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Asset Management

  • October 19, 2018

    Columbia Execs Dodge Retirement Plan Management Suit

    Six current and former Columbia University executives escaped allegations they breached their fiduciary duties to the school's retirement plan Friday, when a New York federal judge signed off on the proposed class of participants’ agreement to drop the claims.

  • October 19, 2018

    GreenTech Auto Fetches $50M Ch. 11 Stalking Horse Bid

    An electric car company co-founded by former Virginia Gov. Terry McAuliffe asked a Virginia bankruptcy court for permission to name a Chinese investment firm as the $50 million stalking horse bidder for its assets.

  • October 19, 2018

    Couple Sues Accounting Firm Over Woodbridge Ponzi Losses

    An Oklahoma couple claim they lost $335,000, which they invested in the alleged Ponzi scheme run by now-bankrupt Woodbridge Group LLC just before the company collapsed, on the word of an unlicensed investment adviser working for their accounting firm.

  • October 19, 2018

    Opportunity Zone Regs Could Still Leave Openings For Abuse

    Guidance released Friday by the U.S. Department of the Treasury on the deferral of taxable gains under the opportunity zone program leaves potential avenues for abuse by investors, who may be able to take advantage of uncertainty over the treatment of vacant lots, as one example.

  • October 19, 2018

    Chevron's Risky Choices Sunk Retirement Plan, 9th Circ. Told

    A putative class of beneficiaries of Chevron's employee retirement plan asked the Ninth Circuit on Friday to revive their claims the company breached its fiduciary duties when it made high-cost and poor-performing investments, saying they had plausibly alleged that Chevron's money management process was flawed.

  • October 19, 2018

    Fake Heir Cops To $13M Hedge Fund Scam, Faces 10 Years

    A con man who raised $13 million by claiming to be a hedge fund manager and heir to the Genovese Drug Stores family fortune pled guilty to securities fraud in Manhattan federal court on Friday as part of a deal that calls for federal guidelines of 10 years or more in prison.

  • October 19, 2018

    Singapore Banks Seek Redo On SIBOR Rigging Escape Bid

    A group of Singapore-based banks, along with one based in Hong Kong, urged a New York federal judge on Thursday to reconsider a ruling that kept them in a suit over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, arguing that they don’t trade in the instruments at issue.

  • October 19, 2018

    Customer Seeks Class Approval In Raymond James Fee Suit

    A Florida woman seeking to form a class to pursue claims that Raymond James charged unauthorized and unreasonable commissions via a “processing fee” rebutted the financial services company's arguments that the allegations require intensive individual analysis during a hearing Friday.

  • October 19, 2018

    MIT Workers Win Cert. In ERISA Suit Over Retirement Plan

    A federal judge on Friday approved a class certification bid by employees at the Massachusetts Institute of Technology who allege the university mishandled its retirement fund, saying he was not swayed by an argument that the employees had made conflicting claims about the ways in which they were harmed.

  • October 19, 2018

    Ocwen, Others Want Fund's ERISA Suit Over RMBS Nixed

    Ocwen Financial Corp., Wells Fargo and others urged a New York federal judge to toss a proposed Employee Retirement Income Security Act class action alleging that Ocwen profited by pushing homeowners into foreclosure during the financial crisis, arguing that a pension fund couldn’t bring claims on behalf of other plans.

  • October 19, 2018

    Labaton Says 1/3 Of Its Open Cases Include Referral Fees

    Nearly one-third of Labaton Sucharow LLP’s open cases came to the firm through referral arrangements, according to a filing Thursday in Massachusetts federal court, offering a peek behind the curtain as the firm faces scrutiny for a payment to a Texas attorney uncovered in the ongoing State Street settlement fee fight.

  • October 19, 2018

    IRS Floats Rules On Deferring Gains From Opportunity Zones

    The Internal Revenue Service on Friday proposed highly anticipated rules clarifying what kinds of taxable gains can be deferred from investments in the opportunity zone program created by last year's federal tax overhaul.

  • October 18, 2018

    EBSA Regulatory Agenda Tackles Fiduciary Rule, Birth Control

    Within the next year, the Employee Benefits Security Administration hopes to make association retirement plans a reality, clarify what comes after the fiduciary rule and allow employers to stop covering workers’ birth control by claiming a moral or religious objection to its use.

  • October 18, 2018

    Bitcoin Trader, CEO Ordered To Pay $2.5M For Ponzi Scheme

    Bitcoin trading outfit Gelfman Blueprint Inc. and its CEO Nicholas Gelfman have been ordered to pay nearly $2.5 million in restitution after stealing more than $600,000 from roughly 80 customers, in the first anti-fraud case involving bitcoin brought by the Commodity Futures Trading Commission.

  • October 18, 2018

    Proposed Volcker Rule Definition Change A No-Go, Banks Say

    Federal financial regulators are getting an earful about their proposal to revamp the trading account definition under the so-called Volcker rule, with industry players saying the change could actually make things worse for banks.  

  • October 18, 2018

    Fund Takes 2nd Stab At Uber Fraud, Illicit Biz Practices Suit

    A Texas-based retirement fund took another stab at a proposed California class action alleging Uber Technologies Inc. and its ex-CEO Travis Kalanick's illicit business tactics, corporate bullying, institutionalized harassment and rampant flouting of the law cost investors billions.

  • October 18, 2018

    NY Trial Set To Determine Owner Of Contested Crypto Platform

    A business developer accused of sneaking her name onto corporate paperwork to steal control of a budding peer-to-peer cryptocurrency platform agreed Thursday to an expedited Nov. 5 trial in Manhattan to determine whether she rightfully owns the platform.

  • October 18, 2018

    Oaktree Says Financial Docs Are Privileged In Fraud Suit

    Oaktree Capital Management is fighting a production request from defendants in its California security fraud suit against private equity company Warburg Pincus for communications between a noteholder committee in the Rural/Metro bankruptcy and its financial adviser, claiming attorney-client privilege.

  • October 18, 2018

    Nine West Files Amended Ch. 11 Plan With $105M Settlement

    Nine West Holdings Inc. has filed a revised Chapter 11 plan with a New York bankruptcy court that includes a $105 million settlement with company owner Sycamore Partners, releasing the latter of claims that it stripped Nine West’s assets and sent the company into bankruptcy.

  • October 18, 2018

    Wachtell, Simpson Lead $5.7B Invesco-MassMutual Deal

    Wachtell Lipton Rosen & Katz-led Invesco Ltd. will acquire Massachusetts Mutual Life Insurance Co.’s asset management unit OppenheimerFunds in a $5.7 billion deal that will see Simpson Thacher & Bartlett LLP-led MassMutual become the Atlanta-based investment firm’s largest shareholder, the companies said in a statement Thursday.

Expert Analysis

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • 4 Things To Watch In The Sears Bankruptcy

    Karen Park

    Following Sears' bankruptcy filing this week, there could be an announcement that the company has agreed to sell its most valuable stores to an affiliate of its largest shareholder, say Karen Park of ParkLaw LLC and Tara Desai of Greenhouse Branding Inc.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Studying The Reactions To SEC's Whistleblower Proposals

    Kathleen Massey

    Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.

  • Market Evidence Will Likely Be Key In Sears Bankruptcy

    J.B. Heaton

    The Sears bankruptcy was filed early Monday, but the company's insolvency has been in plain view in the form of financial market evidence for a very long time. This case presents a prime example of the role such evidence can play for companies, their insiders, and outside advisers and auditors, says J.B. Heaton of the University of Chicago Law School.

  • Fortress Ruling Helps Temper Overzealous SEC Enforcement

    Perrie Weiner

    The insider trading action against certain Fortress securities traders is one more example of the U.S. Securities and Exchange Commission relying upon analytical data to pursue what may be suspicious activity. But a New Jersey federal court's recent decision in the case reinforces that suspicious trades are not enough, say attorneys with DLA Piper.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.