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Asset Management

  • September 20, 2018

    Real Estate Rumors: Paramount, Ladder, Welltower

    Paramount Group could get as much as $160 million with the sale of a New York office and retail property, Ladder Capital is said to have loaned $137 million for a New York Holiday Inn, and real estate investment trust Welltower has reportedly sold a Florida nursing home for $15.4 million.

  • September 20, 2018

    Morgan Stanley Says Ex-Brokers Tried To Woo Clients To Stifel

    Morgan Stanley alleged Wednesday in Illinois federal court that six financial advisers who previously managed $660 million for the bank attempted to take confidential information and clients when they left for competitor Stifel Nicolaus & Co.

  • September 19, 2018

    Pension Fund Fights Ocwen Bid To Tank ERISA Mortgage Row

    A company accused of profiting by pushing homeowners into foreclosure after the housing bubble burst should have to face claims that its alleged actions violated the Employee Retirement Income Security Act, and companies that helped or watched should too, a pension fund told a New York federal judge Wednesday.

  • September 19, 2018

    DC Circ. Orders Redo For 'Big Short' Adviser’s SEC Hearing

    The D.C. Circuit on Wednesday remanded the U.S. Securities and Exchange Commission’s case against an investment adviser featured in the book "The Big Short” for a new hearing before a different administrative law judge or the commission, in accordance with the U.S. Supreme Court’s recent Lucia ruling.

  • September 19, 2018

    Duke Univ. Workers Say 401(k) Plan Was Revamped After Suit

    Workers suing Duke University gave a North Carolina federal judge a “road map” of their class claims that the school mismanaged their retirement savings and refused to correct an unreasonable record-keeping arrangement until it was sued, telling the judge Tuesday that Duke is reworking the plan for 2019.

  • September 19, 2018

    Fenwick & West Guides Proterra's $155M Funding Round

    Proterra Inc., which makes heavy-duty electric transportation equipment for the North American mass transit market, said on Wednesday that it has closed a $155 million funding round led by Daimler AG and family investment firm Tao Capital Partners, which was guided by Fenwick & West LLP.

  • September 19, 2018

    Tilton Asks To Keep Zohar Portfolio Financials Private

    Patriarch Partners LLC founder Lynn Tilton sought a protective order in the Chapter 11 cases of the Zohar Funds in Delaware bankruptcy court Wednesday, asking to keep private the financial information of companies owned by the funds to preserve the value of the portfolio companies in the event of a sale by Zohar.

  • September 19, 2018

    Award Caps Would Weaken Whistleblower Program, SEC Told

    Whistleblowers and their attorneys claim the U.S. Securities and Exchange Commission's proposal to reduce significant awards would give tipsters little reason to put their livelihoods at risk by exposing corporate wrongdoing, according to public comments submitted before a Sept. 18 deadline.

  • September 19, 2018

    Liquidators Seek Ch. 15 To Track Cayman Firm's Cash

    The liquidators of a bankrupt Cayman Islands-based investment advisory firm Tuesday asked a New York bankruptcy court to begin Chapter 15 proceedings, saying they need to act to find and protect the U.S. assets they believe the firm has.

  • September 19, 2018

    Mortgage Lenders Seek Appeal Over Venue In Lehman Fight

    Dozens of mortgage loan originators targeted by Lehman Brothers for $1.2 billion in settlement indemnification claims stemming from purchases of shoddy loans asked Tuesday for leave to appeal a decision keeping the adversary suits in New York bankruptcy court, arguing the jurisdictional issue “remains unresolved in the Second Circuit.”

  • September 19, 2018

    NJ Trader, Firm To Pay CFTC $2.3M Over Spoofing Claims

    The U.S. Commodity Futures Trading Commission filed two orders Wednesday saying that a New Jersey-based commodities trader and his former firm will pay a combined $2.3 million in civil penalties to settle claims they engaged in a spoofing scheme that affected copper, gold and crude oil futures markets.

  • September 19, 2018

    Feds Say $364M Consumer Debt Scam Duped Attys, Bankers

    Three men have been arrested for allegedly scamming investors including lawyers, bankers, investment advisers and professional athletes in a $364 million scheme offering high returns on consumer debt, federal prosecutors and securities regulators announced in Maryland on Wednesday.

  • September 19, 2018

    Real Estate Rumors: Spotify, Carlyle, Sterling Bay

    Spotify has reportedly subleased 85,666 square feet in Manhattan from the Port Authority of New York and New Jersey, a Carlyle venture is said to have sold three Florida self-storage buildings for $100 million and Sterling Bay has reportedly dropped roughly $20 million on a Chicago Fulton Market building.

  • September 19, 2018

    For-Profit Exchanges Harming Investors: SEC Commissioner

    U.S. Securities and Exchange Commissioner Robert Jackson on Wednesday called for regulators to take off the “kid gloves” and increase oversight of U.S. stock exchanges, arguing that for-profit exchanges are harming investors through practices that undermine fair competition.

  • September 19, 2018

    Hong Kong's Spring REIT Buying China Mall For $241M

    Spring Real Estate Investment Trust has reached a deal to buy a shopping mall in China's Guangdong Province for about 1.65 billion Chinese yuan ($240.92 million), according to an announcement from the Hong Kong-based REIT on Wednesday.

  • September 19, 2018

    Inside The Brewing Proxy Fight Over Campbell's Board

    Campbell Soup Co. is gearing up to defend its board of directors from an attack launched by activist hedge fund Third Point LLC, with the two sides divided over the best way forward for the struggling food giant. Here, Law360 outlines the back-and-forth between Campbell and Third Point in an interactive graphic.

  • September 19, 2018

    Reliance Trust Makes $4.5M Deal To End ERISA Claims

    Reliance Trust Co. Inc. has agreed to a $4.5 million deal to settle claims from the U.S. Department of Labor that it breached the Employee Retirement Income Security Act when it caused Tobacco Rag Processors Inc. workers to pay too much for shares of the company's stock in 2011.

  • September 19, 2018

    Labaton, ERISA Attys Reach Tentative Deal In $75M Fee Fight

    The special master appointed to investigate a $75 million attorneys' fee awarded in a $300 million settlement with State Street Corp. has reached a tentative agreement with the lead class counsel, Labaton Sucharow LLP, and Employee Retirement Income Security Act lawyers involved in the case, according to a filing late Tuesday in Massachusetts federal court.

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    Singapore Developer Lands REIT Manager For $72.1M

    Singapore-based property developer OUE Ltd. and its health care-focused subsidiary said on Tuesday that they have agreed to acquire a combined 100 percent stake in Bowspirit Capital Corp. Ltd., the manager of health care real estate investment trust First Real Estate Investment Trust, for a total of SG$98.9 million ($72.1 million).

Expert Analysis

  • IRS Ruling On MBS Restructuring Should Encourage Investors

    Mark Leeds

    In June 2019, the Federal Housing Finance Agency will require Freddie Mac and Fannie Mae to begin issuing standardized mortgage-backed securities. Accordingly, the IRS last month encouraged Freddie Mac investors to convert their existing securities by stating that conversions won't trigger taxable gains or losses, say Mark Leeds and Steven Garden of Mayer Brown LLP.

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    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 Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • A Breakdown Of Title Insurance For Mezzanine Financing

    Excerpt from Lexis Practice Advisor
    Spencer Compton

    Despite pessimism after the recession, mezzanine financing continues to be a part of almost every significant commercial real estate transaction. Lenders should understand the basic mezzanine debt structure and what title insurance options are available to them, say Spencer Compton and David Wanetik of First American Title Insurance Company.

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.

  • Unpacking The New Temporary Rules For Bonus Depreciation

    Ellen McElroy

    Last year’s business-friendly amendment of Internal Revenue Code Section 168(k), which allows immediate expensing for certain business assets, left many questions. In August, the Department of Treasury proposed rules clarifying requirements for depreciable property, but not all solutions are permanent and many issues remain unresolved, say attorneys at Eversheds Sutherland LLP.

  • Setting A Framework For Disgorgement Insurance Disputes

    Catherine Doyle

    In TIAA-CREF Insurance Appeals, the Delaware Supreme Court struck a blow to insurers seeking to avoid responsibility for settlement payments made by policyholders. Though decided under New York law, this opinion opens the door to a fact-specific analysis that may help policyholders facing similar denials, say Catherine Doyle and Jan Larson of Jenner & Block LLP.

  • Examining The Role Of Market Price In Appraisal: Part 2

    Dirk Hackbarth

    In response to the Delaware Chancery Court’s invitation earlier this year seeking expert opinions on market efficiency, we propose several tests to empirically assess the reliability of market price in appraising fair value, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.

  • Examining The Role Of Market Price In Appraisal: Part 1

    Dirk Hackbarth

    Delaware Vice Chancellor J. Travis Laster recently cautioned that while courts are now giving greater deference to deal prices and market evidence in determining fair value, this approach does not elevate "market value" to the governing standard under the appraisal statute. His caveat begs at least three finance questions, say Dirk Hackbarth of Boston University and Bin Zhou of The Brattle Group.