Asset Management

  • December 5, 2017

    Summit REIT Unveils $92M Offering Meant To Fund Deals

    Summit Industrial Income REIT on Monday announced a unit offering that could hand the open-ended mutual fund real estate investment trust roughly $92 million, the same day it said it had inked a $66.1 million deal to buy a four-property portfolio in the greater Toronto area.

  • December 4, 2017

    Real Estate Rumors: Feil, Denihan Hospitality, Omnicom

    Feil Organization has reportedly bought a New York property leased to multiple fitness studios from Acadia Realty Trust for $27 million, Denihan Hospitality is said to be seeking $80 million for a Chicago hotel, and advertising firm Omnicom has reportedly extended its lease for 200,000 square feet in New York for another 10 years.

  • December 4, 2017

    Level Global Exec Fights Insider-Trading Raid At 2nd Circ.

    Level Global Investors LP founder David Ganek asked the Second Circuit on Friday to rethink its October dismissal of his claim that a 2010 insider-trading raid violated his rights, saying evidence used to justify the raid was fabricated and shouldn’t be shielded by probable cause established from other information.

  • December 4, 2017

    SEC Adds Defendant To Hexing Adviser’s $20M Ponzi Suit

    The U.S. Securities and Exchange Commission announced the addition Monday of a new defendant to civil and criminal actions against a financial adviser previously barred from the industry for inflating her assets and now accused of raising $20 million used to make Ponzi payments, while casting "spells" on investigators.

  • December 4, 2017

    NYSE Seeks To Lower Required No. Of Investors For SPACs

    The U.S. Securities and Exchange Commission has requested public comment on a New York Stock Exchange proposal to ease rules on special-purpose acquisition companies, which include halving the minimum number of investors and adding a capital requirement to exempt SPACs from penny-stock rules.

  • December 4, 2017

    Court To Consider Expert In $6.5B Solera Appraisal Fight

    Delaware’s chancellor said Monday he was considering the use of an expert in deciding part of a $2 billion stockholder dispute over the appraisal of Solera Holdings Inc. after its $6.5 billion sale to Vista Equity Partners LP in 2015, citing a bruising reversal in an earlier case.

  • December 4, 2017

    LPL Asks Calif. Judge To Nix Stock-Drop Suit For Good

    The largest U.S. independent broker-dealer urged a California federal judge on Friday to toss a proposed class action accusing it of covering up "severely disappointing" financial results while a major private equity backer cashed out to the tune of $187 million, saying the investors behind the suit haven't fixed the problems that got their last complaint thrown out.

  • December 4, 2017

    Walter Investment Gets OK To Tap $1.9B DIP Loan

    Mortgage lender and servicer Walter Investment Management Corp. received interim approval on Monday from a New York bankruptcy court to access a $1.9 billion debtor-in-possession warehouse lending facility it says is needed to finance its primary operating subsidiaries.

  • December 4, 2017

    Judge Vetoes Virtus Mutual Fund Investors’ 2nd Jab At Cert

    A New York federal judge rejected a request by mutual fund investors to update their fraud suit against Virtus Investment Partners Inc. on Monday, saying the update would require relitigating several motions and wouldn’t change the outcome of their failed bid for class certification.

  • December 4, 2017

    FBI Pressured Witness With Surprise Visit, Greebel Atty Says

    An attorney for former Katten Muchin Rosenman LLP attorney Evan Greebel told the New York federal judge overseeing his fraud trial Monday that federal agents had improperly pressured a potential defense witness by arriving unannounced at his apartment door.

  • December 4, 2017

    SEC Settles With Convicted 'Fund Manager,' Associate

    The U.S. Securities and Exchange Commission on Friday told a New York federal judge that it has settled with a supposed hedge fund manager and his associate after the fund manager was sentenced to 2½ years in prison after pleading guilty to a fraud conspiracy charge.

  • December 4, 2017

    Hartford Sells Life Insurance Business For $2.05B

    Hartford Holdings Inc. has agreed to sell its life insurance and annuity businesses to a group of investors led by Cornell Capital LLC for $2.05 billion and an ownership stake, the insurer said Monday.

  • December 3, 2017

    Tax Bill’s Swift Passage May Create Legal Quandaries

    The accelerated course of the Republicans’ $1.4 trillion tax cut bill, heralding some of the most sweeping changes for corporations in decades, has created ambiguities that could take years to iron out while the process to reconcile differences between the House and Senate versions of the bill will leave nothing sacrosanct, including the cardinal 20 percent corporate tax rate.

  • December 2, 2017

    Senate Passes $1.4 Trillion Tax Cut Legislation

    The U.S. Senate passed an expansive tax cut bill early Saturday that is projected to add more than $1 trillion to the deficit, after garnering enough support from faltering and fiscally conservative Republicans.

  • December 1, 2017

    Citibank Reaches Deal To Exit Lehman's $1B Clawback Fight

    Following an undisclosed agreement, a New York federal judge Friday dismissed Citibank from a suit in which a Lehman Brothers unit seeks to claw back $1 billion in swaps transactions from various large banks including Bank of America and JPMorgan Chase.

  • December 1, 2017

    Walter Investment To Cut Debt By $800M With Ch. 11 Prepack

    Mortgage lender and servicer Walter Investment Management Corp. filed for Chapter 11 bankruptcy Thursday in New York to execute a prepackaged financial restructuring plan that will reduce the company’s debt by just over $800 million and swap some debt for equity.

  • December 1, 2017

    Insurance Co. Sues To Not Cover Investment Co.'s SEC Probe

    Wesco Insurance Co. sued Yellowstone Partners LLC on Friday in Idaho federal court, seeking a declaratory judgment that it need not provide coverage for a situation in which a self-report of millions of dollars in client overbillings led to an SEC investigation.

  • December 1, 2017

    Wells Fargo Fires Back At Fund Advisers In RMBS Suit

    Wells Fargo said Thursday that the investment advisory affiliates of BlackRock and other financial services firms whose funds have sued the California-based bank over its handling of 12 residential mortgage-backed securities trusts are twisting the law in an effort to shirk responsibility for their own actions.

  • December 1, 2017

    Nutmeg Group Says SEC Disgorgement Demand Is A Penalty

    The father and son who ran defunct investment advisory outfit The Nutmeg Group LLC asked an Illinois federal judge on Thursday to toss disgorgement claims against them in a suit brought by the U.S. Securities and Exchange Commission alleging improper asset transfers, saying the SEC’s demand is really an illegal penalty.

  • December 1, 2017

    EDMC Seeks End To Marblegate’s New Suit Over $15M Debt

    Two affiliates of troubled for-profit college firm Education Management Corp. being pursued by Marblegate Asset Management over $15 million in debt have asked a Manhattan federal judge to dismiss the lender’s latest suit, saying they haven’t actually defaulted and the court has already weighed in on the matter.

Expert Analysis

  • Opinion

    Whistleblower Protections Are At Risk At The High Court

    Stephen Kohn

    The U.S. Supreme Court is poised to hear argument in Digital Realty Trust v. Somers, but if it decides to strip the protections of employees who report violations of law to in-house managers it will constitute the greatest setback for voluntary compliance programs since they were established in the mid-1980s, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.

  • Roundup

    Judging A Book

    Constance Baker Motley

    Are the latest books on the judicial system worth reading? Federal judges share their thoughts in this series of book reviews.

  • Don't Waste This Planning Cycle: Year-End Strategies

    Hugh A. Simons

    Law firms are businesses where partners operate with significant autonomy. To see their priorities translate into individual partner action, firm leaders should use a few collaborative strategies, suggests Hugh A. Simons, former senior partner of The Boston Consulting Group and former COO of Ropes & Gray LLP.

  • 4th Circ. Bypasses Review Standards In Top-Hat Plan Suit

    Marianna Jasiukaitis

    In Plotnick v. Computer Sciences, the Fourth Circuit recently addressed the circuit split over the standard of review applicable to plans providing benefits for highly paid executives, but ultimately found that distinguishing between competing standards of review was unnecessary, says Marianna Jasiukaitis of Funk & Bolton PA.

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

  • Hurdles To Consider When Securing A Personnel File

    Michael Errera

    Attorneys should follow seven key points to ensure that their discovery requests and pleadings are appropriately prepared to overcome common hurdles that may be encountered when requesting production of a personnel file, say Michael Errera and Paul Ferland of Foran Glennon Palandech Ponzi & Rudloff PC.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.