Asset Management

  • October 12, 2017

    Del. Justices Nix Revival Of $1B IHeartMedia Debt Suit

    Delaware's Supreme Court refused Thursday to revive an investor's derivative claim that Clear Channel Outdoor Holdings' directors breached their duty to the company by failing to seek repayment of $1 billion in debts owed by majority owner iHeartMedia.

  • October 12, 2017

    ERISA Time Limits Can Be Waived, 11th Circ. Says

    The Eleventh Circuit on Thursday ruled that a limitations period for bringing claims under the Employee Retirement Income Security Act for a breach of fiduciary duty can be waived.

  • October 12, 2017

    Deutsche Says It Can Fund Defense From Disputed Trusts

    Deutsche Bank National Trust Co. on Tuesday urged a New York federal judge to toss a proposed class action alleging that it’s improperly dipping into 10 residential mortgage-backed securities trusts it oversees to pay for its defense in a separate suit brought over its handling of those same trusts.

  • October 12, 2017

    8th Circ. Panel Hands US Bank Win In ERISA Suit

    The majority of an Eighth Circuit panel on Thursday backed a lower court’s dismissal of a suit from two U.S. Bank retirees challenging the management of a defined benefit pension plan, saying the plan has become overfunded.

  • October 12, 2017

    LendingClub Investors Poised To Win Cert. Over Objections

    A California federal judge Thursday said he will likely certify a class of LendingClub Corp. investors who allege the peer-to-peer lending company hid defects in its internal controls before and after its $1 billion initial public offering, over objections from both the company and investors pursuing separate state law claims.

  • October 12, 2017

    Saudi Oil Investor Wants $2M Palantir Shares Unfrozen

    Saudi Arabian energy businessman Tarek Obaid, whose company PetroSaudi is said by prosecutors to be tied up in the 1MDB embezzlement scandal, told a California federal judge Wednesday that his $2 million worth of shares in tech firm Palantir Technologies was not bought with laundered money and should be unfrozen.

  • October 12, 2017

    Investors Want $152M In Libor Settlements Approved

    Exchange-based investors told a New York federal judge on Wednesday that they want approval of $151.9 million in settlements reached with several banks in multidistrict litigation that alleges a sprawling scheme to manipulate the London Interbank Offered Rate benchmark.

  • October 12, 2017

    Ex-Trader Asks 2nd Circ. To Renew Fight Against $20M Award

    A former Canadian securities trader has urged the Second Circuit to clear the way for his battle to overturn a $20 million arbitration award against him and his previous employer for allegedly tricking a trading company into buying doomed stock, arguing that the case must be remanded to a state court because he has dropped all federal claims.

  • October 12, 2017

    Barclays Urges 9th Circ. Not To Revive Dark Pool Suit

    Barclays Capital Inc. on Wednesday asked the Ninth Circuit not to revive a proposed class action from a broker-dealer that alleges it was misled about the risks of trading on a dark pool, saying that two lower court judges correctly concluded that Great Pacific Securities lacked a legal leg to stand on.

  • October 11, 2017

    9th Circ. Hears Round 3 In Northstar Suit Over Schwab Fund

    Northstar Financial Advisors Inc. went before the Ninth Circuit on Wednesday for its third appeal in a putative class action claiming Charles Schwab Corp. broke its own rules for making risky bond-fund bets, arguing that a lower court erred in finding the class claims were barred by the federal Securities Litigation Uniform Standards Act.

  • October 11, 2017

    Investors Seek Del. Revival Of iHeartMedia Debt Challenge

    Investors in a subsidiary of debt-burdened iHeartMedia Inc. told Delaware’s Supreme Court Wednesday that the Chancery Court had erred when it dismissed their challenges to using the unit as a cash cow to help out the parent company on the grounds the issue had already been decided.

  • October 11, 2017

    SEC Says Attys Sent Fraudulent Penny Stock Opinion Letters

    The U.S. Securities and Exchange Commission sued two lawyers Wednesday, including one who was arrested and criminally charged, saying they wrote dozens of fraudulent opinion letters that enabled a ring of criminals to set up and flip public companies for use in pump-and-dump scams.

  • October 11, 2017

    Columbia Property Trust Grows With $935M In Acquisitions

    Columbia Property Trust Inc. on Wednesday said it has acquired four properties in New York and Washington, D.C., for a total of $935 million, following on the heels of its joint venture with the real estate arm of German insurance giant Allianz SE announced earlier this year.

  • October 11, 2017

    ChinaCast, Lenders Slam PE Firm's Insurance Payout Request

    ChinaCast Education Corp. and a group of its senior lenders Wednesday asked a New York bankruptcy judge to deny a creditor a $15 million insurance payout on a securities class action judgment, calling it an improper asset grab.

  • October 11, 2017

    2nd Circ. Urged To Uphold Litvak's RMBS Fraud Conviction

    The U.S. Department of Justice asked the Second Circuit on Tuesday to uphold the conviction of former Jefferies Group trader Jesse Litvak, saying a jury had ample evidence to find his lies in residential mortgage-backed securities sales would matter to reasonable investors.

  • October 11, 2017

    Convicted Ex-Simpson Thacher Tipper Gets Opening On Fine

    A New Jersey federal judge ruled Wednesday that a former clerk at Simpson Thacher & Bartlett LLP who has been convicted of insider trading is liable for related civil offenses, but set the stage for penalty talks with the U.S. Securities and Exchange Commission.

  • October 11, 2017

    CFTC Fines Dubai Trading Firm $300K For Alleged Spoofing

    A Dubai-based proprietary trading firm must pay a $300,000 penalty to settle allegations that one of its traders used an illegal tactic known as “spoofing” while trading in copper futures contracts on the Commodity Exchange Inc., the U.S. Commodity Futures Trading Commission said Tuesday.

  • October 11, 2017

    Cowboys' McFadden’s $15M Suit Against Adviser Stays Intact

    Dallas Cowboys running back Darren McFadden’s suit against a financial adviser will stay intact after an Arkansas federal judge refused Tuesday to toss a related suit over a property sale.

  • October 11, 2017

    KKR Increases Offer For Hitachi Unit To $2.72B

    New York-based KKR & Co. LP told Law360 on Wednesday that the private equity firm has increased its offer for a Tokyo-listed Hitachi Ltd. unit to nearly 306 billion Japanese yen ($2.72 billion) after putting the original deal on hold just two months ago.

  • October 11, 2017

    1 Lawyer Steers Pair Of Major Hotel Purchases

    Xenia Hotels & Resorts Inc. recently completed a pair of acquisitions worth more than $400 million combined, and the real estate investment trust looked to one lawyer for help navigating a host of issues, including hotel management agreement matters, after his firm focused on growing its Washington, D.C., hospitality practice.

Expert Analysis

  • China's US Interests Are In For A Roller Coaster Ride

    Kai Wang

    China is increasingly emerging as an engaged United States investor and business partner, though some regulatory and geopolitical realities have tempered the Chinese enthusiasm. Anyone involved with Chinese investments in the U.S. should be prepared for uncertainty as a result of both China's tightened outbound approval regime and heightened scrutiny from the U.S. side, says Kai Wang of Carlsmith Ball LLP.

  • SEC's Pay-To-Play Universe Continues To Expand

    Zachary Parks

    Because capital acquisition brokers may act as placement agents in the sale of certain securities, the U.S. Securities and Exchange Commission is now proposing to expand its pay-to-play rules to include CABs. The rule may also encourage investment advisers to take certain steps, says Zachary Parks of Covington & Burling LLP.

  • 5 Tips To Ensure Proper Deposition Behavior

    Brian McDermott

    If conducted properly, depositions can be a powerful tool. At times, though, opposing counsel employ tactics to impede the examiner’s ability to obtain unfiltered, proper testimony from the deponent. By knowing and effectively using applicable rules and case law, however, deposing attorneys can take specific steps to combat these tactics, say attorneys with Ogletree Deakins Nash Smoak & Stewart PC.

  • The SEC Data Breach And Impact On New Reporting Rules

    Jeanette Turner

    The mutual fund industry has expressed concerns about troves of new data being filed on EDGAR starting in June 2018 as part of the U.S. Securities and Exchange Commission’s new reporting requirements. The recent disclosure of an SEC breach perfectly illustrates those concerns and adds to the clamor to delay or revise the requirements, says Jeanette Turner, managing director and chief regulatory officer at Advise Technologies.

  • Making Sense Of The SEC Data Breach

    Scott Kimpel

    Chairman Jay Clayton of the U.S. Securities and Exchange Commission recently made the surprising announcement that the SEC’s EDGAR database had been hacked. The chairman’s statement and subsequent testimony leave a number of critical questions unanswered, says Scott Kimpel of Hunton & Williams LLP.

  • Series

    Judging A Book: Tunheim Reviews 'Miles Lord'

    Chief Judge John Tunheim

    Litigator Roberta Walburn’s rollicking new book, "Miles Lord: The Maverick Judge Who Brought Corporate America to Justice," is a really good read — a fascinating story about a life lived in the heat of battle and usually at the edge of what might have been considered appropriate for a federal judge, says Chief U.S. District Judge John Tunheim of the District of Minnesota.

  • Technology Assisted Review Can Work For Small Cases

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    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • Financial Crisis Anniversary

    The Lasting And Evolving Role Of FSOC

    Amias Gerety

    The Financial Stability Oversight Council, created in the wake of the global financial crisis that caused so much human and economic damage over the last decade, has been a central point of controversy about the Dodd-Frank Act. But time will prove that the core purposes and duties of the council are important, say Amias Gerety and David Portilla, both formerly of the FSOC.

  • Univ. Section 403(b) Retirement Plans: Litigation Update

    Michael Graham

    A series of recent lawsuits that focus on universities’ Section 403(b) retirement plans are similar to the 401(k) plan excessive fee cases against for-profit companies that have been common over the past decade. If any of these new suits are successful, then retirement plans offered by a host of nonprofit entities may be ripe candidates for legal challenges as well, say Michael Graham and Charles Stevens of Michael Best & Friedrich LLP.

  • 4th Amendment And Shared Servers: Lessons From Shkreli

    Claire Johnson

    The prosecution of Martin Shkreli reveals some important lessons about the Fourth Amendment protections against search and seizure in the digital corporate context: Physical access to documents on a server may trump actual ownership of records, say Claire Johnson and Douglas Young of Farella Braun & Martel LLP.