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Asset Management

  • June 20, 2018

    Oak Exec's Family Rebukes SEC's Attempt At $89M Clawback

    The wife and children of a former Oak Investment Partners executive are fighting the U.S. Securities and Exchange Commission’s demand for $89.4 million in assets over the family patriarch’s $67 million fraud, telling a Connecticut federal judge Tuesday that the agency’s motion "overreaches."

  • June 20, 2018

    KKR Real Estate Unit Loans $379M For Pa., Mass. Properties

    KKR Real Estate Finance Trust Inc. has closed a pair of loans, one each for properties in Pennsylvania and Massachusetts, that are worth a combined $378.7 million, according to an announcement from the company on Wednesday.

  • June 20, 2018

    Ocwen Wants Out Of Investment Funds' Compliance Fight

    Ocwen Financial Corp. and its executives on Tuesday said a group of Owl Creek investment funds have based their claims over a decline in stock value amid the mortgage servicer's alleged compliance failures on inactionable statements and asked a Florida federal judge to toss the suit.

  • June 20, 2018

    Bleichmar Fonti To Lead Endo Investors' Par Pharma Suit

    A Pennsylvania federal judge appointed Bleichmar Fonti & Auld LLP as lead counsel in Endo International PLC shareholders' suit claiming the company concealed knowledge of alleged price-fixing by Par Pharmaceutical Holdings Inc. before acquiring the business, finding Tuesday that the firm’s client was best suited to lead the proposed class action.

  • June 20, 2018

    Ex-State Street Exec Seeks Fraud Acquittal Midtrial

    A former State Street Corp. executive on trial for allegedly hiding millions of dollars in fees from some of the firm's biggest clients asked a federal judge in Boston on Tuesday for an acquittal before the case goes to the jury, arguing that the government has not been able to prove its case.

  • June 20, 2018

    NY Hits Deutsche Bank With $205M Fine Over Forex Business

    New York’s banking regulator said Wednesday that Deutsche Bank AG has agreed to pay a $205 million penalty as part of a settlement resolving state banking law violations stemming from an investigation into the German bank’s foreign exchange trading business.

  • June 19, 2018

    5 Investment Advisers Ran $102M Ponzi Scheme, SEC Says

    The U.S. Securities and Exchange Commission on Tuesday said it has secured an asset freeze against five investment advisers and three companies for allegedly conning at least 637 investors over several years through $102 million Ponzi scheme.

  • June 19, 2018

    Zohar Says Independent Director Indemnification Is Critical

    The Zohar Funds bolstered their case in support of a retention agreement for an independent director Tuesday, telling a Delaware court that the person selected to oversee monetization of the bankrupt distressed company investment vehicle's assets should be given protection from litigation in the form of indemnification.

  • June 19, 2018

    BofI Beats Investor Suit Over Gov't Probes, Loan Practices

    A California federal judge has thrown out a securities fraud suit accusing BofI Holding Inc. of failing to disclose that it was allegedly involved in lending to criminals and under investigation by federal authorities, ruling Tuesday that the proposed class action suffered from key shortcomings but did not warrant sanctions.

  • June 19, 2018

    Ambac Opens 1st Circ. Fight Over Puerto Rico Bond Diversion

    Ambac Assurance Corp. on Monday launched its opening arguments in an appeal over the diversion of highway bond revenues in Puerto Rico stemming from a ruling in the territory's bankruptcy-type cases, saying the underlying acts by the island's government violated the Constitution.

  • June 19, 2018

    Merrill Lynch Fined $42M In 5-Year Trade Execution Scam

    Brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. has agreed to pay a $42 million penalty after admitting it misled its customers over where their trades were executed, the U.S. Securities and Exchange Commission said Tuesday.

  • June 19, 2018

    US Bank Faces New Count In Del. Student Loan Trust Suit

    U.S. Bank NA on Tuesday was targeted for a new, alternative breach of contract count in an amended, sweeping Chancery Court lawsuit seeking damages against service providers for securitized student loan trusts once worth $15 billion.

  • June 19, 2018

    Thunder Bridge Prices $225M IPO To Pursue Fintech Deal

    Special purpose acquisition company Thunder Bridge Acquisition Ltd. on Tuesday priced a $225 million initial public offering, raising money to help fund a potential acquisition in the fintech sector, represented by Ellenoff Grossman & Schole LLP.

  • June 19, 2018

    Clifford Chance Guides Greystone's $750M Real Estate Fund

    Clifford Chance LLP represented Greystone in connection with its $750 million real estate debt opportunity fund, a matter the real estate lender and advisory company recently closed, according to an announcement from New York-based Greystone on Tuesday.

  • June 19, 2018

    Alsup Wants Breakdown Of $16M Fee Bid In LendingClub Suit

    U.S. District Judge William Alsup, who said he was “shocked” by a $16 million request for attorneys’ fees, has told lawyers who represented LendingClub Corp. investors in securities class actions against the peer-to-peer lending company that their latest California federal court filing still provided too little detail for him to evaluate the request.

  • June 19, 2018

    Keurig Inks $36.5M Settlement Over 2011 Stock Drop

    Keurig Green Mountain Inc. has agreed to pay $36.5 million to settle a securities fraud suit that accused the company and two executives of misleading shareholders about sales and revenue expectations in 2011, according to papers filed Tuesday in Vermont federal court.

  • June 19, 2018

    Cadwalader Regulatory Atty Decamps For Debevoise

    Debevoise & Plimpton LLP has bolstered its banking group with a regulatory lawyer from Cadwalader Wickersham & Taft LLP who counseled the International Swaps and Derivatives Association when it rolled out compliance tools for companies to use in the wake of Dodd-Frank, the firm has announced.

  • June 19, 2018

    Kramer Levin Steers VICI's $261M La. Casino Resort Buy

    Kramer Levin Naftalis & Frankel LLP represented VICI Properties Inc. in connection with its $261 million purchase of a casino resort in Louisiana, a deal the real estate investment trust announced Tuesday.

  • June 19, 2018

    Ascendas Hospitality Trust Pays $93M For 3 Japanese Hotels

    Ascendas Hospitality Trust said Monday it will buy a portfolio of three newly built hotels in Osaka, Japan, for 10.29 billion yen ($93.43 million), with the acquisition to be fully funded by debt as the Asian-Pacific investment trust continues its expansion plans.

  • June 19, 2018

    A Chat With Holland & Knight CFO Mia Stutzman

    In this monthly series, legal recruiters at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Mia Stutzman, chief financial officer at Holland & Knight LLP.

Expert Analysis

  • Fund Managers Face Tax Hike If Calif. Passes AB 2731

    Tim Gustafson

    Currently making its way through state assembly committees, California Assembly Bill 2731 would impose an additional 17 percent tax on interest income derived from investment management services. If passed, all asset and fund managers, including those located outside California, could face a significant tax increase, say Kelly Allen and Timothy Gustafson of Pillsbury Winthrop Shaw Pittman LLP.

  • China Agritech: More Than Meets The Eye

    Erica Rutner

    There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.

  • Removing 'Control' From FINRA Quantitative Unsuitability

    Thomas Potter

    The Financial Industry Regulatory Authority recently proposed to remove a broker’s “control” of a securities account as an element that must be proven to demonstrate a “quantitative suitability” violation under Rule 2111. This proposal would return the suitability rules to their roots, says Thomas Potter of Burr & Forman LLP.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 2

    FriedmanA_color_hr (1).jpg

    To cope with the uncertainty inherent in the U.S. Securities and Exchange Commission's complicated fair fund distribution process, respondents can take six actions that will reduce the organizational burden and ultimately shave time, maybe even years, off the distribution timeline, says Alan Friedman of Charles River Associates.

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 1

    Alan Friedman

    The U.S. Securities and Exchange Commission uses the fair fund process in a wide range of instances, with some cases involving the distribution of hundreds of millions of dollars to eligible investors. However, it is clear that completing the process can be arduous, as most of the fair funds created after 2009 are still open, says Alan Friedman of Charles River Associates.

  • China Agritech May Have Limited Practical Effect

    Noelle Reed

    While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Amended Fiduciary Rule: Done, Done, On To The Next One

    Andrew Oringer

    The deadline for appealing the Fifth Circuit's decision on the amended fiduciary rule to the U.S. Supreme Court expired on June 13, and — pending the Fifth Circuit's mandate ordering the U.S. Department of Labor to officially strike it down — the rule is no more. So, what now? Will the clock be turned back to an earlier time? Maybe not completely, say Andrew Oringer and Aryeh Zuber of Dechert LLP.