Asset Management

  • June 22, 2017

    UK Watchdog OKs £3.8B Standard Life-Aberdeen Tie-Up

    The U.K.’s competition watchdog said on Thursday it has cleared plans by Standard Life PLC to buy Aberdeen Asset Management PLC, which would create one of Europe's biggest asset management and insurance companies, worth £11 billion ($13.9 billion).

  • June 21, 2017

    Sheppard Mullin Beats Fraud Claims Over $8.5M Judgment

    A California appellate panel on Tuesday tossed a fraud case against Sheppard Mullin Richter & Hampton LLP accusing the firm of helping a client shirk an $8.5 million judgment in what the court described as a “legal saga” dating back to 2004.

  • June 21, 2017

    Justice Sotomayor On The Power Of Dissent

    Justice Sonia Sotomayor discusses her views on writing dissents and the change she hopes they inspire in the law, in the second of two articles based on an exclusive interview with the 111th justice.

  • June 21, 2017

    Azeri Bank's Restructuring Under Fire In Ch. 15 Hearing

    Azerbaijan’s largest commercial bank was left in a holding pattern Wednesday after a New York bankruptcy judge said he needs more time to mull a noteholder group’s complaint against granting the lender U.S. legal protections under Chapter 15 while it restructures $3.3 billion worth of debt in its home country.

  • June 21, 2017

    Genworth Agrees To $20M Settlement In Suit Over Unit's IPO

    Genworth Financial Inc. has agreed to pay $20 million to settle claims from a class of investors that it concealed poor market conditions prior to its Australian insurance unit’s initial public offering, according to documents filed in New York federal court on Wednesday.

  • June 21, 2017

    Junior Staffer OK'd REIT's Challenged Filing, Jury Hears

    The engagement partner at the firm responsible for auditing American Realty Capital Properties’s SEC filing was asleep while a 26-year-old staffer used his “professional judgment” to clear a last-minute $13 million unsupported adjustment, the jury heard Wednesday in the New York federal fraud trial of ARCP’s ex-Chief Financial Officer Brian Block.

  • June 21, 2017

    Arbitration Over $27M Tin Futures Trading Loss Rebooted

    An Illinois appellate court found that a commodities trading company had the right to arbitrate claims for $27 million in losses against its brokerage firm Tuesday, reversing a lower court’s decision staying the arbitration before the Financial Industry Regulatory Authority and the London Metal Exchange.

  • June 21, 2017

    Pebblebrook Hotel REIT Sells Dumont NYC For $118M

    Real estate investment trust Pebblebrook Hotel Trust said Tuesday it has closed on the sale of the “upper upscale” Affinia Dumont NYC in New York for $118 million to an unnamed buyer following an earlier agreement to divide a portfolio of hotels with joint venture partner Denihan Hospitality Group.

  • June 21, 2017

    Ex-Prosecutor Who Drafted Swiss Bank Plan Joins Jones Day

    A tax litigator who once brokered a deal with the government of Switzerland to resolve Swiss banks’ potential criminal liabilities has joined Jones Day as a partner in New York after a three-year stint at DLA Piper.

  • June 21, 2017

    Cattle Futures Traders To Pay CFTC $5.5M For Flouting Limits

    A Memphis trading company, two of its executives and a consultant will pay the U.S. Commodity Futures Trading Commission $5.5 million to resolve claims that they used straw buyers to sneak around limits on how many cattle futures contracts the company could hold, the agency said Wednesday.

  • June 21, 2017

    SEC Wants Briefs On CBOE Reviews Of Disciplinary Actions

    The U.S. Securities and Exchange Commission asked Tuesday for the Chicago Board Options Exchange Inc. and member clearing firm ABN AMRO Clearing Chicago LLC to weigh in on whether a deferential standard of review should apply in internal appeals of disciplinary actions.

  • June 21, 2017

    China Shares Finally Added To Key Emerging Markets Index

    Stocks benchmark provider MSCI Inc. said Wednesday it will add mainland Chinese shares on its emerging markets index — after three previous rejections —  a big step toward validating China’s efforts to gain credibility with global investors and open its capital markets abroad.

  • June 21, 2017

    Marblegate Picks New Fight With EDMC After 2nd Circ. Loss

    Marblegate Asset Management LLC, a lender to Education Management Corp. whose challenge to the troubled for-profit education firm’s restructuring plan was thwarted by the Second Circuit, has filed a new suit to make the borrower pay its debts under an alternate legal theory.

  • June 21, 2017

    Adviser Gets 2 Years In $1.3M ‘Cherry-Picking’ Scheme

    A Massachusetts investment adviser who admitted he kept lucrative trades for himself while pawning off unprofitable ones to his clients was sentenced to two years in prison Wednesday.

  • June 20, 2017

    Ex-Faruqi Atty Seeks to 'Rewrite' Fee Deal, Firm Tells 2nd Circ.

    A former partner at Faruqi & Faruqi LLP trying to revive claims on a piece of a $4 million settlement for clients she brought to the firm wants to "rewrite the terms" of an alleged fee commission deal, according to a brief the firm filed Monday with the Second Circuit.

  • June 20, 2017

    FINRA Panel's $20M Award Over Soured Trade Approved

    A California federal judge on Tuesday upheld a $20 million award issued by a Financial Industry Regulatory Authority panel, finding that the arbitrators had not clearly ignored California law when they held Canadian hedge fund founder Scott Dorey and others liable for losses sustained by a Delaware trading company in a securities deal gone wrong.

  • June 20, 2017

    7th Circ. Affirms Conviction For NBA Investment Adviser

    A Seventh Circuit panel issued a published decision Tuesday that affirmed the conviction of an ex-Chicago-area investment advisor who was accused of misrepresenting his assets and using financial information from clients, including NBA player Scottie Pippin, to secure more than $3 million in loans.

  • June 20, 2017

    National Events Restructuring Put On Hold Again

    The restructuring of defunct ticket reseller and possible Ponzi scheme vehicle National Events Holdings LLC was again put on pause Tuesday when a New York bankruptcy court concluded there simply wasn’t enough information to make a major ruling in the hopelessly tangled case just yet.

  • June 20, 2017

    Feds' Witness Branded As Liar In American Realty Fraud Trial

    The federal government’s star witness in a New York fraud trial against a former American Realty executive was prodded Tuesday about her inexperience with a key earnings metric and grilled for lying in a lawsuit and to OSHA about her exit from the company.

  • June 20, 2017

    Biz Groups Say Bankruptcy Law Stops Lehman Swap Claim

    Three securities industry groups have urged a New York federal judge to uphold a bankruptcy court decision dismissing a Lehman Brothers unit’s bid to recover $1 billion from swaps transactions the firm says were wrongfully terminated, saying the terminations are protected by bankruptcy law.

Expert Analysis

  • UK's Marex Ruling May Lead To New Tortious Cause Of Action

    Lincoln Caylor

    In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.

  • 2 New Cases Highlight Scrutiny Of Univ. Retirement Plans

    Mark Brossman

    To date, there have been 12 proposed class actions brought against major universities with regard to their employee benefit plans. Recently, federal district courts in Georgia and North Carolina have issued two decisions on motions to dismiss, allowing many of the claims to proceed, say attorneys with Schulte Roth & Zabel LLP.

  • Puerto Rico Fiscal Reform: The End Of The Beginning

    Bradley Wendt

    Puerto Rico's recent petition for court protection created the largest municipal bankruptcy in U.S. history. Here, Bradley Wendt of Charles River Associates reviews the legislative process leading to the filing for court protection and analyzes the dominant debt restructuring issues being considered by the court and stakeholders.

  • Regulatory Focus On Bond Valuation Should Not Be Ignored

    Joshua Newville

    With the U.S. Department of Justice and the U.S. Securities and Exchange Commission reportedly investigating bond valuation procedures and policies, fair-valuing illiquid assets should be a key concern for fund managers. Valuation can be more art than science, but there are heightened regulatory risks in certain areas, say attorneys with Proskauer Rose LLP.

  • Weekly Column

    Innovating For Wise Juries: Preliminary Instructions

    Richard Lorren Jolly

    One of the easiest ways to improve civil jury trials is to give juries substantive instructions on the law at the beginning of the trial rather than at its conclusion. It is also one of the most popular proposals we are recommending, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Due Diligence From The Lateral Partner’s Perspective

    Howard Flack

    Lateral candidates looking to make the last — or perhaps only — move of their career cannot afford to just stand by and let a law firm’s vetting process unfold on its own, says Howard Flack, a partner at Volta Talent Strategies who previously led lateral partner recruiting and integration at Hogan Lovells.

  • Lateral Partner Due Diligence: Where Should A Firm Begin?

    Howard Flack

    One frequently hears from leading malpractice insurers that one of the highest risk categories for law firms is that of lateral partners not sufficiently vetted during the recruitment process, says Howard Flack, a partner at Volta Talent Strategies Inc. who previously led lateral partner recruiting and integration at Hogan Lovells.

  • Opinion

    The Shameless Wall Street Double Standard

    Stephen Hall

    Wall Street’s attack on the administrative law judge system at the SEC coupled with its passion for arbitration of customer claims is, at its core, hypocritical, says Stephen Hall, legal director at Better Markets Inc. and former senior counsel to the Committee on Financial Services of the U.S. House of Representatives.

  • Has EU Really Made Cross-Border Asset Preservation Easier?

    Jef Klazen

    While the new European Account Preservation Order promises to harmonize protective account measures across 26 European Union member states, certain EAPO features mean it might not always be the best choice for judgment creditors deploying an international litigation strategy, say attorneys with Kobre & Kim LLP.

  • What Kokesh V. SEC Means For Enforcement Actions

    Mary Jo White

    According to members of Debevoise & Plimpton — including former SEC Chair Mary Jo White — the Supreme Court’s ruling in Kokesh significantly reduces the U.S. Securities and Exchange Commission's leverage in settlement discussions for certain types of cases, among other impacts.