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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.