Asset Management

  • March 15, 2018

    Consultant Co. Wants Out Of $1.76M Suit Over Alleged Scam

    A California attorney and her investment advisory company on Thursday moved to dismiss a suit brought by a medical device developer that claimed the attorney scammed it out of $1.76 million, arguing that Texas federal courts had no jurisdiction over either the attorney or her company.

  • March 15, 2018

    White & Case Adds Ex-Paul Hastings Latin America IPO Pro

    White & Case LLP has picked up a former Paul Hastings partner who represents financial institutions and securities issuers in cross-border offerings, including advising Morgan Stanley and JPMorgan in Jose Cuervo’s initial public offering in Mexico.

  • March 15, 2018

    Zohar Manager Tries To Unpause Ownership Rights Appeal

    The collateral manager of the Zohar Funds, the bankrupt distressed-company investment vehicle, asked a Delaware judge to lift the automatic stay of litigation late Wednesday so that an appeal over the ownership rights of their assets could move forward to the state’s high court.

  • March 14, 2018

    SEC Urged To Amend Rules Governing ICO Market

    A cryptocurrency lawyer told a House of Representatives committee on Wednesday that Congress should urge the Securities and Exchange Commission to amend its rules to improve clarity in the market for initial coin offerings, a nascent but booming field of capital raising.

  • March 14, 2018

    Bankruptcy Court's Block Of $1B Lehman Clawback Upheld

    A New York federal judge on Wednesday affirmed a bankruptcy court’s dismissal of a Lehman Brothers unit's bid to claw back $1 billion in swaps transactions, saying it correctly determined the safe harbor provision for swap agreements protects the distributions of the collateral.

  • March 14, 2018

    Senate Bill Takes Scalpel, Not Ax, To Dodd-Frank, Attys Say

    The bipartisan banking bill that cleared the U.S. Senate on Wednesday may be the banking industry's best hope yet for rolling back some of the Dodd-Frank Act's rules, but some attorneys say the legislation that's emerged doesn't exactly dismantle the landmark 2010 financial reform law.

  • March 14, 2018

    Nestle Employees Can't Revive ERISA Suit Against Voya

    A proposed class of Nestle retirement plan participants who accused administrator Voya Financial Inc. of violating its duties under the Employee Retirement Income Security Act had its bid to revive its suit rejected by a Manhattan federal judge on Tuesday.

  • March 14, 2018

    Senate Passes Partial Dodd-Frank Rollbacks

    The Senate passed a rollback Wednesday of bank and other financial institution rules from the Dodd-Frank Act, with backers of the measure claiming it will remove the worst of the regulatory costs for smaller banks.

  • March 14, 2018

    Deals Rumor Mill: Siemens, Deutsche Bank, Ardian

    Siemens is expected to price the shares of its Healthineers unit at $34.64 a piece, investors have expressed interest in all of DWS’ offered shares, and French private equity firm Ardian is planning to sell off German pharmaceutical company Riemser Pharma GmbH.

  • March 14, 2018

    House Advances Bill To Tailor Regulations To Banks

    The House of Representatives passed a measure Wednesday that would put new restrictions on banking regulators’ ability to impose new rules by requiring agencies to tailor any new regulations to the particular institution.

  • March 14, 2018

    King & Spalding Snags 2 Alston & Bird Securities Attys

    Two Alston & Bird LLP securities partners, whose experience includes defending AAC Holdings Inc. from a securities class action accusing the addiction treatment center of hiding a murder investigation, have joined King & Spalding LLP.

  • March 14, 2018

    REIT Xenia Hotels & Resorts Sells Hawaii Property For $200M

    Xenia Hotels & Resorts Inc. has sold a leasehold interest in a hotel in Oahu, Hawaii, for $200 million, according to an announcement from the Florida-based real estate investment trust on Wednesday.

  • March 14, 2018

    SEC Receiver, Law Firm Defeat Advisory Clients' Challenge

    The law firm Barnes & Thornburg LLP and its partner Leslie Weiss triumphed over a challenge to her receivership of a financial advisory firm in Chicago federal court on Wednesday, with the judge saying the case was built on “pure speculation” of malicious motives by Weiss and her team.

  • March 14, 2018

    Theranos CEO Holmes Settles Over $700M Fraud, SEC Says

    The founder and CEO of once high-flying Silicon Valley blood testing company Theranos has settled allegations she lied about nearly every aspect of the company’s business model and finances in a massive, yearslong fraud that raised more than $700 million from duped investors, the U.S. Securities and Exchange Commission announced Wednesday.

  • March 13, 2018

    2nd Circ. Denies Redo For Exchanges In Immunity Fight

    The Second Circuit said Tuesday it won’t rethink a panel decision from December that found U.S. stock exchanges don’t enjoy absolute immunity from lawsuits, rejecting the exchanges’ attempt to scrap a consolidated group of class actions alleging they misled investors about dealings with high-frequency trading firms.

  • March 13, 2018

    NJ Hedge Fund Owner Aims To Sink $4M Fraud Convictions

    A hedge fund owner urged a New Jersey federal court Monday to toss his convictions last month on charges of duping two investors into giving him about $4 million, saying the trial evidence was insufficient to prove he acted with an intent to defraud.

  • March 13, 2018

    Shkreli's Sentence Shows Risks Of Open Defiance

    The seven-year prison term handed down to former biotech executive Martin Shkreli for his interrelated securities fraud schemes is a warning to criminal defendants about the consequences of speaking out about their cases, experts said Tuesday, and a demonstration of how problematic the sentencing guidelines have become in white collar cases.

  • March 13, 2018

    Arnold Porter, Jeffrey Zwick Steer $92M NYC Loan

    Arnold & Porter represented LoanCore Capital Credit REIT LLC in connection with its $91.92 million loan to Jeffrey Zwick & Associates PC-counseled Emerald Equity Group for its recent purchase of four Manhattan apartment buildings, according to records made public in New York on Tuesday.

  • March 13, 2018

    Wilmington Trust Execs Challenge DOJ's Fraud Evidence

    Attorneys defending four Wilmington Trust Corp. executives charged in an alleged scheme to hide hundreds of millions in past due commercial loans told a Delaware jury Tuesday that the government can’t back up its charges and tried instead to criminalize years-old loan-saving practices.

  • March 13, 2018

    10th Circ. Sides With DOL In Row Over New Fiduciary Rule

    A Tenth Circuit panel Tuesday affirmed a decision upholding the U.S. Department of Labor's new fiduciary rule for retirement account advisers related to fixed indexed annuity sales, agreeing with the lower court that the rule’s critics were given an opportunity to comment on it.

Expert Analysis

  • How A Recent Tax Case Offers Guidance To Family Offices

    Mark Leeds

    In a recent case, Lender Management LLC v. Commissioner, the U.S. Tax Court ruled against the Internal Revenue Service after it asserted that the costs of running a family office were not deductible for federal income tax purposes. The decision provides a road map for other family offices on how to structure their operations, says Mark Leeds of Mayer Brown LLP.

  • The Impact Of Kokesh So Far, And What's Next: Part 1

    Dixie Johnson

    The U.S. Supreme Court's decision last year in Kokesh had immediate effects on the U.S. Securities and Exchange Commission’s ability to seek disgorgement in enforcement actions. On the other hand, defendants have had little success when seeking to amend previously awarded disgorgement amounts, say attorneys with King & Spalding LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • SEC, CFTC Whistleblowers Dodge A Devastating Tax Bullet

    Gary Aguirre

    Before the brief government shutdown last week, whistleblowers destined to receive bounties from the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission faced devastating tax liability. But the act that reopened the government vaporized the bullet about to strike this narrow class of whistleblowers, says Gary Aguirre, a former SEC staff attorney.

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • Pitfalls Of Voluntary Remediation By Investment Firms

    Robin Bergen

    With the U.S. Securities and Exchange Commission recently signaling that the asset management industry is a key priority, firms must consider voluntary remediation as part of any strategy for managing regulatory exposure. But remedial measures should be carefully tailored to avoid new problems, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • How To Fix Your Broken Client Teams

    Mike O'Horo

    Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.

  • 10 Highlights From FINRA’s 2018 Priorities Letter

    Emily Gordy

    The Financial Industry Regulatory Authority's annual regulatory and examination priorities letter is a road map to areas on which FINRA will focus in the coming year. Firms must use this information to assess strengths, identify gaps and shore up weaknesses, says Emily Gordy, a partner at McGuireWoods LLP and a former senior vice president at FINRA.

  • How To Serve Your Blind Client Effectively

    Julia Satti Cosentino

    While a client’s visual impairment can create challenges for an attorney, it also can open up an opportunity for both attorney and client to learn from each other. By taking steps to better assist clients who are blind or visually impaired, attorneys can become more perceptive and effective advisers overall, say Julia Satti Cosentino and Nicholas Stabile of Nutter McClennen & Fish LLP.