The U.S. Supreme Court dealt a blow to affirmative action, upholding a voter-approved ban on racial preferences in admissions at Michigan’s state-run universities in a decision that provides a blueprint for other states wishing to enact similar bars.
Ares Management LP, the asset manager whose private-equity investments include Neiman Marcus Group Ltd. and Jacuzzi Brands Corp., is seeking to raise as much as $418.4 million in its U.S. initial public offering.
LIN Media LLC directors structured Media General Inc.’s $1.6 billion buyout of the local TV-station operator in a way that unfairly benefits private-equity firm HM Capital Partners LLC over other shareholders, a pension fund claimed in a lawsuit.
Brazilian Finance Minister Guido Mantega urged global policy makers to start exploring ways to overhaul the voting structure of the International Monetary Fund without the approval of the U.S. Congress.
President Barack Obama honored the civil rights legacy of former President Lyndon Baines Johnson, saying the late president understood that the “true purpose” of his office was to make a historic stand for equality.