Asset Management

  • April 25, 2018

    AXA Seeks 2nd Circ. Rehearing In Annuities Suit

    AXA Equitable Life Insurance Co. asked the Second Circuit on Tuesday for an en banc rehearing on its decision to revive a putative class action after finding the suit's claims of AXA’s alleged deception about variable annuities were not a federal matter, saying the ruling conflicts with Supreme Court precedent.

  • April 25, 2018

    Real Estate Rumors: Chicago Tower, PGGM, Fla. Community Bank

    A residential tower in Chicago could fetch as much as $120 million in a sale, a venture that includes Dutch pension fund PGGM is said to be buying a New York rental tower for $195 million, and Florida Community Bank has reportedly loaned $19.5 million for a recent Florida casino and race track purchase.

  • April 25, 2018

    Think Finance Says CFPB Unconstitutional In Dismissal Bid

    The Consumer Financial Protection Bureau is an unconstitutional agency trying to pin the blame on Think Finance LLC for allegedly improper consumer loans that tribal lenders offered, the financial technology firm told a Montana federal judge Tuesday in seeking to have the case filed against it by the agency thrown out.

  • April 25, 2018

    Capitala Raises $1B In New Permanent Capital Vehicle

    Capitala Group, a Charlotte, North Carolina-based private equity firm, on Wednesday said it has raised $1 billion in a new, permanent capital vehicle aimed at providing the firm’s funds with senior debt and equity co-investments.

  • April 25, 2018

    Wilmington Trust Loan Cover-Up Case Goes To Del. Jury

    A federal jury in Delaware took up criminal charges Wednesday against four Wilmington Trust Corp. executives accused of conspiring to hide hundreds of millions of dollars in bad loans, after a prosecutor said in closing that the case focused on false statements and disclosures.

  • April 25, 2018

    GreenOak Raises $1.1B For Europe Property Purchases

    GreenOak has raised a €656 million ($799 million) European real estate fund and also has an additional €255 million in committed capital for Europe real estate purchases, bringing its total committed capital to €911 million ($1.1 billion), the real estate investment manager announced on Wednesday.

  • April 25, 2018

    Paul Hastings Guides Sino-Ocean In $95M Chicago Hotel Buy

    Paul Hastings LLP said Wednesday it has advised Chinese real estate company Sino-Ocean in its $95 million acquisition of boutique hotel and members’ club Soho House in Chicago’s trendy Fulton Market neighborhood.

  • April 25, 2018

    Ex-UBS Trader Acquitted Of Spoofing Scheme

    A New Haven federal jury on Wednesday acquitted a former UBS trader accused of scheming to manipulate the precious metals futures market with “spoofing,” a trading tactic that involves the use of allegedly deceptive bids or offers to feign the appearance of supply or demand.

  • April 24, 2018

    Case Against Ex-UBS Trader In Spoofing Trial Heads To Jury

    The trial of a former UBS AG trader accused of scheming to manipulate the precious metals futures market with a trading tactic known as “spoofing” headed to a New Haven federal jury Tuesday after prosecutors wrapped up their case by emphasizing the testimony, trading data and other evidence they’ve presented over the past week.

  • April 24, 2018

    FCA Investigator Disputes Boss' Statements In Libor Case

    An investigator for the U.K. Financial Conduct Authority testified in a marathon hearing in Manhattan federal court Tuesday that his boss at the financial regulator seems to have made a misrepresentation in the case of two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate.

  • April 24, 2018

    'Doubt' Fatal To Wilmington Trust Exec Case, Defense Says

    Missing links, unsupported charges and reasonable doubt riddle the criminal fraud and conspiracy case federal prosecutors laid out against four Wilmington Trust Corp. executives accused of hiding hundreds of millions of dollars in past due loans, defense attorneys argued near the end of a trial in Delaware on Tuesday.

  • April 24, 2018

    3 Firms To Pay $800K More Amid Billable Hour Probe

    Labaton Sucharow LLP, Thornton Law Firm LLP and Lieff Cabraser Heimann & Bernstein LLP will pay up to $800,000 more to cover costs for a probe into whether they inflated billable hours to claim $75 million in fees in a suit against State Street Corp. over its foreign exchange practices, a Massachusetts federal judge ruled Tuesday.

  • April 24, 2018

    Puerto Rico Judge Must Rethink Sharing Of Fiscal Plan Docs

    A Puerto Rican federal judge said Tuesday that the magistrate judge overseeing the investigation into the origins of the island's crippling debt crisis needs to reconsider what information its government can and cannot assert is privileged.

  • April 24, 2018

    UPenn Pensioners Fight Inclusion Of Outside Groups' Briefs

    A proposed class of University of Pennsylvania employee retirement plan participants alleging the plan was mismanaged told the Third Circuit on Monday that several amicus briefs submitted by outside groups should not be accepted because they give the defendants an unfair word-count advantage.

  • April 24, 2018

    CMS Wasn't 'Swiss Cheese,' Insider Trading Jury Told

    Health spending deliberations at the Centers for Medicare and Medicaid Services weren’t “Swiss cheese,” a prosecutor said Tuesday in asking a Manhattan federal jury to convict a federal worker, a consultant and two investment pros accused of forming a “corrupt tipping chain” that linked Washington policy secrets to Wall Street traders.

  • April 24, 2018

    SEC Takes Closer Look At 5 NYSE Proposed Bitcoin ETFs

    The U.S. Securities and Exchange Commission said it wants additional time to deliberate on a New York Stock Exchange proposal to list five bitcoin-related exchange traded funds, representing the largest batch of several bitcoin-related filings the SEC has under review.

  • April 24, 2018

    Valeant Can Add NY Investor Fraud Suit To 27 Others In NJ

    A New York federal judge on Tuesday ruled that Valeant Pharmaceuticals International Inc. and others sued in a Manhattan federal court by three investment funds over alleged fraud and price-gouging can transfer the suit to New Jersey, where they already face 27 similar suits.

  • April 24, 2018

    Ex-Bank CEO Sues Money Manager Over Alleged $100M Fraud

    The multimillionaire former CEO of an Illinois bank holding company sued the chief financial officer of his family office and JPMorgan Chase Bank NA in Illinois state court on Monday, claiming the CFO embezzled and lost more than $100 million of his family's money under the bank's nose.

  • April 24, 2018

    Singapore REIT Grows Logistics Biz With $72.4M Facility Buy

    ESR Funds Management (S) Ltd., the manager of ESR-REIT, has acquired a 455,395-square-foot logistics facility in Singapore for SG$95.8 million ($72.4 million), the company said on Tuesday.

  • April 23, 2018

    9th Circ. Affirms Wedbush Sanctions For Reporting Violations

    The Ninth Circuit on Friday kept in place a decision fining Wedbush Securities Inc. and suspending the investment firm’s president for a month for failing to report litigation and regulatory actions against the firm, affirming an earlier U.S. Securities and Exchange Commission ruling.

Expert Analysis

  • Calibrating Structural And Decisional Independence For ALJs

    unnamed.jpg

    When the solicitor general agreed with Raymond Lucia's argument that the U.S. Securities and Exchange Commission itself must appoint administrative law judges to conform with the appointments clause, the result in Lucia v. SEC seemed foreseeable. But oral arguments this week suggest that the U.S. Supreme Court justices may be more divided than one would expect, says professor Harold Krent of IIT Chicago-Kent College of Law.

  • Crypto Set To Drive Demand For Traditional Services: Part 2

    Izzy Nelken

    There is speculation that smart contracts may enable technology to replace the practice of law. However, disputes will almost certainly arise as a result of the innate characteristics of smart contracts, requiring seasoned legal representation, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • Have Your Cake, Eat It Too: Stocks Taxed As Assets In M&As

    Kelly Frey

    Certain M&A transactions can be structured as stock deals, but taxed as asset deals, with an IRC section 338(h)(10) election. Transactional attorneys failing to advise of the election can cost a client millions in lost tax savings and may face malpractice claims, say attorneys Kelly Frey and Amelia Lant at Nelson Mullins Riley & Scarborough LLP in Nashville, Tennessee.

  • Crypto Set To Drive Demand For Traditional Services: Part 1

    Collin Starkweather

    The widespread adoption and increasing regulation of virtual currencies and related technologies will give rise to the need for individuals with expertise in traditional fields, such as financial services and tax, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • Tax Reform Creates New Opportunities For REITs

    James Godman

    While many analysts expected that federal tax reform would dampen enthusiasm around real estate investment trusts, those concerns have proven to be unfounded. In fact, REITs and their investors should see a net gain overall from the recently adopted tax changes, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.