Asset Management

  • May 11, 2017

    Merkin, Madoff Trustee Fire Back Over Trial Testimony

    Disgraced financier J. Ezra Merkin urged a New York bankruptcy judge to not let the trustee for Bernie Madoff’s fraudulent investment firm cripple Merkin's defenses at an upcoming trial to claw back Ponzi scheme proceeds, arguing Wednesday that certain testimony should not be barred.

  • May 11, 2017

    NY Banking Regulator Sees Leeway To Ban Bad Actors

    The head of the New York State Department of Financial Services said Thursday that she believes she has the authority to ban individuals from financial industries in the state over serious misconduct, despite the failure of a state bill to that effect last month.

  • May 11, 2017

    Emory Must Face Claims Of Retirement Plan Mismanagement

    A Georgia federal court on Wednesday declined to let Emory University off the hook on most claims in a potential class action alleging that it mismanaged two workers’ retirement plans, ruling that the workers’ claims that the school erred by accepting high fees and locking in to certain poor investments are reasonable.

  • May 11, 2017

    Deals Rumor Mill: Abercrombie, Dominion Diamond, HCG

    Express or American Eagle could look to buyout Abercrombie & Fitch, multiple companies are interested in an acquisition of Dominion Diamond, and Home Capital Group hopes to sell $1.46 billion worth of assets to help pay off a high-interest loan ahead of a potential sale of the company.

  • May 11, 2017

    Tikehau Capital Injects $103M Into Managed Services Provider

    French asset management and investment group Tikehau Capital said Thursday that it has invested £80 million ($103.1 million) in Claranet, a European managed information technology services provider, with guidance from Goodwin Procter LLP.

  • May 11, 2017

    Prevezon Loses Bid to Sink Money Laundering Suit

    A New York federal judge on Wednesday struck down a Cypriot holding company’s bid to quash a civil forfeiture action related to alleged efforts to launder proceeds from a $230 million Russian mob fraud scheme through New York real estate investments.

  • May 11, 2017

    Clearing Broker Ducks $68M Loss Claim In FINRA Arbitration

    Broker-dealer C.L. King & Associates Inc. has slipped a claim for $68 million in damages brought by several trusts that suffered deep losses on trades the financial firm cleared, according to a recent decision by arbitrators with the Financial Industry Regulatory Authority.

  • May 11, 2017

    Real Estate Rumors: Roosevelt, Chinese Estates, Knotel

    Roosevelt University is looking to sell a Chicago property and could fetch more than $20 million, Hong Kong developer Chinese Estates is said to have dropped $226 million on a London office property and office space provider Knotel has reportedly leased 93,000 square feet of additional space in Manhattan and Brooklyn.

  • May 11, 2017

    4 Ex-Ropes & Gray Attys Join Gibson Dunn In Hong Kong

    Gibson Dunn & Crutcher LLP has landed four former Ropes & Gray LLP partners for its Hong Kong office, laying the foundation for an Asian private equity practice with an established team of private equity, finance and securities lawyers.

  • May 10, 2017

    SEC Keeps Up Aggressive Wrap Fee Enforcement, For Now

    The U.S. Securities and Exchange Commission stepped up the pace of its pursuit of programs charging a supposedly all-inclusive wrap fee on Wednesday, fining Barclays Capital Inc. $97 million over charging fees for services that weren't delivered, but experts said it's too early to tell if the agency will keep up the hunt under new SEC Chairman Jay Clayton.

  • May 10, 2017

    Investors Seek Final OK Of $4M Deal With Travel Co., Auditor

    Investors in a sham Chinese travel company who sued the firm and its auditor asked a New Jersey federal judge on Tuesday to grant final approval to a $4.1 million settlement, saying no more could be wrung out of a company that vanished and a small accounting firm.

  • May 10, 2017

    Barclays To Pay SEC $97M For Investment Client Overcharges

    A unit of Barclays PLC will pay $97 million to settle claims by the U.S. Securities and Exchange Commission that it overcharged thousands of investors over a six-year period for services it never actually provided, the regulator announced Wednesday.

  • May 10, 2017

    Voices Of Desperate SunEdison Shareholders Flood Docket

    In a flurry of objections filed Tuesday and Wednesday, several dozen pained SunEdison Inc. shareholders urged a New York bankruptcy judge to step in and force the green energy giant to explain just how it lost billions of dollars in investment capital.

  • May 10, 2017

    Prevezon Wary Of Anti-Russian Jury Bias In $230M Fraud Trial

    Prevezon Holdings Ltd. asked a New York federal court on Tuesday to allow it to use a questionnaire to ferret out “anti-Russian bias” in potential jurors in its upcoming trial on charges it benefited from a $230 million Russian tax fraud, saying “negative media attention” may affect the trial.

  • May 10, 2017

    Investors Drop Suit Over $1.4B REIT Sale

    A Maryland federal district judge has granted a bid by an investor in Silver Bay Realty Trust Corp. to toss his suit alleging proxy statement shortcomings surrounding Tricon Capital Group Inc.'s $1.4 billion acquisition of the real estate investment trust.

  • May 10, 2017

    McKool Smith Adds 2 Financial Litigation Principals In NY

    McKool Smith PC revealed Wednesday the forthcoming addition of two principals to its New York-based financial litigation practice, bringing on experienced commercial litigators Christopher P. Johnson and Zachary W. Mazin from Kasowitz Benson Torres LLP.

  • May 10, 2017

    SEC Aims To 'Slam The Courthouse Door,' Tilton Tells Justices

    Private equity magnate Lynn Tilton has again pressed the U.S. Supreme Court to weigh the constitutionality of the U.S. Securities and Exchange Commission’s administrative law judges, arguing that she should not have to wait for the agency’s proceedings against her to finish before she can challenge their legitimacy.

  • May 10, 2017

    Real Estate Rumors: SL Green, China Construction, JPMorgan

    First American Title Insurance is reportedly leasing nearly 18,000 square feet from real estate investment trust SL Green, China Construction America is said to be buying a New York site valued at more than $140 million, and JPMorgan Chase has reportedly sold a New York building for $12.5 million and is leasing back the retail portion.

  • May 10, 2017

    Big Banks' $165M Deal Gets Initial OK In NovaStar MBS Suit

    A New York federal judge on Tuesday preliminarily approved a $165 million settlement to be paid by Wells Fargo, Deutsche Bank and the Royal Bank of Scotland, putting them one step closer to resolving a class action over their underwriting of $7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar.

  • May 10, 2017

    NY Judge Won't Combine Loan Suits Against REIT

    A New York federal judge has declined to combine three derivative suits accusing directors of Resource Capital Corp. of mishandling a Puerto Rico hotel loan portfolio that prompted a $41 million write-down in August 2015, calling a bid for co-lead counsel unnecessary.

Expert Analysis

  • Opinion

    ABA Needs A New Model Legal Ethics Rule

    Kevin L. Shepherd

    Perhaps lost in the presidential post-election tumult was a report issued in late 2016 by an international body evaluating U.S. compliance with anti-money laundering and counter-terrorist financing standards. Considering repeated criticisms of the legal profession, the American Bar Association should seriously consider a new model legal ethics rule, says Kevin Shepherd of Venable LLP.

  • Key Takeaways From The SEC's Credit Suisse Settlement

    Jeffrey B. Coopersmith

    For years, financial institutions have permitted their representatives to purchase “Class A” shares for clients, but only recently did the U.S. Securities and Exchange Commission begin bringing actions for the practice. The Credit Suisse settlement this week indicates that the SEC may seek to impose liability even where there is no allegation of intentional wrongdoing, say Jeffrey Coopersmith and Rachel Herd of Davis Wright Tremaine LLP.

  • What Does Lateral Partner Success Look Like?

    Howard Flack

    In the final segment of his series on lateral recruitment, Howard Flack, a partner of Volta Talent Strategies LLC and former leader of the lateral partner recruiting team at Hogan Lovells, shares a number of factors law firms should consider when measuring lateral hire success.

  • Are Lateral Recruitment Opportunities Shaping Your Strategy?

    Howard Flack

    In the second installment of this series on lateral recruiting, Howard Flack of Volta Talent Strategies LLC challenges law firms to ask themselves whether business strategies are determining lateral hires — or vice versa.

  • Lateral Partner Hiring: Time To Look In The Mirror

    Howard Flack

    The surveys that report lateral partner hiring as more or less a 50-50 proposition keep being published, and yet the lateral partner market is as robust as ever. So, what are firms looking at to measure their success and justify the level of investment they continue to make in the lateral market? asks Howard Flack of Volta Talent Strategies LLC.

  • Uncertainty Remains For SEC Administrative Suits

    Thomas J. Krysa

    Given an uncertain backdrop, the question remains how the U.S. Securities and Exchange Commission will execute its enforcement program going forward. As shown in Kon v. SEC, the commission is apparently willing to continue to litigate administrative proceedings in the Tenth Circuit that were filed before Bandimere, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • A Big Haircut For Indenture Trustee Counsel Fees

    Karol K. Denniston

    A Delaware bankruptcy judge's recent decision in Nortel Network’s Chapter 11 case has several important takeaways for indenture trustees and their legal counsel that go well beyond the fee reductions an indenture trustee’s two law firms received, says Karol Denniston of Squire Patton Boggs LLP.

  • A Law Firm’s Guide To Social Media

    Julie Bagdikian

    Bear in mind that the internet seldom forgets and never forgives, and you are just one screen grab from a meme. A law firm's core messages and unique selling points must be clearly determined before embarking on a social media strategy, says Julie Bagdikian of The Pollack PR Marketing Group.

  • Balancing Activist Concessions With Shareholder Sentiment

    Arthur H. Kohn

    CSX Corp.’s settlement earlier this month with newcomer activist hedge fund Mantle Ridge fit into the increasingly common mold of quick and significant concessions to less-than-5 percent holders, but it also included some novel characteristics indicative of the target company’s concerns about responsiveness to its broader shareholder base, say attorneys with Gottlieb Steen & Hamilton LLP and Young Conaway Stargatt & Taylor LLP.

  • Are Your In-House Lawyers Happy?

    Aric Press

    What is the mood of the nation’s in-house lawyers? Aric Press — a partner at Bernero & Press LLC and former editor-in-chief of The American Lawyer — shares the findings of a recent survey of more than 800 in-house counsel.