Asset Management

  • March 29, 2017

    DOL Fights Request To Halt Fiduciary Rule At 5th Circ.

    The U.S. Department of Labor on Wednesday urged the Fifth Circuit not to halt its fiduciary rule for retirement account advisers while the U.S. Chamber of Commerce and other groups attempt to revive their challenge of the rule, saying the “extraordinary relief” is not warranted.

  • March 29, 2017

    Ex-Nomura Traders Want Tardy Evidence Nixed From Trial

    Three former traders at Nomura Securities International Inc. facing conspiracy and fraud charges asked a Connecticut federal judge Tuesday to block prosecutors from raising evidence at an upcoming trial that they still haven’t turned over about the traders’ pay, their legal responsibilities, their alleged rip-off of the U.S. Treasury and certain trades.

  • March 29, 2017

    Swaps Buyers Fight To Keep Claims Broad In ISDAfix Suit

    Swaps buyers that renewed their rate-rigging suit against six banks earlier this year asked a New York federal judge on Tuesday to keep their claims alive, saying two Second Circuit decisions the banks brought up do not, as they contended, represent a legal sea change.

  • March 29, 2017

    Ex-American Apparel CEO Can't Revive Firing Defamation Suit

    Hedge fund Standard General LP did not defame American Apparel Inc. founder Dov Charney in a press release about his firing, a California appeals court ruled on Tuesday, cementing the dismissal of Charney’s $30 million defamation suit under the state’s anti-SLAPP statute.

  • March 29, 2017

    Dems Say Piwowar Overstepping Authority At SEC

    Four Democratic senators asked the U.S. Securities and Exchange Commission’s inspector general on Wednesday to investigate Acting Chair Michael Piwowar’s latest actions, suggesting Piwowar may be undermining the agency’s mission and exceeding his authority by directing policy changes.

  • March 29, 2017

    13 Escape Claims They Defrauded An Elderly Man

    Two women who accused an asset management firm, a hospital, a law firm and 10 others of taking advantage of their hospitalized elderly father to gain control of a multimillion-dollar trust fund saw their case thrown out Tuesday, when a Massachusetts federal judge found their federal claims time-barred and nonspecific.

  • March 29, 2017

    Duke Energy Investors Take Coal Ash Suit To Del. High Court

    A group of Duke Energy Corp. stockholders Tuesday asked the Delaware Supreme Court to revive their claims against the company’s board of directors, saying the evidence shows the board cost the company $102 million by deliberately flouting environmental laws.

  • March 29, 2017

    Goldin Properties Gets $1.5B Offer From Chairman

    Goldin Properties Holdings Ltd. said Wednesday that it has received a HK$11.7 billion ($1.5 billion) offer from its chairman that would take the Chinese property developer private.

  • March 28, 2017

    MSRB Ad Rule Proposals Take Heat From Some Muni Advisers

    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.

  • March 28, 2017

    Stock Promoter Can't Sue To Stop SEC Action, Judge Says

    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.

  • March 28, 2017

    RBS Objects To Direct Appeal In Madoff Clawback Fight

    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.

  • March 28, 2017

    Ex-Katten Atty Says Indictment In Shkreli Case Is 'Careless'

    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.

  • March 28, 2017

    PE-Backed Athene Preps Potential $1.3B Secondary Offering

    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.

  • March 28, 2017

    9th Circ. Tosses Steve Wynn’s FCPA Defamation Suit

    The Ninth Circuit on Tuesday upheld a California federal judge’s dismissal of casino mogul Steve Wynn’s claim that short-seller James Chanos defamed him with public accusations of Foreign Corrupt Practices Act violations, saying Wynn hadn’t shown evidence of slander.

  • March 28, 2017

    DLA Steers Union Investment's $90M Seattle Hilton Hotel Buy

    DLA Piper represented Union Investment in connection with its purchase of a Hilton Garden hotel in downtown Seattle for roughly $90 million, a matter the German fund manager announced on Monday.

  • March 27, 2017

    Silence May Not Be Golden For Cos. After High Court Review

    The U.S. Supreme Court is poised to resolve a circuit split after agreeing to take up whether certain U.S. Securities and Exchange Commission regulations create a duty to disclose "known trends and uncertainties," and experts said the high court's decision could give investors a powerful weapon against companies keeping silent on investigations and other developments.

  • March 27, 2017

    Attys Bungled Briefs In Fannie, Freddie Suit, DC Circ. Told

    Two companies told the D.C. Circuit on Friday that their attorneys’ misunderstanding of a briefing order caused the appellate court to improperly toss contract claims accusing the U.S. Department of the Treasury and Federal Housing Finance Agency of sweeping profits from Fannie Mae and Freddie Mac to the Treasury.

  • March 27, 2017

    FINRA, Exchanges Say Lek Securities Fostered Fraud Account

    The Financial Industry Regulatory Authority and a group of stock exchanges accused Samuel Lek and his Lek Securities Corp. on Monday of helping a foreign company and its clients commit securities fraud by manipulating stock prices for profit.

  • March 27, 2017

    Stinson Staves Off DQ In 2 ResCap MDL Cases

    A Minnesota federal judge said Monday that Stinson Leonard Street LLP would not be barred from representing two mortgage lenders in Residential Capital LLC’s shoddy loan multidistrict litigation, saying their cases differed from one where the law firm could not participate.

  • March 27, 2017

    Pimco Strikes Deal With Gross In $200M 'Family' Ouster Row

    Pacific Investment Management Co. reached a deal with Bill Gross in his $200 million California state court suit over his 2014 ouster from the firm he co-founded, ending what Gross characterized in a statement Monday as a family feud.

Expert Analysis

  • Balancing Activist Concessions With Shareholder Sentiment

    Arthur H. Kohn

    CSX Corp.’s settlement earlier this month with newcomer activist hedge fund Mantle Ridge fit into the increasingly common mold of quick and significant concessions to less-than-5 percent holders, but it also included some novel characteristics indicative of the target company’s concerns about responsiveness to its broader shareholder base, say attorneys with Gottlieb Steen & Hamilton LLP and Young Conaway Stargatt & Taylor LLP.

  • Are Your In-House Lawyers Happy?

    Aric Press

    What is the mood of the nation’s in-house lawyers? Aric Press — a partner at Bernero & Press LLC and former editor-in-chief of The American Lawyer — shares the findings of a recent survey of more than 800 in-house counsel.

  • Clayton SEC Is Well-Positioned To Scrap CAT

    Nicolas Morgan

    While the U.S. Securities and Exchange Commission has been mulling the Consolidated Audit Trail, the world has begun to move on, with some market participants embracing distributed ledger, or “blockchain,” technology. Incoming SEC Chairman Jay Clayton and his fellow commissioners should therefore leapfrog the long-brewing but soon-to-be-obsolete CAT proposal, say attorneys with Paul Hastings LLP.

  • Google, NASA, Planes And A Stronger Legal Team

    Nicholas Cheolas

    Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • FINRA Tackles Senior Financial Exploitation

    Marc J. Ross

    New Financial Industry Regulatory Authority rules aim to provide member firms with new tools to protect senior investors and persons with mental or physical impairments from financial exploitation. To complicate matters, however, outside of FINRA, reporting requirements for elder financial exploitation vary on a state-by-state basis, say Marc Ross and John Hitchings of Sichenzia Ross Ference Kesner LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • A Narrow Exception To NY's Foreclosure Limitations Period

    Christopher A. Gorman

    A New York state appeals court's recent decision in Wells Fargo Bank v. Eitani is good news for those in the business of acquiring distressed mortgage loans because it carves out an exception to the statute of limitations on a mortgage foreclosure action. However, Eitani is very limited in its scope, says Christopher Gorman of Abrams Fensterman Fensterman Eisman Formato Ferrara & Wolf LLP.