Asset Management

  • February 21, 2017

    Split DC Circ. Nixes Fannie, Freddie 'Profit Sweep' Suits

    A divided D.C. Circuit panel on Tuesday handed the U.S. Department of the Treasury and Federal Housing Finance Agency a victory over allegations they swept profits from Fannie Mae and Freddie Mac to the Treasury, affirming a lower court’s ruling that actions taken under the FHFA's conservatorship of the mortgage duo can't be challenged in court.

  • February 21, 2017

    Mitsui To Spend Up To $550M To Enter US Real Estate Market

    Japanese conglomerate Mitsui & Co. Ltd. said Monday that it plans to enter the U.S. real estate asset management business through a partnership with CIM Group LLC that includes an investment of between $450 million and $550 million in the U.S. company and related funds.

  • February 21, 2017

    Kan. Stock Promoter Says 10th Circ. Order Blocks SEC Case

    A stock promoter filed a lawsuit in Kansas federal court on Tuesday seeking to halt a U.S. Securities and Exchange Commission administrative proceeding against him, saying the judge overseeing his case has already been deemed to violate the U.S. Constitution by the Tenth Circuit.

  • February 21, 2017

    Shkreli, Ex-Katten Atty Seek To Split Criminal Cases

    Former Turing Pharmaceuticals Inc. CEO Martin Shkreli and his former Katten Muchin Rosenman LLP attorney have filed motions to sever their criminal securities fraud cases, saying their defenses will be at odds as Shkreli claims he relied on counsel while the attorney says he was kept in the dark.

  • February 21, 2017

    Swedish Pension Fund Unloads $2.1B In Assets

    Swedish pension fund manager Alecta has completed the sale of nearly 50 real estate assets in the U.S. and U.K. in a pair of deals worth $2.1 billion, according to a statement from JLL on Tuesday, which arranged the sales and acquisition financing.

  • February 17, 2017

    DOL Notches Win Against Insurer's Fiduciary Rule Challenge

    A Kansas federal judge on Friday sided with the U.S. Department of Labor in upholding a new fiduciary rule for retirement account advisers related to fixed indexed annuity sales, finding the agency did not exceed its authority in ushering it in.

  • February 17, 2017

    Ex-JPMorgan Banker Gets 3 Years For Leaking Tips To Dad

    A former investment banker for JPMorgan Chase & Co. and Perella Weinberg Partners convicted of insider trading after he was accused of leaking confidential information about health care company mergers to his father was sentenced to three years in prison on Friday.

  • February 17, 2017

    LA's Mark Geragos Preps NY Pension Whiz For $2B Bribe Trial

    Celebrity lawyer Mark Geragos parachuted into Manhattan federal court Friday to defend former New York pension strategist Navnoor Kang against charges that he took bribes to steer $2 billion of investment dollars toward a former Sterne Agee managing director, as U.S. District Judge J. Paul Oetken set a December trial date.

  • February 17, 2017

    Taxation With Representation: Weil, Skadden, Kirkland

    In this week’s Taxation With Representation, Japanese telecommunications giant SoftBank Group acquires a private equity firm for $3.3 billion in cash, Hologic buys medical aesthetics company Cynosure for $1.65 billion, and a Texas oil and gas company purchases new assets in North Louisiana for $465 million.

  • February 17, 2017

    Texas Justices Won't Review Morgan Keegan Securities Suit

    The Texas Supreme Court on Friday said it would not review wealth management and capital markets firm Morgan Keegan’s argument it was wrongly held liable for not telling investors the true risks of a mortgage-backed securities stake, leaving intact a $2.1 million judgment.

  • February 17, 2017

    $3.9M Ends SEC's Stanford Ponzi Claims Against Ex-Exec

    A former executive at one of Ponzi schemer R. Allen Stanford’s financial firms has agreed to pay the U.S. Securities and Exchange Commission nearly $3.9 million to settle claims related to his role in the fraud, according to a Friday decision by the regulator.

  • February 17, 2017

    Full Fed. Circ. Urged To Rethink Trading Patents' Alice Validity

    CQG asked the full Federal Circuit on Friday to review a panel finding that electronic trading patents the software maker was ordered to pay $16 million in infringement damages for are valid under Alice, saying the panel rewrote the law on patent eligibility.

  • February 16, 2017

    NYU Asks Judge To Toss ERISA Suits Over Retirement Plan

    New York University on Wednesday asked a federal judge in New York to throw out a proposed class action alleging it breached a fiduciary duty to employees in its retirement plan, saying the employees had never alleged a conflict of interest that could lead to a claim the university breached its loyalty to the plan.

  • February 16, 2017

    Commerzbank Tells Judge Not To Toss Wells Fargo RMBS Suit

    Commerzbank AG on Thursday urged a New York federal judge not to toss its suit alleging that Wells Fargo Bank NA failed to protect it from massive residential mortgage-backed securities losses, saying a ruling in a similar suit against Deutsche Bank National Trust Co. supports such an outcome. 

  • February 16, 2017

    Alternative Asset Manager Hamilton Lane Primes $190M IPO

    Alternative asset manager Hamilton Lane Inc. launched a $190 million initial public offering Thursday, advised by Drinker Biddle & Reath LLP, following four companies that filed IPOs earlier this week, suggesting deals could pick up in March after a current pause in the market.

  • February 16, 2017

    Investors Can't Revise Distribution For $15M Farm Loan Scam

    An Indiana federal judge on Thursday backed a receiver’s plan to distribute recovered funds to investors allegedly misled about an asset manager’s use of $15 million in farm loans, denying a group’s plan to split the investors into different tiers for recovery.

  • February 16, 2017

    Texas Holding Cos. Carried Out $13M 'Egregious Fraud': SEC

    A Dallas man and two companies he founded bilked at least 100 victims out of more than $13 million through fraudulent securities offerings, according to a U.S. Securities and Exchange Commission complaint and preliminary injunction motion filed in Texas federal court and unsealed Thursday.

  • February 16, 2017

    Real Estate Rumors: Hampshire, Western Beef, Mount Sinai

    Hampshire Properties has reportedly scored $70 million in financing for a Brooklyn rental project, a Western Beef affiliate is said to have sold a Florida grocery store for $11.7 million, and Mount Sinai Health System has reportedly leased 26,100 square feet in New York from Empire State Realty.

  • February 16, 2017

    Acting SEC Chair Curbs Enforcement Staff's Power

    Acting U.S. Securities and Exchange Commission Chair Michael Piwowar has curtailed some powers of the agency's enforcement staff dating from the financial crisis, according to multiple media reports.

  • February 16, 2017

    6th Circ. Slams IRS In Retirement Transfers Dispute

    The Sixth Circuit berated the IRS on Thursday while overturning a U.S. Tax Court decision finding a family-owned company liable for tax deficiencies on transfers to retirement accounts, saying that the revenue agency was trying to undo transactions that are perfectly legal.

Expert Analysis

  • How The Obiang Case Exposes Limits Of Forfeiture Efforts

    Stéphane Bonifassi

    The case against Vice President Teodorin Nguema Obiang is severing diplomatic relations between France and Equatorial Guinea for no benefit to the Equatorial Guinea people. Along the way, France seems to be lecturing the rulers of a formal colonial country, while not cleaning its own house, says Stéphane Bonifassi of Bonifassi Avocats.

  • Anti-Money Laundering Expectations Under Trump

    Michael A. Mancusi

    We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • In Retrospect

    Relearning The Lessons Of Korematsu's Case

    Randy Maniloff

    Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • What You Need To Know About 'Unrestricted Subsidiaries'

    Michael Friedman

    Investments in “unrestricted subsidiaries” are an exception to investment covenants and are being increasingly used in restructuring a company’s capital structure. Before purchasing any debt, distressed investors need to be mindful of what unrestricted subsidiaries are and how they may affect the overall credit of a company or debt recoveries, say attorneys with Chapman and Cutler LLP.

  • Overcoming Obstacles To Financial Reform And Deregulation

    Joseph Lynyak III

    Creating a list of industry-endorsed reforms is perhaps the easiest task to complete when attempting to ease financial regulatory burdens. However, sorting through and identifying realistic, achievable regulatory reforms at the agency level will prove much more difficult and vexing because of the complexity of current agency interconnectivity, says Joseph Lynyak III of Dorsey & Whitney LLP.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.

  • Plan Sponsors, Approach Target-Date Funds With Caution

    Emily Seymour Costin

    A recent U.S. Department of Labor information letter concluded that certain portfolios did not meet requirements to be a qualified default investment alternative under the Employee Retirement Income Security Act, emphasizing the DOL’s support for broadening the use of lifetime income options in defined contribution plans as a supplement to and enhancement of accumulation of retirement savings, say attorneys with Alston & Bird LLP.

  • Opinion

    Lawyers Cannot Stay Silent While Trump Belittles The Courts

    Alexandra Wald

    This is not the first time that a president has criticized the judiciary. But what is unique about President Donald Trump's attacks is that they target not just a specific decision, but the judiciary and its decision-making power altogether. Every lawyer, regardless of political persuasion, must speak up, says Alexandra Wald of Cohen & Gresser LLP.