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Asset Management

  • October 10, 2018

    Labaton To Pay $4.8M, Accept Oversight On Fee Practices

    Labaton Sucharow LLP has apologized and will pay $4.8 million and accept oversight by a retired judge to resolve a Massachusetts federal court’s investigation into the firm's excess fees and a controversial payment to a Texas lawyer, according to Wednesday court filings. 

  • October 10, 2018

    Feds Seek 5 Years For Convicted State Street Exec

    Prosecutors called for a five-year sentence Tuesday for a former vice president of State Street Corp. convicted of overbilling clients by millions, a substantially shorter prison term than federal guidelines suggest but enough to send a message, the government said.

  • October 9, 2018

    NCUA Seeks Sub To Bring RMBS Suit Against Deutsche Bank

    The National Credit Union Administration has urged a New York federal judge to allow the substitution of a new plaintiff to pursue claims against Deutsche Bank National Trust Co. over a number of residential mortgage-backed securities trusts, arguing that this swap would address standing issues highlighted in a similar suit brought by the agency against U.S. Bank.

  • October 9, 2018

    Royal Park Can't Revive $3.7B RMBS Suit, NY Court Rules

    A New York appellate court said Tuesday that a lower court was right to toss Royal Park Investments SA/NV's $3.7 billion suit accusing four major banks of committing fraud in connection with the sale of residential mortgage-backed securities, finding the Belgian bank did not have standing to bring negligence and fraud claims.

  • October 9, 2018

    PE Firm Says Arbitrator Conflict Tainted Fight Over $70M Deal

    An affiliate of a Delaware-based private equity fund urged a Florida federal court Monday to vacate a $2.25 million arbitration award related to its $70 million sale of a leading Jamaican fuel distributor, based on its argument that one of the arbitrators concealed connections to the buyer's counsel.

  • October 9, 2018

    Shareholder Fires Back At Dismissal Bids In 6D Global Suit

    A 6D Global Technologies Inc. shareholder on Friday swatted back at a trio of dismissal bids in New York federal court, deriding “feeble attempts” by the company, its former directors and a private equity firm’s CEO to escape claims that they allowed the digital marketing company’s share price to be manipulated.

  • October 9, 2018

    Allstate Says Performance, Not Fraud, Caused Stock Drop

    Allstate Corp. has asked an Illinois federal judge to deny class certification to investors accusing the insurer of concealing loose underwriting in a bid to boost business, arguing that any subsequent dips in Allstate's stock were due to company performance, not fraud.

  • October 9, 2018

    SEC Wants Subpoenas Enforced For ICO Pump & Dump Docs

    The U.S. Securities and Exchange Commission has asked a California federal court to enforce its June subpoenas for documents related to an alleged pump-and-dump scheme involving shares of a real estate and construction company that supposedly financed an initial coin offering.

  • October 9, 2018

    Dutch Court Adviser Urges Dropping EU Dividend Tax Case

    Taxes imposed on foreign investment funds receiving Dutch dividends comply with European Union law, an adviser to the Netherlands’ Supreme Court said Monday, urging judges to drop a €1.3 million ($1.5 million) tax referral to EU judges.

  • October 5, 2018

    Tilton Loses Bid To Seal Tax Documents On Appeal

    A New York appeals court has rejected a bid by Lynn Tilton and her company Patriarch Management to keep certain tax and financial information private in their dispute with a German lender.

  • October 5, 2018

    Gov't Role In Paul Weiss Probe Puts Deutsche Trial At Risk

    A New York federal judge signaled Friday that the Libor-rigging trial against former Deutsche Bank traders Matthew Connolly and Gavin Black may be in trouble, in light of "highly persuasive" evidence concerning the government's role in an internal investigation of the bank by Paul Weiss Rifkind Wharton & Garrison LLP.

  • October 5, 2018

    Bondholders Seek To Appoint Receiver For Puerto Rico Utility

    A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico’s electric utility, while the island’s federally appointed fiscal oversight board sought information from the governor’s office about an announced electric rate cut.

  • October 5, 2018

    Real Estate Rumors: Thor, Warehouse Goods, Fla. Hotel

    Thor Equities has reportedly landed a $160 million loan from TPG Real Estate Finance Trust for a Houston property that includes retail and entertainment space, Warehouse Goods is said to have dropped $10 million on a Florida office building and National Realty Investment Advisors has reportedly paid $25 million for a 29-room Florida hotel.

  • October 5, 2018

    Holland & Knight Adds Real Estate Finance Pair From Seyfarth

    Holland & Knight LLP has added two former Seyfarth Shaw LLP real estate finance attorneys to the firm's Boston office, picking up negotiators specializing in loans and other financing transactions with experience on major projects across the country.

  • October 5, 2018

    TD Ameritrade Clients Want Cert. In Options Liquidation Row

    Plaintiffs suing TD Ameritrade over an allegedly fraudulent liquidation of their futures option investments urged a Florida federal court Thursday to certify a class of more than 230 members who purportedly incurred significant losses as a result of the liquidation in the after-hours market.

  • October 5, 2018

    Asset Management Firm CEO Charged With $16M Fraud

    Virginia federal prosecutors have charged the CEO of a “self-described asset management firm” with swindling investors out of at least $16 million by misrepresenting that he would put the funds toward a real estate investment near the Silver Line of the Washington, D.C., Metro, the prosecutors said in a Friday statement.

  • October 5, 2018

    PBGC Nominee's 'Bad Idea' Sows Doubt About Experience

    President Donald Trump's nominee to lead the Pension Benefit Guaranty Corp. recently proposed reaching into workers' pockets to help the struggling agency, an idea experts say would not work and reflects his lack of understanding of the agency he could end up running.

  • October 4, 2018

    Del. Chief Justice Strine Warns Of Growing Investor Unrest

    Delaware Chief Justice Leo E. Strine Jr. said Thursday that uneven post-recovery gains and the separation of individual stockholders from key decisions about the use and voting of their securities threatens to fuel broader discontent with the nation's economic system and corporate structures.

  • October 4, 2018

    Judge Prunes Investor Suit Against Ocwen Over Compliance

    A Florida federal magistrate judge declined Thursday to take an ax to a suit by a group of investment funds accusing Ocwen Financial Corp. of securities fraud, but did find that a former CEO’s 2013 public statement about the mortgage servicer’s compliance cannot be used to support a portion of the funds’ claims.

  • October 4, 2018

    Several Banks Escape SIBOR-Rigging Allegations In NY

    A New York federal judge trimmed Thursday a proposed class action accusing 20 banks and their affiliates of manipulating the Singapore Interbank Offered Rate and Singapore Swap Offer Rate, saying the plaintiffs haven’t alleged wrongdoing by a number of them.

Expert Analysis

  • F-Squared And The Lingering Impact Of Kokesh

    Benjamin Mundel

    After the U.S. Supreme Court's ruling last year in Kokesh, a number of companies have tried to challenge government agencies' authority to seek disgorgement absent express statutory authority. While courts have not directly addressed the open question, a recent decision in the F-Squared bankruptcy litigation came close, say Benjamin Mundel and Mackenzi Siebert of Sidley Austin LLP.

  • SEC Case Brings Rarely Used Cyber Rules Into Limelight

    Erica Williams

    The U.S. Securities and Exchange Commission's settlement this week with Voya Financial Advisors represents the first SEC action involving the Identity Theft Red Flags Rule and only its third action involving the Safeguards Rule. The case provides a critical data point in evaluating how the SEC plans to enforce these two rules going forward, say Erica Williams and Sunil Shenoi of Kirkland & Ellis LLP.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.

  • The Principles Guiding FINRA Enforcement

    John Sikora

    Recent remarks by the head of enforcement at the Financial Industry Regulatory Authority offer valuable clues to regulated entities as to how FINRA decides whether to bring an enforcement action. This can be useful in guiding effective responses to FINRA actions, say attorneys with Latham & Watkins LLP.

  • SEC Fires Warning Shot Against 'Short And Distort' Schemes

    Perrie Weiner

    Unscrupulous short sellers who post false or distorted news have gone largely unchecked — until now. The U.S. Securities and Exchange Commission's recently filed case against a Massachusetts hedge fund adviser opens the way for civil claims, say attorneys with DLA Piper.

  • 5 More GC Tips For Succeeding As A New Associate

    Jason Idilbi

    Jason Idilbi, former BigLaw associate and general counsel of the tech startup Passport Labs Inc., returns to Law360 to share recent thoughts on best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • 2 New Cases Showcase CFTC Spoofing Theories

    Katherine Cooper

    The Victory Asset and Mizuho Bank spoofing settlements announced by the U.S. Commodity Futures Trading Commission last week show that the agency’s campaign against spoofing continues unabated. It is likely that the CFTC will now place more emphasis on the surveillance and control systems employed by futures commission merchants, say Katherine Cooper and Elizabeth Lan Davis of Murphy & McGonigle PC.

  • 3rd Circ. Deepens Uncertainty Over FINRA Arbitration

    David Cinotti

    The Third Circuit's decision last month in Reading Health System v. Bear Stearns adds to a circuit split on whether a contractual forum-selection clause supersedes or waives Financial Industry Regulatory Authority arbitration. However, U.S. Supreme Court review of the issue might be premature, says David Cinotti of Pashman Stein Walder Hayden PC.

  • Series

    Judging A Book: Block Reviews 'Tough Cases'

    Judge Frederic Block

    In a new, extraordinary book, "Tough Cases: Judges Tell the Stories of Some of the Hardest Decisions They’ve Ever Made," 13 of my judicial brethren have courageously and dramatically humanized the judicial process, says U.S. District Judge Frederic Block of the Eastern District of New York.

  • Investment Cos. And REITs Receive Welcome Tax Guidance

    Martin Hamilton

    In two recently released revenue procedures, the IRS provided repatriation tax relief for registered investment companies and defined categories of foreign income for real estate investment trusts. Attorneys at Proskauer Rose LLP break down the significant effects.