Summit Partners Snags $2.2B Total For 2 Investment Funds

Create: 2020-07-01
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Summit Partners said Tuesday that it wrapped up two funds totaling about $2.2 billion, one that will target equity investments in companies based in Europe and another that will focus on growth-stage companies headquartered in North America.
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Summit Partners Snags $2.2B Total For 2 Investment Funds

Summit Partners said Tuesday that it wrapped up two funds totaling about $2.2 billion, one that will target equity investments in companies based in Europe and another that will focus on growth-stage companies headquartered in North America.

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Ropes Helps B Capital Grab $820M For Sophomore Fund

B Capital Group, a tech-focused investment firm formed by the co-founder of Facebook and an ex-Bain Capital executive, said Tuesday that it has wrapped up its second fund after securing $820 million from investors, with assistance from Ropes & Gray LLP.

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Loeb, Shumaker Loop Cook Up $100M BurgerFi Merger

American restaurant chain BurgerFi agreed to a $100 million merger with private equity affiliated blank check company OPES Acquisition Corp., the companies said Tuesday, in a deal guided by Loeb & Loeb and Shumaker Loop & Kendrick.

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POLICY & REGULATION

SEC Urged To Upgrade Disclosures On COVID-19, Diversity

Market participants on Tuesday urged U.S. Securities and Exchange Commission officials to improve consistency in public company disclosures on matters ranging from how the pandemic is impacting operations to how businesses are addressing social concerns like diversity, so investors can make apples-to-apples comparisons among different companies.

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Pot Co. Cites Force Majeure To Skip Payment On $35M Debt

A Canadian cannabis holding company with properties in several U.S. states has invoked force majeure to delay an interest payment on $35 million in debt, saying the coronavirus pandemic has made raising capital "virtually impossible."

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DEALS

BlackRock Joins Goldfinch Bio's $100M Series B Round

Kidney disease-focused biotechnology company Goldfinch Bio Inc. has raised $100 million in a financing round led by Eventide Asset Management and attracting new investors including funds managed by BlackRock Investment LLC, in a deal worked on by Ropes & Gray LLP, the company said Tuesday.

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Real Estate Rumors: Prologis, Oceanwide, Valley Bank

Prologis has reportedly paid $24.53 million for a Miami development site, Oceanwide Holdings' roughly $1 billion deal to sell a San Francisco mixed-use project has reportedly hit another delay, and Valley National Bank is said to have loaned $10.55 million for a Florida self-storage project.

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EXPERT ANALYSIS

Time To Comply With SEC Regulation Best Interest, Form CRS

The compliance date has arrived for two rules adopted by the U.S. Securities and Exchange Commission last year — Regulation Best Interest and the Form CRS Relationship Summary — and there are many regulatory developments and legal questions that in-house counsel and compliance professionals should consider, say attorneys at Eversheds Sutherland.

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What You Say In Online Mediation May Be Discoverable

Mediation conducted online with participants in different states makes it harder to determine where communications were made, increasing the risk that courts will apply laws of a state that does not protect mediation confidentiality, say mediators Jeff Kichaven and Teresa Frisbie and law student Tyler Codina.

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LEGAL INDUSTRY

2nd Circ. Frees Attorneys Accused Of Molotov Attack

The Second Circuit on Tuesday freed a pair of attorneys accused of torching a New York Police Department car during recent protests sparked by the death of George Floyd at the hands of the Minneapolis police, finding no clear error in the lower courts.

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Kasowitz Faces 3rd Suit Alleging Partner Was Wrongly Fired

A former "rainmaker" for Kasowitz Benson Torres LLP followed two ex-partners in suing the firm over an allegedly wrongful firing, claiming Kasowitz brought him on with promises of lucrative business opportunities only to ditch him when he began suffering from mental illness.

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Bainbridge Of Pierce Bainbridge Sets Up Own Firm In Calif.

James Bainbridge, the last remaining name partner at Pierce Bainbridge Beck Price & Hecht LLP besides founder John Pierce, has set up his own law office in California but will remain affiliated with the struggling firm.

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DC Bar OKs Cryptocurrency Payments For Legal Fees

The District of Columbia Bar has given lawyers the green light to accept cryptocurrencies in exchange for legal services, although the body's ethics opinion said attorneys should take care to ensure the arrangements are fair and that the payments are secure.

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NY Law Firm Hits Hartford With COVID-19 Coverage Suit

New York law firm Siegel & Siegel PC has hit Hartford Casualty Insurance Co. with a proposed class action alleging the insurer has wrongfully denied coverage of losses incurred thanks to the coronavirus pandemic, joining the ever-growing number of businesses across the country making similar claims.

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Newsom Slashes $200M From Calif. Courts In New Budget

California Gov. Gavin Newsom signed a state budget Monday that cuts $200 million in funding from the Golden State's court system, part of drastic measures taken to address an estimated $54 billion shortfall in the midst of the coronavirus pandemic.

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NY Courthouses To Check Body Temps: 100° Or Less To Enter

New York state court officials on Tuesday announced that attorneys and other visitors will soon be required to submit to a body temperature check by officers at courthouse doors — if the thermometer reads over 100 degrees, no entry will be permitted.

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Colo. Justices Say Courts Can Extend Speedy Trial Period

The Colorado Supreme Court has established criteria by which trial courts can grant requests for postponement and a tolling of speedy trial periods because of the COVID-19 pandemic, noting that the courts are facing a Catch-22 as they try to balance defendants' rights and scheduling concerns.

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Coronavirus Regulations: A State-By-State Week In Review

As COVID-19 cases surged in multiple regions amid noncompliance with wearing face masks over the past week, governors of newly dubbed hot-spot states and their neighbors, even ones with declining cases and deaths, rushed to pause reopening activities such as indoor dining.

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Legal Diversity Pros Urge Concrete Change From Leaders

Amid a recent push in the legal industry to commit to diversity and inclusion, experts on Tuesday said they worry momentum on the issue could slow down and urged legal leaders to make institutional changes, including tying money to diversity initiatives.

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Key Senators Want To Add New Federal Judgeships This Year

The Republican chairman of the Senate Judiciary Committee was joined by the panel's Democrats on Tuesday in calling to create new federal judgeships for the first time in nearly 20 years, but the idea needs broader GOP support to move forward.

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Ex-King & Spalding Atty Says Benefits Cutoff Violated Law

A former King & Spalding LLP global finance partner says the Reliance Standard Life Insurance Company violated federal law and ignored medical evidence when it cut off his benefits after he suffered blood and lung complications stemming from a gene mutation.

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Sedgwick Trustee Files Suit Over Unpaid Legal Fees

Defunct law firm Sedgwick LLP has accused the Los Angeles Unified School District, two California companies, and a private individual of failing to pay up a combined $675,000 for legal services the firm provided, plus interest.

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Top US Trade Official Who Led China Talks To Rejoin Skadden

Jeffrey Gerrish, the deputy U.S. trade representative who played a lead role in brokering this year's hard-fought trade pact with China, will rejoin Skadden Arps Slate Meagher & Flom LLP in August, the firm announced Tuesday.

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Procopio Boosts IP Practice In Calif. With 7 Arent Fox Attys

Procopio Cory Hargreaves & Savitch LLP said Tuesday that it has hired seven patent attorneys from Arent Fox LLP, including two partners experienced in 5G technology and medical devices, to expand the firm's intellectual property practice in California.

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MSG Entertainment Hires First GC After April Spinoff

Madison Square Garden Entertainment Corp. has handed the job of general counsel to an attorney with years of experience in the entertainment industry, including at Metro-Goldwyn-Mayer Studios Inc., the company said Monday, about two months after it became a standalone business.

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