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Asset Management

  • December 17, 2018

    DOJ Faults McKinsey Disclosures In Westmoreland Ch. 11

    The U.S. Trustee’s Office has asked a Texas bankruptcy court to turn down Westmoreland Coal Co.’s request to hire McKinsey Recovery and Transformation Services as a Chapter 11 adviser, saying the consulting firm’s disclosures are insufficient.

  • December 17, 2018

    Spain Says €128M Award Over Subsidies Can't Be Enforced

    Spain has urged a D.C. federal court to toss a suit seeking to enforce a €128 million ($145.2 million) arbitral award issued to international investors following a dispute with the country over renewable energy subsidies, arguing the proceeding is barred because there is no valid arbitration agreement.

  • December 17, 2018

    Malaysia Hits Goldman, Bankers With Criminal 1MDB Charges

    Malaysian prosecutors filed criminal charges Monday against units of Goldman Sachs Group Inc. and several individuals for their alleged roles in a multibillion-dollar fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

  • December 17, 2018

    Ex-Linkwell Execs Face Sanctions For Deposition No-Shows

    A Florida federal judge said Monday she would recommend sanctions against two former Linkwell Corp. executives for refusing to show up for depositions in an investor suit accusing them of conspiring with Sidley Austin LLP to craft two mergers that allowed them to abscond with Linkwell’s main moneymaker while freezing out shareholders.

  • December 17, 2018

    Standard Chartered Sends PE Unit To ICG In $1B Deal

    Asset manager Intermediate Capital Group PLC on Monday said it will buy the majority of Standard Chartered PLC's private equity assets following a spin out of the London-based company's PE business, striking a deal valued at £790 million ($997 million).

  • December 17, 2018

    Silicon Valley CPA Gets 8 Mos. For $18M Tax Return Scheme

    An accountant found guilty of helping a Silicon Valley venture capitalist siphon $18 million from a fund through false tax returns received an eight-month jail sentence in California federal court on Friday.

  • December 17, 2018

    Norges Unit Buys Paris Office, Retail Property For €613M

    The asset management unit of the Norwegian central bank said on Monday that it has agreed to buy a retail and office property in central Paris for €613 million ($696 million) from the Groupama Group.

  • December 17, 2018

    GE Must Face Bulk Of ERISA Suit

    A Massachusetts federal judge cut one claim from a proposed class action alleging that General Electric Co. wrongly invested its retirement plan participants' savings in subpar affiliated funds, but allowed the rest of the Employee Retirement Income Security Act suit to go forward.

  • December 17, 2018

    Investors Sue Over Fake Crypto Investment Club Scheme

    A cryptocurrency investment club operated by a father and son team sold fake digital assets and then used the proceeds for their own personal exploits, according to four investors who claim they were scammed out of tens of thousands of dollars in a suit filed in Illinois federal court Friday.

  • December 17, 2018

    Wilmington Trust Execs Get 6-Year Prison Terms For Fraud

    Two former Wilmington Trust Corp. executives were ordered to prison for six years by a U.S. District Court judge in Delaware on Monday, the first of four bank officials to be sentenced after their conviction for a Great Recession securities fraud scheme that effectively broke the regional financial institution.

  • December 14, 2018

    Rent-A-Center’s $11M Deal With Investors Gets Initial OK

    Rent-A-Center Inc.'s $11 million class action settlement offer to address stockholder claims that the company tried to hide known problems with a new sales transaction system has received conditional approval from a Texas federal judge.

  • December 14, 2018

    2nd Circ. Affirms Gerova Fraudster's 78-Month Sentence

    The Second Circuit affirmed Friday the damage calculations in a lower court ruling that sentenced a man to 78 months in prison for participating in a multimillion-dollar pump-and-dump scheme using the stock of a now-bankrupt NYSE-traded investment firm, Gerova Financial Group Ltd.

  • December 14, 2018

    Neiman Marcus Accuses Marble Ridge Of Smear Campaign

    Neiman Marcus Group Inc. filed counterclaims in Texas state court Friday against Marble Ridge Master Fund LP and its adviser, disputing the lawsuit the hedge fund lobbed earlier in the week and saying it has “waged a public campaign” against the luxury fashion retailer in an effort to extort value from it.

  • December 14, 2018

    Ex-Apollo Exec Can't Gag His Former Atty In SEC Probe

    A New York federal judge on Thursday overruled objections to the U.S. Securities and Exchange Commission's questioning of a former attorney for an ex-Apollo Management LP executive who stands accused of defrauding fund clients, saying there’s been no showing of common interest privilege. 

  • December 14, 2018

    Sears, Cyrus Blast Swap Bidder's Objection To Notes Sale

    Sears Holding Corp. and debtor-in-place lender Cyrus Capital Partners have asked a New York bankruptcy court to reject a call to vacate the sale of $900 million in intercompany medium-term notes to Cyrus, calling it a ploy by a failed bidder to change the results.

  • December 14, 2018

    $4.9M State Street Settlement Gets Initial OK From Judge

    A Massachusetts federal judge Friday granted preliminary approval of a $4.9 million settlement in a proposed class action filed by shareholders against State Street Corp., in which they claimed the bank overcharged clients and blew up revenue and profits in its financial statements.

  • December 14, 2018

    Aegean Marine Files Deal To Reorganize With $135M Sale

    Aegean Marine Petroleum Network Inc. on Thursday filed an outline of plans to reorganize in Chapter 11 by selling the marine refueling business to entities owned by Oaktree Capital Management LP and Hartree Partners LP for $135 million, a departure from an earlier proposal to sell to its competitor.

  • December 14, 2018

    Adviser Who Took $1.2M From Athlete Agrees To SEC Deal

    A financial adviser who admitted to defrauding a professional athlete and his wife out of $1.2 million has agreed to enter into a consent judgment with the U.S. Securities and Exchange Commission, admitting to the agency’s civil claims and allowing a judge to determine his punishment accordingly.

  • December 14, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    Taxation With Representation: Kirkland, Gibson Dunn

    In this week’s Taxation With Representation, Travelport is taken private in a $4.4 billion deal, Lexington Partners closes on a $1 billion capital commitment for TPG Asia funds, and Permira snags private universities from Laureate Education for €770 million. 

Expert Analysis

  • Modernizing The Variable Contract Disclosure Regime

    Steve.Roth_print (1).jpg

    A new proposal by the U.S. Securities and Exchange Commission represents a major step forward in updating the disclosure and delivery requirements imposed on the variable insurance products industry. Embracing the new regime, however, will take some work and is not without certain challenges, say attorneys with Eversheds Sutherland.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • Key Choices For Investors Under New Partnership Audit Rules

    Brad Wagner

    For 2018 returns, partnership tax audit adjustments will be assessed at the partnership — not the partner — level, causing a potentially inequitable result in the typical foreign blocker structure. The IRS has issued favorable, albeit complex, regulations to address this scenario, says Brad Wagner of Wagner Duys & Wood LLP.

  • Top 10 Whistleblowing And Retaliation Events Of 2018

    Steven Pearlman

    This year saw significant changes in the landscape of whistleblower and retaliation law, including a game-changing decision from the U.S. Supreme Court and the three largest bounty awards issued in the history of the U.S. Securities and Exchange Commission, say Steven Pearlman and Meika Freeman of Proskauer Rose LLP.

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Foreign Tax Credit Guidance Provides Limited GILTI Relief

    Yomarie Habenicht

    Last week, the U.S. Department of the Treasury released over 300 pages of proposed foreign tax credit regulations providing partial relief for corporate taxpayers by limiting expenses allocated to the global intangible low-tax income basket, say attorneys from Proskauer Rose LLP.

  • Breaking Down SEC’s Risk-Based Exam Initiatives For Funds

    Vincente Martinez

    The U.S. Securities and Exchange Commission last month announced a series of examination initiatives focused on practices and risks relevant to mutual funds and exchange-traded funds. Attorneys with K&L Gates LLP offer takeaways for fund complexes conducting annual compliance reviews.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.