Asset Management

  • July 26, 2017

    Rising Star: Debevoise & Plimpton's Andrew Ahern

    When Newport Global Advisors needed to restructure a $500 million fund and HarbourVest Partners had to seal deals like its purchase of a $1.9 billion fund manager from Bank of America Corp., they turned to Debevoise & Plimpton LLP’s Andrew Ahern, whose continuing relationships with big clients landed him among the five asset management attorneys under 40 honored by Law360 as Rising Stars.

  • July 26, 2017

    UK Financial Watchdogs Expand Senior Manager Rules

    British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.

  • July 25, 2017

    SEC Chief Pans Fiduciary Rule In Letter To Labor Dept.

    U.S. Securities and Exchange Commissioner Michael Piwowar filed a public comment letter with the U.S. Department of Labor on Tuesday blasting its Obama-era rule requiring retirement advisers to act in their clients’ best interests.

  • July 25, 2017

    'Digital Assets' May Need To Be Registered, SEC Warns

    The U.S. Securities and Exchange Commission said on Tuesday that “initial coin offerings” that issue digital tokens in exchange for money or digital currency may be subject to regulation under federal securities laws, warning that its approach to enforcement would be guided by “economic realities” instead of the labels businesses use.

  • July 25, 2017

    Clearwire Ruling Shines Light On Appraisal Arbitrage Risks

    The Delaware Chancery Court's recent opinion appraising the fair value of Clearwire Corp. stock at nearly 60 percent below the Sprint Nextel Corp. buyout price delivered a stunning blow to the so-called appraisal arbitrage practice that highlights its enormous risks, but is unlikely to stem the tide of such challenges in a climate that still favors them, experts say.

  • July 25, 2017

    'Mini-Madoff' Says 3-Year Sentence Would Be More Like It

    A 26-year-old Chicago man behind what federal prosecutors have called a “mini-Bernie Madoff scam” asked an Illinois federal court Monday for a 36-month prison sentence, saying the 70 to 87 months of incarceration recommended by federal sentencing guidelines reflects a “flawed analysis.”

  • July 25, 2017

    Shkreli Slams Katten Atty In Emails, As Trial Wraps Up

    Jurors in the securities fraud trial of Martin Shkreli on Tuesday heard from the last witness expected to be called in the case, and were shown a trove of emails showing the “pharma bro” berating his former Katten Muchin attorney and co-defendant as they discussed ways to pay off disgruntled investors.

  • July 25, 2017

    Government Tipster Gets $2.5M SEC Whistleblower Award

    The U.S. Securities and Exchange Commission said Tuesday it was doling out a whistleblower award of nearly $2.5 million to a government worker who tipped the agency to a company’s misconduct.

  • July 25, 2017

    Chinese Co. Takes BP Asset Sale Row To Federal Court

    A Chinese petroleum company embroiled in a dispute with a Texas consulting firm over unpaid invoices related to the $775 million sale of certain BP PLC assets removed the firm’s suit to Texas federal court Monday, blasting the litigation as a "naked attempt" to attack a prior arbitration award.

  • July 25, 2017

    Ex-Adviser Cops To Trading Scheme With Ex-Hunton Atty

    A former investment adviser admitted in Brooklyn federal court on Tuesday that he schemed to trade on inside information that a convicted ex-Hunton & Williams LLP attorney gleaned from a pharmaceutical industry client.

  • July 25, 2017

    Barnes & Noble Urged By Activist Sandell To Mull Sale

    Activist investor Sandell Asset Management Corp. revealed a stake Tuesday in Barnes & Noble Inc., calling for the “unconscionably” undervalued book retailer to consider going private as it would likely make a prime target for internet or media companies or private equity sponsors.

  • July 25, 2017

    Libor Trader Waives Conflict To Keep Paul Hastings Team

    A former Deutsche Bank AG trader accused of rigging the London Interbank Offered Rate told a New York federal judge on Tuesday that he wants to stick with his counsel from Paul Hastings LLP even though there may be a conflict that might limit his attorney’s ability to defend him.

  • July 25, 2017

    Banks Say Top Court Ruling Cuts Against SIBOR-Rigging Suit

    A group of foreign banks accused of rigging the Singapore Interbank Offered Rate and another financial benchmark told a New York federal judge on Monday that a recent U.S. Supreme Court decision on jurisdiction strengthens their argument for dismissal, contrary to what plaintiffs have said.

  • July 25, 2017

    Real Estate Rumors: Walter DeFortuna, TIAA, Wells Fargo

    A firm led by Fortune International Realty Chairman Walter DeFortuna has reportedly dropped $18 million on two Florida apartment buildings, TIAA's TH Real Estate is said to be buying a Manhattan office and retail condo for $67 million and Wells Fargo Commercial Mortgage Securities has reportedly loaned $500 million to Vornado for a New York office tower.

  • July 25, 2017

    Clearing Firm Pays FINRA Fine Over Supervisory Failures

    Electronic Transaction Clearing Inc. has agreed to pay $250,000 to end the Financial Industry Regulatory Authority's allegations that the high-frequency clearing firm failed to implement anti-money laundering policies and violated multiple customer protection and supervisory rules, according to settlement documents filed Monday.

  • July 25, 2017

    TA Realty Sheds Industrial Portfolio In $201M Deal

    TA Realty LLC said Monday that it has unloaded a portfolio of 20 industrial properties located in the Mid-Atlantic region in a $201 million deal with real estate investment trust Colony NorthStar Inc.

  • July 25, 2017

    Rising Star: Debevoise & Plimpton's Jonathan Adler

    Debevoise & Plimpton LLP’s Jonathan Adler has participated in the formation of more than eight investment funds with commitments totaling nearly $19 billion since 2014 on behalf of a global client roster featuring such heavyweights as The Carlyle Group and KKR, earning him a spot among the five asset management law practitioners under 40 honored by Law360 as Rising Stars.

  • July 25, 2017

    AkzoNobel Plans Shareholder Meeting Amid Activist Pressure

    Dutch coatings and chemicals company AkzoNobel on Tuesday announced plans for a shareholder meeting along with new measures aimed at easing relations with investors amid pressure from Elliott, a move the activist hedge fund says still falls short and fails to establish a truly democratic vote.

  • July 24, 2017

    Barclays Forex Rigging Settlement Nets $8.75M In Atty Fees

    Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits. 

  • July 24, 2017

    LedgerX First To Get CFTC Approval For BitCoin Trading

    New York-based investment startup LedgerX announced Monday that it is the first to get approval to operate a federally regulated exchange and clearinghouse for derivatives contracts that trade in digital currencies like bitcoin.

Expert Analysis

  • Weekly Column

    Innovating For Wise Juries: Discussions Before Deliberations

    Richard Lorren Jolly

    To be sure, allowing jurors to discuss evidence before final deliberations proved to be among the least popular of our recommended innovations. But empirical evidence belies these fears, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Jay Clayton's Enforcement Philosophy

    Lou Mejia

    Recent remarks made by U.S. Securities and Exchange Commission Chairman Jay Clayton suggest an enforcement approach that will consider factors beyond impact on the specific victims. Clayton’s remarks also signal that the SEC may proceed with caution on cybersecurity enforcement as it relates to public companies, says Lou Mejia, former SEC chief litigation counsel now with Perkins Coie LLP.

  • Pay-To-Play Rules Are Here To Stay

    Thomas Potter

    In recent years, the U.S. Securities and Exchange Commission has expanded the reach of rules aimed at preventing pay-to-play practices by municipal securities dealers to include investment advisers, municipal advisers and broker-dealers. With the Sixth Circuit rejecting the latest constitutional challenge in Tennessee Republican Party v. SEC, the issue has escaped judicial review for now, says Thomas Potter III of Burr & Forman LLP.

  • 5 Questions Firms Should Ask When Evaluating Litigation AFA

    Gregory Lantier

    Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • Fiduciary Rule's Impact On IRA Annuity Recommendations

    Fred Reish

    Here, attorneys with Drinker Biddle & Reath LLP focus on the prohibited-transaction exemptions that are available to broker-dealers when their registered representatives recommend annuities to individual retirement account investors and the factors that firms may want to consider in deciding which exemption to use during the new fiduciary rule’s transition period.

  • How To Avoid Portfolio Co. Valuation Risks

    Joshua Newville

    For private fund advisers that are registered with the U.S. Securities and Exchange Commission, valuation will always be a key component of any exam. Over the past year, the SEC has requested information from mutual fund companies about how they value private technology companies, looking for discrepancies, say attorneys with Proskauer Rose LLP.

  • The Best Documents In Your Case May Be From 3rd Parties

    Wyatt Dowling

    Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.