Envestnet Sued for Paul Weiss Conflict Info Tied to Bain Deal

Envestnet Inc. is holding back information on law firm conflicts of interest from a shareholder looking into its $4.5 billion sale to Bain Capital LP’s private equity affiliate, according to a lawsuit unsealed Wednesday.

An investor is suing the fintech company for access to an unredacted version of its engagement letter with Paul, Weiss, Rifkind, Wharton & Garrison LLP, which advised Envestnet’s board in the run-up to the transaction. The take-private deal—which included the company’s largest investor, BlackRock Inc., on the buy-side—closed in November. Several other large asset managers also participated in the buyout as minority ...