Asset Management

  • July 10, 2017

    Ex-Nikko Asset CEO Part Of $50M Suit Against Current Chief

    The CEO of Nikko Asset Management Co. Ltd. defrauded senior executives and other employees out of $50 million by playing games with a 2009 employee stock-option plan, according to a New York lawsuit lodged Friday by plaintiffs including a former CEO.

  • July 10, 2017

    2 Commercial REITs Advance IPOs Surpassing $325M

    Private-equity-backed TPG RE Finance Trust Inc. launched a $226 million initial public offering on Monday, days after Tremont Mortgage Trust Inc. filed an estimated $100 million IPO, marking the latest commercial real estate investment trusts to move through the public markets pipeline and employing the work of three law firms.

  • July 10, 2017

    Platinum Will Get SEC Docs While Criminal Case Advances

    A New York federal judge paused a civil enforcement case against the hedge fund Platinum Partners on Friday at the request of prosecutors while a related criminal case goes forward, rejecting complaints by several defendants that they would be deprived of the chance to learn about the government’s case against them.

  • July 10, 2017

    American Airlines, Ex-Affiliate Agree To $22M ERISA Deal

    American Airlines Inc. and former affiliate American Beacon have agreed to pay $22 million to settle an Employee Retirement Income Security Act class action alleging that the airline loaded a company 401(k) plan with mutual funds offered by American Beacon, according to a document filed on Friday in Texas federal court.

  • July 10, 2017

    Reuters Loses Appeal To Publish Story On Brevan Howard

    Global news agency Reuters lost its bid to overturn an injunction blocking publication of a story on European hedge fund management firm Brevan Howard, after the English Court of Appeal ruled Friday that the judge who granted the injunction had made no error in law.

  • July 7, 2017

    Judge Boots Platinum Receiver Over Escrow 'Red Flag'

    A Brooklyn federal judge has replaced a receiver in a U.S. Securities and Exchange Commission case against hedge fund Platinum Partners, saying at a hearing Friday that the receiver's allowing of the withdrawal of funds from an escrow account was a “red flag.”

  • July 7, 2017

    SEC Wants ‘Layering’ Called Fraud, Defends Asset Freeze

    The U.S. Securities and Exchange Commission asked a New York federal judge on Friday to rule that a trading strategy known as “layering” used by an offshore investment firm amounts to illegal market manipulation and urged him to keep $5.4 million of the company’s funds frozen.

  • July 7, 2017

    Sidley, Deloitte, Others Can't Skip $350M Ponzi Scheme Suit

    An Oregon federal judge made official a decision that refused to free Sidley Austin LLP, Deloitte and others from a proposed class action claiming they played a role in an alleged $350 million Ponzi scheme, adopting a magistrate’s recommendation over several objections.

  • July 7, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a Ukrainian banking operation file a fraud claim against the wife of a Russian construction magnate, an Icelandic card processing fintech firm take on Visa, and a Merrill Lynch suit against Sicily.

  • July 7, 2017

    Taxation With Representation: Kirkland, Gibson, Goodwin

    In this week’s Taxation With Representation, Berkshire Hathaway Energy prepares to acquire bankrupt EFH for $9 billion, the parent of television giant QVC agrees to an approximately $2.1 billion takeover of the company behind Home Shopping Network, and the marketing firm Red Ventures plans to buy Bankrate Inc. for about $1.4 billion.

  • July 7, 2017

    2nd Circ. Nixes Rakoff's Certification Of Petrobras Investors

    The Second Circuit on Friday decertified two investor class actions claiming Brazilian oil giant Petrobras concealed billions of dollars in bribes and kickbacks, saying U.S. District Judge Jed Rakoff committed legal error when weighing the classes’ common questions against those of individual members.

  • July 7, 2017

    Broker Who Copped Plea In $131M Stock Scam Gets 1.5 Years

    A Florida stockbroker who pled guilty to securities fraud last year for helping pump up the value of LED lighting company ForceField Energy Inc. in a scam that allegedly cost investors $131 million was sentenced to 18 months in prison by a New York federal judge on Friday.

  • July 7, 2017

    Care Capital Hit With Shareholder Suit Over $7.4B Merger

    A shareholder of Care Capital Properties Inc. has hit the health care real estate investment trust with a proposed class action over its pending $7.4 billion merger with Sabra Healthcare REIT Inc., telling a Delaware federal court Thursday the company hasn't released important information about its finances and possible conflicts of interests.

  • July 7, 2017

    AARP, Worker Group Defend Fiduciary Rule At 5th Circ.

    The AARP, the National Employment Law Project and other groups filed an amicus brief Thursday urging the Fifth Circuit to uphold the U.S. Department of Labor’s fiduciary rule for retirement account advisers, criticizing the agency’s recent 180 on the rule's prohibition on class action waivers.

  • July 7, 2017

    8th Circ. Won't Revisit 3M's Ponzi Coverage Loss

    The Eighth Circuit denied a rehearing bid by 3M over Ponzi scheme investment losses on Friday, ignoring 3M's protests that the appeals court essentially interpreted extraneous language into an insurance policy.

  • July 7, 2017

    MF Global Insurer Fights Default Bid Over $15M Bond Payment

    Defunct brokerage MF Global's excess insurer Allied World on Thursday hit back at MF Global’s request for a New York bankruptcy court to strike Allied World’s $15 million bond, which a judge had required before the court could consider the insurer's request to arbitrate a coverage dispute in Bermuda.

  • July 7, 2017

    Deals Rumor Mill: Elliott Management, Stada, Kind

    Elliott Management may look to usurp Berkshire Hathaway Energy’s $9 billion bid to buy a reorganized Energy Future Holdings, Bain Capital and Cinven are once again getting ready to go after Stada, and the maker of Kind bars is seeking a minority investor.

  • July 7, 2017

    Real Estate Rumors: Prologis, China Vanke, Tahoe Estate

    REIT Prologis is said to have bought a Florida warehouse from American Fruit & Produce for $16 million, a China Vanke venture has reportedly scored a $98.5 million loan for a Long Island City residential and retail project, and an estate in Tahoe, Nevada, is listed for a record $75 million.

  • July 7, 2017

    Vacated Citigroup Award Can't Be Enforced, NY Court Says

    A New York appeals court has upheld a decision to block a former Citigroup Global Markets Inc. customer from seeking to enforce a vacated $10.8 million Financial Industry Regulatory Authority arbitration award, which a French court had recognized without knowing it had been vacated.

  • July 7, 2017

    Feds Blast Ex-Stanford Exec's Bid To Ditch 20-Year Sentence

    The federal government has fought a former Stanford Financial Group executive’s attempt to vacate his 20-year prison sentence over his alleged role in Robert Allen Stanford's $7 billion Ponzi scheme, disputing the man’s claims that his trial attorneys botched a proposed plea deal.

Expert Analysis

  • Contract Challenges With Selling 'Dualed' Auto Dealerships

    Sara Decatur Judge

    A Virginia federal court's recent decision in Volvo Group North America v. Truck Enterprises highlights how a factory right of first refusal can directly impede the sale of dealerships that have multiple franchises operating from the same dealership location, says Sara Decatur Judge of Burns & Levinson LLP.

  • Opinion

    Justice Kennedy's Moderating Influence On The High Court

    Nan Aron

    The guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.

  • A Resurgence Of Synthetic Securitizations

    Daniel Budofsky

    After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.

  • How Kokesh Will Impact The FTC And Other Agencies

    Benjamin Mundel

    The U.S. Supreme Court's recent decision in the Kokesh case limits not just U.S. Securities and Exchange Commission enforcement actions, but also monetary relief sought by other agencies, like the Federal Trade Commission. A faithful application of this decision should lead to courts rejecting these agencies' long-standing practice of seeking penal monetary relief under their equitable authority, say Benjamin Mundel and Lucas Crosl... (continued)

  • Weekly Column

    Innovating For Wise Juries: Juror-Posed Questions

    Roy Futterman

    One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Footnote In Kokesh Signals Bigger Changes On The Horizon

    Sean Casey

    The immediate effects of imposing a five-year statute of limitations on SEC disgorgement claims may be limited. A far more intriguing element of the Kokesh opinion is found in a footnote, which brings opportunities for real damage to the SEC’s toolbox, say attorneys with Walden Macht & Haran LLP.

  • Miners Find Themselves In The Spotlight Once Again

    John Tivey

    As mining companies continue on their rapid recovery path from the commodity price downturn, the perceived sins of the past return to haunt management teams soon to be swimming in cash, say John Tivey and Rebecca Campbell of White & Case LLP.

  • CLO Market Forges Path To Risk-Retention Compliance

    Deborah Festa

    When the U.S. risk-retention rules became effective for collateralized loan obligation transactions last December, market participants began a new period of adjustment. With the first few months of work behind us, approaches to compliance are becoming more standardized and best practices are beginning to emerge, says Deborah Festa of Milbank Tweed Hadley & McCloy LLP.

  • Tips For Complying With ABA’s New Encryption Guidance

    Nick Holda

    Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.

  • UK's Marex Ruling May Lead To New Tortious Cause Of Action

    Lincoln Caylor

    In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.