Infinedi Partners has announced it has invested in LaSalle Network.

LaSalle, based in Chicago, is a national staffing and recruiting firm providing services in many sectors, including healthcare revenue cycle, technology, cybersecurity, accounting and finance, and human resources. Founded in 1998, the firm states it operates in more than 20 states and has more…

On March 2, 2022, the U.S. Department of Education’s Office of Federal Student Aid (FSA) for the first time asserted regulatory authority over income share agreements (ISAs) as private education loans. FSA issued an electronic announcement to clarify its authority over income share agreements at institutions that receive federal aid under the Higher Education Act of 1965, as amended (HEA). An ISA is a contract in which a lender gives a student money for education, and in return, the student promises to pay the ISA-provider a fixed percentage of the student’s income for a set amount of time after graduation. The student may repay more or less than the amount received, depending on the terms of the ISA.

GTCR has announced it has acquired a majority equity stake in Experity.

Experity, based in Machesney Park, Ill., is a provider of SaaS software solutions and technology-enabled services for the urgent care industry. Founded in 2019, the company states it provides electronic medical record, practice management and patient engagement software, revenue cycle management solutions and…

Sheridan Capital Partners and Morgan Stanley Capital Partners (MSCP) have completed a recapitalization of SpendMend, according to a news release.

SpendMend, based in Grand Rapids, Mich., provides tech-enabled solutions intended to optimize the cost cycle. Founded in 1993, the company serves healthcare organizations including hospitals, pharmacies and suppliers.

Through the recapitalization, Morgan Stanley…

Tu Le et al. v. Prestige Community Credit Union, filed in the United States District Court for the Central District of California on February 18, 2022, is the second putative class action filed in connection with a church-based investment scheme propped up by Ponzi-type payments, this time targeting the bank that housed the schemers’ accounts.

Plaintiffs Tu Le, Geneva Nguyen, and Mai T. Ly are individuals who invested in a scheme run by entities related to a now-defunct church and its pastor, convicted felon Kent R.E. Whitney (the “Whitney Schemers”).  The scheme targeted individuals by misrepresenting that their funds would be used to open investment accounts earning over 10% interest, but very little of investor funds actually went into trading accounts. Defendant Prestige Community Credit Union (“Prestige”) is the credit union purportedly used by the Whitney Schemers.  Plaintiffs seek to represent a class of all individuals who invested and lost money with any of the Whitney Schemers, as well as a sub-class of all such class members who were residents of California and over 65 years old at the time of investment.

The Securities and Exchange Commission continues to propose rules at a rapid pace. Three of the most recent proposed rules would significantly impact investment advisers by:

  • Requiring documentation of registered investment adviser compliance reviews;
  • Establishing cybersecurity risk management and reporting requirements for investment advisers, investment companies and business development companies;
  • Updating and accelerating beneficial ownership

    • …

    In two recent decisions, the Texas Supreme Court defined the limited parameters in which Texas courts can look beyond the “four corners” of the complaint against the policyholder and the “four corners” of the insurance policy (i.e., the “eight-corners rule”) when determining whether an insurer’s “duty to defend” is triggered.
    Permitting exceptions to the “eight-corners…

    Bui v. Nguyen was filed in California Superior Court on December 30, 2021, claiming relief for civil damages. Specifically, the complaint alleges claims for breach of contract, breach of fiduciary duty, promissory fraud, constructive fraud, fraudulent concealment, and conversion.

    Plaintiffs are three individuals who invested funds with Defendants The Church for the Healthy Self a/k/a CHS Trust (“Defendant Church”), its pastor Kent Whitney (“Whitney”), other individuals touting the alleged scheme, and various television stations.

    On February 17, 2022, the Securities and Exchange Commission (SEC) announced the first Foreign Corrupt Practices Act (FCPA) settlement of the year. Seoul-based KT Corporation (KT Corp.), South Korea’s largest telecommunications operator, will pay $6.3 million to resolve charges that it violated the FCPA by providing improper payments for the benefit of government officials in Korea and Vietnam. Of the $6.3 million, approximately $2.8 million is disgorgement while the remaining $3.5 million is a civil monetary penalty. This settlement follows on the heels of South Korean authorities having indicted 14 KT Corp. executives for the same conduct in November 2021.