Asset Management

  • March 17, 2017

    SIFMA Applauds CFTC Changes To Record Keeping Rules

    The Securities Industry and Financial Markets Association on Thursday sent a letter supporting a U.S. Commodity Futures Trading Commission proposal to allow firms greater flexibility to use current technology in maintaining records, while suggesting the agency make minor changes.

  • March 17, 2017

    KKR, CDPQ Drop $4.3B On Insurance Brokerage USI

    Canadian pension fund manager Caisse de dépôt et placement du Québec and private equity shop KKR & Co. LP revealed Friday they are acquiring USI Insurance Services LLC from its private equity owner in a deal that values the brokerage and consulting firm at $4.3 billion.

  • March 17, 2017

    Pastor, Tech Expert Guilty Of Bitcoin Bank Bribery Scheme

    A Manhattan federal jury convicted New Jersey pastor Trevon Gross and Florida tech expert Yuri Lebedev on Friday on charges that they schemed to co-opt a small credit union in order to make it easier to process unlawful bitcoin-dollar exchanges and to obstruct a government investigation.

  • March 16, 2017

    The Firms That Handle The Most Securities Litigation

    A handful of top law firms have distinguished themselves as the go-to firms for both investors seeking to recoup their losses and defendants fending off bet-the-company litigation, becoming the top shops in federal securities cases in the U.S, according to a report released Thursday.

  • March 16, 2017

    Judge Says Jury In $2B PwC Malpractice Row 'Confused'

    The New York federal judge presiding at MF Global’s $2 billion professional malpractice suit against accounting giant PricewaterhouseCoopers on Thursday suggested that jurors in the case are probably “enormously confused” by the testimony and suggested the jury be given a primer on the evidence they’ve seen so far.

  • March 16, 2017

    Northrop Exec Pressed On $10.5M Expenses In ERISA Trial

    An attorney for Northrop Grumman employees who allege executives bilked their retirement fund by over-reimbursing the company for more than $10.5 million in purported administrative expenses questioned the aerospace giant’s benefits director during trial Thursday, delving into individual line items in a bid to show ERISA violations.

  • March 16, 2017

    Pa. Judge OKs Assets Plan In $34M ERISA Suit Against Atty

    A Pennsylvania federal judge on Wednesday accepted a U.S. Department of Labor-endorsed method of distributing the assets of employee retirement trusts in a long-running suit against a disbarred Philadelphia attorney accused of diverting $34 million from 400 plans nationwide.

  • March 16, 2017

    American Realty Investors Say Class Cert. Is Easy Call

    TIAA on Wednesday urged a New York federal court to certify a class of American Realty Capital Properties investors on claims that the real estate investment trust's accounting shenanigans sank its stock value, arguing thousands of investors similarly injured by ARCP's statements are a slam dunk for certification.

  • March 16, 2017

    SDNY Judges Handle 1 In 4 Securities Cases, Data Show

    With the Southern District of New York handling one of every four federal securities cases filed since the end of the financial crisis, big names on the bench including U.S. District Judges Jed Rakoff, Kevin Castel and Lewis Kaplan have led the federal judiciary in the number of cases heard, according to new data.

  • March 16, 2017

    Investor Sues Over Loan Supposedly Made To NFL Player

    An investor sued Private Capital Group Inc. in Utah federal court on Wednesday, accusing the loan servicing firm of losing $1 million of its money after issuing a loan to someone who purported to be NFL player Marcell Dareus but turned out not to be.

  • March 16, 2017

    REIT LondonMetric Sells 3 Retail Properties For $75M

    LondonMetric Property PLC has sold three retail properties in three different United Kingdom markets for a combined £60.9 million ($75.3 million), according to an announcement on Wednesday from the U.K. real estate investment trust.

  • March 16, 2017

    Businessman Gets Nearly 20 Years For $14M Ponzi Scheme

    A Mexican businessman who told investors he was a licensed investment broker and energy market expert was sentenced by a federal judge in Texas on Wednesday to 19.5 years in prison for perpetrating a $14 million Ponzi scheme that defrauded more than 100 investors.

  • March 15, 2017

    Allergan Investors Win Cert. In Valeant Insider Trading Row

    A California federal judge on Wednesday granted class certification in a stock-drop suit against Valeant Pharmaceuticals and William Ackman’s Pershing Square Capital Management LP over an attempted $55 billion takeover of Allergan Inc., saying Allergan investors who sold their stock have alleged common losses that bind them together.

  • March 15, 2017

    Ex-Oppenheimer Adviser Gets 6 Months For Insider Trading

    A former investment adviser for Oppenheimer & Co. Inc. on Wednesday was handed a six-month prison sentence by a Manhattan federal judge on insider trading charges for using information gleaned from a friend and Pfizer Inc. employee to purchase stock in acquisition targets.

  • March 15, 2017

    Manatt Phelps Wins $7M Fee Appeal Against ECC Capital

    A California appellate court affirmed on Wednesday a trial court’s ruling that upheld an arbitrator's $7 million fee award to Manatt Phelps & Phillips LLP for defeating ECC Capital Corp.’s malpractice claim, finding that ECC Capital waited too long to challenge the legality of an underlying agreement that included an arbitration provision.

  • March 15, 2017

    PwC Fails To Kill MF Global's 'New Theory' In $2B Trial

    MF Global scored a small victory Wednesday in its $2 billion malpractice suit against PricewaterhouseCoopers as a New York federal court shot down PwC’s bid to prevent the bankrupt investment firm from advancing a “new theory" about how its services allegedly led to MF Global’s bankruptcy at trial, saying PwC should’ve been ready for that move.

  • March 15, 2017

    Madoff Trustee Wants Transfer Clawback Fight In 2nd Circ.

    The trustee for Bernie Madoff’s fraudulent investment firm wants the Second Circuit to determine if he can claw back Ponzi scheme proceeds transferred from foreign Madoff feeder funds, asking a New York bankruptcy judge on Tuesday to order a direct appeal after nearly 100 adversary suits were tossed.

  • March 15, 2017

    Bankrupt SunEdison Seeks To Advance $2.5B Yieldco Deal

    Solar power company SunEdison Inc. asked a New York bankruptcy court on Tuesday for authorization to vote its shares in two clean energy yieldcos to support the companies’ $2.5 billion transactions with Brookfield Asset Management, saying they "will form the cornerstone of the debtors’ eventual plan of reorganization.”

  • March 15, 2017

    FINRA Appoints Ex-SEC Deputy Chief As Senior Adviser

    The Financial Industry Regulatory Authority announced Wednesday that it has appointed the U.S. Securities and Exchange Commission's former deputy chief of staff for policy to serve as the senior adviser to FINRA CEO Robert W. Cook.

  • March 15, 2017

    CFTC Chair Nominee Urges Scaling Back 'Flawed' Regs

    Acting Commodity Futures Trading Commission Chairman Christopher Giancarlo, nominated by President Donald Trump to lead the agency permanently, on Wednesday urged the CFTC to turn away from “flawed and excessive regulation” that he says is damaging derivatives markets and economic growth broadly.

Expert Analysis

  • How The Obiang Case Exposes Limits Of Forfeiture Efforts

    Stéphane Bonifassi

    The case against Vice President Teodorin Nguema Obiang is severing diplomatic relations between France and Equatorial Guinea for no benefit to the Equatorial Guinea people. Along the way, France seems to be lecturing the rulers of a formal colonial country, while not cleaning its own house, says Stéphane Bonifassi of Bonifassi Avocats.

  • Anti-Money Laundering Expectations Under Trump

    Michael A. Mancusi

    We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • In Retrospect

    Relearning The Lessons Of Korematsu's Case

    Randy Maniloff

    Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • What You Need To Know About 'Unrestricted Subsidiaries'

    Michael Friedman

    Investments in “unrestricted subsidiaries” are an exception to investment covenants and are being increasingly used in restructuring a company’s capital structure. Before purchasing any debt, distressed investors need to be mindful of what unrestricted subsidiaries are and how they may affect the overall credit of a company or debt recoveries, say attorneys with Chapman and Cutler LLP.

  • Overcoming Obstacles To Financial Reform And Deregulation

    Joseph Lynyak III

    Creating a list of industry-endorsed reforms is perhaps the easiest task to complete when attempting to ease financial regulatory burdens. However, sorting through and identifying realistic, achievable regulatory reforms at the agency level will prove much more difficult and vexing because of the complexity of current agency interconnectivity, says Joseph Lynyak III of Dorsey & Whitney LLP.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.

  • Plan Sponsors, Approach Target-Date Funds With Caution

    Emily Seymour Costin

    A recent U.S. Department of Labor information letter concluded that certain portfolios did not meet requirements to be a qualified default investment alternative under the Employee Retirement Income Security Act, emphasizing the DOL’s support for broadening the use of lifetime income options in defined contribution plans as a supplement to and enhancement of accumulation of retirement savings, say attorneys with Alston & Bird LLP.

  • Opinion

    Lawyers Cannot Stay Silent While Trump Belittles The Courts

    Alexandra Wald

    This is not the first time that a president has criticized the judiciary. But what is unique about President Donald Trump's attacks is that they target not just a specific decision, but the judiciary and its decision-making power altogether. Every lawyer, regardless of political persuasion, must speak up, says Alexandra Wald of Cohen & Gresser LLP.