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.
Derivative lawsuits accusing Resource Capital Corp.'s directors of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015 continued to mount Wednesday, as a shareholder of the real estate investment trust filed the fourth case of its kind in New York.
The Second Circuit on Wednesday refused to quash an order that convicted Ponzi schemer Francisco Illarramendi pay $370.4 million in restitution for a scam described as the largest Ponzi scheme in Connecticut's history, saying a delay of over 10 months didn't amount to an abuse of the district court's discretion.
Retail developer Jeff Sutton has reportedly raised $233 million through a bond sale on the Tel Aviv Stock Exchange, Tenet Healthcare is said to have bought a Florida hospital from HCP and Compass is said to be taking another 25,000 square feet on Fifth Avenue in New York.
Activist investor Jana Partners LLC locked down boardroom representation in separate deals with Tiffany & Co. and Bristol-Meyers Squibb Co. on Tuesday, clinching a total of six director nominees at the jewelry retailer and the pharmaceutical company.
The Eleventh Circuit on Wednesday said Wells Fargo did not lose its interest as a secured creditor in two properties in the wake of hedge fund manager Arthur Nadel's $168 million Ponzi scheme, saying a creditor’s property rights are granted under state law and a federal court can’t invalidate them for failure to submit a proof of claim.