Asset Management

  • April 25, 2017

    Biotech Investors Seek Ruling On Jefferies Arbitration Fight

    Shareholders who bought stock in a since-failed biotech company urged a Texas federal court Tuesday to reject Jefferies LLC's attempt to enjoin arbitration before the Financial Industry Regulatory Authority, saying the investment firm’s requested preliminary injunction is identical to the end goal of its suit: to dodge arbitration.

  • April 25, 2017

    SEC Says Del. Man Ran $1.7M Mortgage Investment Scheme

    The U.S. Securities and Exchange Commission filed a lawsuit Tuesday in Delaware federal court alleging a Delaware man raised more than $1.69 million from unsophisticated investors by falsely claiming he was running a highly successful mortgage business.

  • April 25, 2017

    CPPIB, Baring PE Asia Ink $4.3B Nord Anglia Buyout

    New York-listed Nord Anglia Education Inc. will be taken private by a consortium led by the Canadian Pension Plan Investment Board and its private equity backer, Baring Private Equity Asia, in a deal that values the international school operator at $4.3 billion, including debt, according to a Tuesday statement.

  • April 25, 2017

    Air Methods Investors Seek Appraisial After $2.5B Deal

    A group of investment firms, including funds related to Water Island Capital and Litman Gregory Master Funds, asked Delaware’s Chancery Court on Monday to determine the fair value of private equity firm American Securities LLC’s buyout of helicopter medical transporter Air Methods Corp.

  • April 25, 2017

    Feds Must Name Co-Conspirators In Nomura RMBS Case

    A Connecticut federal judge told prosecutors on Monday to turn over the names of people who allegedly conspired with three traders at Nomura Securities International Inc. to juice their profits by lying to customers about the prices they paid for residential mortgage-backed securities.

  • April 25, 2017

    S&P Global, Wells Fargo Sued Over Life Settlements

    A putative class of Lifetrade Fund investors sued rating agency S&P Global Inc. and Wells Fargo Bank NA in New York federal court Monday, alleging S&P passed off investments in life insurance policies as safe bets despite the investments' being based on fraudulent life-expectancy projections.

  • April 25, 2017

    Tritec-UBS JV Finalizes $81M Recap Of NY Medical Campus

    Tritec Real Estate Co. has finalized an $81.45 million recapitalization of a medical office portfolio on Long Island with its equity partner, a UBS Real Estate & Private Markets-advised fund, according to an announcement on Monday from Tritec's broker Holliday Fenoglio Fowler LP.

  • April 24, 2017

    Congress Tells SEC To Rein Itself In With CHOICE Act 2.0

    Although Rep. Jeb Hensarling’s second shot at repealing Dodd-Frank faces an uncertain path to passage, experts say the Financial CHOICE Act 2.0 sends a clear message to the U.S. Securities and Exchange Commission to pull back its enforcement program and focus on capital formation — a message likely to be well received by the agency’s new leadership.

  • April 24, 2017

    Portfolio Manager Cops To Fraud In $1.9M Trading Scheme

    A portfolio manager for Eaton Vance Corp. pled guilty to securities fraud Monday in Massachusetts federal court for diverting $1.9 million in trading profits to a personal brokerage account, the same day the U.S. Securities and Exchange Commission slapped fraud charges against the manager.

  • April 24, 2017

    NY High Court Takes Up Goldman Code Theft Case

    New York’s highest court has agreed to take up the long-running case of former Goldman Sachs & Co. programmer Sergey Aleynikov, who was twice convicted for theft of the financial giant’s source code, though courts have split over whether he actually committed a crime.

  • April 24, 2017

    Master Rejects UBS Bid To Ax Some US Bank Loan Claims

    A special master appointed to help resolve U.S. Bank NA’s claims that a UBS AG unit breached its duty to repurchase some 9,300 residential mortgages that didn’t measure up to warranties rejected the Swiss bank’s bid to assert victory over several types of disputed loans Friday in New York federal court.

  • April 24, 2017

    2nd Circ. Remands Convicted Fraudster's 20-Year Sentence

    A Second Circuit panel on Monday ordered the resentencing of an investment adviser who was convicted for lying to his clients about the success of his fund and skimming millions from the fund's coffers, saying the court wrongly calculated the sentence regarding criminal history.

  • April 24, 2017

    Real Estate Rumors: Equity Office, Duke, Pistilli

    Blackstone Group affiliate Equity Office has reportedly reached a deal to lease 23,356 square feet of space in Manhattan to Cyrus Capital Partners, Duke Realty is said to have dropped nearly $80 million on two Miami-area industrial parks and Pistilli Realty has reportedly picked up a Bronx multifamily portfolio for $38.5 million.

  • April 24, 2017

    NorthWest Bids For Generation REIT With 10% Premium

    An entity of NorthWest Healthcare Properties Real Estate Investment Trust has made an offer to acquire the 77 percent of Generation Healthcare REIT it doesn't already own in a deal that values the Australian company at close to AU$500 million ($378 million), according to an announcement by the prospective buyer Monday.

  • April 24, 2017

    Ex-Disney Workers' ERISA Suit Over Valeant Shares Gets Boot

    A California federal judge on Friday dismissed a putative class action by former employees of The Walt Disney Co. who alleged that an investment plan violated the Employee Retirement Income Security Act by including a fund that invested in now-embattled Valeant, saying the suit fell short in establishing a breach of fiduciary duty.

  • April 24, 2017

    Malaysian Fund To Pay IPIC $1B In Settlement Amid Scandal

    Malaysia’s state-owned investment fund said Monday it will pay $1.2 billion to settle an arbitration case brought by a United Arab Emirates sovereign wealth fund after allegedly failing to make debt payments to the Emirati entity and — according to investigators in multiple countries — laundering the money into the pockets of Malaysia’s prime minister and his associates.

  • April 24, 2017

    Tilton's ALJ Fight 'Misses The Mark,' SEC Tells High Court

    Private equity magnate Lynn Tilton missed the mark when petitioning the U.S. Supreme Court to hear her constitutional challenge against the U.S. Securities and Exchange Commission’s administrative law judges, the agency argued on Friday, saying the issue must first be heard in its in-house court.

  • April 24, 2017

    High Court Won't Hear Microcap Dealer's FINRA Challenge

    The U.S. Supreme Court on Monday declined to review a Fourth Circuit decision that microcap broker-dealer Scottsdale Capital Advisors Corp. must challenge the Financial Industry Regulatory Authority’s power before the agency and the U.S. Securities and Exchange Commission instead of in federal court. 

  • April 24, 2017

    RLJ Nabs FelCor To Form $4.2B Lodging REIT

    Maryland-based RLJ Lodging Trust will snap up fellow real estate investment trust FelCor Lodging Trust Inc. to create a lodging REIT heavyweight with a $4.2 billion market capitalization, boosting RLJ’s network of hotels and growing its geographical footprint, according to a Monday statement.

  • April 21, 2017

    Franklin Stock Heir's Suit Over $100M In Lost Shares Nixed

    Franklin Resources Inc. does not have to replace more than $100 million in shares that a New York man claimed went missing on the company's watch after his father’s death in 1974, a California federal judge ruled Thursday.

Expert Analysis

  • Lawyers In Flow: Get Out Of Your Head And Into Your Case

    Jennifer Gibbs

    If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.

  • Satire

    A Law Firm Ranking Model By 'Fake News & Distorted Reports'

    Alan B. Morrison

    Suffering from law firm ranking fatigue? Bewildered by the methodologies? If so, you're in good company. Alan Morrison, associate dean for public interest and public service law at George Washington University Law School, wonders just how far law firm ranking efforts may go.

  • Opinion

    The Hunger Games, Puerto Rico Edition

    Anthony T. Caso

    Puerto Rico’s “general obligation” bondholders are trying to kill off the competition for whatever scraps will be left over when, and if, creditors finally get paid. But their “Hunger Games”-like strategy is bound to fail, says Anthony Caso of Chapman University Fowler School of Law.

  • When Arbitration Clauses Collide With Bankruptcy Laws

    Laura M. Fontaine

    A bankruptcy trustee or a debtor in possession has several specific powers that frequently come into conflict with a nondebtor’s desire to invoke an arbitration clause. The Fifth Circuit’s recent decision in Janvey v. Alguire pushed back on a trend of expanding the nonsignatory related parties that can be swept into arbitration, says Laura Fontaine of Gruber Elrod Johansen Hail Shank LLP.

  • Crowdfunding For Legal Cases: 5 Trends Reshaping Justice

    Julia Salasky

    Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.

  • Fiduciary Duties Under The Advisers Act Vs. Delaware Law

    Excerpt from Lexis Practice Advisor
    Michael S. Hong

    Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP compares the two primary sources of fiduciary obligations that U.S. investment advisers owe their clients — Section 206 of the U.S. Investment Advisers Act and Delaware law — and describes the legal sources of these duties, to whom each duty is owed, the modification of those duties, and the consequences of breaching them.

  • Opinion

    ABA Needs A New Model Legal Ethics Rule

    Kevin L. Shepherd

    Perhaps lost in the presidential post-election tumult was a report issued in late 2016 by an international body evaluating U.S. compliance with anti-money laundering and counter-terrorist financing standards. Considering repeated criticisms of the legal profession, the American Bar Association should seriously consider a new model legal ethics rule, says Kevin Shepherd of Venable LLP.

  • Key Takeaways From The SEC's Credit Suisse Settlement

    Jeffrey B. Coopersmith

    For years, financial institutions have permitted their representatives to purchase “Class A” shares for clients, but only recently did the U.S. Securities and Exchange Commission begin bringing actions for the practice. The Credit Suisse settlement this week indicates that the SEC may seek to impose liability even where there is no allegation of intentional wrongdoing, say Jeffrey Coopersmith and Rachel Herd of Davis Wright Tremaine LLP.

  • What Does Lateral Partner Success Look Like?

    Howard Flack

    In the final segment of his series on lateral recruitment, Howard Flack, a partner of Volta Talent Strategies LLC and former leader of the lateral partner recruiting team at Hogan Lovells, shares a number of factors law firms should consider when measuring lateral hire success.

  • Are Lateral Recruitment Opportunities Shaping Your Strategy?

    Howard Flack

    In the second installment of this series on lateral recruiting, Howard Flack of Volta Talent Strategies LLC challenges law firms to ask themselves whether business strategies are determining lateral hires — or vice versa.