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 Municipal Securities Rulemaking Board’s proposals to update advertising rules to apply to municipal advisers and dovetail with a FINRA rule have received mixed responses, with some advisers saying their services to local bond issuers are treated too much like the products sold by broker-dealers.
A Kansas federal judge tossed a lawsuit to halt a U.S. Securities and Exchange Commission administrative proceeding against a stock promoter, saying Tuesday that the Tenth Circuit had vacated agency sanctions in a separate case under different circumstances.
The Royal Bank of Scotland on Tuesday asked a New York bankruptcy court to deny a motion by a trustee for Bernie Madoff’s fraudulent investment firm for a direct Second Circuit appeal to determine if he can claw back $22 million in Ponzi scheme proceeds from the bank, saying the question needs to go through the district court.
A former Katten Muchin Rosenman LLP attorney pushed a New York federal court Monday to strike a portion of the securities fraud indictment against him and onetime client ex-pharmaceutical head Martin Shkreli, saying prosecutors used careless language that ropes him into alleged schemes solely charged against Shkreli.
Athene Holding Ltd., a private-equity-backed retirement services company that completed a $1.1 billion initial public offering in December, said Monday that certain shareholders will sell 25 million shares through a secondary offering that could net $1.3 billion in a deal involving three law firms.