Asset Management

  • August 8, 2017

    8th Circ. Backs Financial Adviser's 25-Year Sentence

    An Eighth Circuit panel on Tuesday affirmed a 25-year prison sentence for a Minnesota financial adviser who stole more than $10 million over seven years in a Ponzi scheme that involved dozens of clients, finding that the lower court correctly applied sentencing enhancements based on his scheme’s sophistication and his violation of securities law.

  • August 8, 2017

    TD Ameritrade Beats Mutual Fund Fees Suit

    TD Ameritrade Inc. escaped a proposed class action over mutual fund fees Tuesday when a Texas federal judge adopted a magistrate’s finding that the investor who lodged the suit had been alerted he was charged fees for years without complaint.

  • August 8, 2017

    4 Key Points About The Expanded Senior Managers Regime

    Britain’s finance watchdog is taking its show on the road in September, traversing the U.K. to inform tens of thousands of firms what to expect when they are included in onerous new conduct rules for the first time next year. Here, Law360 looks at what firms of all shapes and sizes need to know about the expansion of the Senior Managers and Certification Regime.

  • August 8, 2017

    Court To Look Deeper Into 'Odd' Casino Pump-And-Dump Suit

    Terming the suit before him “odd” and potentially without precedent, Delaware’s chancellor on Tuesday sought additional submissions from both sides on a motion to dismiss a nonclass suit accusing a casino company’s insiders of fiduciary breaches for an alleged $20 million stock pump-and-dump scheme without any dump.

  • August 8, 2017

    SEC Says Firms Have Room To Improve On Cybersecurity

    Broker-dealers, investment advisers and funds are getting better at creating and implementing cybersecurity policies, but many give their employees vague instructions and don't follow protocols to the letter, the U.S. Securities and Exchange Commission found in its latest survey of the finance industry's cybersecurity compliance.

  • August 8, 2017

    Director’s Retirement Keeps Bank Of Internet Suit Alive

    A federal judge in California on Tuesday said that a shareholder lawsuit alleging that Bank of Internet’s board of directors engaged in multiple schemes that led to a steep stock drop when the allegations came to light could move forward, in light of the recent retirement of one of the board members.

  • August 8, 2017

    7th Circ. Says Peregrine Forex Customers Can't Collect

    The Seventh Circuit on Monday upheld bankruptcy and federal district court rulings that a proposed class of customers having metal and foreign exchange contracts with Peregrine Financial Group Inc. could not collect from its bankruptcy estate, nor could another proposed class with time-barred claims.

  • August 8, 2017

    New York REIT Sells Manhattan Office Property For $135M

    New York REIT Inc. has sold an office condo and creative studio property on Varick Street in Manhattan for $135 million, according to an announcement from the real estate investment trust on Tuesday.

  • August 8, 2017

    Real Estate Rumors: MetLife, Midtown Capital, Yelp

    MetLife is in talks to invest as much as $150 million in a Manhattan tower, Midtown Capital Partners is said to have dropped $56.6 million for part of a former Motorola campus in Florida where Sheridan Healthcare is a major tenant, and Yelp is said to be taking another nearly 40,000 square feet at a New York building owned by a venture that includes real estate investment trust SL Green.

  • August 8, 2017

    DC Circ. Wants More SEC Scrutiny Of Clearinghouse Plan

    The D.C. Circuit on Tuesday ordered the U.S. Securities and Exchange Commission to take another look at a capital plan filed by Options Clearing Corp. that challengers said would hand the clearinghouse’s owners a windfall of millions of dollars, saying the agency failed to performed its own analysis of the plan.

  • August 8, 2017

    IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal

    The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo’s suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.

  • August 7, 2017

    Funds Look For Rulemaking Reprieve As SEC Director Departs

    Investment advisers, mutual funds, private equity funds and other regulated entities are hoping the departure of the director of the U.S. Securities and Exchange Commission's Division of Investment Management will mean less rulemaking and more guidance, easing up on their disclosure and compliance burdens, experts said.

  • August 7, 2017

    Shkreli's Brazen Defiance May Lead To Harsher Sentence

    Public statements from former Turing Pharmaceuticals and Retrophin CEO Martin Shkreli deriding the prosecution’s securities fraud case against him may come back to bite him at sentencing, legal experts said Monday.

  • August 7, 2017

    Investor Seeks OK Of $19M Award Against Golf Club Co.

    A Korean investment fund asked a California federal court Monday to sign off on an approximately $18.8 million arbitral award it won against a golf club shaft manufacturer it had invested in, an award that was issued following a dispute that arose out of unpaid taxes.

  • August 7, 2017

    SEC Gets Another Sanction Against NY Investment Adviser

    A U.S. Securities and Exchange Commission administrative law judge slapped an additional sanction Friday on a New York investment adviser accused of misrepresenting in promotional materials how much money he managed and conducting cross-trades between his clients without their consent.

  • August 7, 2017

    Chapman Adds 10 Finance Attorneys From Ashurst

    Chapman and Cutler LLP has added 10 attorneys, including seven partners, to its finance practice from Ashurst LLP, the firm announced Monday.

  • August 7, 2017

    Hedge Fund Makes Bid To Toss Puerto Rico Bankruptcy Case

    Hedge fund Aurelius Capital Management, a significant stakeholder in Puerto Rico's historic insolvency proceedings, asked the court overseeing the territory's restructuring on Monday to dismiss the ongoing bankruptcy-like case because, it alleges, the members of the federal board representing the commonwealth were unconstitutionally appointed.

  • August 7, 2017

    Davis Polk Steers Colombia Banking Giant's $600M Bond Offer

    Davis Polk & Wardwell LLP said Thursday it guided Banco de Bogotá S.A., Colombia's oldest and second-largest financial institution, on a $600 million global bond offering that was more than seven times oversubscribed, while Simpson Thacher & Bartlett LLP advised initial purchasers.

  • August 7, 2017

    CFTC Fines Japanese Bank Over Spoofing

    A Japanese bank that found one of its traders used phony trade orders to manipulate prices for eurodollar and U.S. Treasury notes and came clean with the U.S. Commodity Futures Trading Commission about the misconduct will pay a $600,000 penalty, the regulator said Monday.

  • August 7, 2017

    Real Estate Rumors: Thor, Goldman, Los Angeles Mansion

    Thor Equities and Aew Capital Management are reportedly paying $235 million for a London office property, Goldman Sachs is said to have loaned $78 million for a Texas retail property, and the Los Angeles home of Jerrold Perenchio, the late Univision chairman, is slated to list for $350 million and will be the priciest U.S. residential listing.

Expert Analysis

  • Clayton Speech Signals New Tone At The Top

    Nicolas Morgan

    In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.

  • Shareholder Proposal Trends In 2017 Proxy Season: Part 2

    Ronald Mueller

    In the concluding part of this series, attorneys with Gibson Dunn & Crutcher LLP look at the key topics covered by shareholder proposals this year, the potential for reform of the shareholder proposal rule, and the top takeaways from the 2017 proxy season.

  • Shareholder Proposal Trends In 2017 Proxy Season: Part 1

    Ronald Mueller

    In the first installment of this two-part series covering proposals submitted to public companies for 2017 shareholder meetings, attorneys with Gibson Dunn & Crutcher LLP dive into some shareholder proposal statistics and voting results.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • SEC’s Emerging Enforcement Priorities In The Bond Markets

    Michael Osnato Jr.

    Beginning with the 2013 charges against Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities, the U.S. Securities and Exchange Commission has aggressively pursued similar cases against bond traders. Michael Osnato Jr. and Meaghan Kelly of Simpson Thacher & Bartlett LLP survey the impact of the Litvak line of cases and offer insights into where the SEC will next deploy its an... (continued)

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • ALJ Appointments Issue Now Primed For High Court Review

    Justin Shur

    The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.