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Asset Management
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May 09, 2025
Renewable Energy SPAC Taps Surging Market For $150M
EGH Acquisition Corp., a special purpose acquisition company targeting energy transition businesses, began trading Friday after raising a $150 million initial public offering, while another SPAC joined the pipeline as new filings continue to rise.
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May 09, 2025
6th Circ. Ruling Shows Toughening On ERISA Fiduciary Suits
A recent Sixth Circuit decision that backed the dismissal of a proposed class action against an auto parts maker demonstrates how appellate courts are raising the bar for cases alleging breaches of fiduciary duty under federal benefits law, experts say.
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May 09, 2025
Souter's Clerks Remember Him As Humble, Kind And Caring
Former clerks of retired U.S. Supreme Court Justice David H. Souter are heartbroken over the death of a man many of them remember more for his conscientiousness, humility, kindness and disdain for the spotlight than for his undeniable brilliance as a jurist.
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May 09, 2025
Off The Bench: Latest NIL Deal Fix, More WWE Court Troubles
In this week's Off The Bench, the NCAA tries again to get its multibillion-dollar compensation settlement approved, two sets of accusers draw Vince McMahon's history of misconduct at the WWE into their complaints, and the men's tennis tour was ordered to stop threatening players over joining an antitrust suit.
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May 09, 2025
Hiker And 'Raconteur': Atty Recalls 50-Year Bond With Souter
Behind a towering legal legacy was a man who loved to hike mountains, could recall details of things he read decades ago and was always there for those he cared about, a New Hampshire attorney said as he reflected on a lifelong friendship with U.S. Supreme Court Justice David Souter.
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May 09, 2025
Chancery Rejects Shareholder Challenge To Fidelity Spinoff
Observing that related-party company deals with controllers "are not inherently wrongful," a Delaware vice chancellor on Friday scuttled a pension fund suit challenging a $250 million Fidelity National Financial Inc. investment in a spun-off but still controlled former subsidiary.
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May 09, 2025
A Look At David Souter's Most Significant Opinions
The retired Justice David Souter defied simple definition, viewed as a staunch conservative until he co-wrote an opinion upholding abortion rights in 1992. He did not hew to partisan lines, but reshaped the civil litigation landscape and took an unexpected stand in an extraordinarily close presidential election.
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May 09, 2025
Justice Souter Was An Unexpected Force Of Moderation
Justice David Souter, who saw the high court as a moderating force apart from the messiness of politics, subverted the expectations of liberals and conservatives alike during his 19 years on the bench.
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May 09, 2025
Taxation With Representation: Paul Weiss, Weil, V&E, Torys
In this week's Taxation With Representation, 3G Capital takes Skechers private, Sunoco LP buys Parkland Corp., and BCE Inc. and the Public Sector Pension Investment Board launch a wholesale network provider called Network FiberCo.
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May 09, 2025
Ex-Goldman Banker Leissner Urges Lenient 1MDB Sentence
A former Goldman Sachs partner who pled guilty to his role in the 1MDB scandal and testified at his onetime colleague's trial has asked a Brooklyn federal judge to spare him prison time, saying the reputational harm is punishment enough and that he may be extradited to Malaysia to face charges there.
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May 09, 2025
SeaWorld's $1.25M Deal To End 401(k) Suit Gets Initial Nod
A $1.25 million deal to close a class action claiming SeaWorld burdened its $300 million employee retirement plan with pricey funds and high fees can move forward, a California federal judge ruled, after initially raising questions about the workers' damages calculations.
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May 09, 2025
Activist Ends Battle With Lyft By Withdrawing Director Noms
Activist investor and Lyft shareholder Engine Capital LP on Friday said it's withdrawing its nomination of candidates to stand for election to the ride-hailing company's board of directors at the upcoming annual meeting, saying Lyft's board has taken "an important first step" by agreeing to "significant" share repurchases in the upcoming quarters.
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May 09, 2025
NC Finance Co. Says Ex-Director Kept Client Contact Info
A financial advising company took its former client services director to North Carolina's Business Court after he allegedly told the firm's president that he was not going to delete client information from his personal phone following his termination and intended to use it to solicit his ex-employer's customers.
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May 09, 2025
Retired Supreme Court Justice David Souter Dies At 85
Retired Justice David H. Souter, who served on the U.S. Supreme Court from 1990 to 2009, has died at 85, the court announced Friday.Â
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May 08, 2025
Celsius Founder Gets 12 Years For Massive Crypto Fraud
The founder and former CEO of defunct Celsius Network on Thursday was sentenced to 12 years in prison for deceiving customers about the crypto lender's profitability and business practices, and falsely inflating the price of the platform's native token, CEL.
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May 08, 2025
PSP Investments, BCE To Form New Fiber Biz With $1.5B Plug
Canadian communications company BCE Inc., led by Skadden Arps Slate Meagher & Flom LLP, and Simpson Thacher & Bartlett LLP-advised Public Sector Pension Investment Board on Thursday revealed their plans to form a strategic partnership and jointly launch a new wholesale network provider called Network FiberCo.
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May 08, 2025
Oppenheimer Slips Suits Over Fraudster's $110M Ponzi Scheme
A cohort of investors who said they were victims of a $110 million Ponzi scheme run by a former Oppenheimer & Co. Inc. adviser can't hold the investment firm liable for their losses, the Georgia Court of Appeals has said, ruling their losses were "at best, an indirect result" of the firm's alleged efforts to cover up the scheme.
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May 08, 2025
11th Circ. Revives Citigroup Cash Advance Fraud Suit Again
The Eleventh Circuit has, for the second time, revived a nearly decadelong suit against Citigroup that alleges the bank ran a massive cash advance fraud scheme, with the appeals court saying they "see things differently" from the district court, and that the plaintiffs have sufficiently pled each count of their complaint.
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May 08, 2025
Financial Co. Says Ex-Reps Poached Clients For New Venture
A wealth management firm has filed suit in Georgia federal court against two former employees who allegedly stole its confidential information, including client lists, to unlawfully solicit clients to transfer roughly $90 million in assets to their new business.
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May 08, 2025
SEC's Peirce Outlines Path To Exempt Tokenized Securities
The U.S. Securities and Exchange Commission's Hester Peirce on Thursday endorsed the creation of "regulatory sandboxes" that would encourage companies to develop trading systems for tokenized securities, enabling them to experiment with new technologies without certain registration requirements that govern stock exchanges.
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May 08, 2025
6th Circ. Eyes Reviving Kellogg, FedEx Mortality Table Suits
The Sixth Circuit on Thursday appeared open to reviving suits against Kellogg and FedEx from married pensioners who alleged their employers' outdated actuarial assumptions shortchanged their joint-and-survivor benefits, with multiple judges seeming to doubt a lower court's assertion that employers had unfettered latitude when choosing what data to use.
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May 08, 2025
Mercer Advisors Nabs Tufton Capital, Adding $3B In Assets
Mercer Global Advisors on Thursday revealed plans to acquire Tufton Capital Management LLC, guided by Nemphos Braue LLC, and to create a combined business with roughly $3 billion in client assets in the Washington D.C. market.
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May 08, 2025
Simpson Thacher-Led Corsair Closes $600M Fund
Simpson Thacher & Bartlett LLP-advised Corsair Capital on Thursday announced it had closed its inaugural multi-asset continuation vehicle and secondary fund with a combined $600 million in tow.
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May 08, 2025
Rising Tide Of Trump Pardons Not Lifting All Boats, Attys Say
President Donald Trump signed off on more pardons and commutations during his first 100 days in office than any president in modern history while bypassing the traditional clemency process that goes through the U.S. Department of Justice, potentially giving false hope to those who believe they have a chance to benefit from the executive actions but lack White House connections.
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May 07, 2025
Sidley-Led Insurer Aspen Leads 2 IPOs Raising $508M Total
Private equity-backed specialty insurer Aspen Insurance Holdings Ltd., represented by Sidley Austin LLP, on Wednesday raised $397.5 million after pricing an upsized initial public offering, leading one of two insurance listings that netted $507.5 million combined as more companies tiptoe back into the IPO market.Â
Expert Analysis
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Series
Birding Makes Me A Better Lawyer
Observing and documenting birds in their natural habitats fosters patience, sharpens observational skills and provides moments of pure wonder — qualities that foster personal growth and enrich my legal career, says Allison Raley at Arnall Golden.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
Among the most notable developments in California banking in the first quarter of the year, regulators and legislators issued regulations interpreting debt collection laws, stepped up enforcement actions, and expanded consumer protections for those affected by wildfires, says Stephen Britt at Severson & Werson.
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How The ESG Investing Rule Survived Loper Bright, For Now
A Texas federal court's recent decision in Utah v. Micone upholding the U.S. Department of Labor's 2022 ESG investing rule highlights how regulations can withstand the post-Loper Bright landscape when an agency's interpretation of its statutorily determined boundaries is not granted deference, say attorneys at Miller & Chevalier.
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Series
Adapting To Private Practice: From DOJ Leadership To BigLaw
The move from government service to private practice can feel like changing one’s identity, but as someone who has left the U.S. Department of Justice twice, I’ve learned that a successful transition requires patience, effort and the realization that the rewards of practicing law don’t come from one particular position, says Richard Donoghue at Pillsbury.
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How The CRE Industry Is Adapting To Tariff Uncertainty
Amid uncertainty about pending tariffs and their potential ripple effects, including higher material costs, supply chain delays and tighter margins, commercial real estate industry players are focusing on strategic planning and risk mitigation, says Daniel Diaz Leyva at Day Pitney.
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Law Firm Executive Orders Create A Legal Ethics Minefield
Recent executive orders targeting BigLaw firms create ethical dilemmas — and raise the specter of civil or criminal liability — for the government attorneys tasked with implementing them and for the law firms that choose to make agreements with the administration, say attorneys at Buchalter.
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Firms Must Embrace Alternative Billing Models Or Fall Behind
As artificial intelligence tools eliminate inefficiencies and the Big Four accounting firms enter the legal market, law firms that pivot from the entrenched billable hour model to outcomes-based pricing will see a distinct competitive advantage, says attorney William Brewer.
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Opinion
7 Ways CFTC Should Nix Unnecessary Regulatory Burdens
Several U.S. Commodity Futures Trading Commission regulations do not work efficiently in practice, all of which can be abolished or improved in order to comply with a recent executive order requiring the elimination of 10 regulations for every new one implemented, say attorneys at K&L Gates.
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How Attorneys Can Master The Art Of On-Camera Presence
As attorneys are increasingly presented with on-camera opportunities, they can adapt their traditional legal skills for video contexts — such as virtual client meetings, marketing content or media interviews — by understanding the medium and making intentional adjustments, says Kerry Barrett.
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Series
Baseball Fantasy Camp Makes Me A Better Lawyer
With six baseball fantasy experiences under my belt, I've learned time and again that I didn't make the wrong career choice, but I've also learned that baseball lessons are life lessons, and I'm a better lawyer for my time at St. Louis Cardinals fantasy camp, says Scott Felder at Wiley.
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Paul Atkins' Past Speeches Offer A Glimpse Into SEC's Future
Following Paul Atkins' Thursday Senate confirmation hearing, a look at his public remarks while serving as a commissioner at the U.S. Securities and Exchange Commission between 2002 and 2008 reveals eight possible structural and procedural changes the SEC may see once he likely takes over as chair, say attorneys at Covington.
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Series
Adapting To Private Practice: From Fed. Prosecutor To BigLaw
Making the jump from government to private practice is no small feat, but, based on my experience transitioning to a business-driven environment after 15 years as an assistant U.S. attorney, it can be incredibly rewarding and help you become a more versatile lawyer, says Michael Beckwith at Dickinson Wright.
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The Fund Finance Market Is In Its Transformative Era
The fund finance market is experiencing explosive growth as it develops into a mature and sophisticated industry, with several recent developments – such as an increase in net asset value lending and a shift toward borrower-friendly terms – reshaping the landscape of this rapidly evolving sector, say attorneys at Fried Frank.
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Opinion
SEC Shouldn't Complicate Broker-Dealers' AML Compliance
Recent U.S. Securities and Exchange Commission anti-money laundering enforcement actions show that regulators should not second-guess broker-dealers' reasonable judgment, or stretch the law or their jurisdiction to regulate through enforcement, lest they expect broker-dealers to vigorously defend their AML programs, say attorneys at WilmerHale.
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State Securities Enforcers May Fill A Federal Enforcement Gap
The U.S. Securities and Exchange Commission appears poised to take a lighter touch under the new administration, but state enforcement efforts are likely to continue unabated, and potentially even increase, particularly with regard to digital assets and ESG disclosures, say attorneys at Ropes & Gray.