Asset Management

  • February 23, 2015

    High Court Denies Cert. In Ameriprise Insider Trading Case

    Amid a stew of legal uncertainty around the standards for insider trading convictions, the U.S. Supreme Court on Monday denied the bid of a former Ameriprise Financial Services Inc. adviser for reconsideration of his Third Circuit-affirmed conviction.

  • February 21, 2015

    SEC Accountants Dig Deep For Financial Fraud

    While financial reporting and auditing fraud hasn’t gone away since the Sarbanes-Oxley Act was passed in 2002, U.S. Securities and Exchange Commission investigators are increasingly having to look deeper — and with more nuanced vision — to find it, the SEC division of enforcement’s chief accountant said Saturday at the annual SEC Speaks conference.

  • February 21, 2015

    SEC Pledges To Explain Use Of 'Bad Actor' Waivers

    The U.S. Securities and Exchange Commission division that handles waivers from so-called bad actor bans is preparing guidance on how it processes these requests amid high-level debate over whether the waivers are given too freely after major enforcement actions, a top official said Saturday at the annual SEC Speaks conference

  • February 20, 2015

    AIG Unit Can't Revisit Ruling Over Fidelity Ponzi Coverage

    A California federal judge on Thursday refused to reconsider his ruling that an American International Group Inc. unit is liable for breach of contract and bad faith in an insurance coverage dispute with Fidelity National Financial Inc. over losses and claims tied to a real estate Ponzi scheme.

  • February 20, 2015

    Testimony In NML's Argentina Bond Fight Ordered Unsealed

    A Nevada federal magistrate responding to a journalist's request said he will unseal the deposition of a law firm employee at the center of NML Capital Ltd.'s $1.7 billion search for judgment money in its bond fight with the government of Argentina, according to a Thursday order.

  • February 20, 2015

    11th Circ. Denies TD Bank Stay For $74M Ponzi Suit Order

    The Eleventh Circuit on Friday denied TD Bank NA's motion for a stay pending its appeal of a Florida district court's order that it pay a nearly $74 million judgment by Feb. 25 to a group of investors in jailed attorney Scott Rothstein's $1.2 billion Ponzi scheme.

  • February 20, 2015

    Scopia Fails To Move Guar Plant Ch. 11 Coverage Row

    A federal judge reaffirmed New York on Friday as the proper venue for Scopia Capital Management LLC’s quest to collect insurance coverage of a $23 million dispute with guar bean farmers in Oklahoma and Texas who forced a Scopia-owned processing plant into bankruptcy.

  • February 20, 2015

    Activist Marcato Pushes Sotheby's For $500M Share Buyback

    Activist investor Marcato Capital Management LP is pressuring Sotheby’s to buy back $500 million in stock after the auction house halted its capital returns last week while it searches for a new CEO, according to a Friday letter.

  • February 20, 2015

    6 Contractors Paid Off Petrobras, Brazil Says

    Six Brazilian construction companies were charged on Friday with taking money from public coffers via their dealings with state-owned oil giant Petroleo Brasileiro SA, or Petrobras, according to the company's prosecutor, which seeks 4.47 billion reais ($1.6 billion).

  • February 20, 2015

    SEC's Stein Sees 'Red Herring' In Anti-Waiver Reform Args

    The U.S. Securities and Exchange Commission showed it’s no closer to resolving divides over its use of waivers from automatic disqualifications, when, at Practising Law Institute's annual SEC Speaks conference Friday, Democratic member Kara Stein called recent arguments against denying waivers a “red herring” that defies common sense.

  • February 20, 2015

    Market Rumors: Grove Int'l, Ado Properties, Arqaam Capital

    Two German real estate companies, including one backed by billionaire George Soros, are mulling potential initial public offerings this year, while Dubai-based Arqaam Capital is also charting out a potential float.

  • February 20, 2015

    Ex-Atty, Financial Adviser Pleads Guilty To Ponzi-Like Fraud

    A Texas financial adviser and former lawyer who resigned from the bar in 2014 pled guilty in a Texas federal court Thursday to running a Ponzi-like scheme with client money reportedly worth $8.4 million. 

  • February 20, 2015

    SEC's Piwowar Questions Use Of In-House Courts

    By relying increasingly on its administrative courts without explaining the rationale behind choosing that venue over federal courts, the U.S. Securities and Exchange Commission has made it look like it is trying to get an unfair leg up over defendants, Commissioner Michael Piwowar said Friday at “The SEC Speaks.”

  • February 20, 2015

    FINRA’s Blockbuster 2014 Has Attys Wondering About Sequel

    By doubling its enforcement haul last year, the Financial Industry Regulatory Authority showed it’s not afraid of writing big tickets against the same Wall Street giants that fund its operations, but it’s an open question as to whether the $134 million or so in sanctions it collected in 2014 are a sign of bigger fines to come.

  • February 20, 2015

    Man Group Drives Diversification With NewSmith Buy

    Britain's Man Group PLC, the world's largest listed hedge fund company, added to a spate of recent acquisitions Friday with an agreement to buy NewSmith LLP's investment management business, in a move that puts another $1.2 billion in funds under Man Group's umbrella.

  • February 20, 2015

    Nabarro, Mayer Brown Guide AXA Deal For London Project

    On the heels of €1.5 billion in debt fundraising, AXA Real Estate announced Friday that — guided by Nabarro LLP counsel — it has inked a deal to take over the site of a stalled London project and will build a new office tower with Mayer Brown LLP-advised Lipton Rogers Developments.

  • February 20, 2015

    SEC's Gallagher Blasts DOL Push For Fiduciary Standard

    A U.S. Department of Labor push to revive plans for a fiduciary duty on those who advise retirement savers appears to ignore decades of effective U.S. Securities and Exchange Commission regulations and could cost low- and middle-income households investment opportunities, Commissioner Daniel Gallagher said Friday at the annual SEC Speaks conference.

  • February 20, 2015

    2nd Circ. Rejects Time-Based Damages For Madoff Victims

    The Second Circuit on Friday denied early investors in Bernard Madoff’s Ponzi scheme an inflation adjustment or interest on their claimed losses, finding no basis in the Securities Investor Protection Act for such an alteration to the existing victim payout formula.

  • February 20, 2015

    BGC Finally Wins GFI Support For $778M Takeover

    The monthslong takeover fight for GFI Group Inc. got some long-awaited resolution on Friday when the broker-dealer's board signed off on a $778 million hostile bid from rival BGC Partners Inc. after shareholders spurned a separate offer last month.

  • February 20, 2015

    Hermitage CEO Escapes 2 Subpoenas In $230M Tax Fraud Row

    The co-founder and CEO of Hermitage Capital Management Ltd. dodged two subpoenas for his deposition in a civil forfeiture action related to a $230 million tax fraud case Thursday when a federal judge ruled that the service was improper.