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 former owners of two insurance companies launched a lawsuit in Delaware Chancery Court on Tuesday accusing the companies' buyers of hatching a scheme to replace the companies’ assets with worthless investments that, with the aid of U.S. Bank NA, cost the sellers hundreds of millions of dollars.
Three collateralized loan obligation funds created by Patriarch Partners LLC magnate Lynn Tilton have gone after their founder, accusing her in a fraud suit filed Monday in New York federal court of mismanaging the Zohar funds and stealing more than $1 billion from them, putting them at risk of default.
Billionaire investor Bill Ackman’s hedge fund Pershing Square is one of 10 firms that agreed on Tuesday to settle the U.S. Securities and Exchange Commission’s allegations of “pay-to-play” violations concerning campaign contributions and investment advisory work.
A Linkwell Corp. investor accusing certain subsidiaries and Sidley Austin LLP of securities misconduct asked a Florida federal court on Friday to deny an attempt by Sidley to dismiss the allegations against it, saying the firm designed and implemented the “covert” go-private merger.
The U.S. Department of Justice finalized a $7.2 billion deal with Deutsche Bank AG on Tuesday, releasing new details about how Germany’s largest bank misled investors in selling subprime mortgage-backed securities that led to the 2007 financial crisis.