Asset Management

  • May 18, 2018

    USC, Workers Battle At The 9th Circ.: A Cheat Sheet

    The University of Southern California and workers who brought a $150 million proposed class action claiming the school mismanaged their retirement savings recently squared off before the Ninth Circuit, crossing swords before a three-judge panel over whether the plan participants' claims should be kicked from federal court into arbitration. Here, Law360 breaks down the oral arguments from the closely watched case.

  • May 18, 2018

    IRS Found To Exceed Cap On Penalty For Offshore Reporting

    The Internal Revenue Service went beyond the cap on civil penalties it can assess for undisclosed offshore bank accounts, a Texas federal judge has ruled, rejecting the agency’s argument that regulations limiting the amount are implicitly invalid.

  • May 18, 2018

    REIT InvenTrust Scoops Up Fla. Retail Center For $88M

    Illinois-based real estate investment trust InvenTrust Properties Corp. said on Thursday that it has acquired a 120,000-square-foot retail center in Palm Beach Gardens, Florida, for $88 million from Menin Development Inc.

  • May 18, 2018

    Feds Double Down On Union Boss' Graft Retrial

    Manhattan federal prosecutors on Thursday beefed up their case against New York City labor boss Norman Seabrook with a new fraud charge, ahead of a coming retrial over accusations that he took bribes from Platinum Partners in exchange for his union’s investment in the hedge fund.

  • May 18, 2018

    Energy Savings Co. Investors Allege $5M Push-Out Scheme

    The co-founder and an early investor of Energy Efficient Equity Inc., a company that provides financing for energy and water savings home improvements, have filed a suit against a venture capital fund and its officers alleging the company used a $5 million loan to push them out, according to a complaint made public Friday in Delaware state court.

  • May 18, 2018

    Trusts Ask 11th Circ. To Revive $100M Arbitration Claim

    Two offshore trusts told the Eleventh Circuit Friday that a lower court misinterpreted the Financial Industry Regulatory Authority's code when it ruled that they could not pursue a $100 million arbitration against Canadian brokerage Pictet Overseas Inc.

  • May 18, 2018

    6D Global Settlement In Stock-Manipulation Suit Axed

    A New York federal judge rejected a proposed shareholder derivative settlement with 6D Global Technologies Inc. on Thursday, dubbing the planned corporate reforms lackluster in their attempt to end claims that the digital marketing company was complicit in allowing its share price to be manipulated by a private equity firm's CEO.

  • May 18, 2018

    7 Firms To Guide IPO Lineup Projected To Surpass $1.2B

    Seven firms will guide initial public offerings set to raise more than $1.2 billion during the week of May 21, led by a fintech company that aims to disrupt the consumer loan business, plus three biotechnology firms, a private equity-backed payment processor and two small Chinese deals.

  • May 17, 2018

    Adviser Gets 5 Years For $6.5M 'European Investment' Scam

    An investment adviser who pled guilty last year to stealing and misappropriating $6.5 million from clients and family members was sentenced Wednesday to more than five years in prison.

  • May 17, 2018

    Calif., NY, Ore. Push On In Fiduciary Rule Case

    The attorneys general of California, New York and Oregon showed on Wednesday that they aren't ready to give up the fight to save the U.S. Department of Labor's fiduciary rule, asking the full Fifth Circuit for permission to intervene in the case after a three-judge panel wouldn't let them.

  • May 17, 2018

    Creditors Slam iHeartMedia For Double-Adviser Request

    Creditors of iHeartMedia on Wednesday urged a Texas bankruptcy court to reject the radio broadcast giant’s request to retain a pair of financial advisers, saying they duplicate each other’s services and their fees may reach an excessive $90 million.

  • May 17, 2018

    Premium Hike May Help Save Multiemployer Funds' Safety Net

    The director of a government-run insurance fund that pays workers’ retirement benefits when their employers’ pension funds tank told a group of lawmakers on Thursday that multiemployer plans will need to start paying about five times more in premiums to save the fund from insolvency.

  • May 17, 2018

    TD Ameritrade Clients Fight Stay In Options Liquidation Row

    TD Ameritrade clients suing the company over an allegedly fraudulent liquidation of their futures option investments urged a Florida federal court on Wednesday not to pause discovery in the case, saying the investment brokerage has not shown how it would be prejudiced if discovery went forward.

  • May 17, 2018

    'Meaningful Disclosure' A Must In Wake Of Data Beaches

    Lots of advanced preparation and prompt, “meaningful disclosure” are the best methods for companies hoping to avoid costly fines and lessen the damage of inevitable shareholder suits in the event of a data breach, legal experts advise.

  • May 17, 2018

    Ex-Wilmington Trust Execs Convicted Of Fraud Want New Trial

    Four former Wilmington Trust Corp. executives convicted May 3 in Delaware on federal securities fraud and conspiracy charges for allegedly concealing bad commercial real estate loans from regulators and the public sought a new trial late Tuesday, arguing that prosecutors went outside the boundaries of the complaint.

  • May 17, 2018

    A Chat With Perkins Practice Management Chief Toby Brown

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Toby Brown, chief practice management officer at Perkins Coie LLP.

  • May 17, 2018

    Investors Say Foot Locker Execs Oversold Store Performance

    Foot Locker’s shareholders filed a derivative action against 13 officers and directors on Wednesday, claiming the company heads have exposed it to hundreds of millions of dollars in potential liability by making misleading public statements about known risks associated with customer migrations from brick-and-mortar locations to online sources to shop for athletic wear.

  • May 17, 2018

    Celebrity Chef Ran Restaurants Like Ponzi Scheme, Suit Says

    A New Jersey couple who invested in a celebrity chef’s now-shuttered New York City restaurant has sued him for allegedly depriving investors of payouts by moving cash into his restaurant group, according to documents folding the suit into bankruptcy proceedings filed in New Jersey federal court Wednesday.

  • May 16, 2018

    Relativity Secures Contested D&O Policies In Ch. 11

    Relativity Media received a New York bankruptcy judge's permission Wednesday to buy $3 million worth of insurance policies to protect current and former directors and officers, possibly including lawsuit-facing founder Ryan Kavanaugh, despite the objection of longtime adversary Netflix that the policies are expensive and possibly of little value to the estate. 

  • May 16, 2018

    Ex-NFLer Moves Suit Against K&L Gates, Others To Fed. Court

    Former NFL offensive lineman Leonard Davis removed to Texas federal court Wednesday his lawsuit accusing his financial advisers and attorneys from such firms as Jackson Walker LLP and K&L Gates LLP of disastrously mismanaging his assets, stating in legal papers the case belongs there because of added claims that fall under the federal Securities Exchange Act of 1934.

Expert Analysis

  • Tax Law Shake-Ups In Swiss Wealth Management

    Marnin Michaels

    There have been a number of notable developments in the past 12 months that are relevant to the wealth management industry in Switzerland. Attorneys at Baker McKenzie discuss the common reporting standard and Swiss corporate tax reform, among other issues.

  • When 403(b) Prudence Claims Survive Dismissal

    Arthur Marrapese

    In Vellali v. Yale University, the U.S. District Court for the District of Connecticut recently granted in part and denied in part a motion to dismiss a lawsuit against Yale’s 403(b) plan fiduciaries. Arthur Marrapese of Barclay Damon LLP compares this to decisions in other similar cases, and offers insight on the future of these kinds of claims in the Second Circuit.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • GDPR Considerations For US Asset Managers

    Alan Meneghetti

    U.S. asset managers holding personal data subject to the EU's General Data Protection Regulation should ensure that they have gone through the process of deciding what data they actually need, mapping relevant data flows and determining the correct legal basis for any data processing, say attorneys with Katten Muchin Rosenman LLP.

  • The Principal Purpose Test — A US Tax Court Preview

    Rusudan Shervashidze

    The IRS argument in a case pending before the U.S. Tax Court was similar to the principal purpose tests laid out by the Organization for Economic Cooperation and Development and the European Commission. To that extent, European and Canadian tax advisers who face application of a principal purpose test under domestic law or a tax treaty should take note of the court's ruling, say Rusudan Shervashidze and Stanley Ruchelman of Ruchelman PLLC.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • 5th Pillar Of AML Compliance Is Here, But Questions Remain

    Dustin Palmer

    The Financial Crimes Enforcement Network’s long-awaited customer due diligence rule — the so-called “fifth pillar” of anti-money laundering programs — is now effective, but the broad reach of the rule and some lingering interpretive issues have made it difficult for firms to operationalize the rule’s requirements, say members of Promontory Financial Group LLC.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.