Asset Management

  • May 11, 2017

    Prevezon Loses Bid to Sink Money Laundering Suit

    A New York federal judge on Wednesday struck down a Cypriot holding company’s bid to quash a civil forfeiture action related to alleged efforts to launder proceeds from a $230 million Russian mob fraud scheme through New York real estate investments.

  • May 11, 2017

    Clearing Broker Ducks $68M Loss Claim In FINRA Arbitration

    Broker-dealer C.L. King & Associates Inc. has slipped a claim for $68 million in damages brought by several trusts that suffered deep losses on trades the financial firm cleared, according to a recent decision by arbitrators with the Financial Industry Regulatory Authority.

  • May 11, 2017

    Real Estate Rumors: Roosevelt, Chinese Estates, Knotel

    Roosevelt University is looking to sell a Chicago property and could fetch more than $20 million, Hong Kong developer Chinese Estates is said to have dropped $226 million on a London office property and office space provider Knotel has reportedly leased 93,000 square feet of additional space in Manhattan and Brooklyn.

  • May 11, 2017

    4 Ex-Ropes & Gray Attys Join Gibson Dunn In Hong Kong

    Gibson Dunn & Crutcher LLP has landed four former Ropes & Gray LLP partners for its Hong Kong office, laying the foundation for an Asian private equity practice with an established team of private equity, finance and securities lawyers.

  • May 10, 2017

    SEC Keeps Up Aggressive Wrap Fee Enforcement, For Now

    The U.S. Securities and Exchange Commission stepped up the pace of its pursuit of programs charging a supposedly all-inclusive wrap fee on Wednesday, fining Barclays Capital Inc. $97 million over charging fees for services that weren't delivered, but experts said it's too early to tell if the agency will keep up the hunt under new SEC Chairman Jay Clayton.

  • May 10, 2017

    Investors Seek Final OK Of $4M Deal With Travel Co., Auditor

    Investors in a sham Chinese travel company who sued the firm and its auditor asked a New Jersey federal judge on Tuesday to grant final approval to a $4.1 million settlement, saying no more could be wrung out of a company that vanished and a small accounting firm.

  • May 10, 2017

    Barclays To Pay SEC $97M For Investment Client Overcharges

    A unit of Barclays PLC will pay $97 million to settle claims by the U.S. Securities and Exchange Commission that it overcharged thousands of investors over a six-year period for services it never actually provided, the regulator announced Wednesday.

  • May 10, 2017

    Voices Of Desperate SunEdison Shareholders Flood Docket

    In a flurry of objections filed Tuesday and Wednesday, several dozen pained SunEdison Inc. shareholders urged a New York bankruptcy judge to step in and force the green energy giant to explain just how it lost billions of dollars in investment capital.

  • May 10, 2017

    Prevezon Wary Of Anti-Russian Jury Bias In $230M Fraud Trial

    Prevezon Holdings Ltd. asked a New York federal court on Tuesday to allow it to use a questionnaire to ferret out “anti-Russian bias” in potential jurors in its upcoming trial on charges it benefited from a $230 million Russian tax fraud, saying “negative media attention” may affect the trial.

  • May 10, 2017

    Investors Drop Suit Over $1.4B REIT Sale

    A Maryland federal district judge has granted a bid by an investor in Silver Bay Realty Trust Corp. to toss his suit alleging proxy statement shortcomings surrounding Tricon Capital Group Inc.'s $1.4 billion acquisition of the real estate investment trust.

  • May 10, 2017

    McKool Smith Adds 2 Financial Litigation Principals In NY

    McKool Smith PC revealed Wednesday the forthcoming addition of two principals to its New York-based financial litigation practice, bringing on experienced commercial litigators Christopher P. Johnson and Zachary W. Mazin from Kasowitz Benson Torres LLP.

  • May 10, 2017

    SEC Aims To 'Slam The Courthouse Door,' Tilton Tells Justices

    Private equity magnate Lynn Tilton has again pressed the U.S. Supreme Court to weigh the constitutionality of the U.S. Securities and Exchange Commission’s administrative law judges, arguing that she should not have to wait for the agency’s proceedings against her to finish before she can challenge their legitimacy.

  • May 10, 2017

    Real Estate Rumors: SL Green, China Construction, JPMorgan

    First American Title Insurance is reportedly leasing nearly 18,000 square feet from real estate investment trust SL Green, China Construction America is said to be buying a New York site valued at more than $140 million, and JPMorgan Chase has reportedly sold a New York building for $12.5 million and is leasing back the retail portion.

  • May 10, 2017

    Big Banks' $165M Deal Gets Initial OK In NovaStar MBS Suit

    A New York federal judge on Tuesday preliminarily approved a $165 million settlement to be paid by Wells Fargo, Deutsche Bank and the Royal Bank of Scotland, putting them one step closer to resolving a class action over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.

  • May 10, 2017

    NY Judge Won't Combine Loan Suits Against REIT

    A New York federal judge has declined to combine three derivative suits accusing directors of Resource Capital Corp. of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015, calling a bid for co-lead counsel unnecessary.

  • May 10, 2017

    Gov't Breathes Sigh Of Relief In Russian Fraud Evidence Row

    A New York district judge considering federal attorneys’ bid to seize real estate and bank accounts linked to a $230 million Russian tax fraud gave the government permission Tuesday to refer to a massive bundle of evidence whose disqualification would have threatened the case's viability.

  • May 10, 2017

    Goldman Sachs Investor Says Firm Pays Directors Too Much

    A Goldman Sachs shareholder on Tuesday told the Delaware Chancery Court in a derivative suit that the company is overpaying its directors under invalid compensation plans.

  • May 9, 2017

    $11M Investment Fraud Nets Ill. Man 9-Year Sentence

    An Illinois man who copped to gambling $11 million in investors' money on risky bets in the futures market was hit with a nine-year prison term Tuesday by a federal judge who said he was concerned that the defendant hadn’t learned his lesson and could still be defrauding people.

  • May 9, 2017

    DLA Piper Gets Second Win In $36M Bankruptcy Appeal

    A New York federal judge on Tuesday affirmed a bankruptcy court's dismissal of a suit accusing DLA Piper of helping a Cayman Islands investment manager siphon more than $36 million to cover a separate unit’s mortgage-backed securities payments, finding the liquidators couldn't sue over something that had once benefited them.

  • May 9, 2017

    Platinum Partners Not Covered For Fraud Claims, Insurers Say

    A pair of excess insurers on Monday asked a New York state court to rule that they don't have to cover hedge fund Platinum Partners or several of its executives in connection with litigation over an alleged $1 billion securities fraud scheme and a purported kickback scheme, claiming the fund made misrepresentations on its policy applications.

Expert Analysis

  • Opinion

    The Hunger Games, Puerto Rico Edition

    Anthony T. Caso

    Puerto Rico’s “general obligation” bondholders are trying to kill off the competition for whatever scraps will be left over when, and if, creditors finally get paid. But their “Hunger Games”-like strategy is bound to fail, says Anthony Caso of Chapman University Fowler School of Law.

  • When Arbitration Clauses Collide With Bankruptcy Laws

    Laura M. Fontaine

    A bankruptcy trustee or a debtor in possession has several specific powers that frequently come into conflict with a nondebtor’s desire to invoke an arbitration clause. The Fifth Circuit’s recent decision in Janvey v. Alguire pushed back on a trend of expanding the nonsignatory related parties that can be swept into arbitration, says Laura Fontaine of Gruber Elrod Johansen Hail Shank LLP.

  • Crowdfunding For Legal Cases: 5 Trends Reshaping Justice

    Julia Salasky

    Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.

  • Fiduciary Duties Under The Advisers Act Vs. Delaware Law

    Excerpt from Lexis Practice Advisor
    Michael S. Hong

    Michael Hong of Paul Weiss Rifkind Wharton & Garrison LLP compares the two primary sources of fiduciary obligations that U.S. investment advisers owe their clients — Section 206 of the U.S. Investment Advisers Act and Delaware law — and describes the legal sources of these duties, to whom each duty is owed, the modification of those duties, and the consequences of breaching them.

  • Opinion

    ABA Needs A New Model Legal Ethics Rule

    Kevin L. Shepherd

    Perhaps lost in the presidential post-election tumult was a report issued in late 2016 by an international body evaluating U.S. compliance with anti-money laundering and counter-terrorist financing standards. Considering repeated criticisms of the legal profession, the American Bar Association should seriously consider a new model legal ethics rule, says Kevin Shepherd of Venable LLP.

  • Key Takeaways From The SEC's Credit Suisse Settlement

    Jeffrey B. Coopersmith

    For years, financial institutions have permitted their representatives to purchase “Class A” shares for clients, but only recently did the U.S. Securities and Exchange Commission begin bringing actions for the practice. The Credit Suisse settlement this week indicates that the SEC may seek to impose liability even where there is no allegation of intentional wrongdoing, say Jeffrey Coopersmith and Rachel Herd of Davis Wright Tremaine LLP.

  • What Does Lateral Partner Success Look Like?

    Howard Flack

    In the final segment of his series on lateral recruitment, Howard Flack, a partner of Volta Talent Strategies LLC and former leader of the lateral partner recruiting team at Hogan Lovells, shares a number of factors law firms should consider when measuring lateral hire success.

  • Are Lateral Recruitment Opportunities Shaping Your Strategy?

    Howard Flack

    In the second installment of this series on lateral recruiting, Howard Flack of Volta Talent Strategies LLC challenges law firms to ask themselves whether business strategies are determining lateral hires — or vice versa.

  • Lateral Partner Hiring: Time To Look In The Mirror

    Howard Flack

    The surveys that report lateral partner hiring as more or less a 50-50 proposition keep being published, and yet the lateral partner market is as robust as ever. So, what are firms looking at to measure their success and justify the level of investment they continue to make in the lateral market? asks Howard Flack of Volta Talent Strategies LLC.

  • Uncertainty Remains For SEC Administrative Suits

    Thomas J. Krysa

    Given an uncertain backdrop, the question remains how the U.S. Securities and Exchange Commission will execute its enforcement program going forward. As shown in Kon v. SEC, the commission is apparently willing to continue to litigate administrative proceedings in the Tenth Circuit that were filed before Bandimere, say attorneys with Brownstein Hyatt Farber Schreck LLP.