Awards & Recognition
Schulte Recognized in the 2020 Edition of The Legal 500 US
June 2020
The 2020 edition of The Legal 500 US recognized Schulte and the firm’s lawyers in 14 practice areas. The categories are Dispute Resolution (Corporate Investigations and White-Collar Criminal Defense: Advice to Corporates, Corporate Investigations and White-Collar Criminal Defense: Advice to Individuals, General Commercial Disputes, M&A Litigation: Defense, Securities Litigation: Defense); Finance (Financial Services Regulation, Structured Finance: Securitization); Investment Fund Formation and Management (Alternative/Hedge Funds and Private Equity Funds); Labor and Employment (ERISA Litigation); M&A/Corporate and Commercial (Corporate Governance, M&A: Middle-Market, Shareholder Activism: Advice To Boards); Real Estate; and Tax (U.S. Taxes: Non-Contentious). The annual publication analyzes the strengths and capabilities of law firms around the United States based on independent research and client and peer testimonials.
Practices
- Bank Regulatory
- Broker-Dealer Regulatory and Enforcement
- Complex Commercial Litigation
- Employment and Employee Benefits
- Finance
- Hedge Funds
- Investment Management
- Litigation
- Mergers and Acquisitions
- Private Equity
- Real Estate
- Securities Litigation and Class Action
- Shareholder Activism
- Structured Finance
- Regulatory and Compliance
- Tax
- SEC Enforcement and White Collar Defense
Related Insights
Alerts
On March 1, 2024, Judge Liles C. Burke of the US District Court for the Northern District of Alabama found the Corporate Transparency Act (“CTA”) unconstitutional. The CTA, which was enacted on Jan. 1, 2021, requires certain legal entities (known as “Reporting Companies”) to file beneficial ownership information reports (“BOI Reports”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).[1] Judge Burke’s 53-page opinion concluded that “the CTA exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any enumerated power to be a necessary or proper means of achieving Congress’ policy goals.”[2] Judge Burke also issued a final judgment permanently enjoining the US Government from enforcing the CTA against the two plaintiffs —the National Small Business Association, a non-profit trade group that represents more than 65,000 member companies, and one of its members.[3]
Alerts
On Feb. 15, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed its long-anticipated rule, which will subject certain investment advisers to significant anti-money laundering and counter-terrorist financing-related compliance obligations (“Proposed Rule”). Specifically, the Proposed Rule requires certain investment advisers to (i) establish and implement anti-money laundering and countering the financing of terrorism (“AML/CFT”) programs, (ii) file suspicious activity reports (“SARs”) with FinCEN, and (iii) fulfill recordkeeping, information sharing, investor due diligence and other AML/CFT-related obligations mandated by the Bank Secrecy Act (“BSA”).[1] The Proposed Rule applies to investment advisers registered with the Securities and Exchange Commission (“SEC”), also known as registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) (collectively, “Covered Advisers”). The public comment period will remain open until April 15, 2024.
Alerts
On Jan. 10, 2024, the US Department of Labor (“DOL”) published its final rule on employee or independent contractor classification under the Fair Labor Standards Act (“FLSA”) for purposes of minimum wage and overtime. The final rule became effective March 11, 2024.
Alerts
On Feb. 6, the Staff of the US Securities and Exchange Commission’s Division of Investment Management (“Staff”) issued an updated FAQ (“FAQ”) with respect to Investment Advisers Act Rule 206(4)-1 (“Marketing Rule”), excerpted below,[1] addressing the presentation of gross and net internal rates of return (“IRRs”) when the fund uses subscription lines to fund investments. Although the Staff, for quite some time, has focused during examinations on the methodology used to calculate gross and net IRRs when subscription lines are used to fund investments, the amended Marketing Rule that went into effect in November 2022[2] specifically requires that gross and net performance be calculated and presented using the same methodology and over the same period of time. In the FAQ, the Staff expressed its view that certain historical performance reporting practices are no longer permitted under the Marketing Rule, even with clear disclosure regarding the differences in methodologies utilized to calculate the net and gross performance shown.
Alerts
On March 1, 2024, Judge Liles C. Burke of the US District Court for the Northern District of Alabama found the Corporate Transparency Act (“CTA”) unconstitutional. The CTA, which was enacted on Jan. 1, 2021, requires certain legal entities (known as “Reporting Companies”) to file beneficial ownership information reports (“BOI Reports”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).[1] Judge Burke’s 53-page opinion concluded that “the CTA exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any enumerated power to be a necessary or proper means of achieving Congress’ policy goals.”[2] Judge Burke also issued a final judgment permanently enjoining the US Government from enforcing the CTA against the two plaintiffs —the National Small Business Association, a non-profit trade group that represents more than 65,000 member companies, and one of its members.[3]
Alerts
On Feb. 15, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed its long-anticipated rule, which will subject certain investment advisers to significant anti-money laundering and counter-terrorist financing-related compliance obligations (“Proposed Rule”). Specifically, the Proposed Rule requires certain investment advisers to (i) establish and implement anti-money laundering and countering the financing of terrorism (“AML/CFT”) programs, (ii) file suspicious activity reports (“SARs”) with FinCEN, and (iii) fulfill recordkeeping, information sharing, investor due diligence and other AML/CFT-related obligations mandated by the Bank Secrecy Act (“BSA”).[1] The Proposed Rule applies to investment advisers registered with the Securities and Exchange Commission (“SEC”), also known as registered investment advisers (“RIAs”) and exempt reporting advisers (“ERAs”) (collectively, “Covered Advisers”). The public comment period will remain open until April 15, 2024.
Alerts
On Jan. 10, 2024, the US Department of Labor (“DOL”) published its final rule on employee or independent contractor classification under the Fair Labor Standards Act (“FLSA”) for purposes of minimum wage and overtime. The final rule became effective March 11, 2024.
Alerts
On Feb. 6, the Staff of the US Securities and Exchange Commission’s Division of Investment Management (“Staff”) issued an updated FAQ (“FAQ”) with respect to Investment Advisers Act Rule 206(4)-1 (“Marketing Rule”), excerpted below,[1] addressing the presentation of gross and net internal rates of return (“IRRs”) when the fund uses subscription lines to fund investments. Although the Staff, for quite some time, has focused during examinations on the methodology used to calculate gross and net IRRs when subscription lines are used to fund investments, the amended Marketing Rule that went into effect in November 2022[2] specifically requires that gross and net performance be calculated and presented using the same methodology and over the same period of time. In the FAQ, the Staff expressed its view that certain historical performance reporting practices are no longer permitted under the Marketing Rule, even with clear disclosure regarding the differences in methodologies utilized to calculate the net and gross performance shown.
Alerts
On March 1, 2024, Judge Liles C. Burke of the US District Court for the Northern District of Alabama found the Corporate Transparency Act (“CTA”) unconstitutional. The CTA, which was enacted on Jan. 1, 2021, requires certain legal entities (known as “Reporting Companies”) to file beneficial ownership information reports (“BOI Reports”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).[1] Judge Burke’s 53-page opinion concluded that “the CTA exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any enumerated power to be a necessary or proper means of achieving Congress’ policy goals.”[2] Judge Burke also issued a final judgment permanently enjoining the US Government from enforcing the CTA against the two plaintiffs —the National Small Business Association, a non-profit trade group that represents more than 65,000 member companies, and one of its members.[3]