Asset Management

  • June 15, 2017

    SEC Cuts Tilton Disgorgement By $45M After Justices' Ruling

    The U.S. Securities and Exchange Commission has dropped $45 million from its requested disgorgement against private equity magnate Lynn Tilton after the U.S. Supreme Court ruled earlier this month that disgorgement collected by the agency is subject to a five-year statute of limitations.

  • June 15, 2017

    Bipartisan State Treasurers Urge No Change To Fiduciary Rule

    Thirteen Democratic and Republican state treasurers have urged U.S. Labor Secretary Alexander Acosta not to roll back the Obama administration’s rule to make retirement advisers put their clients’ interests before their own, calling the measure “essential” to protect investors.

  • June 15, 2017

    Creditor, Retiree Committees Appointed In Puerto Rico Case

    The U.S. bankruptcy watchdog on Thursday appointed two committees to represent retirees and unsecured creditors in Puerto Rico’s ongoing restructuring case, while declining to create a committee for unsecured creditors of the Puerto Rico Sales Tax Financing Corp.

  • June 15, 2017

    Jury Delivers Single Conviction In Nomura RMBS Fraud Case

    A Connecticut federal jury Thursday found a former supervisor on Nomura's residential mortgage-backed securities desk guilty of one conspiracy count linked to a secret commission allegedly tacked onto transactions, but rendered not-guilty verdicts on most charges against him and two others and hung on a smattering of counts, according to federal prosecutors.

  • June 15, 2017

    Skullcandy Shareholders Denied Attys' Fees

    A Utah federal court Wednesday denied requests for attorneys' fees from a pair of Skullcandy Inc. shareholders who scrapped their putative class actions over the company’s buyout when a larger offer was accepted, finding that the suits didn’t cause the increase in price.

  • June 15, 2017

    DDR, Madison International Realty Ink $1.05B Mall Recap

    Ohio real estate investment trust DDR Corp. and a Madison International Realty affiliate have recapitalized a $1.05 billion joint venture that owns 52 grocery-anchored shopping centers, many of which are in Florida, and Madison International will own 80 percent of the new joint venture, according to an announcement from the firms on Wednesday.

  • June 14, 2017

    Justice Ginsburg On Oral Argument And ‘Imperious’ Attorneys

    Justice Ruth Bader Ginsburg discusses the value of oral arguments, advice for advocates, and the one thing lawyers do that irks her, in the second of two articles based on an exclusive interview.

  • June 14, 2017

    Chancery Sends Innoviva Board Fight With Sarissa To Trial

    A Delaware Chancery judge ruled Wednesday that the dispute over biotech licensing firm Innoviva Inc.'s board makeup and whether activist hedge fund Sarissa Capital Management LP can have two director seats should go to trial after finding that there were too many disputed facts in the case.

  • June 14, 2017

    5 Federal Judges To Mediate Puerto Rico Bankruptcy Fights

    A team of five sitting federal judges across several jurisdictions was appointed on Wednesday to help mediate issues arising from Puerto Rico's massive debt restructuring proceedings, with U.S. Bankruptcy Judge Barbara Houser of Texas' Northern District to serve as leader of the group.

  • June 14, 2017

    Lender To Bankrupt Ticket Reseller Seeks Lift Of Ch. 11 Stay

    A private equity firm owed $44 million by bankrupt ticket reseller and alleged Ponzi scheme front National Events Holdings LLC asked a New York bankruptcy court Wednesday to let the firm liquidate the debtor's $5.8 million in assets, and took aim at two other creditors.

  • June 14, 2017

    Facing 8 Years In Prison, Founder Begs For Leniency

    A founder of bitcoin exchange who pled guilty to bank fraud and other charges asked a New York federal judge on Wednesday to sentence him to “dramatically less” than eight years behind bars, saying a rote application of sentencing guidelines would be unjust.

  • June 14, 2017

    Ropes & Gray Guides $435M Hamilton Lane Investment Fund

    Alternative asset manager Hamilton Lane Inc. closed a $435 million credit-oriented investment fund Wednesday with the assistance of Ropes & Gray LLP, exceeding its initial fundraising target by nearly $200 million.

  • June 14, 2017

    New Senior Hit With Shareholder Suit Over $640M Deal

    A New Senior Investment Group Inc. shareholder hit the senior-living property operator’s board with a derivative suit Tuesday in Delaware Chancery Court over a $640 million acquisition in 2015 that allegedly was fueled by the directors' conflicting self-interests and cost stockholders millions of dollars. 

  • June 14, 2017

    Rakoff Rips Guidelines, Gives Ex-Visium Manager 1.5 Years

    A former analyst and portfolio manager at Visium Capital Management LP accused of scheming to overvalue a $480 million health care sector fund was sentenced Wednesday to one and a half years in prison by U.S. District Judge Jed S. Rakoff, who derided the applicable federal sentencing guidelines as “barbaric.”

  • June 14, 2017

    Ex-Exec, SEC Settle Suit Over Pump-And-Dump Reporting

    The former chief compliance officer of brokerage firm Windsor Street Capital LP has settled the U.S. Securities and Exchange Commission’s allegations that he failed to report $24.8 million in suspicious trading activity linked to a microcap stock pump-and-dump scheme.

  • June 14, 2017

    CFTC Settles Off-Exchange Deals Dispute For $1.63M

    The U.S. Commodity Futures Trading Commission said Tuesday it has reached a roughly $1.63 million settlement in a Florida federal suit against a company that allegedly offered off-exchange leveraged commodities transactions.

  • June 14, 2017

    Elliott Eyes BHP Board Overhaul, Independent Review

    Activist investor Elliott Management on Wednesday urged BHP Billiton to acknowledge shareholders’ calls to make "substantial and meaningful change," noting that the anticipated appointment of a new chairperson is an opportunity for the mining and petroleum giant to independently review strategic options and refresh its board.

  • June 14, 2017

    3M Asks 8th Circ. To Reconsider Ponzi Loss Coverage

    3M asked the Eighth Circuit on Tuesday to reconsider a finding that its insurers needn't cover alleged Ponzi scheme investment losses, saying its $100 million worth of crime insurance coverage applied not just to “owned” money but to money for which 3M was legally responsible.

  • June 13, 2017

    All-Time Top Securities Settlements Boosted By Record 2016

    A new report ranking the largest-ever securities class action settlements shows securities attorneys were busy last year, reaching 13 settlements that landed in the top 100 deals of all time and resulted in the largest total settlement amount of any single year.

  • June 13, 2017

    REIT Ex-CFO Made Up Numbers To Match Guidance, Feds Say

    Ex-American Realty Capital Properties Chief Financial Officer Brian S. Block made up financial data to make sure that an earnings metric in SEC filings matched the company's guidance, prosecutors said Tuesday in New York federal court at the opening of Block's trial for securities fraud, conspiracy and making false filings.

Expert Analysis

  • Questions About Bankruptcy Court Authority Continue

    Benjamin Feder

    A Delaware federal judge's recent opinion in Millennium Lab Holdings demonstrates the extent to which the constitutional questions raised by the U.S. Supreme Court six years ago in Stern v. Marshall continue to cast a shadow over the adjudication of bankruptcy cases, says Benjamin Feder of Kelley Drye & Warren LLP.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • Puerto Rico Bankruptcy Puts Pensions At Risk

    John Hansen

    As in many municipal bankruptcies, the Puerto Rico case is likely to devolve into a battle between bondholders on the one hand and the holders of pension obligations on the other, says John Hansen of John Hansen Law.

  • CHOICE Act’s Potential Outsized Influence On The SEC

    Dan Chirlin

    In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Solving The Legal Industry's Data Protection Breakdown

    Jeff Ton

    Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.

  • 5 Things To Know About Justice Gorsuch’s First 30 Days

    Charles Webber

    Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.

  • 5 Mistakes That End Law Firms

    Randy Evans

    Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.

  • Shaping FINRA's Desk Commentary Safe Harbor

    Amy Natterson Kroll

    The Financial Industry Regulatory Authority recently proposed amendments to its research rules in order to ease many of the regulatory burdens on industry communications. Without certain refinements, however, the proposed safe harbor could have the ironic effect of creating additional uncertainty, say Amy Natterson Kroll and John Ayanian of Morgan Lewis & Bockius LLP.

  • What To Watch For From The New SEC Chairman

    Justin Giovannettone

    As Jay Clayton, the new chairman of the U.S. Securities and Exchange Commission, takes office, attorneys with Orrick Herrington & Sutcliffe LLP list a few issues they are keeping an eye on.

  • Trump's Tax Plan And 401(k)s: What’s Old Could Be New Again

    Sharon Lippett

    If the Trump administration's 2017 tax proposal includes provisions relating to defined contribution retirement plans sponsored by private employers, such as 401(k) plans, the impact will be felt by employers and investment managers, as well as by plan participants, says Sharon Lippett of Epstein Becker Green.