Firm News
Castle Harlan Sells Baker & Taylor to Follett
April 18, 2016
Schulte represented Castle Harlan Inc. and Castle Harlan Partners IV LP in the sale of its portfolio company Baker & Taylor, a global leader in the delivery of print and digital books and other multimedia products, to Follett Corporation, a top provider of technology, services and print and digital to PreK-12 libraries, schools and higher education institutions. The transaction was announced on April 18 and upon closing will create the world's preeminent single source of curated content and multimedia for librarians and educators.
The Schulte team advising Castle Harlan Inc. and its portfolio company, Baker & Taylor, included antitrust partner Michael E. Swartz; employment & employee benefits partner Ian L. Levin, special counsel Scott A. Gold and associate Jessica Augarten; environmental partner Howard B. Epstein; finance associate David Arnstein; intellectual property, sourcing & technology special counsel Scott M. Kareff and associate Andrea Matos; mergers & acquisitions associate Monica McKinnon; real estate partner Julian M. Wise and associate Aaron Schwed; tax partner Kurt F. Rosell; and former Schulte lawyers Kirby Chin and Lowell K. Dyer.
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Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.
Alerts
On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a notice of proposed rulemaking that would amend existing anti-money laundering/countering the financing of terrorism (“AML/CFT”) program[1] regulations to require that financial institutions establish, implement and maintain effective, risk-based and reasonably designed AML/CFT programs with certain minimum components, including a mandatory risk assessment process (hereinafter, “Proposed Rule”).[2] For purposes of the Proposed Rule, “financial institutions” include: banks; broker dealers; mutual funds; futures commission merchants (“FCMs”) and introducing brokers in commodities (“IB-Cs”); insurance companies; money services businesses (“MSBs”); casinos and card clubs; dealers in precious metals, precious stones or jewels; operators of credit card systems; loan or finance companies; and housing government sponsored enterprises.[3] In addition to establishing minimum risk assessment requirements for these AML/CFT programs, the Proposed Rule would require that financial institutions document each component of their AML/CFT programs and make this documentation available to FinCEN or its designee, which can include the appropriate agency to which FinCEN has delegated examination authority,[4] or the appropriate SRO.[5] The Proposed Rule would also require that these AML/CFT programs be approved and overseen by the financial institution’s board of directors or, if the financial institution does not have a board of directors, an equivalent governing body.