Asset Management

  • August 1, 2014

    Argentina's Failure To Pay Is A Credit Event, ISDA Says

    The International Swaps and Derivatives Association Inc. on Friday found that Argentina's failure to pay bondholders has constituted a "credit event," prompting an auction that could result in some $1 billion in payments on credit default swaps.

  • August 1, 2014

    Real Estate Investment Runner Settles SEC Charges

    The U.S. Securities and Exchange Commission has reached a no-admit settlement with a Georgia man it says misappropriated at least $2.58 million from people who thought they were investing in “opportunistic” funds to buy real estate at the bottom of the late-aughts market.

  • August 1, 2014

    Regulators Put Off Asset Manager SIFI Designations, For Now

    U.S. financial regulators on Thursday shifted their focus on the risks giant asset management firms posed to the economy from the firms themselves to the products they offer, giving BlackRock Inc., Fidelity Investments and other firms a temporary reprieve from enhanced oversight as systemically important financial institutions.

  • August 1, 2014

    Ex-Evercore Banker Gets 30 Months For Insider Trading

    A former Evercore Partners Inc. banker was sentenced Friday to 30 months in prison after pleading guilty earlier this year to an insider trading scheme that authorities have said partly went to pay child support for his young child.

  • August 1, 2014

    ValueAct Drops $336M For 16.8% Stake In Armstrong

    San Francisco-based activist fund ValueAct Capital Management LP has picked up a 16.8 percent stake in Pennsylvania-based floors and ceilings manufacturer Armstrong World Industries Inc. for $335.6 million, according to a regulatory filing on Friday.

  • August 1, 2014

    Spanish REIT Snaps Up $349M Hotel-Mall Complex

    In what is being touted as the largest shopping and leisure property deal in Spain since 2008, recently formed real estate investment trust Merlin Properties Socimi SA has picked up a major hotel and retail complex for €260 million ($349 million), according to a Thursday investor filing.

  • August 1, 2014

    Judge In Bond Row Blasts Argentina For 'Half-Truths'

    The New York federal judge presiding over Argentina’s dispute with hedge funds over approximately $1.5 billion worth of government bonds harshly criticized recent public statements made by the country surrounding its second default in 13 years, and said such rhetoric must be stopped. 

  • August 1, 2014

    Allergan Alleges Insider Trading Between Valeant, Ackman

    Allergan Inc. on Friday filed suit against Valeant Pharmaceuticals International Inc., billionaire activist investor Bill Ackman and an Ackman-owned hedge fund, alleging they used inside information to try and make a huge profit at the expense of Allergan shareholders.

  • August 1, 2014

    Norges Pays BlackRock Fund $572M For Paris Property

    Norges Bank Investment Management, which manages Norway's global government pension fund, has purchased a Paris mixed-use property for €425.6 million ($571.6 million) in cash from a BlackRock Inc. fund, Norges said Friday.

  • August 1, 2014

    KPMG-Backed Tax Shelter Funds Can't Shake IRS Penalties

    A California federal judge on Thursday granted summary judgment to the U.S. government in a suit brought by allegedly criminal tax shelter funds promoted by KPMG LLP, saying that their bond-linked issue premium structures lack economic substance.

  • August 1, 2014

    SEC Moves Muni Disclosure Plan Deadline After Groups Balk

    The U.S. Securities and Exchange Commission has given municipal issuers and obligors an additional two and a half months to comply with an enforcement initiative around their disclosure obligations, and it has spelled out the range of penalties underwriters face if they take part in the plan.

  • August 1, 2014

    Dealmakers Q&A: Richards Kibbe & Orbe's Jon Kibbe

    Use simple and direct language stripped of legal jargon, write short emails, and always assume your client is reading your emails on the tiny screen of a phone while sitting in the back of a cab, says Jon Kibbe, founding partner of Richards Kibbe & Orbe LLP.

  • August 1, 2014

    HFF Secures $175M In Financing For 7-Property Portfolio

    HFF LP capped a busy July by announcing Thursday that it has arranged $175 million in financing for a seven-property industrial portfolio featuring assets in California, Texas and Mississippi on behalf of a fund managed by Clarion Partners LLC.

  • July 31, 2014

    US Won't Follow UK Ban On Order Flow Payments, Experts Say

    The U.K. Financial Conduct Authority took a bold stride Thursday when it told brokerages under its watch to stop taking payments for orders routed to other firms, but while market reform advocates, including one prominent lawmaker, want U.S. regulators to do the same, industry experts say Wall Street’s police likely won’t fall in step.

  • July 31, 2014

    Argentina Blames US For Debt Talks Failure, Denies Default

    Argentina’s government on Thursday said the collapse of negotiations with hedge funds demanding payment on government bonds was due to the “malpractice” of the U.S. judiciary and denied that it had defaulted on its sovereign debt for the second time in 13 years.

  • July 31, 2014

    Highland Holds Onto $2.8M Atty Fees In Fight With Ex-Exec

    A Texas state judge upheld a jury’s $2.8 million award of attorneys’ fees to Highland Capital Management LP against its former private equity head, who himself recovered $2.6 million from a Highland fund that had been set up for employee bonuses, bringing the long-running court fight to a close.

  • July 31, 2014

    Law360's SEC Survival Guide: The Wells Notice And Beyond

    It’s one of the most dreaded plays in the U.S. Securities and Exchange Commission's enforcement book: the Wells notice. But just because the agency has indicated it’s ready to bring an enforcement action against a company, it doesn’t mean defense counsel should immediately enter trial mode — there are still other moves to be made. This is the last in a four-part series on making the best of an SEC investigation.

  • July 31, 2014

    Hedge Fund Manager Wins Appeal Over Failed Oil Co.

    A Texas appeals court on Thursday affirmed a judgment dissolving Playa Oil & Gas GP LLC and ordering its former CEO to pay damages, attorneys' fees and costs related to a failed partnership with a hedge fund manager.

  • July 31, 2014

    McLaughlin & Stern Atty Accused Of Botching Settlement

    A McLaughlin & Stern LLP attorney was sued Wednesday in Connecticut federal court by a woman who claims she was pressured on the basis of bad information to accept a “paltry settlement" from an investment manager who allegedly lost more than $1.5 million of her savings through a Ponzi scheme.

  • July 31, 2014

    Carmila Pays $1.5B For 9 Malls In France, Spain

    Carmila, a shopping center operator partially owned by French supermarket giant Carrefour SA, is buying six shopping centers in France from Unibail-Rodamco SE for €931 million ($1.25 billion) and three malls in Spain from Carrefour for €182 million ($244 million), it announced Wednesday.