Asset Management

  • June 16, 2014

    Regulators Zero In On New Rules For Asset Managers

    Asset management firms have so far evaded capital and other banking regulations, but that is likely to change as regulators weigh new rules for money market mutual funds and consider whether the largest asset managers pose a threat to the broader financial system.

  • June 16, 2014

    Gupta Attys Assail SEC's $14M Insider Trading Fine

    Former Goldman Sachs Group Inc. director Rajat Gupta’s attorneys pushed the Second Circuit on Monday to overturn a $13.9 million judgment in the U.S. Securities and Exchange Commission’s insider trading case, saying the penalty can’t be reconciled with findings that lightened his prison sentence.

  • June 16, 2014

    SEC Brings 1st-Ever Whistleblower Retaliation Case

    The U.S. Securities and Exchange Commission on Monday sent its most direct warning yet about retaliating against whistleblowers when, in a first-of-its-kind enforcement action, it accused a hedge fund adviser of squashing a top trader after learning he tipped off the agency about alleged trade violations at the firm.

  • June 16, 2014

    UK Agency Fines Credit Suisse For Overpromoting Investment

    A U.K. financial regulator on Monday fined Credit Suisse International and the distributor of one of its financial products a combined £3.8 million ($5.2 million) for overemphasizing the maximum potential return on the investment that there was almost no chance of reaching.

  • June 16, 2014

    FINRA Fines Merrill Lynch $8M, Orders $24M In Restitution

    The Financial Industry Regulatory Authority announced Monday that it has fined Merrill Lynch Pierce Fenner & Smith Inc. $8 million and ordered it to pay $24.4 million in restitution for failing to waive mutual fund sales charges for certain eligible charities and retirement accounts.

  • June 16, 2014

    Cooperators In Raj Case Likely To Testify Against Brother

    Two government witnesses who helped prosecutors convict Galleon Group LLC founder Raj Rajaratnam are expected to testify again in the upcoming trial of Rajaratnam's younger brother, according to people familiar with the matter.

  • June 16, 2014

    Female Powerbrokers Q&A: Steptoe & Johnson's Flanery

    People sometimes ask me, “How did you manage to succeed in your career?” My response is always the same, “I just have a lot of friends,” says Sharon Flanery, chairwoman of Steptoe & Johnson PLLC's energy and natural resources department.

  • June 16, 2014

    Female Powerbrokers Q&A: Nexsen Pruet's Marguerite Willis

    Asked to get coffee? Check. Mistaken for a court reporter or a secretary? You bet. Grabbed and kissed by a client? Yes, on several occasions. Propositioned by a partner? More than once. Passed over for a plumb legal assignment, which was instead given to a male colleague? Never, ever, without a spitfire of a fight, says Marguerite Willis, co-leader of Nexsen Pruet LLC's antitrust and unfair competition practice.

  • June 16, 2014

    High Court Rejects Rajaratnam's Insider Trading Appeal

    The Supreme Court on Monday refused to weigh in on a lower court’s decision to affirm the use of a controversial cellphone wiretap to convict Galleon Group LLC founder Raj Rajaratnam of insider trading, just a day before Rajaratnam’s brother is set to go to trial on similar charges.

  • June 16, 2014

    Supreme Court Denies Argentina's Appeal In $1.4B Bond Row

    The U.S. Supreme Court on Monday denied Argentina's bid to hear its appeal of a lower court's ruling that it has to pay $1.4 billion owed to hedge fund NML Capital Ltd., despite the country's warning that the payment could force it into another default.

  • June 16, 2014

    High Court Allows Broad Discovery In Argentina Bond Fight

    The U.S. Supreme Court on Monday upheld lower court rulings allowing hedge fund NML Capital Ltd. to engage in broad discovery as part of its long-running dispute with the Republic of Argentina over a 2001 bond default, including allowing the fund to review Argentine military records. 

  • June 16, 2014

    Andrews Kurth Settles $51M Suit Over Client's Stanford Deal

    Andrews Kurth LLP settled what remained of a $51 million lawsuit Sunday with a former client that says the firm caused it to sustain massive losses on real estate deals with Stanford Financial Group following a Texas judge’s order that the firm pay no damages. 

  • June 13, 2014

    Apollo, Credit Suisse, Deutsche Bank Sued Over Failed Merger

    Investors in global chemical company Huntsman Corp. on Friday sued Apollo Global Management LLC and American units of Credit Suisse Group AG and Deutsche Bank AG, alleging they made material misrepresentations relating to Apollo's failed acquisition of Huntsman.

  • June 13, 2014

    Spain's Merlin Rides REIT Wave With $2B IPO Target

    Spanish real estate investment trust Merlin Properties SA is joining a wave of real estate offerings across the globe, targeting a €1.5 billion ($2.03 billion) initial public offering later this month.

  • June 13, 2014

    Goldman Wins Toss of $450M Mortgage Investor Suit

    A New York state judge on Friday threw out a $450 million residential mortgage-backed securities lawsuit against Goldman Sachs Group Inc., finding the investor plaintiffs didn’t do their homework before buying in to the deal.

  • June 13, 2014

    Goldman Tries Again To Nix Investors' Abacus Dispute

    The Goldman Sachs Group Inc. urged a New York federal court Friday to reconsider its June 2012 refusal to entirely dismiss a consolidated class action over Goldman’s infamous “Abacus” collateralized debt obligation that caused $1 billion in investor losses, which left in place the plaintiffs’ conflict-of-interest claims.

  • June 13, 2014

    Raj Casts Shadow Over Brother's Insider Trading Trial

    Former Galleon Group LLC manager Rengan Rajaratnam may struggle to overcome the stigma of his big brother Raj's conviction when he goes to trial Tuesday in the latest high-profile test for insider trading prosecutors, experts say.

  • June 13, 2014

    CFTC Rebuked For US Bank Discovery Delay In Peregrine Row

    An Iowa federal judge on Thursday promptly quashed the U.S. Commodity Futures Trading Commission’s bid to delay discovery in its lawsuit against U.S. Bank NA, which the regulator is accusing of aiding a $215 million fraud that took down Peregrine Financial Group Inc.

  • June 13, 2014

    SEC Delays Ruling On Stockbroker Complaint Expungements

    The U.S. Securities and Exchange Commission has postponed its decision on whether to ban a form of settlement that allows brokerage firms to erase evidence of investors' complaints following disputes, according to a notice published in the Federal Register on Wednesday.

  • June 13, 2014

    CorpBanca Blasts Activist Investor's Suit Over $3.7B Merger

    Chilean bank CorpBanca SA on Friday fired back at U.S. activist investor Cartica Management LLC’s New York federal suit seeking to block its $3.7 billion proposed merger with Latin American bank Itau Unibanco Holding SA, saying Cartica is looking for a payoff by challenging the deal.