donald Trump's tariff policy.
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April 10, 2025
Binance A Crypto Laundering 'Get-Away Driver,' Suit Says
A group of cryptocurrency owners who said they were targeted by online thieves and ransomware have filed a proposed class action alleging the cryptocurrency exchange Binance ran a loose ship that provided the cybercriminals with a platform to launder and hide the stolen property.
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April 10, 2025
Mint Mobile Secretly Records Customer Calls, Suit Says
Mint Mobile "routinely and intentionally" records conversations on its customer service line without notifying callers, according to a proposed class action moved to California federal court Wednesday.
Expert Analysis
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Series
Gardening Makes Me A Better Lawyer
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.
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SEC Prioritized Enforcement Sweeps As Cases Slowed In '24
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.
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Litigation Inspiration: Reframing Document Review
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.
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The Challenges Of Abandoned Retirement Plans In Ch. 7
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.
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How CFIUS' Updated Framework Affects Global Investors
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.
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5 Ways SEC's Crypto Approach Could Change Under Trump
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.
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Series
Flying Makes Me A Better Lawyer
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.
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With Precautions, AI Can Help With Suspicious Activity Filings
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.
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How Crypto Cos. Can Take Advantage Of 'Mini-IPOs'
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.
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Nvidia Supreme Court Case May Not Make Big Splash
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.
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Series
Circus Arts Make Me A Better Lawyer
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.
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3 Ways To Train Junior Lawyers In 30 Minutes Or Less
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.
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How To Safely Leverage AI In The Digital Assets Industry
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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What Trump Presidency May Mean For Climate Reporting
While the Trump administration will likely take a hands-off approach to climate-related disclosures and rescind regulations promulgated under the Biden administration, state and international ESG laws mean the private sector may not reverse course on such disclosures, say attorneys at Seyfarth.
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SEC Action Indicates Continued Focus On ESG Disclosures
The U.S. Securities and Exchange Commission's recently settled enforcement action against Invesco Advisers provides a road map for how regulatory agencies will continue to focus on ESG-related disclosures going forward, and underscores a focus on greenwashing, say attorneys at V&E.