Asset Management

  • May 22, 2017

    Texas Driller ‘Death Spiral’ Suit Against Investor Dismissed

    A Texas federal judge on Monday dismissed oil and gas company Camber Energy Inc.'s suit against a key investor for allegedly forcing it to issue shares that drove down its stock value into a “death spiral” based on a strained interpretation of an “unconscionable” contract.

  • May 22, 2017

    Blackstone, Saudi Arabia To Launch $40B Infrastructure Fund

    Private equity giant Blackstone and the Public Investment Fund of Saudi Arabia have agreed to partner on a planned $40 billion investment vehicle that will focus primarily on infrastructure projects in the U.S.

  • May 19, 2017

    Trustee To Form Retiree Committee In Puerto Rico Bankruptcy

    The U.S. trustee on Friday told the federal judge overseeing Puerto Rico’s unprecedented bankruptcy case that it plans to appoint a retiree committee for those vested in the commonwealth’s public pension systems, making a rare call to begin the committee process without waiting for the court to rule on a pending motion.

  • May 19, 2017

    SEC’s Cooperman Deal Gives Defense Bar New Tool

    Billionaire hedge fund founder Leon Cooperman and his firm Omega Advisors Inc. managed to avoid an industry bar in settling the U.S. Securities and Exchange Commission’s insider trading claims, and experts say their unusual compromise of retaining a compliance consultant gives the defense bar ammunition for negotiating future deals.

  • May 19, 2017

    Chicago Aims To Borrow $389M To Finish School Year

    Chicago Mayor Rahm Emanuel's office on Friday laid out a plan to borrow $389 million to get the Chicago Public Schools to the end of the school year and make most of a larger-than-anticipated $721 million pension payment at the end of June.

  • May 19, 2017

    Ex-NY Town Supervisor Found Guilty Of Muni Bond Fraud

    A New York jury found a former Ramapo Town supervisor guilty of fraud and conspiracy on Friday in what a Manhattan federal prosecutor has dubbed the first municipal bond fraud case.

  • May 19, 2017

    Fla. Financier Will Pay SEC $4.1M To Settle Fraud Claims

    A Florida investment adviser has agreed to fork over more than $4.1 million in disgorgement, interest and civil penalties to the U.S. Securities and Exchange Commission to settle accusations that he had fleeced his hedge fund’s investors out of millions of dollars by charging them hidden fees, according to documents filed in Florida federal court on Thursday.

  • May 19, 2017

    Ex-Barclays Forex Trader Gets $1.2M Fine, Industry Ban

    Barclays PLC's former global head of foreign exchange spot-trading was slapped with a $1.2 million fine and industry ban Friday by the Federal Reserve, ending enforcement proceedings over his involvement in a currency rigging scheme.

  • May 19, 2017

    Fiduciary Rule Foe Points To High Court Arbitration Stance

    A financial planning group challenging portions of the U.S. Department of Labor’s so-called fiduciary rule has urged a Minnesota federal judge to take notice of a recent U.S. Supreme Court decision involving the Federal Arbitration Act, saying it strengthens the group’s challenge.

  • May 19, 2017

    Creditors Seek To Force Car Battery Recycler Into Bankruptcy

    A group of investors led by hedge fund GoldenTree Asset Management on Thursday asked a Nevada bankruptcy court to force the world’s largest lead producer into bankruptcy, saying it has defaulted on more than $2 billion in debt.

  • May 19, 2017

    SEC Still Weighing Plans For 1st New Trading Pit In Decades

    The U.S. Securities and Exchange Commission on Thursday decided to take more time in determining whether BOX Options Exchange LLC can open what would be the first new options trading floor in decades.

  • May 19, 2017

    PNC Sues To Overturn Ex-Worker's $1.8M FINRA Award

    A broker-dealer unit of the PNC Financial Services Group Inc. asked a Missouri federal court Thursday to toss a $1.8 million arbitral award the bank was ordered to pay a sacked employee who alleged she was wrongfully fired, arguing the arbitrators went beyond their remit.

  • May 19, 2017

    8th Circ. Refuses To Clarify 401(k) Retiree Loss Ruling

    The Eighth Circuit issued a terse order Thursday refusing a rehearing bid by ABB Inc. on a March opinion that remanded for a second time a suit accusing the technology conglomerate of changing retirement plans for its own benefit.

  • May 18, 2017

    Black Elk Trustee Gets $29M In Platinum Partners Claims

    The litigation trustee for the defunct Black Elk drilling operation is set to recover up to $29.6 million from Platinum Partners as part of its Texas bankruptcy court adversary proceeding for claims stemming from the hedge fund’s allegedly long-ranging securities fraud scheme, according to a settlement announced Thursday.

  • May 18, 2017

    Cooperman, Omega Pen $4.9M Insider Trading Deal With SEC

    Omega Advisors Inc. and its billionaire founder Leon Cooperman reached a $4.9 million deal in the U.S. Securities and Exchange Commission’s insider trading case that the hedge fund investor had called “untested,” according to a consent order that lets Cooperman continue working in the securities industry.

  • May 18, 2017

    Defunct Escrow Co. Inks Settlement In Japanese Ponzi Suit

    A shuttered escrow agent has tentatively reached an $800,000 settlement with a class of Japanese investors who have accused the firm of participating in an elaborate Ponzi scheme involving phony medical debt investments, according to documents filed in Nevada federal court on Wednesday.

  • May 18, 2017

    Trump Rolls Back DOL Rule For State Retirement Plans

    President Donald Trump on Wednesday signed a resolution to repeal an Obama-era U.S. Department of Labor regulation that helped states establish government-run retirement accounts for private sector employees who don’t have access to employer-sponsored retirement plans.

  • May 18, 2017

    Fundamental Advisors Clinches $1B PE Fund

    New York-based alternative asset manger Fundamental Advisors LP closed out its third private equity fund, exceeding its target and picking up nearly $1 billion in capital commitments, the company announced Thursday. 

  • May 18, 2017

    Bermuda Insurer Fights MF Global's $1.8M Attys' Fee Bid

    Former MF Global excess insurer Allied World Assurance Co. Ltd. said in New York bankruptcy court Wednesday that it never violated court rules, despite the defunct company’s bid for $1.8 million in attorneys' fees over insurers' alleged failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • May 18, 2017

    CFTC Swaps Capital Proposal Needs Work, Groups Say

    Several groups representing swap dealers and other financial firms have told the U.S. Commodity Futures Trading Commission to rethink parts of its proposal to establish minimum capital requirements for swap dealers, saying as written the proposal could push dealers out of the market.

Expert Analysis

  • What To Watch For From The New SEC Chairman

    Justin Giovannettone

    As Jay Clayton, the new chairman of the U.S. Securities and Exchange Commission, takes office, attorneys with Orrick Herrington & Sutcliffe LLP list a few issues they are keeping an eye on.

  • Trump's Tax Plan And 401(k)s: What’s Old Could Be New Again

    Sharon Lippett

    If the Trump administration's 2017 tax proposal includes provisions relating to defined contribution retirement plans sponsored by private employers, such as 401(k) plans, the impact will be felt by employers and investment managers, as well as by plan participants, says Sharon Lippett of Epstein Becker Green.

  • Why US Law Firms Need Anti-Money Laundering Policies

    Kristine Safos

    For U.S. law firms, anti-money laundering compliance are a business necessity. As large financial institutions and other clients adopt their own AML policies, they expect law firms they work with to do the same. Kristine Safos of HBR Consulting offers guidance on AML and client due diligence best practices.

  • Hedge Fund Settlement Shows Broad Reach Of New York FCA

    Douglas Baruch

    While the recent $40 million settlement based on taxes allegedly avoided by members of Harbinger Capital Partners was record-breaking, the underlying source of liability — the New York False Claims Act — was highly unusual as well. This action may usher in a whole new wave of potential liability against financial institutions, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • 13 FCPA Enforcement Actions Resolved In 2017 So Far

    Marc Bohn

    The first three weeks of 2017 served as a capstone to the flurry of Foreign Corrupt Practices Act enforcement activity that marked the end of 2016, while the remainder of the quarter saw little in the way of additional enforcement actions by the U.S. authorities. However, there are no significant indications that FCPA enforcement efforts will shift dramatically under the Trump administration, say attorneys with Miller & Chevalier Chtd.

  • A Reminder That Market Regulators Are Still Watching

    Clifford Histed

    It is clear that the Trump administration has no intention of relenting when it comes to pursuing complex market manipulation cases, and the U.S. Securities and Exchange Commission’s Lek Securities case is the first tangible example of that, say Clifford Histed and Gilbert Perales of K&L Gates LLP.

  • What Lawyers Should Know To Avoid Online Scams

    J. S. Christie Jr.

    Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.

  • How Recent Executive Orders May Affect SEC And CFTC

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    The first 100 days of the Trump administration have brought numerous directives designed to reshape the regulatory landscape for financial institutions that ultimately may result in dramatic changes to government departments and agencies, says David Tittsworth of Ropes & Gray LLP.

  • Web Servers: An Overlooked Cybersecurity Risk At Law Firms

    Jeff Schilling

    Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.