Asset Management

  • May 17, 2017

    Future CFTC Chair Announces New Tech Initiative

    Acting U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, currently awaiting confirmation as the agency’s permanent chair, announced Wednesday a new initiative to help the agency catch up and respond to rapidly transforming digital markets.

  • May 17, 2017

    Recalcitrant Hedge Fund Boss's Passport Released By Court

    Former hedge fund boss Chetan Kapur is out of a New York City jail for contempt of two fraud judgments valued at about $10 million, and his Indian passport was released Wednesday, but a court filing also showed the recalcitrant judgment debtor was being held on an immigration detainer.

  • May 17, 2017

    Bipartisan Bill Again Calls For Transparency In Settlements

    Democratic U.S. Sen. Elizabeth Warren and Republican U.S. Sen. James Lankford on Tuesday reintroduced legislation requiring greater transparency of settlements companies and individuals enter into with federal agencies, including a disclosure of tax deductible amounts or other credits that affect the actual dollar figure.

  • May 17, 2017

    Deals Rumor Mill: WaveDivision, Stonyfield, Global Atlantic

    A TPG business unit is nearing a deal to buy broadband cable operator WaveDivision for more than $2 billion, including debt, Grupo Lala is the frontrunner to buy U.S. organic yogurt business Stonyfield from Danone, and reinsurance company Global Atlantic Financial Group could go public this year.

  • May 17, 2017

    Oil Driller Sucking Fund Into 'Death Spiral,' Judge Told

    A fund that lent money to oil and gas driller Camber Energy Inc. only to be sued for converting its debt into Camber stock asked a Texas federal judge on Tuesday to give the fund a way to sell the shares before Camber’s “death spiral” whittles the stock price even further.

  • May 17, 2017

    Bernstein Litowitz Bumps Motley Rice In Wells Fargo Case

    An asset management company heading a proposed securities class action alleging that Wells Fargo misrepresented its cross-selling activities has asked a California federal judge for permission to replace Motley Rice LLC with Bernstein Litowitz Berger & Grossmann LLP as lead counsel.

  • May 16, 2017

    Travelers Must Cover Charney Suit, Standard General Says

    Hedge fund Standard General LP urged a New York federal court on Monday to declare that Travelers Indemnity Co. must pay its defense costs for a defamation lawsuit by American Apparel’s founder that was recently defeated in a California appeals court.

  • May 16, 2017

    SEC Pursuing MBS Traders Despite Prosecutors’ Early Flop

    The U.S. Securities and Exchange Commission’s civil case against two former traders alleging they lied to customers about prices for mortgage-backed securities is the second such case the agency has brought in two weeks, a sign it is forging ahead on bond cases while federal prosecutors hesitate in the wake of a significant criminal trial loss.

  • May 16, 2017

    11th Circ. Says Packaging Co. Can't Sue Fund Under ERISA

    The Eleventh Circuit ruled Tuesday that WestRock RKT Co. couldn’t sue a multiemployer benefit plan under two different sections of the Employee Retirement Income Security Act, finding the law doesn’t grant employers leeway to bring suit over certain pension fund changes.

  • May 16, 2017

    Malaysian Family Wants Some US Gov't Seizure Bids Tossed

    A family that the U.S. government says benefited from money stolen from a Malaysian sovereign investment fund asked a Los Angeles federal judge on Monday to dismiss the government’s efforts to seize New York real estate, a jet and music publishing rights, saying there’s no link to California in those cases.

  • May 16, 2017

    Trader Convicted In Galleon Probe Meets Skeptical 2nd Circ.

    A lawyer-turned stock trader encountered a skeptical Second Circuit Tuesday in his quest for a new insider-trading trial in the wake of U.S. v. Newman, with one judge remarking on the "improbability" of a scenario in which the convicted defendant did not know a stream of tips was flowing in exchange for material benefit.

  • May 16, 2017

    Ex-Faruqi Partner Urges 2nd Circ. To Revive Commission Suit

    A former Faruqi & Faruqi LLP partner told the Second Circuit on Monday that a New York district court did not fairly evaluate her claims before tossing her lawsuit seeking a cut of $4 million the firm had earned from litigating a settlement for clients she’d brought in, even though she'd left by then.

  • May 16, 2017

    Old Mutual Selling Shares In US Arm In $252M Offering

    British financial services and insurance firm Old Mutual PLC will sell shares in its U.S. business, Old Mutual Asset Management Ltd., in a secondary offering that could raise about $252 million, the company announced on Tuesday.

  • May 16, 2017

    Valeant, Pershing Square Balk At Draft Class Action Notices

    Valeant Pharmaceuticals and Pershing Square Capital Management LP have objected to the notification procedures proposed in a newly certified class action over insider trading claims related to an attempted $55 billion takeover of Allergan Inc., telling a California federal court on Monday that the investors behind the suit aren’t giving derivative traders an adequate chance to participate.

  • May 16, 2017

    SEC Seeks Judgment Against Simpson Thacher Tipster

    The U.S. Securities and Exchange Commission urged a New Jersey federal judge on Tuesday to rule in its favor and lodge a $2 million fine in a civil insider trading case against the former Simpson Thacher & Bartlett LLP clerk who was sentenced last year to nearly four years in prison.

  • May 16, 2017

    Activist Elliott Urges BHP To Split Off Petroleum Biz

    Activist investor Elliott Management blasted BHP Billiton on Tuesday for the “swift dismissal” of its plan to improve the mining and petroleum giant’s alleged “chronic underperformance,” contending the company needs to weigh the sale or separation of its petroleum business and its other strategic options.

  • May 15, 2017

    Virtus Gets Mixed Cert. Rulings In 2 Securities Suits

    A New York federal judge on Monday granted class certification in a securities class action against Virtus Investment Partners Inc. over alleged public misstatements, but simultaneously denied certification in another suit with similar allegations.

  • May 15, 2017

    Ex-Katten Atty Looks To Gut Indictment In Shkreli Case

    The former Katten Muchin Rosenman LLP lawyer charged alongside notorious former pharma executive Martin Shkreli over a series of purported securities fraud schemes asked a New York federal judge on Monday to cut language from charging documents and throw out one of the conspiracy charges against him as too vague.

  • May 15, 2017

    3 Firms Get $27M Payday In Elan Investors' SAC Capital Suit

    A New York federal court awarded $27 million in legal fees to Wohl & Fruchter LLP, Pomerantz LLP and Kreher & Trapani LLP on Friday for their work representing Elan Corp. shareholders in a now-settled suit against defunct hedge fund SAC Capital Advisors LP.

  • May 15, 2017

    US Bank Slammed Over Bid To Cut RMBS Plaintiff From Case

    A company suing U.S. Bank NA for allegedly failing to oversee residential mortgage-backed securities it invested in told a New York federal judge on Friday that the bank’s gripes about document production were nothing but hot air and no reason to disqualify the company as lead plaintiff.

Expert Analysis

  • Justices Skeptical Of SEC Disgorgement Without Time Limits

    Dan McCaughey

    The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Big Stakes In High Court’s Securities Fraud Omissions Case

    Stephen L. Cohen

    Leidos v. Indiana Public Retirement System, which the U.S. Supreme Court will hear this year, presents potentially far-reaching questions, ranging from the U.S. Securities and Exchange Commission’s role in interpreting Section 10(b) to courts’ role in creating a federal common law of disclosure duties, say Stephen Cohen and Daniel McLaughlin of Sidley Austin LLP.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • SEC Provides Offshore Feeder Relief, But Challenges Remain

    Mark C. Amorosi

    The U.S. Securities and Exchange Commission's recently granted no-action relief is an incremental step in reducing barriers to global distribution of U.S. registered funds and may marginally increase the use of cross-border master-feeder arrangements, say attorneys with K&L Gates LLP.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.