Asset Management

  • April 18, 2018

    Mediation Progress Pushes Zohar Dismissal Trial One Week

    Attorneys for bankrupt investment vehicles the Zohar Funds told a Delaware judge Wednesday afternoon that their efforts to mediate issues in the cases had progressed far enough that the parties were comfortable adjourning a motion to dismiss the Chapter 11 filings until next week to allow for further talks.

  • April 18, 2018

    SEC Unveils Plans For 'Best Interest' Standard For Brokers

    A divided U.S. Securities and Exchange Commission on Wednesday proposed holding brokers to a higher standard of care if they are giving advice to retail investors, kicking off a likely contentious fight to finalize the long-awaited new rules that have already met with skepticism at the agency.

  • April 18, 2018

    Investment Fund Looks To Get $27M Golf Club Co. Award OK'd

    A Korean investment fund asked a California federal court on Wednesday to confirm a nearly $27 million award that arose from its investment in a golf club shaft manufacturer that later admitted it was facing tax evasion issues, saying a challenge to the award has come up short.

  • April 18, 2018

    IPOs Reach Market More Quickly As SEC Comments Dwindle

    Companies saw their initial public offerings move through the Securities and Exchange Commission review process more quickly in 2017, data show, facing fewer comments from regulators as the SEC shifts toward a more capital-formation friendly stance under Chairman Jay Clayton.

  • April 18, 2018

    Jurisdiction Gives NY Judge Pause In Trust Atty Fee Suit

    A New York state judge expressed concern at a hearing Wednesday about whether she has jurisdiction to hear a suit from law firm Chaitman LLP and a slew of securitized student loan trusts faulting their trustee Wilmington Trust Co. and administrator GSS Data Services Inc. for the trusts’ unpaid legal bills.

  • April 18, 2018

    Norton Rose Accused Of Client Betrayal In Energy Deal Talks

    A Florida-based energy finance company sued Norton Rose Fulbright and one of its former lawyers in New York court Tuesday for allegedly sharing confidential information about a possible power plant acquisition with a potential competitor.

  • April 18, 2018

    Frustration Roils Hearing On Multiemployer Plans' Fate

    A Wednesday hearing intended to teach federal lawmakers about what catapulted roughly 100 multiemployer pension plans to the brink of insolvency occasionally devolved into frustration with two experts who refused to offer opinions on proposals to rescue the plans, which hold about 1.5 million workers’ retirement savings.

  • April 18, 2018

    No Quick End To Relativity Co-Founder Fraud Claims: Judge

    A New York bankruptcy judge is refusing for now to shut down fraud claims against Relativity Media LLC co-founder Ryan Kavanaugh, demanding briefing Wednesday on whether a litigation release that applies to board members also applies to the plaintiff — who was indeed a board member — when he's wearing another hat.

  • April 18, 2018

    UK's Tritax Big Box REIT Eyes £156M Share Sale

    Tritax Big Box REIT PLC is seeking to raise £155.6 million ($221.04 million) through an offering of new ordinary shares, the U.K. real estate investment trust said Wednesday.

  • April 18, 2018

    Del. Justices Asked To Nix 57% Clearwire Appraisal Plunge

    Clearwire Corp investor Aurelius Capital Management LP on Wednesday told Delaware's Supreme Court that "compounding" legal errors last year led Chancery Court to set Clearwire's stock price 57 percent below the amount Sprint Nextel Corp. paid in a $3.6 billion buyout in 2013.

  • April 18, 2018

    EY Downplayed Sex Assault And Harassment, Partner Alleges

    An Ernst & Young tax partner has alleged that she was “egregiously” sexually assaulted and harassed by a male colleague and was forced to alter her career after the accounting giant sought to sweep her complaints under the rug, according to a charge filed Wednesday with the U.S. Equal Employment Opportunity Commission.

  • April 18, 2018

    Real Estate Rumors: Tishman, Venture X, Acore

    Tishman has reportedly landed $380 million in construction financing for a Brooklyn residential condo project from a lender syndicate that includes Starwood Property Trust, co-working company Venture X is said to be taking 12,500 square feet in West Palm Beach, and Acore Capital has reportedly loaned $43.2 million for a Maryland Westin hotel.

  • April 18, 2018

    SEC Commish Warns Of Overreliance On New Market Rules

    U.S. Securities and Exchange Commissioner Hester M. Peirce on Wednesday urged a more careful review of market structure reforms proposed by the agency, saying new rules drafted by financial industry regulators often seem designed to "mitigate" problems created by earlier rules. 

  • April 18, 2018

    Starwood Closes $7.6B Real Estate Fund, Its Largest Ever

    Starwood Capital Group has closed its largest-ever fund, a real estate-focused fund with more than $7.55 billion in capital commitments, according to an announcement from the firm on Wednesday.

  • April 17, 2018

    2nd Circ. Cool On Saving Funds’ Suit Against DLA Piper

    A panel of three judges considering a request by two Cayman investment funds to revive their dismissed suit against DLA Piper over its alleged role in helping a fund director misappropriate $36 million put tough questions to the funds on Tuesday about what, exactly, the lower courts did wrong.

  • April 17, 2018

    Investment Funds Hit Ocwen With Stock-Drop Suit

    A group of investment funds sued Ocwen Financial Corp. on Tuesday in Florida federal court seeking to recover investment losses they say they suffered after being induced to buy company stock through false and misleading statements from its top executives.

  • April 17, 2018

    Defense Wraps Wilmington Trust Exec Fraud Case In A Day

    A “massively complex” federal trial of four Wilmington Trust executives on fraud and conspiracy charges raced into the home stretch Tuesday, after defense attorneys opened and closed their side of the Delaware case in a matter of hours.

  • April 17, 2018

    Gannett Looks To Spike ERISA Suit Over 401(k)’s Tegna Stock

    Gannett Co. Inc. on Monday urged a Virginia federal judge to toss a proposed Employee Retirement Income Security Act class action accusing it of causing about $135 million in losses for its 401(k) plan and the plan’s participants by concentrating investments in its ex-parent company’s common stock.

  • April 17, 2018

    Real Estate Rumors: CW Realty, KSL Capital, Zom Living

    A CW Realty venture has reportedly sold three Brooklyn residential and retail buildings for $22.5 million, KSL Capital has reportedly bought a Florida Margaritaville resort from a Starwood Capital venture, and Zom Living is said to have scored $92 million in construction financing from Union Labor Life Insurance for a Chicago project.

  • April 17, 2018

    Icahn, Deason Seek Xerox Board Shakeup Over $6B Fuji Deal

    Activist investor Carl Icahn and businessman Darwin Deason ramped up pressure on Xerox Tuesday, calling on shareholders to oust some of the company’s directors in light of the $6.1 billion “value-destroying” and “conflict-tainted” planned tie-up with Fuji.

Expert Analysis

  • How Florida Affirmed Fiduciaries' Lawyer-Client Privilege

    Paul Marino

    The lawyer-client privilege is a cornerstone of the American legal system. But until recently, there was significant doubt in Florida as to whether communications between a lawyer and a fiduciary client could be kept confidential from a beneficiary seeking to compel the production of those communications, say Paul Marino and Jay Kauffman of Day Pitney LLP.

  • Antiquated FINRA Rules Stifle Small Co. Capital Formation

    Laura Anthony

    If OTC Markets' recently suggested changes to two Financial Industry Regulatory Authority over-the-counter rules are implemented, more small companies would access the public markets, better information would be made available to investors and the marketplace, and secondary market liquidity would improve, says Laura Anthony of Legal & Compliance LLC.

  • New SEC Case Bucks The Valuation Trend

    Jesse Morton

    The U.S. Securities and Exchange Commission investigation into Deer Park Road Management’s alleged practice of undervaluing assets has many wondering why the investment manager would want to undervalue its assets. In fact, there are several incentives for a fund manager to do so, say Jesse Morton and Matt Rogers of Stout Risius Ross LLC.

  • Goldilocks And The 3 Stable Value Fund Lawsuits

    Samuel Block

    The First Circuit recently upheld the dismissal of a claim that Fidelity Management Trust Company’s stable value fund was too conservative. While the decision may lead to fairy tale endings for First Circuit defendants, companies can't be as certain that these types of lawsuits — including those claiming funds are too risky or not offered at all — will never return, say attorneys with Mayer Brown LLP.

  • The Bipartisan Budget Act’s Impact On Retirement Plans

    Paul Hamburger

    Many retirement plan sponsors will likely find the relaxed rules related to hardship withdrawals included in the recently enacted Bipartisan Budget Act of 2018 to be a welcome change. However, implementing these changes will require amending plan documents, as well as altering participant communications and administrative procedures, say attorneys with Proskauer Rose LLP.

  • Is Excessive Fee Litigation Headed For Its Dudenhoeffer?

    Mark Bieter

    Recent signs show that the nationwide deluge of class actions challenging fees and services in large corporate 401(k) plans are starting to even out. This is a development warmly welcomed by plan sponsors and the financial industry, as for the past decade there’s generally been one hand winning, and it wasn’t theirs, says Mark Bieter of Groom Law Group.

  • A Notable Footnote In High Court Merit Management Decision

    Elliot Moskowitz

    The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Ellio... (continued)

  • The SEC Cyber Unit's First 6 Months, And What’s Ahead

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    The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • The Justices' Divergent Views On Class Action Tolling

    Steven Molo

    China Agritech v. Resh is an important U.S. Supreme Court case that will have significant repercussions for class actions of all kinds. During oral arguments, many of the justices' questions focused on the plaintiff diligence prerequisite for equitable tolling, say Steven Molo and Michelle Parthum of MoloLamken.

  • Prosecutors Should Be Wary Of Overreach After Marinello

    Stephen Cook

    The U.S. Supreme Court's rejection of the government’s broad interpretation of a criminal tax obstruction statute in Marinello may have implications for special counsel Robert Mueller’s indictments and the case involving alleged leaks from the Public Company Accounting Oversight Board, say attorneys with Brown Rudnick LLP.