Venture Briefing: Promises, Promises: Review Your Company's Privacy Notice...Before The FTC Does Venture Briefing: Promises, Promises: Review Your Company's Privacy Notice...Before The FTC Does

Venture Briefing: Promises, Promises: Review Your Company's Privacy Notice...Before The FTC Does

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M&A Dealmaking Appears to be Back With a Vengeance
The M&A boom of 2007 was, with hindsight, the final flourish of a financial system that had become chronically overly exuberant. The past month has been dominated by claims, from Wall Street to the City of London and beyond, that dealmaking is back.
(Source: CNBC, 2014-04-27) Read the full article
Plan Would Allow Private Equity Funds to Lure Smaller Investors
Private equity funds -- vast pools of capital that buy and sell entire companies -- may become more accessible to smaller investors under a plan being contemplated by the company that runs the Nasdaq stock exchange, a person briefed on the matter said. The plan, still in its preliminary stages, envisions a market where investors in private equity funds can sell their stakes to individuals whose net worth falls far below the usual threshold for such investments.
(Source: The New York Times, 2014-04-25) Read the full article
Small Companies Taking Advantage of JOBS Act to Raise Funds
It's been about eight months since the Jumpstart Our Business Startups (JOBS) Act general solicitation rule went into effect. Now companies are starting to raise money on their own websites as permitted by the act, in some cases easing the process by using a plug-in from Alphaworks.
(Source:, 2014-04-25) Read the full article
Upstarts Giving Big Banks Run for Money on Small Business Lending
Since the financial crisis, banks have been ceding the small business market to a variety of online upstarts that some academics are calling "shadow banks." Eventually, the new companies, which are making smaller loans more available but charging a lot for them, could compete head-to-head with banks for more profitable, larger loans.
(Source: Crain's New York Business, 2014-04-27) Read the full article
Mutual Funds Backing Startups at Record Pace
Mutual fund funds are backing Silicon Valley startups at a record clip, and while investors in these funds should be alert to the risks, this is a development that the venture industry looked to encourage five years ago. Four mutual-fund firms alone -- BlackRock, Fidelity Investments, Janus Capital Group and T. Rowe Price Group -- have backed 13 private companies so far this year after doing 16 such deals last year, The Wall Street Journal reports.
(Source: The Wall Street Journal, 2014-04-23) Read the full article
Supreme Court Cases Could Reshape Scope of Patents, Litigation
The U.S. Supreme Court already has heard four patent-related cases this term and soon will hear two more. An underlying question is how to deal with companies that own patents purely to collect royalties without making a product.
(Source: Bloomberg, 2014-04-25) Read the full article
Court Ruling Has Wide Implications for Insider Trading Cases
A U.S. appeals court is set to hear a case whose outcome could make it harder for the government to prosecute insider trading and potentially jeopardize several high-profile guilty verdicts, including that of SAC Capital Advisors portfolio manager Michael Steinberg. The question facing the 2nd U.S. Circuit Court of Appeals in New York is one that has divided lower court judges: To be convicted of insider trading, must the recipient of non-public information know that the source of the tip benefited from the disclosure?
(Source: Reuters, 2014-04-21) Read the full article
Sharing Companies Gaining Ground Against Regulators
In the newfangled sharing economy, questions about safety, taxes and regulation have tended to be an afterthought, helping propel companies like Uber, Airbnb and Lyft into the stratosphere. But regulators as well as some elected officials across the country are more frequently questioning the presumptions and tactics of these startups, especially the notion that laws do not apply to them.
(Source: The New York Times, 2014-04-21) Read the full article
U.S. Charges eBay Executive With Insider Trading
The U.S. government filed criminal and civil charges accusing a former executive of insider trading in advance of eBay's purchase of his e-commerce company. The case against Christopher Saridakis is also notable because it marks the first time the U.S. Securities and Exchange Commission reached a so-called "non-prosecution" agreement with an individual, an unnamed trader who it said provided "early, extraordinary and unconditional" cooperation.
(Source: Reuters, 2014-04-25) Read the full article
Startup Raises $25M for New Fund to Help Angel Investors
A new experiment in startup funding could have widespread ramifications for the way venture capitalists place bets on young companies. Crowdsourced fundraising site AngelList unveiled a new fund that has raised about $25 million from limited partners who traditionally invest in venture-capital funds.
(Source: The Wall Street Journal, 2014-04-15) Read the full article
Promises, Promises: Review Your Company's Privacy Notice...Before The FTC Does



Stephen E. Reynolds

When your company makes promises in its privacy notice, the Federal Trade Commission can take action to hold your company accountable for these promises. The FTC has brought over 30 legal actions against companies accused of violating consumers' privacy rights and several have been against companies accused of failing to keep promises about privacy. Read full article online.



Ice Miller Attorney Tom Walsh to Moderate Panel Discussion at the Center for the Business of Life Sciences Conference at IU Kelley School of Business

Ice Miller is a proud sponsor of the Center for the Business of Life Sciences at the IU Kelley School of Business conference focusing on Informatics/"Big Data" Uses and Challenges in the Life Sciences. Attorney Tom Walsh is moderating the afternoon panel on "Implementing Big Data Issues" on May 9, 2014 at the Indiana Government Center. Read more.


By The Numbers

The first quarter of 2014 saw 185 private equity funds reach a final close and raise an aggregate $98 billion, a 14 percent increase on the amount of capital raised during the same period in 2013, but the lowest number of funds to close in any quarter since Q3 2009, resulting in the continuation of the trend of fund sizes increasing.
Source: Q1 2014 Preqin Quarterly Update: Private Equity



Services Group

Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them. We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies. In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

Read the complete profile of the Business Group.




Anthony Aaron
Haley Altman
Jennifer Andres
Richard Barnhart
Edward Braum
Jessica Brown
Kristine Camron
Timothy Capen
Joshua Christie
Ryanne Bush Dent
Dustin DuBois
Stephen Edwards
Jasmin N. French
Harry Gonso
Eric Goodman
Jon Groff
Stephen Hackman
David Hight
Paul Hogan
Steven Humke
Michael Jordan
Josef Keglewitsch
Patrick Kennedy
Dean Leffelman
Chris Michael
Laurie Miller
Michael Millikan
Robert Ouellette
Matthew Servies
Brittney Sharp
Brent Showalter
Scott Snively
Dale Stackhouse
Elizabeth Thomas
John Thornburgh
Richard Thrapp
Kristina Tridico
Aaron Weir



This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

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