IHeartMedia on Monday asked a Texas bankruptcy court to reject creditor objections to its request to retain a pair of financial advisers, saying the requested fees are reasonable considering the size and complexities of the the radio broadcast giant’s Chapter 11 case.
A proposed class of current and former Emory University employees asked a Georgia federal judge Friday to force the university to cooperate with their discovery requests in a suit alleging the school’s retirement plan administrators charged high fees and made poor investment decisions.
The Carolina Panthers announced Monday that founder Jerry Richardson has closed a reportedly record-breaking sale of the team to hedge fund president David Tepper, reportedly for an NFL record-breaking price of $2.2 billion.
Saul Ewing Arnstein & Lehr LLP has added a real estate partner and an associate in Philadelphia with a focus on commercial development deals, the firm announced Monday.
A Massachusetts man admitted in federal court on Monday that he overcharged a Cushman & Wakefield Inc. unit $4 million while he led its specialty services division in greater Boston, inflating bills for snow-shoveling and other labor-intensive property services using his own contracting company.
Real estate-focused investment firm Pretium Partners on Monday said it scored more than $1 billion in commitments for its latest fund as it aims to improve upon a leading position in the single-family rental home space.
A putative class of Triangle Capital Corp. shareholders launched a lawsuit in North Carolina federal court on Friday accusing the company and its directors of issuing a proxy statement that included too little information for shareholders to properly assess the fairness of a proposed asset sale.
The U.S. Securities and Exchange Commission on Friday asked a Maryland federal judge to grant quick wins on its claims against two companies and three individuals implicated in a $5 million "prime bank" scam, saying one of the company's principals has already copped to a criminal charge related to the scheme.
A former Société Générale SA executive urged a New York federal judge to toss criminal charges relating to a Libor manipulation scheme, arguing she and a fellow female executive were targeted for prosecution because of their gender, while their male higher-ups skated.
The last week has seen dozens of energy companies and insurers sue Danish shipper Torm, a British private equity firm and a Goldman Sachs unit lodge a dispute with a handful of Portuguese companies and nearly two dozen British rail operators take on Visa and MasterCard just hours after an appellate ruling dealt the credit card giants a setback in their battle with retailers. Here, Law360 looks at those and other new claims in the U.K.
Joshua Ashley Klayman, a founder and former head of Morrison & Foerster LLP’s blockchain and smart contracts group, has spun off her own boutique law firm called Klayman LLC, a New York-based outfit that she says will target the digital token sale and blockchain industry as it continues to morph.
President Donald Trump is expected Monday night to name his choice to replace Justice Anthony Kennedy. The nomination will give the president his second chance to name a justice to the high court in less than two years, setting up a high-stakes political battle likely to consume the legal world and the nation in the months to come.
A former State Street Corp. executive was called out Friday for his looming presence on a social media account of one of the jurors who recently convicted him of hiding fees in multibillion-dollar securities transactions, with a Massachusetts federal judge issuing a verbal warning against any further interaction with the panel.
A New York federal judge said Friday that there wasn’t evidence that Colgate-Palmolive Co. flouted two discovery orders in a suit from a class of its former employees accusing the company of miscalculating their retirement benefits, denying the workers’ request for sanctions.
A bankrupt Florida-based investment firm has agreed to pay more than $49.5 million to end a U.S. Securities and Exchange Commission suit in Minnesota federal court alleging it raised more than $64 million from 400 investors with a fraudulent securities offering, according to a consent order entered Friday.
A Texas bank facing allegations of flubbing a $10.5 million stock purchase for a consulting firm's benefit plan hit the firm with a countersuit Thursday, telling a Texas federal judge the firm and several associated individuals and entities should help the bank pay any monetary judgment that is assessed.
A Texas federal judge Thursday returned former NFL offensive lineman Leonard Davis’ claims that his financial advisers and attorneys from such firms as Jackson Walker LLP and K&L Gates LLP disastrously mismanaged his assets to state court two months after taking up the case.
A Texas state court has sentenced a financial adviser and former radio host to 12 years in prison for his role in a Ponzi scheme in which he stole $6 million from investors by tricking them into investing in an internet advertising company, the Texas State Securities Board announced Friday.
A California federal judge has refused to pause a suit accusing Franklin Templeton of mismanaging its workers’ retirement savings pending the outcome of an appeal at the Ninth Circuit, saying she didn’t rely on the case before the appellate court when granting class certification to the workers.
Derivatives prices will be pushed down if data about storage of the commodity that underlies them is not transparent, a group of global securities regulators has warned, as they proposed that central counterparties should ensure that reserves are robust.
Since the U.S. Securities and Exchange Commission shortened the standard settlement cycle for most broker-dealer transactions to two business days, or T+2, many have wondered if the settlement cycle should be shortened even further, perhaps to T+0. But a nearly instantaneous settlement of nonroutine securities transactions would present new challenges, says Nicolas H.R. Dumont of Gibson Dunn & Crutcher LLP.
Predicting the impact of the U.S. Supreme Court's decision in Lucia is far from simple. Litigants cannot be sure how the U.S. Securities and Exchange Commission will handle pending matters, and the SEC cannot be sure how administrative law judges should be appointed in the future to avoid additional judicial scrutiny, say attorneys with Morrison & Foerster LLP.
I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.
While Delaware law relating to corporate fiduciary duties and exculpation for personal liability has been transformed over the past several years, resulting in less potential for director liability, the limited liability company format offers even more flexibility for directors when the governing agreement is properly drafted and followed, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Tax reform, and specifically Internal Revenue Code Section 199A, has created new planning opportunities for real estate investors and brokers. Although the provision is quite complex, there are huge potential savings available to commercial real estate investors, says Steve Moskowitz of Moskowitz LLP.
Recent cases suggest that Delaware courts extend a high degree of deference to limited liability company and partnership agreement provisions. But importantly, the facts and circumstances can also very much affect a court’s decision, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.
In light of a recent statement by the IRS Large Business and International division, individuals who have foreign trust reporting requirements now face an increased risk of IRS audit and penalties and should be sure they are in compliance with the complex reporting obligations associated with foreign trusts, say Arielle Borsos and Victor Jaramillo of Caplin & Drysdale Chtd.
Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.
Currently making its way through state assembly committees, California Assembly Bill 2731 would impose an additional 17 percent tax on interest income derived from investment management services. If passed, all asset and fund managers, including those located outside California, could face a significant tax increase, say Kelly Allen and Timothy Gustafson of Pillsbury Winthrop Shaw Pittman LLP.