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Loan Syndications and Trading Association Published Concept SOFR Credit Agreement

By Donald A. Ensing & Richard C. Tisdale

September 23, 2020

In an important step for the syndicated loan market in transitioning to SOFR and away from LIBOR as a benchmark interest rate, the Loan Syndications and Trading Association (“LSTA”) recently published what it deems a “concept” credit agreement (we’ll call it the “Concept SOFR Agreement” here) that references daily simple SOFR or daily compounded SOFR. The Concept SOFR Agreement can be found on the LSTA’s website, along with a blackline against the LSTA’s form term…

The Healthcare Investor

Healthcare & Life Sciences Private Equity Deal Tracker: Thomas H. Lee Partners and Frazier Healthcare Partners Acquire Adare Pharmaceuticals

By Geoff Cockrell

September 23, 2020

Thomas H. Lee Partners and Frazier Healthcare Partners have acquired Adare Pharmaceuticals from TPG Capital, according to a news release. Adare Pharmaceuticals, which will be rebranded Adare Pharma Solutions, is a Lawrenceville, N.J.-based specialty contract development and manufacturing organization and global provider of pharmaceutical technologies, development and manufacturing. Adare has developed and manufactured more than 40 products sold in more than 100 countries. Thomas H. Lee Partners, based in Boston, is private equity…

Class Action Countermeasures

Eleventh Circuit Panel Finds Class Action Incentive Payment Improper

By Drew Gann, Diane Flannery, Bethany Gayle Lukitsch & Trent Taylor

September 18, 2020

On September 17, 2020, in a potentially groundbreaking decision that could have huge implications for the future of class actions, a split panel of the Eleventh Circuit held that incentive payments given to a named plaintiff in a class action are improper. See Johnson v. NPAS Solutions, LLC, No. 18-12344, “Slip Op.” (11th Cir. 2020). Judge Newsom writing for the majority of him and Judge Baldock—a Tenth Circuit judge sitting by designation—held “that Supreme Court…

Consumer FinSights

OCC’s Attempt at Clarifying “True Lender” Principle Met with Mixed Results

By Carolee Anne Hoover, Jamie D. Wells & Neelam Takhar

September 18, 2020

On July 22, 2020, the Office of the Comptroller of Currency (“OCC”) proposed a new rule in the federal register, concerning when a bank or savings association is a “true lender,” when the loan is sold or assigned to different entities. The comment period for the OCC’s proposed rule ended on September 3, 2020, with mixed results. In its proposed rule, the OCC interpreted the National Bank Act, Federal Reserve Act, Home Owners’ Loan Act…

The Healthcare Investor

Questa Capital Closes Second Fund With $384 Million

By Amber Walsh

September 18, 2020

Questa Capital Management has announced it has closed its second fund with $348 million of capital commitments. Questa Capital, with offices in Washington, D.C., and San Francisco, is a venture growth equity firm focusing on investments in expansion-stage healthcare companies. The firm states that it aims to invest in companies that operate in addressable market opportunities greater than $500 million and have revenue growth of greater than 20%. Quest Capital indicated that its new fund,…

Consumer FinSights

The New California Consumer Financial Protection Law

By Joseph J. Reilly, Molly M. White, Jamie D. Wells & Neelam Takhar

September 17, 2020

California’s financial services regulator soon will likely have a new name and a significantly expanded mission after state lawmakers passed legislation on August 31, 2020 that would revamp the agency in the image of the U.S. Consumer Financial Protection Bureau, signaling an increased focus on fintech in particular. In a last-minute push before adjourning for the year, the California legislature sent the California Consumer Financial Protection Law (“CCFPL”) to Governor Gavin Newsom for his…

Subject to Inquiry

FinCEN Rule Ends AML Program Exemption for Banks that Lack a Federal Regulator

By Matthew Orso, Susan C. Rodriguez, Jeffrey M. Hanna & Edward M. Nogay

September 15, 2020

money_closeup — Department of treasury symbol

On September 15, 2020, the Financial Crimes Enforcement Network (“FinCEN”) published a Final Rule bringing banks that lack a federal functional regulator further under its purview. The rule subjects these institutions to minimum standards for anti-money laundering (“AML”) requirements, including a BSA officer, AML policies and procedures, and regular employee training, among other obligations. It also extends Customer Identification Program and beneficial owner requirements to these banks. The banks subject to this new rule include…

The Healthcare Investor

Healthcare & Life Sciences Private Equity Deal Tracker: Peak Rock Completes Acquisition of Paragon Healthcare

By Holly Buckley

September 15, 2020

Peak Rock Capital has completed its acquisition of Paragon Healthcare, according to a news release. Paragon, based in Dallas, is a provider of infusion services through its network of ambulatory infusion centers, home infusion pharmacies and other specialty pharmacy services. Paragon operates locations in nine states. Peak Rock, based in Austin, Texas, is middle market private equity firm that makes equity and debt investments in companies in North America and Europe. Founded…

Take Stock: Federal Policy Watch

2020 U.S. Elections Interactive Roundup

By Kara Hunt

September 14, 2020

McGuireWoods Consulting’s 2020 U.S. Elections Roundup interactive website is your one-stop resource for this year’s presidential, congressional, gubernatorial, attorneys general and state legislative races. Complete with concise information about how elections are shaping up around the country — including snapshots of primary results and hot-button ballot initiatives — our site provides a landscape view of our nation’s political scene and insights on potential shifts in the tide. Our goal is to provide business leaders and…

Take Stock: Federal Policy Watch

Washington Healthcare Update | Sept. 14, 2020

By Stephanie Kennan & Mariam Eatedali

September 14, 2020

Hearings/Markups House Energy and Commerce Committee: Full Committee Markup The House Energy and Commerce Committee held a full committee markup and favorably reported all 26 health-related bills to the House floor with bipartisan support. The legislation included expanding access to mental health services, combating the opioid epidemic, reauthorizing key public health programs, improving Medicare enrollment, streamlining public health data sharing for Tribes and facilitating access to marijuana for research. Find more information and summary of…

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Loan Syndications and Trading Association Published Concept SOFR Credit Agreement

Healthcare & Life Sciences Private Equity Deal Tracker: Thomas H. Lee Partners and Frazier Healthcare Partners Acquire Adare Pharmaceuticals

Eleventh Circuit Panel Finds Class Action Incentive Payment Improper

OCC’s Attempt at Clarifying “True Lender” Principle Met with Mixed Results

Questa Capital Closes Second Fund With $384 Million

The New California Consumer Financial Protection Law

FinCEN Rule Ends AML Program Exemption for Banks that Lack a Federal Regulator

Healthcare & Life Sciences Private Equity Deal Tracker: Peak Rock Completes Acquisition of Paragon Healthcare

2020 U.S. Elections Interactive Roundup

Washington Healthcare Update | Sept. 14, 2020

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