Asset Management

  • September 6, 2017

    State Securities Suits Hamper Markets, Justices Told

    Law professors, industry groups and recently public companies have banded together to urge the U.S. Supreme Court to find state courts don’t have jurisdiction over class actions related to securities offerings, saying confusion over the issue is leaving issuers exposed and damaging confidence in stock markets.

  • September 6, 2017

    2nd Circ. Asked To Revive Madoff Feeder Class Action

    A group of investors on Wednesday asked the Second Circuit to resuscitate their claims against two funds that sank billions of dollars into Bernie Madoff’s fraudulent securities scheme, saying that since their claims are based on British Virgin Islands and Bermuda law, a prohibition against state-law securities class actions doesn’t apply.

  • September 6, 2017

    OECD Warns Of Consequences For Misuse Of Tax Data

    Tax authorities that use information from country-by-country reports in inappropriate ways risk having foreign jurisdictions suspend the exchange of those reports, the Organization for Economic Cooperation and Development said Wednesday.

  • September 6, 2017

    Feds Say Monex Swindled Metals Traders Into Losing $290M

    The Commodity Futures Trading Commission asked an Illinois federal judge on Tuesday to lock down a “scam” trading program by a California metal trading firm that allegedly lost $290 million for 12,000 customers, flouted registration requirements and refused to cooperate with its probe.

  • September 6, 2017

    SWS Investors Say Chancery Erred In Lowering Deal Price

    SWS Group Inc. investors filed an opening brief Wednesday with the Delaware Supreme Court in the bank holding firm's appeal of a chancery decision that lowered their consideration in SWS’ acquisition by Hilltop Holdings Inc. following a four-day appraisal trial.

  • September 6, 2017

    Adviser Who Ripped Off Pro Athletes Sentenced To 33 Months

    The former president of an investment firm who pled guilty in D.C. federal court to stealing more than $1 million from clients, including boxer Mike Tyson and former NBA All-Star Glen Rice, was sentenced on Wednesday to 33 months in prison, according to the U.S. Department of Justice.

  • September 6, 2017

    Alibaba-Backed Best, Mortgage Co. Prep IPOs Totaling $959M

    Best Inc., a Chinese logistics company backed by e-commerce giant Alibaba Group Holdings Ltd., set terms on an estimated $869 million initial public offering, one of two IPO launches on Wednesday totaling $959 million, including a $90 million deal from a mortgage company.

  • September 6, 2017

    Real Estate Rumors: Gap, SL Green, Florida Community Bank

    Gap is said to have renewed its lease for nearly 16,000 square feet on Third Avenue in Manhattan, REIT SL Green and Acore Capital have reportedly loaned $73.4 million for a New York property that's being converted to a mixed-use office building, and Florida Community Bank is said to have loaned $14 million for a Florida single-family home community project.

  • September 6, 2017

    Pershing Square To Divest $497M Nomad Foods Stake

    Pershing Square Capital Management LP will part ways with its roughly $497.3 million interest in U.K.-based Nomad Foods Ltd., the frozen-food company said Wednesday, a move that comes roughly two weeks after a board member chosen by the activist hedge fund resigned.

  • September 6, 2017

    SEC Bans Attorney For Trading On Cooperman Info

    A Florida lawyer has been banned from practicing before the U.S. Securities and Exchange Commission after trading on confidential information gleaned from work for a “prominent hedge fund manager,” the SEC said Tuesday, listing trades that indicate the client was Omega Advisors Inc. founder Leon Cooperman.

  • September 6, 2017

    Feds Say ‘Sweeping’ 1MDB Discovery May Expose Witnesses

    The U.S. Department of Justice on Tuesday urged a California federal judge overseeing the government's bid to seize $1.7 billion worth of assets allegedly plundered from a Malaysian government fund to halt the forfeiture cases so its witnesses aren’t endangered by the “broad, sweeping” discovery sought by the asset owners.

  • September 6, 2017

    Clayton Says No Shift In Enforcement Priorities At SEC

    U.S. Securities and Exchange Commission Chair Jay Clayton said at an event Tuesday night that his agency has not undergone a “dramatic shift” in enforcement priorities as it focuses on protecting retail investors, though he reaffirmed the agency is paying particular attention to cybersecurity under his watch.

  • September 6, 2017

    Seyfarth Shaw Adds New Partner Amid Hong Kong Growth

    Seyfarth Shaw LLP has hired a corporate and commercial lawyer to serve as managing partner in its recently opened Hong Kong office, as it continues to grow in the Asia-Pacific region, the firm has announced.

  • September 6, 2017

    Class Cert. Granted In ERISA Suit Against Deutsche Bank

    A New York federal judge on Tuesday certified a class of participants of a Deutsche Bank Americas Holding Corp. 401(k) plan in a suit accusing the bank of steering plan investments into under-performing funds that paid the bank high fees.

  • September 5, 2017

    4 Takeaways From Hunton & Williams' $34M Stanford Deal

    Hunton & Williams LLP has become the latest law firm to settle allegations that it aided Robert Allen Stanford’s $7 billion Ponzi scheme, inking a $34 million deal that would benefit some of Stanford’s thousands of victims. Here are four takeaways from Hunton’s deal and their potential impact on the case going forward.

  • September 5, 2017

    Ambac Shareholder Suit Over Puerto Rico Bonds Dismissed

    Ambac Financial Group Inc. was cut loose Tuesday from a proposed class action accusing the bond insurer and its executives of misleading investors about its $2.5 billion Puerto Rican bond portfolio and exposure to losses, with a New York federal judge finding no alleged signs of intentional fraud or concealment.

  • September 5, 2017

    EIG Funds' Claims Too Foreign, Petrobras Tells DC Circ.

    Petroleo Brasileiro SA, or Petrobras, is urging the D.C. Circuit to reverse a decision allowing investment funds managed by EIG Global Energy Partners LLC to bring claims over a failed drillship venture, arguing EIG can't bring claims in the United States because it made its investment through Luxembourg-based companies.

  • September 5, 2017

    Merrill Lynch Exec Settles With SEC In Customer Cash Row

    The former head of regulatory reporting at Merrill Lynch has reached a settlement with the U.S. Securities and Exchange Commission that comes with no penalty but will require him to cease and desist from future securities law violations, ending allegations of his involvement in wrongdoing that led to a $415 million fine for the bank last year.

  • September 5, 2017

    Real Estate Rumors: Zara, Blackstone, TPG

    Zara Realty has reportedly paid nearly $20 million for two Queens residential buildings, Blackstone Group is said to be calling off its roughly $2.8 billion sale of 10 Australian shopping malls, and TPG Real Estate Finance has reportedly loaned $126 million for a New Jersey residential and retail property.

  • September 5, 2017

    Texas Oil Ponzi Schemer Gets 7 Years, Must Pay $32M

    A Texas man who admitted to a nine-year oil and gas Ponzi fraud scheme was sentenced Tuesday to seven years in prison and ordered to pay more than $32.2 million in restitution, the U.S. Department of Justice announced.

Expert Analysis

  • Weekly Column

    Innovating For Wise Juries: Closing Argument

    Stephen Susman

    In the final article in this series on proposed innovations to the American jury trial, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project sum up the improvements they believe the U.S. jury system desperately needs.

  • A Light Regulatory Touch On Initial Coin Offerings

    Nicolas Morgan

    A recent report by the U.S. Securities and Exchange Commission makes clear that the commission intends to assert jurisdiction over some initial coin offerings, but it does not necessarily suggest that the agency will classify all cryptocurrencies or ICOs as securities. The SEC’s cautious approach may be just what’s called for on this rapidly evolving topic, say attorneys with Paul Hastings LLP.

  • 5 Questions All AFAs Should Answer Clearly

    Gregory Lantier

    While no particular form is required to establish a durable alternative fee arrangement, there are terms that should, for the benefit of both client and outside attorney, be expressly set forth in the agreement itself, but are often overlooked, say attorneys with WilmerHale.

  • Why The CFTC’s New Use Of NPAs Is Significant

    Rachel Cannon

    With its first-ever use of nonprosecution agreements in a spoofing case against Citigroup, the U.S. Commodity Futures Trading Commission is not sending smoke signals about its new enforcement strategy, but rather, is shouting through a bullhorn that it is shifting gears, say Rachel Cannon and Kristina Liu of Dentons.

  • Cybersecurity Risks In The Courtroom

    Daniel Garrie

    As cybercriminals continue to look for easy targets, the court system will surely enter their crosshairs. If judges and court personnel do not maintain proper data security and cyber hygiene, confidential litigant information can fall into the hands of a wide variety of bad actors, say Daniel Garrie of JAMS, David Cass of IBM Cloud, Joey Johnson of Premise Health Inc. and Richard Rushing of Motorola Mobility LLC.

  • Be Careful What You Share With Your Local Regulator

    Nick Morgan

    The U.S. Securities and Exchange Commission's recent $2.5 million award to a government tipster marks the first time it deemed a government employee eligible for a whistleblower payout. This determination raises significant policy and practical concerns about a government employee’s ability to provide information and documents to the SEC, say attorneys with Paul Hastings LLP.

  • Monthly Column

    Gray Matters: Clients Are Not Really 'Emotional'

    Gray Matters

    When you look at your client through the "survival circuit" lens, what first appeared as an emotional mess is now valuable information about what is important to them, what needs have to be met to settle the case, or what further clarity your client requires before moving forward, say dispute resolution experts Selina Shultz and Robert Creo.

  • CFTC LedgerX Approval Is A Big Step For Bitcoin

    Daniel Nathan

    LedgerX this week became the first platform to operate as both a bitcoin swap exchange and a clearinghouse under the U.S. Commodity Futures Trading Commission’s oversight. This approval removes various previous barriers to widespread trading on bitcoin’s value, say attorneys with Morvillo LLP.

  • Petrobras Renounces 2nd Circ. 'Preference' For Class Cert.

    Jonah Knobler

    The hubbub over ascertainability has obscured another remarkable part of the Second Circuit's Petrobras decision — one that constitutes a major victory for the defense side, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.

  • Having A Chief Privacy Officer Reassures Your Firm's Clients

    Rita Heimes

    When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.