On June 6, 2024, the Supreme Court issued its opinion in Truck Insurance Exchange v. Kaiser Gypsum Co., No. 22-1079, conferring broad standing to debtors’ pre-bankruptcy liability insurers to appear and be heard in Chapter 11 bankruptcy proceedings. The ruling eliminates the “insurance neutrality” doctrine that previously constrained the participation of insurers in Chapter 11, greatly expanding insurers’ capacity to influence the reorganization process.

Council Capital has announced an investment in Allegiant Managed Care.

Allegiant, founded in 1992 and based in Pittsburgh, Pennsylvania, provides vocational and nurse case management services to insurance carriers and third-party administrators across 20 states east of the Mississippi. 

Council Capital, based in Nashville, Tennessee, focuses exclusively on lower middle market healthcare companies.…

Private equity investment in the medical environment is nothing new. But what investment considerations and challenges are specific to pediatric practices?

In this episode of The Corner Series, McGuireWoods’ Geoff Cockrell is joined by Tucker Moore and Chris O’Dekirk of Concierge Capital Advisory to discuss trends and issues related to private equity involvement…

On May 22, 2024, the Department of Justice’s National Security Division (“NSD”) announced its first declination of prosecution for a company under the voluntary self-disclosure program established by the National Security Division Enforcement Policy for Business Organizations (“NSD Enforcement Policy”). An individual who worked for a United States-based biochemical company, along with his co-conspirator, each pleaded guilty to one count of wire fraud conspiracy for their roles in a scheme to fraudulently obtain deeply discounted products from the company to then export those products to China using falsified export documents.   The company promptly disclosed the suspicious activity and complied with the NSD Enforcement Policy, which creates a presumption for companies to receive non-prosecution agreements when they (1) voluntarily disclose to NSD potentially criminal violations arising out of or relating to the enforcement of export control or sanctions laws; (2) fully cooperate; and (3) timely and appropriately remediate.

On June 3, 2024, the Consumer Financial Protection Bureau imposed a new set of regulatory obligations on nondepository consumer-financial companies that are subject to court or administrative orders enforcing federal or state consumer-protection laws. The Bureau’s new rule creates a public registry of such orders dating back to January 1, 2017. It requires covered entities to submit the orders and information about them to populate the registry. And it requires covered entities subject to CFPB supervision to also file annual statements about their ongoing compliance with these orders and to self-report any violations or noncompliance that the supervised entity identified during the prior year. The rule marks a new assertion of regulatory oversight by the CFPB with consequential implications, creating increased risks of investigation and enforcement by the Bureau and other regulators and the potential for increased public scrutiny. For supervised nonbanks, the rule may also increase the risk of examination by CFPB officials based on the nonbanks’ annual statements.

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…

Notable litigation filed during April 2024 includes Fielder v. Bullock.

Fielder v. Bullock, No. 16-JCV-24-641 (Ark. Cir. Ct.).

Plaintiff, individually, as Power of Attorney for his parents, and as Trustee of the Fielder Living Trust, filed suit against a defendant schemer in Arkansas state court for losses arising from an alleged Ponzi scheme…