Asset Management

  • March 20, 2018

    F-Squared Founder Hit With Securities Ban, $12.4M Penalty

    A Massachusetts federal judge on Tuesday ordered the founder of defunct stock-picking company F-Squared Investments Inc. to pay the federal government more than $12.4 million and never again work in the securities industry after a federal jury decided he was liable for misleading investors.

  • March 20, 2018

    Wells Fargo Reaches Confidential Deal Resolving ERISA Suit

    Wells Fargo told a Minnesota federal judge on Tuesday that it’s reached a confidential settlement resolving pension law claims brought by a slew of institutional investors who accused the bank of mismanaging a multibillion-dollar securities lending program they participated in.

  • March 20, 2018

    Griffin Capital REIT Buys Florida Pepsi Facility For $60M

    Griffin Capital Essential Asset REIT Inc. has paid $59.6 million for a distribution property in Florida that's fully leased to a subsidiary of PepsiCo Inc., according to the California real estate investment trust's manager.

  • March 20, 2018

    House Moves To Trim Stress Tests For Nonbanks

    The U.S. House of Representatives passed a measure Tuesday that would restrict some of the stress tests placed on financial institutions, with the stated aim of limiting the tests to banks with more than $10 billion in assets.

  • March 20, 2018

    Schulte Roth Nabs Sheppard Mullin Tax Partner

    Schulte Roth & Zabel LLP has hired a Sheppard Mullin Richter & Hampton LLP tax partner, who was co-head of the firm’s real estate investment trusts practice, to its tax group in New York, Schulte Roth said Monday.

  • March 20, 2018

    McAfee's Tech Investment Biz Sees $47M Suit Trimmed

    A New York federal judge on Monday gutted a $47 million suit accusing a cybersecurity investment firm led by John McAfee of cheating investors out of shares, ruling that the only disputed claim still in contention is whether the firm failed to compensate its early backers.

  • March 20, 2018

    EXCLUSIVE: Behind The Downfall Of Latham's Chairman

    Before his sudden departure Tuesday, Latham & Watkins LLP Chair Bill Voge engaged in a pattern of reckless behavior starting with sexually explicit messages sent to a woman he approached on behalf of a Christian men’s group and culminating in threats to her husband to have her thrown in jail. This story has been updated to include more details.

  • March 20, 2018

    Justices Keep Securities Class Actions Alive In State Courts

    The U.S. Supreme Court on Tuesday ruled that state courts can continue to hear certain securities class actions brought under federal law, delivering a blow to underwriters and newly public companies that argued such claims belong only before federal judges.

  • March 19, 2018

    Valeant, Pershing Get Initial OK On $290M Investor Deals

    A California federal judge granted preliminary approval Monday to two settlements totaling $290 million from Pershing Square Capital Management LP and Valeant Pharmaceuticals International Inc. to resolve investor claims of an insider-trading scheme ahead of their failed takeover bid for Allergan Inc.

  • March 19, 2018

    SEC Chair Outlines Fiduciary Duty Proposal Goals

    The head of the U.S. Securities and Exchange Commission on Monday offered new snippets of what to expect from the agency's long-awaited plans to revise the fiduciary duty standard while also expressing exasperation with the slow rollout of the consolidated audit trail.

  • March 19, 2018

    Aon Hewitt Sheds Caterpillar Plan ERISA Suit

    Caterpillar Inc. retirement plan participants suing Aon Hewitt for allegedly violating the Employee Retirement Income Security Act through an advisory fees kickback scheme saw their proposed class action thrown out Monday, when an Illinois federal magistrate judge found the suit lacked evidence to support its claims.

  • March 19, 2018

    FMC Escapes Employees' ERISA Suit Over Retirement Plans

    A Pennsylvania federal judge on Friday threw out a putative class action brought by FMC Corp. employees alleging the company offered a retirement option that was improperly loaded with a bad investment, saying it was not required that every offering in the plan be diversified.

  • March 19, 2018

    Former Georgeson Advisers Get Mistrial After Juror’s Exit

    A Boston juror’s family emergency led to a mistrial Monday in a bribery case against four former corporate advisers at Georgeson LLC, despite calls from both sides to move forward with a smaller panel.

  • March 19, 2018

    UBS Can't Escape Or Arbitrate Laid-Off Workers' Claims

    An Illinois federal judge on Monday rejected UBS Securities LLC’s attempt to dismiss or force arbitration of proposed class and collective action allegations that it forces laid-off workers to sign away any claims against it in order to receive some deferred compensation, a scheme that allegedly disproportionately affects its older staff.

  • March 19, 2018

    Akin Gump Reps Tippee Pro Bono In Insider Trading Case

    Akin Gump Strauss Hauer & Feld LLP has agreed to take up the defense of a computer analyst charged with trading on confidential merger information gleaned from a former Bank of America executive pro bono, according to notices filed Friday in New York federal court.

  • March 19, 2018

    Trump Bans Venezuelan Cryptocurrency Transactions In US

    President Donald Trump on Monday issued an executive order banning transactions within the United States that involve Venezuela's new cryptocurrency, marking the administration’s latest attempt to escalate pressure on Venezuela President Nicolas Maduro’s beleaguered regime.

  • March 19, 2018

    Fund Liquidity Risk Disclosure: Too Much Or Not Enough?

    An SEC proposal to allow mutual funds to scale back on liquidity risk disclosures is being criticized by investor advocates as a concession to the fund industry and an assault on transparency, while some legal experts argue too much risk disclosure can be misleading and confusing.

  • March 19, 2018

    NC Asset Manager Blasts BCBS Claim On 'Blue' Trademark

    A North Carolina asset manager that offers insurance services told a federal judge Monday that Blue Cross and Blue Shield Association can’t pursue trademark infringement claims against it because its brand marks are entirely unlike BCBS' and they aren’t based in the same markets, among other issues.

  • March 19, 2018

    REIT Hammerson Rejects Klepierre's $6.9B Acquisition Offer

    Hammerson PLC has rejected a £4.88 billion ($6.86 billion) takeover offer from fellow real estate investment trust Klepierre SA, with news of the takeover rejection, announced on Monday, sending the U.K. REIT's shares soaring more than 25 percent.

  • March 19, 2018

    SEC Whistleblowers Net $83M In Largest Ever Bounties

    The U.S. Securities and Exchange Commission on Monday approved its largest ever whistleblower awards, agreeing to pay out roughly $83 million combined to three tipsters, who are represented by Labaton Sucharow LLP, according to the firm.

Expert Analysis

  • 3 Critical Events For Cryptocurrency Exchanges: Part 1

    John Reed Stark

    Cryptocurrency exchanges must be prepared for a relentless U.S. regulatory onslaught. That seems to be the clear warning embodied in the confluence of three events last week involving three agencies that are no longer content with generating regulatory headwinds, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.

  • Opinion

    Grassley, Feinstein Debate Judicial Vetting, Obstruction

    Sen. Chuck Grassley

    It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.

  • Tax Reform Complicates Middle-Market CLOs

    Jason Schwartz

    The Tax Cuts and Jobs Act is causing concerns for advisers of middle-market collateralized loan obligation issuers as it potentially imposes new requirements. Advisers to MM CLOs must be creative and thoughtful in mitigating the potential adverse effects of Section 1446(f), say attorneys with Cadwalader Wickersham & Taft LLP.

  • Securitized Student Loans: The Next Crisis?

    Kevin O’Brien

    In light of the stress on the student loan market and the amount of money invested in securities backed by student loans, the likelihood of litigation regarding the marketing and securitizing of these assets is substantial. In addition, billions in defaulted student loans may be uncollectible, adding a further level of peril for investors, says Kevin O’Brien of Butler Rubin Saltarelli & Boyd LLP.

  • And The Award Goes To ... FINRA’s 2017 Restitution Program

    Brian Rubin

    We dissected the Financial Industry Regulatory Authority's 2017 disciplinary actions to see how it performed in different categories and found that rather than going for box-office gold, FINRA focused on a variety of “nuts and bolts” issues. However, FINRA did return a substantial amount of money to investors, say Brian Rubin and Adam Pollet of Eversheds Sutherland.

  • 'IP Come Home!' How TCJA Incentivizes Asset Repatriation

    Robert Kiggins

    Two provisions of the Tax Cuts and Jobs Act aim to keep U.S. companies’ intangible assets from wandering the globe in search of shelter offshore. For affected taxpayers, one generally brings good news and the other brings bad, says Robert Kiggins of Culhane Meadows PLLC.

  • Digital Realty’s Victory Is A Loss For Corporate Compliance

    Stephen Kohn

    In Digital Realty Trust v. Somers, the U.S. Supreme Court undermined Wall Street’s advocacy of internal corporate compliance programs as an alternative to whistleblower reward laws. But the adverse impact of Digital’s Supreme Court victory can and should be mitigated, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • Investing In Ground-Leased Or Net-Leased Real Estate

    Tzvi Rokeach

    When crafting a ground lease or any other form of triple net lease, special attention should be paid to the tensions that arise as a result of both tenant and landlord seeking to finance their respective positions, says Tzvi Rokeach of Kramer Levin Naftalis & Frankel LLP.

  • 10 Tips For Working With IT To Preserve Data

    John Tredennick

    Increasingly, when courts impose a “legal hold” they require legal supervision of the preservation process, meaning lawyers must rely heavily on information technology professionals to execute the mechanics. John Tredennick of Catalyst Repository Systems and Alon Israely of TotalDiscovery offer insights on how legal and IT can work together to make the process more efficient and fulfill the company’s legal obligations.

  • Considerations Before Self-Reporting Under SEC Initiative

    James Lundy

    Investment advisers need to understand that self-reporting under the new Share Class Selection Disclosure Initiative will undoubtedly result in a settled enforcement action, which will include the U.S. Securities and Exchange Commission’s typical terms. Assessing all of the issues and risks will be resource-intensive, say James Lundy and Mary Hansen of Drinker Biddle & Reath LLP.