Asset Management

  • March 21, 2017

    Hong Kong Regulator To Ease Derivative Position Limits

    The Hong Kong Securities and Futures Commission said Tuesday it will implement a proposal to relax position limits on trading listed derivatives, a move designed to broaden appeal of the region’s futures and options markets.

  • March 21, 2017

    BNY, Morgan Stanley End $81M Suit Over Mall Built On Dump

    Morgan Stanley & Co. has paid Bank of New York Mellon Corp. an undisclosed sum to settle claims that it wrongly refused to buy back an $81 million commercial loan after retailers fled an Ohio shopping center built on a landfill because of methane problems, documents filed in New York federal court show.

  • March 21, 2017

    FINRA Charges Clearing Firm Over Supervisory Failures

    The Financial Industry Regulatory Authority on Monday filed a complaint against high-frequency clearing firm Electronic Transaction Clearing Inc., alleging the firm failed to implement anti-money laundering policies and committed a host of customer protection and supervisory violations.

  • March 21, 2017

    PTAB Upholds Biogen Drug Patent In Hedge Fund Challenge

    The Patent Trial and Appeal Board on Tuesday upheld a Biogen patent covering multiple sclerosis drug Tecfidera in an inter partes review requested by the Coalition for Affordable Drugs, a group started by hedge fund manager Kyle Bass to challenge drug patents.

  • March 21, 2017

    Hedge Fund Founder Calls SEC's Fraud Claims Deficient

    A hedge fund founder accused of spending investor money on his rent and car payments told a New York federal court Monday that the U.S. Securities and Exchange Commission’s securities fraud allegations are deficient, saying a disclaimer in newsletters sent to prospective investors renders his statements immaterial.

  • March 21, 2017

    CORRECTED: Citigroup, Abu Dhabi Fund Spar Over Arbitration Costs

    Citigroup is again going to court over a dispute with Abu Dhabi's massive sovereign wealth fund over money lost in a $7.5 billion investment deal soured by the financial crisis, with the bank filing a petition in a New York federal court seeking to confirm a new arbitration award. Corrected: An earlier story misstated the legal fees at issue. That error has been corrected.

  • March 20, 2017

    PwC Calls Jury Primer 'Finger On The Scale' In $2B Suit

    A New York federal judge told the parties in MF Global’s $2 billion professional malpractice suit against PricewaterhouseCoopers that he would develop a primer to explain the complex evidence issues to the jury despite the assertion by PwC’s attorney that it would put a “finger on the scale” in favor of the investment house.

  • March 20, 2017

    Wash. Adviser Who Hid Ponzi From SEC Cops 80-Month Plea

    An investment guru who federal prosecutors say lied to the U.S. Securities and Exchange Commission to hide a Ponzi scheme and went on to fleece investors out of $3.6 million, even after he promised to come clean, has pled guilty in exchange for a recommended sentence of almost seven years in prison, according to documents filed in Washington federal court on Monday.

  • March 20, 2017

    Ariel Investments Competitor Wants Stay On Name Change

    A Florida wealth manager whose firm was ordered to change its name to avoid Chicago-based Ariel Investments LLC’s trademark on “Ariel” asked the Seventh Circuit to delay the modification, arguing Monday that rebranding mid-tax season will hurt the manager's business.

  • March 20, 2017

    Omega Advisors Founder Can’t Ditch Insider Trading Claims

    A Pennsylvania federal judge on Monday said Omega Advisors Inc. founder Leon Cooperman can still be liable for trading on nonpublic information from a pipeline company executive even if he didn’t pledge not to trade until after the exec passed the tip, denying Cooperman’s motion to dismiss the U.S. Securities and Exchange Commission’s suit.

  • March 20, 2017

    High Court Won’t Review Would-Be Whistleblower’s Petition

    The U.S. Supreme Court on Monday declined to review a former Morgan Stanley employee’s claims he is entitled to whistleblower protections, despite not reporting to the U.S. Securities and Exchange Commission, after the Sixth Circuit found his allegations of working with the FBI were too vague.

  • March 20, 2017

    Senior Housing REIT Drops $62M On Memory-Care Facilities

    National Health Investors Inc., a real estate investment trust focused on senior-housing and medical investments, said Monday that it has purchased five memory-care facilities in Texas and Illinois for $61.8 million and plans to lease them back to The LaSalle Group Inc.

  • March 20, 2017

    Bankruptcy Court Must Clarify Millennium Labs Fraud Release

    A U.S. district court judge has directed a Delaware bankruptcy judge to support or clarify the constitutional authority behind a disputed release of Millennium Lab Holdings II LLC from non-bankruptcy fraud and racketeering claims under a $1.2 billion Chapter 11 plan confirmed in late 2015.

  • March 20, 2017

    Broker Defends Ownership Of Junk Wells Fargo Mortgages

    A holding company that allegedly suffered $230 million in losses because Wells Fargo & Co. rubber-stamped junk mortgages told a Manhattan federal magistrate judge on Friday that the company has proven ownership of the at-issue mortgages and that the bank's contentions otherwise are false.

  • March 20, 2017

    Biz Groups Can’t Block DOL Fiduciary Rule, Judge Says

    A Texas federal judge won’t block the U.S. Department of Labor’s fiduciary rule for retirement account advisers while the U.S. Chamber of Commerce and others try to revive their challenge to it, ruling Monday the business groups hadn’t caused the court to question its earlier decision in the agency’s favor.

  • March 20, 2017

    Jones Day, Simpson Steer $1.4B Europe Real Estate Deal

    Jones Day represented Hansteen Holdings PLC in connection with its planned €1.277 billion ($1.372 billion) sale of a portfolio of German and Dutch properties, which includes the sale of subsidiary companies, to a venture of Simpson Thacher & Bartlett LLP-led, Blackstone Group LP-advised funds and M7 Real Estate, a deal Hansteen announced on Monday.

  • March 17, 2017

    Del. Justices Asked To Review AIB Bulgarian Bank Dispute

    Private investors urged Delaware’s top court Thursday to reverse a Chancery Court decision obliging them to sue Allied Irish Banks PLC in Bulgaria to enforce a $41 million tender offer right, saying the ruling wrongly penalized them for prior litigation in Illinois.

  • March 17, 2017

    DOL Gets Flood Of Letters On Fiduciary Rule Delay

    As the comment period closed Friday on the U.S. Department of Labor’s proposal to delay the upcoming applicability date of its fiduciary rule for retirement advisers, the agency received hundreds of letters from industry and advocacy groups and individual investors both for and against the delay.

  • March 17, 2017

    Chamber Says Texas Judge Should Still Block Fiduciary Rule

    The U.S. Chamber of Commerce and other business groups urged a Texas federal court on Thursday to block the U.S. Department of Labor’s fiduciary rule despite the agency’s recent pledge not to enforce the rule if it can’t finalize a planned delay before the rule takes effect.

  • March 17, 2017

    JV Nabs 3 US Student Housing Portfolios In $1.6B In Deals

    A joint venture between the Canada Pension Plan Investment Board, Singapore’s sovereign wealth fund GIC and student housing operator the Scion Group LLC has added three new U.S. student housing portfolios to its holdings through $1.6 billion in deals, the companies said on Thursday.

Expert Analysis

  • Why Puerto Rico Will Likely Rely On PROMESA Title III

    Richard J. Cooper

    Both the Puerto Rico oversight board and the new commonwealth administration have expressed a strong preference for restructuring the commonwealth’s debt through the use of Title VI of the Puerto Rico Oversight, Management and Economic Stability Act. However, Title VI is unlikely to provide a realistic path to restructure tax-supported debt, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • How 401(k) Benefits Can Attract Millennial Legal Talent

    Nathan Fisher

    If today’s law firms are willing to rethink their perceptions of millennials, they may see greater success in attracting and retaining new talent by giving the younger generation the kind of retirement planning benefits they want and need, says Nathan Fisher of Fisher Investments.

  • How The Courts Review Executive Orders

    Steven D. Gordon

    The cases challenging President Donald Trump’s executive orders fit within the established legal framework that limits, but does not preclude, judicial review of such orders, says Steven Gordon of Holland & Knight LLP.

  • NY High Court Expands Protections For Financial Traders

    David Parker

    The New York high court’s decision in Stonehill Capital Management v. Bank of the West clarifies the extent to which an agreement to buy or sell a financial instrument for which additional written documentation is expected may be enforceable. The decision should give comfort to participants in markets where trading via telephone or other informal means is common, say David Parker and Joshua Bromberg of Kleinberg Kaplan Wolff & Cohen PC.

  • The Next Battleground For SEC Judge Constitutionality

    Thomas O. Gorman

    If the en banc D.C. Circuit in Raymond J. Lucia Cos. agrees with the Tenth Circuit's opinion in Bandimere, the two decisions would represent substantial authority for the proposition that the U.S. Securities and Exchange Commission's administrative law judges were appointed in violation of the Constitution, says Thomas Gorman of Dorsey & Whitney LLP.

  • The Loss Of Confidentiality In NY Arbitral Enforcement Cases

    Jonathan J. Tompkins

    A sobering series of decisions from New York federal courts has made clear that the valued benefits of confidentiality attendant to arbitration will almost assuredly be rendered ineffectual if and when recognition and enforcement is sought in New York, says Jonathan Tompkins of Shearman & Sterling LLP.

  • What Lawyers Can Learn From Kellyanne Conway

    Michelle Samuels

    Presidential adviser Kellyanne Conway's TV appearances provide some examples of what lawyers should and shouldn't do when speaking to the media, says Michelle Samuels, a vice president of public relations at Jaffe.

  • Financial Services In The 1st Month Of Trump Presidency

    Matthew Cutts

    In the first 30 days of his administration, President Donald Trump issued more than two dozen executive orders, memoranda and proclamations, several of which significantly impact the financial services industry. In addition, policymakers are turning their time and attention to reforming the nation’s financial services laws, with a “Choice Act 2.0” likely to be introduced soon, say Matthew Cutts and James Sivon of Squire Patton Boggs LLP.

  • The Mistakes Lawyers Make When Copying And Pasting

    Robert D. Lang

    We all recognize that cutting or copying text from earlier works and pasting it into new documents saves attorneys time. However, with this increase in speed comes an increased risk of making, or not catching, errors, says Robert Lang of D’Amato & Lynch LLP.

  • Opinion

    Calif. Court Gets Automatic Funding Disclosure Right

    Matthew D. Harrison

    Detractors of litigation funding have strained to characterize a recent decision from a California federal court as significant headway in their crusade against the litigation funding industry. However, in truth, this is a victory for both the industry and those in need of capital to bring meritorious claims against wrongdoers in an often prohibitively expensive legal system, say Matthew Harrison and Priya G. Pai of Bentham IMF.