Envestnet Holder Drops Case Over Bain Deal, Paul Weiss Conflicts

An Envestnet Inc. investor dropped his court case seeking information on potential law firm conflicts of interest affecting its $4.5 billion sale to Bain Capital LP’s private equity arm.

The lawsuit, made public earlier in the week, demanded access to an unredacted version of the fintech company’s engagement letter with Paul, Weiss, Rifkind, Wharton & Garrison LLP, which advised its board in the run-up to the transaction. The buyout—involving several significant asset managers as minority investors, including BlackRock Inc., Envestnet’s largest pre-deal stockholder—closed in November.

An attorney for the shareholder who brought the case, Paul ...