Asset Management

  • February 10, 2017

    House GOP Taking Aim At SEC Whistleblower Program

    House Republicans are planning to make changes to the U.S. Securities and Exchange Commission’s enforcement agenda, including a provision that could curtail the agency’s whistleblower program, in legislation intended to rewrite Dodd-Frank, according to a memo circulating among GOP leadership.

  • February 10, 2017

    MF Global Insurers' TRO Appeal Denied As Moot

    A New York district judge Friday denied four Bermuda insurance companies an appeal of a temporary restraining order by a New York bankruptcy judge in the MF Global bankruptcy case, finding that the order has already been mooted by a temporary injunction.

  • February 10, 2017

    Great Portland Unloading London Development In $542M Deal

    Great Portland Estates PLC said Friday that it has agreed to deal a mixed-use development project in London that Facebook is set to lease to affiliates of German asset manager Deka Immobilien Investment GmbH in a deal worth £435 million ($542.8 million).

  • February 10, 2017

    NY Panel Says Bear Fund Liquidators Suit Time-Barred

    A New York appeals court refused to revive a fraud suit by liquidators for two Bear Stearns & Co. Inc. feeder funds alleging the big three credit rating agencies lied about the creditworthiness of debt obligations backed by subprime mortgages, ruling Friday that the claims are time-barred.

  • February 10, 2017

    Unite-GIC Venture Lands $284M Student Housing Complex

    U.K. student housing developer and manager Unite Group PLC said Friday that its joint venture with Singaporean sovereign wealth fund GIC has purchased a five-building complex on the campus of Aston University in Birmingham, England, for £227 million ($283.7 million).

  • February 10, 2017

    Citigroup 'Boys' Club' Bias Suit Looks Bound For Arbitration

    A Manhattan federal judge told former Citigroup Inc. financial adviser Erin Daly on Friday that her suit alleging the megabank is a “boys’ club” where she was treated as a “glorified secretary” was almost certainly bound for arbitration before the Financial Industry Regulatory Authority.

  • February 10, 2017

    Del. Judge Upholds Skadden Duck Of Radnor Ex-CEO’s Suit

    A Delaware federal judge on Thursday upheld a bankruptcy court ruling freeing Skadden Arps Slate Meagher & Flom LLP from a lawsuit over an alleged conspiracy between the firm and the eventual buyer of bankrupt Radnor Holdings Corp., saying there is no evidence that the two colluded to force the company’s sale.

  • February 10, 2017

    Taxation With Representation: Vinson, Bracewell, Debevoise

    In this week’s Taxation With Representation, Parsley Energy in Texas makes its biggest expansion to date with the acquisition of $2.8 billion of oil and gas assets, private equity shop Clayton Dubilier & Rice enters into a $2.3 billion sale of Mauser Group, and CyrusOne Inc. acquires two data centers for $490 million.

  • February 9, 2017

    Trump Faces Longer Odds To Ax Fiduciary Rule After DOL Win

    The Trump administration will need to build a robust administrative record if it wants to convince the public and courts a full-scale repeal of the new fiduciary rule for retirement account advisers is justified and not merely a political about-face, experts said, after a Texas federal judge on Wednesday issued the third lengthy opinion endorsing the U.S. Department of Labor's original analysis.

  • February 9, 2017

    LSE Urges Issuers To Step Up Environmental Reporting

    The London Stock Exchange laid out recommendations Thursday for how issuers should disclose information about their environmental, social and governance policies, in response to requests for more-consistent guidelines as such matters become more prominent for global investors.

  • February 9, 2017

    Starcrest Capital Closes $181M China Real Estate Fund

    Starcrest Capital Partners has closed a $181 million China-focused real estate fund, its second such fund, according to a regulatory filing earlier this week from the Chinese private equity shop.

  • February 9, 2017

    Golf Tix Gifts Cost Investment Firm, Owner $400K SEC Fine

    Minnesota investment adviser firm Jeffrey Slocum & Associates and its eponymous president and majority owner have been assessed a combined civil penalty of $400,000 by the U.S. Securities and Exchange Commission for, among other things, allowing employees to accept gifts of tickets to the Masters golf tournament while telling investors that they had a strict code of ethics, the agency announced Wednesday.

  • February 9, 2017

    Tower Research Gets Investors' Korean Futures Suit Tossed

    A Manhattan federal judge has tossed a suit by a proposed class of investors who claim that computerized trading firm Tower Research Capital LLC manipulated the prices of Korean futures contracts swapped on an electronic trading system, saying the system is not a registered exchange.

  • February 9, 2017

    Delaware Justice Randy J. Holland To Retire In March

    Delaware Justice Randy J. Holland is set to retire at the end of March, ending a 30-year tenure on the First State’s highest bench and opening up the first high-profile judicial nomination process for the state’s brand new governor John C. Carney, according to a statement from the court Thursday.

  • February 8, 2017

    Giancarlo Nearing Nomination For CFTC Chairman

    President Donald Trump is preparing to nominate acting U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo to formally take the agency’s top post, the Wall Street Journal reported Wednesday.

  • February 8, 2017

    Shkreli Involved In Tech Startup Looking To Raise $1M

    Martin Shkreli, the notorious pharmaceutical entrepreneur accused of defrauding a company he founded and heavily criticized for controversial price-hiking tactics, is now an executive of a software startup seeking to raise $1 million in debt, according to a regulatory filing.

  • February 8, 2017

    SIFMA Blasts NYSE's 'Game Of Thrones' Analogy In Fee Fight

    A securities industry trade group that has accused the New York Stock Exchange LLC of seeking to charge illegally high fees for access to market data ripped the NYSE this week for comparing a proposed fee to the price of an HBO subscription, saying even the cunning character “Lord Petyr ‘Littlefinger’ Baelish would blush” at such a deceptive analogy.

  • February 8, 2017

    DOL Beats Latest Challenge To Fiduciary Rule

    A Texas federal judge on Wednesday upheld the U.S. Department of Labor’s controversial fiduciary rule for retirement advisers — just hours after the agency had asked to stay the case in light of President Donald Trump’s directive to review and possibly rescind the rule.

  • February 8, 2017

    SEC's Exam Team Identifies Frequent Adviser Deficiencies

    The U.S. Securities and Exchange Commission on Tuesday said there are five areas in which investment advisers typically fall short in terms of compliance, encouraging advisers to strengthen relevant programs and procedures.

  • February 8, 2017

    Warren Says Industry Supports, Is Ready For Fiduciary Rule

    Sen. Elizabeth Warren sent a letter Tuesday urging the acting head of the U.S. Department of Labor not to delay implementation of the new fiduciary rule for retirement account advisers, saying the financial industry is supportive of the rule and that most firms are ready to meet the April compliance deadline.

Expert Analysis

  • Amended Rule 37(e): 1 Year Later

    Samantha Southall

    After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • FINRA’s Most Significant 2016 Enforcement Actions

    Jon Eisenberg

    The Financial Industry Regulatory Authority brings about 1,500 enforcement actions a year, but often lost in the volume of actions are the ones that merit particular attention. Jon Eisenberg and Michael Dyson of K&L Gates LLP review the 2016 actions that resulted in fines of $1 million or more.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Long-Arm Jurisdiction In A Post-Daimler Era

    Muhammad U. Faridi

    A New York state court’s recent decision in Ace Decade Holdings v. UBS, dismissing a $500 million fraud suit against Swiss bank UBS, highlights the nuanced issues involved in personal-jurisdiction disputes and demonstrates that Daimler has significantly limited general “doing business” jurisdiction over out-of-state defendants, say Muhammad Faridi and Jordan Engelhardt of Patterson Belknap Webb & Tyler LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • Opinion

    The Incoming SEC Chairman As I Know Him

    Kevin J. Lavin

    The natural tendency of Democrats will be to criticize President-elect Donald Trump's nominee for U.S. Securities and Exchange Commission chairman as a “Wall Street insider” who won’t be sensitive to regular working-class Americans. I’m a registered Democrat and would enjoy being able to criticize Trump’s selection, but I’ve known Jay Clayton since 1995 and he is no ideologue, says Kevin Lavin of Arnold & Porter Kaye Scholer LLP.

  • 'Fair Value' Takeaways From Merion V. Lender Processing

    Gail Weinstein

    The Delaware Chancery Court relied entirely on the merger price to determine “fair value” in Merion Capital v. Lender Processing Services, confirming that an appraisal award likely will not exceed the merger price in a nonaffiliated transaction where there was a pre-signing market check with “meaningful competition,” say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Curbing The Power Of Pari Passu Clauses

    Sergio J. Galvis

    The New York courts’ interpretation of the pari passu clause in Argentine bonds to provide a basis for a powerful injunctive remedy was widely viewed as novel. But a new ruling out of the Southern District of New York will likely limit the precedential effect of the earlier rulings on sovereign debt restructurings for the large number of still-outstanding securities that contain pari passu clauses, say attorneys with Sullivan & Cromwell LLP.

  • Be Prepared For Law Firm Data Breach Litigation

    Scott Vernick

    The April 2016 leak of "Panama Papers" documents from law firm Mossack Fonseca removed any doubt that the threat of cyberattacks against the legal industry is more than hypothetical. While the case law on law firm data breach litigation has largely yet to be written, there are certain fundamental tenets worth reviewing, say Scott Vernick and Peter Buckley of Fox Rothschild LLP.