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Asset Management

  • July 9, 2018

    SEC Seeks Quick Wins In $5M 'Prime Bank' Case

    The U.S. Securities and Exchange Commission on Friday asked a Maryland federal judge to grant quick wins on its claims against two companies and three individuals implicated in a $5 million "prime bank" scam, saying one of the company's principals has already copped to a criminal charge related to the scheme.

  • July 6, 2018

    Ex-SocGen Exec Says Libor Charges Stem From Gender Bias

    A former Société Générale SA executive urged a New York federal judge to toss criminal charges relating to a Libor manipulation scheme, arguing she and a fellow female executive were targeted for prosecution because of their gender, while their male higher-ups skated.

  • July 6, 2018

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

    The last week has seen dozens of energy companies and insurers sue Danish shipper Torm, a British private equity firm and a Goldman Sachs unit lodge a dispute with a handful of Portuguese companies and nearly two dozen British rail operators take on Visa and MasterCard just hours after an appellate ruling dealt the credit card giants a setback in their battle with retailers. Here, Law360 looks at those and other new claims in the U.K.

  • July 6, 2018

    Blockchain Atty Departs MoFo To Launch Crypto Boutique

    Joshua Ashley Klayman, a founder and former head of Morrison & Foerster LLP’s blockchain and smart contracts group, has spun off her own boutique law firm called Klayman LLC, a New York-based outfit that she says will target the digital token sale and blockchain industry as it continues to morph.

  • July 6, 2018

    What You Need To Know For The Supreme Court Nomination

    President Donald Trump is expected Monday night to name his choice to replace Justice Anthony Kennedy. The nomination will give the president his second chance to name a justice to the high court in less than two years, setting up a high-stakes political battle likely to consume the legal world and the nation in the months to come.

  • July 6, 2018

    Convicted State Street Exec Warned Against Tweeting Jurors

    A former State Street Corp. executive was called out Friday for his looming presence on a social media account of one of the jurors who recently convicted him of hiding fees in multibillion-dollar securities transactions, with a Massachusetts federal judge issuing a verbal warning against any further interaction with the panel.

  • July 6, 2018

    Colgate Dodges Discovery Sanctions In Benefits Dispute

    A New York federal judge said Friday that there wasn’t evidence that Colgate-Palmolive Co. flouted two discovery orders in a suit from a class of its former employees accusing the company of miscalculating their retirement benefits, denying the workers’ request for sanctions.

  • July 6, 2018

    Providence Financial To Pay SEC $49.5M To End Fraud Claims

    A bankrupt Florida-based investment firm has agreed to pay more than $49.5 million to end a U.S. Securities and Exchange Commission suit in Minnesota federal court alleging it raised more than $64 million from 400 investors with a fraudulent securities offering, according to a consent order entered Friday.

  • July 6, 2018

    Texas Bank Countersues Consultants For $10.5M Stock Buy

    A Texas bank facing allegations of flubbing a $10.5 million stock purchase for a consulting firm's benefit plan hit the firm with a countersuit Thursday, telling a Texas federal judge the firm and several associated individuals and entities should help the bank pay any monetary judgment that is assessed.

  • July 6, 2018

    Ex-NFLer's Mismanaged Assets Claims Return To State Court

    A Texas federal judge Thursday returned former NFL offensive lineman Leonard Davis’ claims that his financial advisers and attorneys from such firms as Jackson Walker LLP and K&L Gates LLP disastrously mismanaged his assets to state court two months after taking up the case.

  • July 6, 2018

    Texas Radio Host Gets 12 Years For Investment Ponzi Scheme

    A Texas state court has sentenced a financial adviser and former radio host to 12 years in prison for his role in a Ponzi scheme in which he stole $6 million from investors by tricking them into investing in an internet advertising company, the Texas State Securities Board announced Friday.

  • July 6, 2018

    Franklin Templeton 401(k) Fight Won't Pause For 9th Circ.

    A California federal judge has refused to pause a suit accusing Franklin Templeton of mismanaging its workers’ retirement savings pending the outcome of an appeal at the Ninth Circuit, saying she didn’t rely on the case before the appellate court when granting class certification to the workers.

  • July 6, 2018

    Regulators Want CCPs To Oversee Commodity Storage

    Derivatives prices will be pushed down if data about storage of the commodity that underlies them is not transparent, a group of global securities regulators has warned, as they proposed that central counterparties should ensure that reserves are robust.

  • July 5, 2018

    Point72 Wins Bid To Arbitrate Female Exec's Sexism Claims

    A female executive's explosive claims of pervasive sexism at Steven A. Cohen’s Point72 Asset Management LP hedge fund are headed to arbitration, after a New York federal judge ruled Thursday that the woman's employment agreement with the billionaire investor’s company “clearly” delegates arbitrability issues to an arbitrator.

  • July 5, 2018

    Global Brokerage Must Produce Docs, Shareholder Says

    The plaintiff in a Delaware derivatives action against the directors of bankrupt Global Brokerage Inc. over losses incurred by foreign exchange broker FXCM Inc. asked a New York bankruptcy judge to force the company and directors to turn over documents in the case.

  • July 5, 2018

    Trimble Illegally Withholding $5.8M In Escrow, Suit Claims

    The founder of Manhattan Software filed suit in Delaware federal court on Thursday alleging software developer Trimble Inc. is violating their share purchase agreement by illegally obstructing the release of $5.8 million in an escrow account based on illegitimate indemnification claims tied to an unrelated settlement.

  • July 5, 2018

    NY Atty Indicted For Pilfering $9M From Family Trusts

    A New York grand jury has indicted an attorney on charges that he conspired with a former state court judge to divert into personal accounts more than $9 million in property and funds from trusts they were meant to manage.

  • July 5, 2018

    Real Estate Rumors: RREEF, Dalton Properties, LinkedIn

    Deutsche Bank asset management division RREEF has reportedly bought a Florida apartment complex for $149 million, Dalton Properties is said to have sold a Florida multifamily complex for $12.8 million and LinkedIn has reportedly taken 30,165 additional square feet at the Empire State Building in New York.

  • July 5, 2018

    Puerto Rico Gov. Challenges Fed Board's Legal Authority

    Puerto Rico Gov. Ricardo Rosselló filed suit Thursday in the island's bankruptcy-like cases to challenge a federal board's authority to impose budget cuts and austerity measures in long-term fiscal plans for the commonwealth, saying it does not have the power to make local policy decisions.

  • July 5, 2018

    Greenberg Traurig Snags Secor Counsel For NY Office

    Greenberg Traurig LLP announced the continued expansion of its corporate practice and financial regulatory and compliance group on Monday, adding a new shareholder to the firm’s New York City office from his post as counsel to Secor Asset Management.

Expert Analysis

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 1

    Alan Friedman

    The U.S. Securities and Exchange Commission uses the fair fund process in a wide range of instances, with some cases involving the distribution of hundreds of millions of dollars to eligible investors. However, it is clear that completing the process can be arduous, as most of the fair funds created after 2009 are still open, says Alan Friedman of Charles River Associates.

  • China Agritech May Have Limited Practical Effect

    Noelle Reed

    While the U.S. Supreme Court's decision in China Agritech v. Resh is clearly a win for class action defendants, one might fairly question how broad an application the decision itself may have. Its real significance likely lies in what it conveys when viewed together with the court’s other recent decisions restricting both equitable tolling and class actions, say Noelle Reed and Austin Winniford of Skadden Arps Slate Meagher & Flom LLP.

  • An Unprecedented Look Inside The FARA Unit

    Brian Fleming

    For close observers of the Foreign Agents Registration Act, the June 8 release by the U.S. Department of Justice of over 50 FARA advisory opinions was a watershed. These opinions offer an unprecedented glimpse into how the FARA Registration Unit interprets the law, say Brian Fleming and Andrew Herman of Miller & Chevalier Chtd.

  • Amended Fiduciary Rule: Done, Done, On To The Next One

    Andrew Oringer

    The deadline for appealing the Fifth Circuit's decision on the amended fiduciary rule to the U.S. Supreme Court expired on June 13, and — pending the Fifth Circuit's mandate ordering the U.S. Department of Labor to officially strike it down — the rule is no more. So, what now? Will the clock be turned back to an earlier time? Maybe not completely, say Andrew Oringer and Aryeh Zuber of Dechert LLP.

  • Pre-Mediation Caucuses May Improve Mediation Efficiency

    Thomas Elkind

    The more procedural tools a mediator can offer, the higher the likelihood that a mediation will be successful. Mediators should be prepared to employ pre-mediation initial caucuses in appropriate cases, says JAMS mediator and arbitrator Thomas Elkind.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 2

    John Reed Stark

    The legal industry has already begun to feel the impact of anti-bribery and anti-money laundering requirements. When involved with cryptocurrency trading and remittance, law firms face more than the risk of being perceived as organizations that support money laundering practices, says John Reed Stark of John Reed Stark Consulting LLC.

  • How Turkey's Expansive New Tax Amnesty Law Works

    Hakan Eraslan

    Hakan Eraslan of White & Case LLP discusses a detailed new amnesty law recently enacted in Turkey, which offers taxpayers a broad amnesty for most types of unpaid taxes.

  • Why Lawyers Shouldn't Accept Fees In Cryptocurrency: Part 1

    John Reed Stark

    Law firms are increasingly accepting cryptocurrency as payment for services. While this might seem innovative and forward-thinking, ironically it is much more of a throwback, says John Reed Stark of John Reed Stark Consulting LLC.

  • Questions To Answer Before Investing In An Opportunity Fund

    Marc Schultz

    The opportunity zone program is an exciting new tax incentive offering substantial benefits for its participants. However, many questions about the program remain outstanding, most of which need to be resolved in order for opportunity funds to succeed as expected, says Marc Schultz of Snell & Wilmer LLP.