Asset Management Law360 provides breaking legal news and analysis on the asset management industry. Coverage includes litigation, policy developments, and corporate deals involving investment firms, mutual funds, hedge funds, bond funds, pension funds, and real estate investment trusts.
The sports division of Chinese tech conglomerate LeEco has raised a round of funding that values it at 24 billion yuan ($3.5 billion), it said Friday, and the company has plans to form a committee that will assist with its strategic decisions.
A Florida-based investment firm that raised more than $64 million from 400 investors in an allegedly fraudulent securities offering sued Thursday to claw back over $3 million from one of the firm's originators who lured investors into the scam.
A lawsuit filed by Ocwen Financial Corp. alleges that the monitor hired by California regulators as part of a June 2015 mortgage servicing settlement fraudulently inflated monthly rates and attempted to bill Ocwen for employees’ outings to strip clubs and casinos.
Interest rate swap trader MarkitSERV Ltd. urged a New York federal court Friday to refuse online exchange TrueEX LLC a preliminary injunction to force MarkitSERV to continue their relationship, likening TrueEX’s dire prediction of its closure to Chicken Little's “proclaiming that the sky is falling.”
The financial services industry faces the real possibility of a bipartisan effort to reinstate the portions of the Glass-Steagall Act that separated commercial and investment banking. Depending on the final form any new legislation takes, the changes could go further than merely reinstating the status quo as of 1999, say V. Gerard Comizio and Nathan Brownback of Fried Frank Harris Shriver & Jacobson LLP.