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Asset Management

  • August 12, 2014

    Societe Generale Unit Must Face UK Bank's $34M CDO Suit

    A New York state judge has largely left intact a U.K. bank's suit accusing a Societe Generale SA unit of causing it to suffer $34 million in losses by misrepresenting the quality of residential mortgage-backed securities underlying collateralized debt obligation notes, finding the plaintiff adequately alleged fraud.

  • August 12, 2014

    Darden Uses Red Lobster Sale To Cut $900M In Debt

    Darden Restaurants Inc. eliminated $900 million in debt and kicked off a $500 million share repurchase program with proceeds from its sale of Red Lobster, lauding the move as proof of the restaurant chain operator’s financial strength despite fierce criticism from activist investors.

  • August 12, 2014

    Endo, Impax Face Yet Another Suit Over Opana Pay-For-Delay

    Endo Pharmaceuticals Inc. and Impax Laboratories Inc. were hit with a putative antitrust class action in an Illinois federal court Monday, in which a direct purchaser accuses Endo of paying Impax more than $112 million to delay a generic version of Endo’s patented Opana ER painkiller.

  • August 12, 2014

    ADT Investors Detail Alleged Stock Inflation Scheme

    A group ADT Corp. investors on Monday filed an amended complaint against the company in Florida federal court, detailing their allegations that certain officers and directors artificially inflated ADT’s stock price by misrepresenting the company’s true financial condition.

  • August 12, 2014

    Icahn Didn't Influence $8.5B Family Dollar Deal, Buyer Says

    Dollar Tree Inc. was circling Family Dollar Stores Inc. for months before Carl Icahn pushed the target company to sell itself, according to a Monday filing that reveals the famed activist had minimal flex over the $8.5 billion tie-up announced by the discount retailers last month.

  • August 12, 2014

    Dealmakers Q&A: Orrick’s Dennis Martin

    In client development events, put yourself in situations where you are most comfortable — I personally can’t stand really formal or high-end restaurants, and some of our best closing dinners are at random Mexican restaurants, says Dennis Martin, co-chairman of Orrick Herrington & Sutcliffe LLP’s global finance practice.

  • August 11, 2014

    Ex-SAC Trader Martoma Should Forfeit $9.4M, Feds Say

    Federal prosecutors on Monday asked a New York federal judge to force ex-SAC Capital Advisors LP manager Mathew Martoma to forfeit roughly $9.4 million for an alleged $275 million insider trading scheme over which he is due to be sentenced next month.

  • August 11, 2014

    Harbinger Challenges LightSquared Ch. 11 Plan With Its Own

    LightSquared Inc.’s rollercoaster Chapter 11 took another twist on Monday when controlling equity holder Harbinger Capital Partners LLC offered up a bankruptcy exit plan to split the wireless venture in two and reorganize each estate separately, a break from the debtors' plan to stay unified.

  • August 11, 2014

    Suit Over SEC Pay-To-Play Rule Banks On Receptive Justices

    A lawsuit last week to overturn U.S. Securities and Exchange Commission rules on political donations by investment advisers faces significant hurdles, but the plaintiffs appear to be banking on courts’ changing views on political contributions and First Amendment rights as seen in the recent McCutcheon decision.

  • August 11, 2014

    Deals Rumor Mill: RBS, 21st Century Fox, Snapchat

    The Royal Bank of Scotland may sell private banking unit Coutts & Co., while ValueAct Capital LLC has purchased a $1 billion stake in 21st Century Fox a week after the Robert Murdoch-run company withdrew its $80 billion bid to acquire Time Warner Inc.

  • August 11, 2014

    NY Lawyer Blasted For Deleting Evidence In Copyright Case

    A New York lawyer who owns a financial services industry regulatory advice firm engaged in malicious deletion of email evidence in a copyright suit against him and his business, a federal judge has ruled, ordering sanctions including a judgment for plaintiff The Regulatory Fundamentals Group LLC.

  • August 11, 2014

    Weatherford Investors Ask Again For Internal Tax Audit Docs

    A putative class of Weatherford International Ltd. shareholders asked a New York federal judge Friday to revisit his denial of their bid for the company to cough up additional internal tax investigation documents, in a dispute over it allegedly misleading investors about its finances.

  • August 11, 2014

    CFTC Fines NY Man For Commodity Pool Fraud

    The U.S. Commodity Futures Trading Commission on Monday ordered a New York resident to pay $244,400 in restitution to defrauded customers, along with a $100,000 civil penalty for participating in a commodity pool that traded leveraged or margined off-exchange foreign currency contracts without ever registering with the CFTC.

  • August 11, 2014

    Mitsui Unit, Tokio Marine Create $75M Fund For Solar Plants

    A subsidiary of Japanese conglomerate Mitsui & Co. is partnering with Tokio Marine Asset Management Co. to create a fund that will allocate 7.7 billion yen ($75.4 million) for eight solar plants across Japan, the companies said Monday.

  • August 11, 2014

    Argentina Appeals To White House In Sovereign Debt Crisis

    Argentina's government reportedly appealed to the White House on Monday to rein in what it sees as overreach from the federal judge handling its dispute with hedge funds holding around $1.5 billion in government bonds, while denying speculation that it is seeking a rescue from the Argentine banking sector.

  • August 11, 2014

    Kansas Settles SEC Charges It Understated Muni Bond Risks

    The state of Kansas has agreed to settle allegations by the U.S. Securities and Exchange Commission that its municipal bond offering documents failed to disclose that the state’s pension system was significantly underfunded, thereby creating a repayment risk for investors, the SEC said Monday. 

  • August 11, 2014

    Andreessen Horowitz Invests $50M In Expanding BuzzFeed

    Venture capital firm Andreessen Horowitz is set to invest $50 million in BuzzFeed Inc., the two sides said on Monday, in a capital injection that boosts BuzzFeed's funding on the same day the New York company unveiled a major expansion plan.

  • August 11, 2014

    Norway’s Wealth Fund Buys $576M Stake In London District

    Norway’s sovereign wealth fund said Monday it has bought a majority stake in the Pollen Estate, covering more than four acres in central London’s Mayfair district, for £343 million ($575.7 million), the latest effort by the government fund to step up investment in real estate.

  • August 11, 2014

    India's Securities Board OKs REIT Rules

    Indian officials on Sunday approved a new set of regulations that will allow the creation of real estate investment trusts, opening up what is expected to be a $20 billion market, according to documents filed on the Securities and Exchange Board of India.

  • August 11, 2014

    Blackstone Picks Up European Auto Parts Co.

    New York-based private equity giant Blackstone Group LP said Monday it has acquired Alliance Automotive Group, a leading wholesale distributor of automotive parts in France and the U.K., from French private equity and asset management firm Weinberg Capital Partners for an undisclosed price.