Asset Management

  • April 13, 2018

    Zohar Ch. 11 Dismissal Hearing Procedures Set By Court

    Bankrupt distressed company investment vehicles the Zohar Funds are prepared to defend their Chapter 11 filings at hearings beginning Tuesday after a Delaware judge decided Friday on how those hearings should proceed.

  • April 13, 2018

    Real Estate Rumors: Edge, EY, Turnberry

    Edge Principal Advisors has reportedly dropped $155 million on a Chicago apartment tower, accounting firm EY is said to be leasing two floors at a New York Columbia Property Trust building, and Turnberry Associates has reportedly bought a Costco store in North Miami Beach for $16.94 million.

  • April 13, 2018

    Funds Fight Bids To Toss $80B Valeant Price-Gouging Suit

    A proposed class of Valeant Pharmaceuticals shareholders told a New Jersey federal judge Thursday that all of the claims against the company, its executives and several banks over a price-gouging scheme that cost shareholders $80 billion were adequately pled, contrary to a volley of partial dismissal bids pushed by the defendants.

  • April 13, 2018

    A Conversation With Baker Botts CMO Gillian Ward

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview law firm management about navigating an increasingly competitive business environment. Here we feature Gillian Ward, chief marketing officer at Baker Botts LLP.

  • April 13, 2018

    Brit Extradited To NYC For Alleged $37M Bitcoin Scam

    Renwick Haddow, a British businessman wanted in the U.S. for an alleged $37 million online bitcoin scam, was jailed Friday after he was arrested in Morocco in July and brought to New York City Thursday evening.

  • April 13, 2018

    Federated Investors To Pay £246M For 60% Stake In Hermes

    Pennsylvania-based fund manager Federated Investors Inc. has agreed to buy a majority interest in London’s Hermes Fund Managers Ltd. from BT Pension Scheme for £246 million ($350.7 million), the company said Friday.

  • April 13, 2018

    Manulife Pays $387M For Office Towers In DC, Atlanta

    The U.S. real estate investment arm of life insurance giant Manulife Financial Corp. on Friday said it had entered the Washington, D.C., market and grabbed another office building in Atlanta from fellow Manulife subsidiary John Hancock Life Insurance Co. in a pair of deals totaling $387 million.

  • April 13, 2018

    Ed Groups Urge 3rd Circ. To Leave Penn ERISA Suit Dead

    A group of higher education associations told the Third Circuit on Thursday that a lower court was right to throw out a putative class action alleging the University of Pennsylvania’s employee retirement plan was rife with mismanagement, arguing the assertions are built on an improper comparison.

  • April 13, 2018

    Volcker Rule Changes Pass In House

    The U.S. House of Representatives on Friday approved changes to the Volcker Rule, including consolidating rulemaking under the Federal Reserve and exempting banks with less than $10 billion in assets from compliance, adding to a list of potential changes in an anticipated package altering the Dodd-Frank Act.

  • April 12, 2018

    Workers Reach $10M Deal In ERISA Suit Over Pension Ripoff

    Workers who allegedly had millions diverted from their retirement funds by a former attorney asked a Pennsylvania federal judge on Wednesday to approve a $10 million settlement in a putative class action ERISA suit against Farmers & Merchants Trust Company of Chambersburg.

  • April 12, 2018

    Va. Man Duped Investors Out Of $1.2M, CFTC Says

    The Commodity Futures Trading Commission accused a Virginia man Wednesday of ripping off dozens of family members, friends and other investors to the tune of $1.2 million by touting the supposed profitability of his investment company, hiding its futures trading losses and using their money to cover his bills and make Ponzi-style payments.

  • April 12, 2018

    SIBOR-Rigging Suit Axed At Hearing, But Plaintiffs Get Redo

    A Manhattan federal judge dismissed the latest version of a suit against dozens of banks over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate on Thursday, telling the plaintiffs to try again but to include specific details and clearly explain why they can sue.

  • April 12, 2018

    Ex-Alaska Telecom Boss Accused Of $250M Investment Fraud

    Manhattan federal prosecutors on Thursday accused the former CEO of Quintillion Networks of using forged contracts to con investors into sinking $250 million into the telecommunications company’s fiber-optic cable network in Alaska.

  • April 12, 2018

    CFTC Says NY Co., Execs Committed Commodity Pool Fraud

    The U.S. Commodity Futures Trading Commission slapped two traders and their investment firm with a suit Wednesday in New York federal court claiming they took in $300,000 in pooled futures trading investments and pulled the bulk of it out for personal and business expenses.

  • April 12, 2018

    NY Traders Charged With $1.1M Forex Fraud Scheme

    A federal grand jury accused two New Yorkers in an indictment unsealed Thursday of conning investors out of hundreds of thousands of dollars in foreign exchange trading schemes that drew the U.S. Commodity Futures Trading Commission’s ire in 2015, federal prosecutors said.

  • April 12, 2018

    Visium Took Medicare Tips With 'Grain Of Salt,' Jury Hears

    Former Visium Asset Management trader Christopher Plaford took health spending policy tips from expert consultant David Blaszczak with “a grain of salt,” getting information from others alongside the man charged with feeding secret Medicare and Medicaid information to Wall Street, a Manhattan jury heard Thursday.

  • April 12, 2018

    Home Depot Faces $140M Suit Over 401(k) Mismanagement

    Home Depot employees hit the retailer with a $140 million proposed class action in Georgia federal court Thursday alleging the company’s 401(k) plan mismanagement was so severe they would have to work 18 years past the retirement age to recoup all the money lost to fees and bad investments.

  • April 12, 2018

    Securities Settlements In 2018 Exceed Value For All Of 2017

    The total value of securities class action settlements for 2018 has already far surpassed the total for all of 2017, according to recently released data, with legal experts saying the drop-off a year ago was mostly cyclical but also likely due to a dearth in high-profile fraud cases and a rising stock market.

  • April 12, 2018

    Adviser Who Ran $5M Fraud To Turn Over Assets, Profits

    A Chicago investment adviser due to be sentenced for stealing more than $5 million from his clients has agreed to turn over profits and assets stashed in Israel as part of a settlement reached with the U.S. Securities and Exchange Commission, according to a court filing.

  • April 11, 2018

    7th Circ. Backs Northern Trust's Pension Plan Change

    The Seventh Circuit on Wednesday affirmed an Illinois federal court’s decision to toss a suit accusing the financial advisory firm Northern Trust of flouting the Employee Retirement Income Security Act's anti-cutback rule and the Age Discrimination in Employment Act by modifying its pension formula to illegally reduce older employees’ accrued benefits.

Expert Analysis

  • Opinion

    Companies Should Avoid The BigLaw Bonus Structure

    Michael Moradzadeh

    Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.

  • Chief Innovation Officer — The New Star On Legal Teams

    Mark Williamson

    Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

  • Regulation Of Thrift-Holding Insurers May Shift To States

    Daniel Rabinowitz

    Insurers should watch the proposed State Insurance Regulation Preservation Act closely as they navigate shifting regulatory waters. This bill would essentially cede major aspects of group regulation to state regulators and the National Association of Insurance Commissioners, says Daniel Rabinowitz of Kramer Levin Naftalis & Frankel LLP.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

  • SEC, CFTC Display United Front On Cryptocurrency

    Laura Anthony

    In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.

  • Changes To Rule 23 Are Coming, Are You Prepared?

    Niki Mendoza

    Proposed amendments to the Federal Rules of Civil Procedure Rule 23, which governs class actions, are set to take effect on Dec. 1, 2018, pending approval. The amendments would significantly alter class action litigation procedure from notice to settlement, says Niki Mendoza of Garden City Group LLC.

  • An Update On Spoofing And Its Challenges

    Ilan Guedj

    Regulators have recently increased their efforts in cracking down on spoofing, yielding an increasing number of criminal indictments and civil settlements. However, an important challenge in identifying spoofing is separating legitimate calculations from those that were intended to manipulate the market, say Ilan Guedj and An Wang of Bates White LLC.

  • Lawyering A La Carte: Unbundled Dispute Resolution Services

    David Wallace

    There's no reason for limiting unbundled legal services to family law or even pro se litigants. Wider adoption, especially by litigators, presents an opportunity to correct law's distribution and pricing problem, to make justice practically available to all, and to dethrone litigation as the "sport of kings," says New York-based trial lawyer David Wallace.

  • You’re Perfect, Now Change: Perfectionism Hurts Lawyers

    Peter Norman

    Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.

  • 3 Critical Events For Cryptocurrency Exchanges: Part 1

    John Reed Stark

    Cryptocurrency exchanges must be prepared for a relentless U.S. regulatory onslaught. That seems to be the clear warning embodied in the confluence of three events last week involving three agencies that are no longer content with generating regulatory headwinds, say John Reed Stark, president of John Reed Stark Consulting LLC, and David Fontaine, CEO of Kroll Inc.