RiverGlade Capital has announced it completed three investments in the first half of 2021.
…
New York City’s recently enacted biometric privacy law took effect July 9, 2021. While the law is vague as to exactly who must abide by certain subsections, it is undoubtedly consumer-focused. However, even if employers escape New York City’s biometric ordinance, a looming New York state law may soon impose more expansive biometric requirements on…
Bain Capital Private Equity has announced it will acquire PartsSource from Great Hill Partners.
PartsSource, based in Aurora, Ohio, is an online marketplace for medical equipment maintenance parts and services. Founded in 2001, the company states that it supports 3,000 member hospitals and more than 15,000 clinical sites.
Bain Capital Private Equity, based…
HealthEdge Investment Partners has announced it has invested in Today’s Dental Network
Today’s Dental Network (TDN) is a multi-specialty concierge dental practice network and support organization supporting clinical practices offering general dentistry, periodontics, orthodontics, oral surgery and a dental lab for permanent and removable fixtures through 17 locations serving Southwest Florida.
A new Georgia anti-kickback statute seeks to halt a recently identified pattern of substance abuse treatment centers seeking patient referrals from healthcare providers in exchange for fees.
Read on for details about this law, which prohibits such “patient brokering.” Violations may result in criminal liability, including potential imprisonment.
On July 12, 2021, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) proposed interagency guidance on how banks should manage third-party relationships, including partnerships with fintech companies. The proposal would offer a framework for banks when developing risk management practices for their third-party relationships, taking into account the level of risk, complexity, size of the organization, and the nature of the third-party relationship.
Avesi Partners has announced it has closed its initial fund, Avesi Partners I, with $875 million of capital commitments.
The fund was oversubscribed and closed above its original target of $650 million.
Avesi, based in Stamford, Conn., is a private equity firm focused on healthcare services, healthcare technology and business services. Founded in 2021, the firm is…
McGuireWoods has long been an avid supporter of the advancement of professional women. As part of our initiative seeking to expand the leadership of women in private equity, we are continuing our series of profiling women leaders in private equity. We are hopeful that this series will serve to inspire other women to pursue their…
By Amber Walsh and Penny Zacharias
The impact that the COVID-19 pandemic is leaving behind is still coming to light. As the long-term and short-term impacts become more evident, it’s clear that working women represent one of the demographic groups more adversely affected by the pandemic in ways that include employment, leadership, and funding.
Consider…
The collapse of a Ponzi scheme usually follows a familiar pattern. When the scheme is exposed, the company created by the schemer—which is usually little more than a sham entity—is placed into receivership or declares bankruptcy (or both). A receiver or bankruptcy trustee is then tasked with recovering any funds belonging to the estate so that they may be distributed to creditors. As part of this process, these court-appointed parties step into the shoes of the company and may bring any litigation that the company itself could have brought. Bankruptcy trustees are also granted the exclusive right to bring “general claims” on behalf of the entities’ creditors.
This process creates a thorny question: who may seek recovery from a third party alleged to have been involved in the fraud? Creditors that lent funds to sham companies often pursue claims against financial institutions that banked the schemers on aiding-and-abetting theories. Yet receivers and trustees also often bring these claims, leading to duplicative litigation and the question of who properly “owns” the claim.
A recent decision by the U.S. District Court for the District of Minnesota provides important guidance on this question. Ritchie v. JPMorgan Chase & Co., No. 14-cv-04786, 2021 WL 2686079 (D. Minn. June 30, 2021) untangles who has standing to bring claims against a third party alleged to have aided and abetted a Ponzi scheme. As the Court explains, “general” claims for loss of funds belong exclusively to court-appointed bankruptcy trustees. Third parties may only bring particularized claims that arise from injuries “directly traceable” to the defendant’s conduct. Ritchie thus serves as a touchstone in disputes over standing in Ponzi litigation.
