News & Press Releases

Of Counsel Michelle Capezza shared insights with Fiduciary News about the complexities of ERISA fiduciary roles and the distinction between 3(21) advisors and 3(38) investment managers. A 3(21) co-fiduciary advisor provides non-discretionary advice in partnership with the plan committee, who retains the responsibility to make investment decisions, while the 3(38) model delegates true discretion to a 3(38) manager, limiting the committee’s responsibility to the prudent selection and oversight of that manager.

Law360 published an article written by Intellectual Property Division Chair Michael Renaud, Members Brad Scheller and Michael McNamara, and Associate Stephen Chen about how postponing the identification and documentation of trade secrets until litigation is underway can lead to costly losses even before summary judgment. In the article, the attorneys analyze two recent appellate decisions that highlight the need for specificity, secrecy, and evidentiary proof at a level of detail that typically requires preparation of documentation and alignment of strategy well in advance.

The Bond Buyer featured comments from Retail and Consumer Products Co-chair Charles Samuels in an article about the municipal bond market’s reaction to the end of the federal shutdown. Though an end to the shutdown has been welcomed enthusiastically, Congress faces another funding deadline in January, and challenges still remain, such as uncertainty over a planned vote on Affordable Care Act subsidies.

Member Steven Shparber was quoted in a Law360 article about how PJM Interconnection, the nation’s largest regional grid operator, may face increased pressure to give states a formal role in its policymaking following the election of New Jersey and Virginia governors. Both governors-elect campaigned on energy affordability and have criticized PJM for its lack of transparency and contribution to high energy costs.

Comments from Member Steven Shparber were featured in Law.com regarding the Department of Energy’s proposal to federally standardize how large electricity customers, like AI data centers, connect to the power grid. The proposal marks a major shift that could transform how these energy-intensive facilities come online and interact with the grid, creating both new challenges and opportunities across the industry.

Investment Funds Practice Chair Kari Harris was quoted in a Buyouts article about how private equity firms are increasingly turning to alternative sources of capital amid a slowdown in traditional fundraising. One strategy gaining traction is the recycling of proceeds from asset sales into new investments, which many funds have become more flexible with.