Latest From Skadden

  • SEC Proposes New Rule 163B to Expand ‘Testing-the-Waters’ Communications to All Issuers
    Skadden, Arps, Slate, Meagher & Flom LLP
    Brian V. Breheny, Adrian J. S. Deitz, Rajeev P. Duggal, Ryan J. Dzierniejko, Gregory A. Fernicola, Z. Julie Gao, Michelle Gasaway, David J. Goldschmidt, Stephan Hutter, Thomas J. Ivey, Laura A. Kaufmann Belkhayat, Jonathan Ko, Riccardo A. Leofanti, James A. McDonald, Andrea L. Nicolas, Gregg A. Noel, Michael J. Schwartz, Jonathan B. Stone, Danny Tricot, Pranav L. Trivedi, Yossi Vebman, Dwight S. Yoo, Michael J. Zeidel, Andrew J. Brady

    On February 19, 2019, the SEC voted to propose a new rule and related amendments under the Securities Act that would expand the permissible use of testing-the-waters communications to all issuers. The proposal is a welcome development that would level the playing field with respect to permissible investor solicitations and represents an additional example of the SEC taking concerted action to encourage public capital formation.

  • Court Rules in BlackRock’s Favor in Excessive Fee Trial, One of Largest Mutual Fund Cases Ever
    Skadden, Arps, Slate, Meagher & Flom LLP
    James R. Carroll, Eben P. Colby, Scott D. Musoff, Christopher A. Lisy, Marley Ann Brumme

    Following an eight-day bench trial, the U.S. District Court for the District of New Jersey ruled in favor of certain subsidiaries of BlackRock, Inc. on $1.55 billion in claims brought under Section 36(b) of the Investment Company Act concerning two of BlackRock’s largest mutual funds. BlackRock is the first trial decision on the so-called “subadvisory” or “reverse manager of managers” theory in excessive fee litigation and is one of the largest mutual fund cases ever.

  • DOJ is Trying to Rein In Franchise No Poach Suits
    Boris Bershteyn, Karen Hoffman Lent, Tara L. Reinhart, Zachary C. Siegler

    Partners Boris Bershteyn, Karen Hoffman Lent and Tara Reinhart, as well as associate Zachary Siegler, review the DOJ's efforts to clarify how no-poach agreements should be analyzed under the federal antitrust laws.