Asset Management

  • August 14, 2017

    Arent Fox Is Denied Ex-Client Communications In Policy Row

    A New York federal magistrate judge Friday denied Arent Fox LLP’s request for communications between a former client — investment firm Windsor Securities LLC, which is suing for malpractice — and its new attorneys, ruling that the advice from the new attorneys would have no bearing on a trial over alleged bad advice from Arent Fox.

  • August 14, 2017

    7th Circ. Denies Sentinel's 2nd Clawback Attempt

    The Seventh Circuit on Monday again denied a bid by the trustee for Sentinel Management Group to claw back $14.5 million from a creditor, three years after the court rejected the same request, this time finding an “indefinite and internally inconsistent” bankruptcy court order can’t be used to bar a previously allowed transfer.

  • August 14, 2017

    Judge Refuses First Farmers Receiver's Injunction Bid

    An Illinois federal judge declined Monday to impose a preliminary injunction against two Banes Capital Management LLC entities accused of profiting from the $179 million fraudulent loan scheme orchestrated by Nikesh Patel through his First Farmers Financial LLC.

  • August 14, 2017

    SEC Fines Adviser For Overcharging Oil, Gas Funds

    The U.S. Securities and Exchange Commission has ordered an investment adviser to repay its clients $2.2 million and fined the firm and its managing partner after settling claims that they had overcharged clients for management fees and expenses by failing to disclose how they calculated them.

  • August 14, 2017

    Hedge Fund Manager, 2 Firms Must Pay SEC Nearly $13M

    A Connecticut hedge fund manager and two of his investment advisory firms have been ordered to pay nearly $13 million after they were found liable for allegedly misappropriating investor funds, the U.S. Securities and Exchange Commission said in a statement Friday.

  • August 14, 2017

    Baker McKenzie Adds Ex-Greenberg Wealth Management Duo

    Baker McKenzie announced the hiring last week of a duo of “highly regarded trust and estates” attorneys from Greenberg Traurig LLP meant to complement the firm’s growing North America-focused tax practice with expertise in wealth planning and management.

  • August 14, 2017

    FINRA Expels Firm, Bars CEO Over Stock Sale Fraud

    The Financial Industry Regulatory Authority announced Monday that it has expelled Hallmark Investments Inc. and barred its CEO from the securities industry over a scheme that used manipulative trading to sell shares to customers at fraudulently inflated prices, charging a mark-up of more than 20,000 percent.

  • August 14, 2017

    Investment Manager Reaches $1B Deal With PE Firm, Fund

    Lexington Partners cemented its bid to buy stakes in London-based private equity firm BC Partners’ ninth fund and to commit new capital to BC's 10th fund in a deal valued at roughly $1 billion, representatives of the companies told Law360 on Monday.

  • August 14, 2017

    Receiver Can Sue Outside Accountant Over Missed Fraud

    An Illinois state appellate court said Friday that state law allows court-appointed receivers to bring lawsuits on behalf of a company against its outside auditors after they fail to uncover the owner’s fraud, rejecting the argument that the receiver is equivalent to the fraudster.

  • August 14, 2017

    REIT Equity Commonwealth Sells 6 Properties For $216M

    Equity Commonwealth has sold six office and industrial properties located across Florida and three others states for a combined $216.1 million, according to an announcement from the Chicago-based real estate investment trust on Monday.

  • August 11, 2017

    FINRA Fines Firm Over Failure To Supervise Risky ETF Sales

    The Financial Industry Regulatory Authority on Thursday filed a settlement with FSC Securities Corporation that requires the firm to pay a fine over allegations it failed to supervise trades in risky nontraditional exchange-traded funds and reimburse customers for losses from the trades.

  • August 11, 2017

    News Outlets Ask Shkreli Trial Judge For Juror Names

    An attorney for Bloomberg, The Associated Press, Reuters, The New York Times Co., Daily News LP and NYP Holdings asked a New York federal judge on Friday to release the names of jury members who convicted controversial former pharmaceutical executive Martin Shkreli on two counts of securities fraud and another conspiracy charge.

  • August 11, 2017

    Taxation With Representation: Simpson, Sidley, Sullivan

    In this week’s Taxation With Representation, Invitation Homes inks a tax-free merger with Starwood Waypoint Homes to form an $11 billion industry heavyweight, Vantiv buys U.K. peer Worldpay for £8 billion, and Envision Healthcare Corp. parts ways with its medical transportation business for $2.4 billion.

  • August 11, 2017

    Jason Galanis Gets 14 Years In $63M Tribal Bond Scheme

    A New York federal judge sentenced inveterate white collar fraudster Jason Galanis to 173 months in prison for masterminding a $63 million bond fraud against a Native American tribal entity, with all but 60 months of it to run concurrently with the stretch he earned for running the Gerova Financial Ltd. pump-and-dump scheme.

  • August 11, 2017

    Real Estate Rumors: Equator Capital, Axonic, Office Depot

    Equator Capital Management is said to have paid $70 million for a 99-year ground lease at a Staten Island development site, Axonic Properties has reportedly landed a $50 million bridge loan for a recent Florida multifamily purchase, and Office Depot is said to have dropped more than $132 million to buy its Boca Raton, Florida, headquarters building.

  • August 11, 2017

    NJ Finance Co. Settles Claims Over Strippers, Biz Practices

    A New Jersey-based financial services enterprise on Friday quickly settled claims that it promoted a sexually hostile working environment — which included exotic dancers performing in the workplace — and engaged in predatory lending practices, then fired employees who complained about the activities.

  • August 11, 2017

    Feds Say Platinum Partners Exec Threatened Witness

    Prosecutors have accused Platinum Partners co-founder Mark Nordlicht's lawyers of making a "veiled threat" to a former Platinum employee over his potential cooperation in the government's $1 billion securities fraud suit, a claim the defense calls "false and unfounded."

  • August 11, 2017

    Rajaratnam Fights Galleon Fund Trustee's $135M Fraud Suit

    Convicted insider trader Raj Rajaratnam and two other executives with his defunct hedge fund Galleon Group asked a New York federal judge on Thursday to dismiss a bankruptcy trustee's $135 million fraud case against them, saying the complaint "completely distorts the reality" of the company's wind-down.

  • August 11, 2017

    First Potomac Slapped With Suit Over $1.4B Sale To REIT

    First Potomac’s proxy statement related to a $1.4 billion proposed sale to a fellow real estate investment trust leaves a lot to be desired and prevents its shareholders from making an informed vote on the deal, the investors alleged in Maryland federal court Wednesday.

  • August 11, 2017

    REIT SL Green Sells Brooklyn Property To CIM For $171M

    New York real estate investment trust SL Green Realty Corp. is selling an office property in Brooklyn to fund manager CIM Group for $171 million, according to an announcement from SL Green on Thursday.

Expert Analysis

  • Having A Chief Privacy Officer Reassures Your Firm's Clients

    Rita Heimes

    When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.

  • Weekly Column

    Innovating For Wise Juries: Discussions Before Deliberations

    Richard Lorren Jolly

    To be sure, allowing jurors to discuss evidence before final deliberations proved to be among the least popular of our recommended innovations. But empirical evidence belies these fears, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Jay Clayton's Enforcement Philosophy

    Lou Mejia

    Recent remarks made by U.S. Securities and Exchange Commission Chairman Jay Clayton suggest an enforcement approach that will consider factors beyond impact on the specific victims. Clayton’s remarks also signal that the SEC may proceed with caution on cybersecurity enforcement as it relates to public companies, says Lou Mejia, former SEC chief litigation counsel now with Perkins Coie LLP.

  • Pay-To-Play Rules Are Here To Stay

    Thomas Potter

    In recent years, the U.S. Securities and Exchange Commission has expanded the reach of rules aimed at preventing pay-to-play practices by municipal securities dealers to include investment advisers, municipal advisers and broker-dealers. With the Sixth Circuit rejecting the latest constitutional challenge in Tennessee Republican Party v. SEC, the issue has escaped judicial review for now, says Thomas Potter III of Burr & Forman LLP.

  • 5 Questions Firms Should Ask When Evaluating Litigation AFA

    Gregory Lantier

    Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • Fiduciary Rule's Impact On IRA Annuity Recommendations

    Fred Reish

    Here, attorneys with Drinker Biddle & Reath LLP focus on the prohibited-transaction exemptions that are available to broker-dealers when their registered representatives recommend annuities to individual retirement account investors and the factors that firms may want to consider in deciding which exemption to use during the new fiduciary rule’s transition period.

  • How To Avoid Portfolio Co. Valuation Risks

    Joshua Newville

    For private fund advisers that are registered with the U.S. Securities and Exchange Commission, valuation will always be a key component of any exam. Over the past year, the SEC has requested information from mutual fund companies about how they value private technology companies, looking for discrepancies, say attorneys with Proskauer Rose LLP.

  • The Best Documents In Your Case May Be From 3rd Parties

    Wyatt Dowling

    Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.