Asset Management

  • March 24, 2017

    Prevezon Wants No Mention Of Magnitsky In Seizure Trial

    A holding company that federal prosecutors say benefited from a huge Russian fraud scheme whose alleged perpetrators have been blacklisted by the U.S. government for having investigator Sergei Magnitsky killed asked a Manhattan federal judge on Thursday to bar any mention of the man at an upcoming trial.

  • March 24, 2017

    Sidley, Deloitte Likely Still On Hook For $350M Ponzi Row

    An Oregon federal magistrate judge refused to free Sidley Austin LLP, Deloitte and others from a proposed class action claiming they aided an alleged $350 million Ponzi scheme, recommending Thursday that some claims be dismissed but saying the investors should have another crack at revising them.

  • March 24, 2017

    Taxation With Representation: Latham, Kirkland, Simpson

    In this week’s Taxation With Representation, Capitol Acquisition combined with Cision to go public in a $2.4 billion deal, a private equity firm acquired Checkers Drive-In Restaurants for $525 million, and a Connecticut-based data analytics service provider bought a risk management software firm for $205 million.

  • March 24, 2017

    Judge Will Allow Class To Object To $75M State Street Fees

    A federal judge in Massachusetts said Friday that he would like to let class members in a $300 million settlement with State Street Corp. over its foreign exchange practices object to the allegedly overstated legal fees in the case, once the special master is finished with his probe.

  • March 24, 2017

    2nd Circ. Referees Fund Founder's Suit Against Prosecutors

    Manhattan federal prosecutors told the Second Circuit on Friday they face an "enormous burden" if Level Global Investors LP founder David Ganek is allowed to take them to trial over search warrants obtained from allegedly false information, while Ganek's lawyer argued that the parade of horribles marches the other way.

  • March 24, 2017

    Vegas Man Can't Shake $1.5B Ponzi Scheme Charges

    A Las Vegas man accused of a $1.5 billion fraud targeting Japanese investors lost a bid to dismiss charges against him Friday, five months after his defense attorneys quit when they couldn't unfreeze his assets to pay their bills.

  • March 24, 2017

    NYC Chrysler Building Owners Land $300M Loan

    An Abu Dhabi, United Arab Emirates, sovereign wealth fund and Tishman Speyer, the owners of Manhattan’s iconic Chrysler Building, have landed a $300 million refinancing for the property from National Bank of Abu Dhabi, according to property records made available Thursday.

  • March 24, 2017

    CORRECTED: Citigroup Won't Seek Fees, Costs In Arbitration Spat

    Citigroup has told a New York federal court it will drop its bid to recover attorneys' fees incurred during litigation to confirm a 2016 arbitration award, which rejected a claim brought by Abu Dhabi's massive sovereign wealth fund over money lost in a $7.5 billion investment deal soured by the financial crisis. Corrected: An earlier story misstated the legal fees at issue. That error has been corrected.

  • March 24, 2017

    Blackstone Exits SeaWorld In $429M Stake Sale

    Private equity giant Blackstone Group has agreed to sell its roughly 21 percent equity interest in SeaWorld Entertainment Inc. to an affiliate of Chinese investor Zhonghong Zhuoye Group Co. Ltd., the companies said Friday, in a deal worth about $429 million.

  • March 24, 2017

    KRE Group, Partner Score NJ Rental Complex In $70M Deal

    The Kushner Real Estate Group said Thursday that it has purchased a 228-unit rental community in Springfield, New Jersey, in partnership with Avenue Realty Capital for $70 million, its third purchase of a multifamily asset in that region of New Jersey in recent months.

  • March 24, 2017

    Piwowar Applauds Market Study, Plans Exchange Fees Pilot

    Acting U.S. Securities and Exchange Commission Chair Michael Piwowar on Thursday praised plans to launch an academic study of the U.S. securities markets as “long overdue” and revealed he has directed agency staff to propose their own plan to test the impact of altering the fees that exchanges charge for executing trades.

  • March 24, 2017

    Broker Gets 90 Days In $131M ForceField Stock Pump Case

    A former stockbroker was sentenced by a New York federal judge to 90 days in jail after pleading guilty to securities fraud over his part in a stock manipulation scheme that bilked investors of efficient lighting products maker ForceField Energy Inc. of roughly $131 million.

  • March 23, 2017

    5 Takeaways From Clayton's SEC Confirmation Hearing

    President Donald Trump's nominee to chair the U.S. Securities and Exchange Commission, Sullivan & Cromwell LLP partner Jay Clayton, scored points with Republican lawmakers at his confirmation hearing Thursday by lamenting a recent decline in IPOs, but did little to reassure Democrats about his conflicts of interest and financial industry connections. Here are five key takeaways from Thursday's hearing.

  • March 23, 2017

    Ex-UBS Exec Says FINRA Testimony Got Him Fired

    UBS Financial Services Inc. was slapped with a whistleblower suit in New Jersey federal court on Wednesday by a former executive claiming he was fired for a bogus reason after he told the Federal Industry Regulatory Authority about how a coworker facilitated the misuse of an elderly client’s funds. 

  • March 23, 2017

    FINRA, DTC Accused Of Sending $8M To Wrong Investors

    A former investor in bankrupt Bind Therapeutics Inc. asked a Delaware federal court on Thursday to halt distributions to the defunct company's shareholders, saying errors by securities clearinghouse the Depository Trust Co. and regulator the Financial Industry Regulatory Authority resulted in the first $8 million payment going to the wrong people.

  • March 23, 2017

    IRS Calls $50M In Tax Assessments On Estate ‘Protective’

    The IRS has admitted to the U.S. Tax Court that it assessed $50 million in taxes plus interest against the estate of charcoal tycoon James P. Keeter only as a “protective” measure in ongoing litigation over allegedly sham tax shelters and that it would happily freeze the assessments if the court finds that the agency's earlier deficiency notices in the dispute were valid.

  • March 23, 2017

    Washington REIT Paying $135M For DC Office Building

    Washington Real Estate Investment Trust is buying a Washington, D.C., office building located on the Potomac riverfront for roughly $135 million, according to an announcement from the REIT on Wednesday.

  • March 23, 2017

    MF Global, PwC Settle $2B Malpractice Claim

    MF Global and PricewaterhouseCoopers have settled a $2 billion professional malpractice case in New York federal court to the "mutual satisfaction of the parties," the litigants said Thursday.

  • March 22, 2017

    Bipartisan Bill Would Make PCAOB Proceedings Public

    A bipartisan bill introduced Tuesday in the U.S. Senate would make disciplinary proceedings before the Public Company Accounting Oversight Board public, a change the bill sponsors say would enhance transparency and increase auditor accountability.

  • March 22, 2017

    SEC Shrinks Settlement Cycle For Securities Trades To 2 Days

    The U.S. Securities and Exchange Commission agreed Wednesday to shorten the settlement cycle for most securities trades from three to two days, calling the expedited timetable an overdue revision that catches up with modern technology and that could potentially be further accelerated.

Expert Analysis

  • Plaintiffs Face Uphill Battle In Excessive-Fee Litigation

    Eben P. Colby

    The past year has seen the momentum turn in favor of mutual fund advisers in the current wave of “excessive-fee litigation.” The New Jersey district court's recent opinion in Kasilag v. Hartford is insightful both for what it found with respect to Hartford and for its potential application to the more than 20 other pending cases, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Considerations For Exhibit Hyperlinks In SEC Filings

    Laura D. Richman

    Companies should begin to prepare for the mechanics of the new hyperlink requirements for U.S. Securities and Exchange Commission filings and to design disclosure controls and procedures so that they will be ready to comply on a timely basis. Some companies may even choose to comply early in order to get corporate governance “credit,” say Laura Richman and Michael Hermsen of Mayer Brown LLP.

  • 9th Circ. Widens Split Over Dodd-Frank Whistleblowers

    Steven J. Pearlman

    In Somers v. Digital Realty Trust, the Ninth Circuit recently ruled that the anti-retaliation provision in Dodd-Frank protects whistleblowers who make internal complaints but do not complain to the U.S. Securities and Exchange Commission. The decision deepens the current circuit split on the issue and there is now a realistic possibility this case could ascend to the U.S. Supreme Court, say Steven Pearlman and Edward Young of Proskauer Rose LLP.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Don't Bet On Unsupported Worldwide Order To Secure Assets

    Lincoln Caylor

    The approach by the English Court of Appeal in Saleh v. U.K. Serious Fraud Office is welcome from an asset-recovery perspective. Parties seeking to freeze or seize assets in a foreign jurisdiction should not be hamstrung by a blindly made order rendered without evidence or argument, says Lincoln Caylor of Bennett Jones LLP.

  • Settlement Strategy: What Does The Client Really Want?

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    The best outside counsel think like the client. That includes understanding the client’s perspectives and goals with regard to reaching a settlement — because “good results” mean different things for different clients. Outside counsel must ask themselves the right questions, and know the answers, to shape a client-focused settlement strategy, say Kate Jackson of Cummins Inc. and Patrick Reilly of Faegre Baker Daniels LLP.

  • MF Global-PwC Fight Could Set Troublesome Precedent

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    The glaring misperception created by the mere filing of MF Global’s case against PricewaterhouseCoopers is that the audit firm had or should have some responsibility for MF Global's collapse. In addition, certain hallmarks of a framework for a potential claim against accounting firms are absent here, says Jacob Frenkel of Dickinson Wright PLLC.

  • SEC Enforcement By The Numbers, And The End Of An Era

    Marc J. Fagel

    Enforcement chief Andrew Ceresney closed out his run at the U.S. Securities and Exchange Commission with a record-breaking number of actions in fiscal year 2016. Overall, however, the Ceresney years did not introduce significant changes in the types of cases pursued by the Enforcement Division, says Marc Fagel of Gibson Dunn & Crutcher LLP.

  • In The Associate Lateral Market, All Law Firms Are Not Equal

    Darin R. Morgan

    When associates contemplate a potential lateral move, there is a common misconception that all law firms are the same. It may seem that one law firm is just like the next, but if you dig deeper, you may discover unique attributes at some firms that may be more appealing and improve your professional satisfaction significantly, says Darin Morgan of Major Lindsey & Africa.