Caught in a whirlwind of firm dissolutions and layoffs, thousands of associates were thrust into one of the worst job markets in history a decade ago. While some have rebounded, others are still feeling the lingering effects of the financial crisis on their careers.
Ameriprise Financial Services Inc. must pay a former employee $675,000 for wrongful termination under an arbitration that found "no credible proof" she directed an assistant to make unauthorized trades, a Massachusetts federal judge ruled Tuesday in upholding the award for termination without cause.
A New York-based investment firm agreed to a nearly $1 million settlement Tuesday with the U.S. Securities and Exchange Commission that the agency will use to reimburse retail investors for their losses on a complex leveraged note the SEC says the firm recommended to them without reasonable basis.
The Blackstone Group is reportedly buying a Queens apartment complex for nearly $500 million, real estate investor Ronald Haft is said to have paid $3,700 per square foot for a Miami Beach penthouse, and BMO Harris Bank is reportedly in talks to pre-lease as much as 500,000 square feet at a proposed Chicago tower.
An unsecured noteholders group in the Nine West Holdings Chapter 11 case told a New York bankruptcy court Monday that it has been told the company has offered to settle any estate claims against Sycamore Partners and KKR Capital Management for $470 million.
A class of New York University workers have appealed to the Second Circuit their recent loss in an Employee Retirement Income Security Act case, seeking another shot in the suit claiming the school's two employee retirement plans were mismanaged to the tune of $358 million in losses.
An expected proposal by the U.S. Securities and Exchange Commission that would expand who can participate in private securities offerings could modernize decades-old standards that bar many investors from access to high-growth companies, experts say, but not without inviting new risks.
The brother of the California attorney convicted in a pair of pump and dump schemes the government says cost investors $1.5 million was sentenced in Massachusetts federal court Tuesday to nine months in prison, despite a plea to avoid jail time due to serious health issues.
Arnold & Porter represented LoanCore Capital Credit REIT LLC in connection with its $182 million loan to Katsky Korins LLP-counseled APF Properties LLC for the real estate company's recent purchase of an office tower on Madison Avenue in Manhattan, according to records made public in New York on Tuesday.
The Financial Industry Regulatory Authority filed its first disciplinary action involving cryptocurrencies on Tuesday with a claim that a former Massachusetts broker skirted registration requirements and committed fraud to sell an unregistered security called HempCoin.
In a first for the agency, the U.S. Securities and Exchange Commission said Tuesday a hedge fund manager that invested in cryptocurrencies violated laws by not registering with the commission.
The Carlyle Group on Tuesday said it has closed a $5.5 billion U.S. real estate fund exceeding the asset manager's target for the fund by $500 million, and Carlyle looked to Simpson Thacher & Bartlett LLP for counsel.
A Maryland federal judge on Monday denied a bid to dismiss an indictment accusing the CEO of an Israeli sales and marketing company of participating in a conspiracy to defraud U.S.-based investors in “binary options,” saying the government adequately stated its claims and is not improperly prosecuting extraterritorial conduct.
A private equity firm hit Tribune Media with a putative class action in Illinois federal court Monday, claiming its top brass cost investors $564 million by failing to disclose that Sinclair Broadcasting had refused federal regulators’ request to divest certain television stations, causing a $3.9 billion merger to fall through.
Attorneys for a class of real estate investors who recently agreed to a $100 million settlement with property management giant CBRE over a multimillion-dollar embezzlement asked Monday for a one-third cut of the settlement as attorneys’ fees, arguing that the case was complex and risky and produced a great result for the class members.
The legal industry has shown some caution in rebuilding its pool of associates after the dramatic layoffs of thousands during the last recession. But have firms done enough to survive the next?
A group of Columbia University workers asked a New York federal judge to certify a class of about 24,000 participants in two university employee retirement plans, saying the workers should be allowed to collectively pursue claims that the school failed to properly oversee the management of their retirement savings.
Britain’s Network Rail on Monday said it will deal the majority of its commercial real estate portfolio to a Blackstone Group LP affiliate and property manager and investor Telereal Trillium for £1.46 billion ($1.9 billion), with Clifford Chance LLP and Eversheds Sutherland guiding the seller, and Kirkland & Ellis LLP and Gowling WLG steering the buyers.
A Starwood Capital fund has reportedly paid $29.25 million for a Miami hotel, Ankura Consulting Group is said to be taking another nearly 30,000 square feet at a New York property owned by REIT SL Green and DR Horton has reportedly picked up a development site in Florida for just north of $3 million.
A proposed class of participants in defined benefit pension plans sponsored by OSF HealthCare System has shot back at the Catholic Church-affiliated health care corporation’s bid for a quick win on claims in the suit accusing it of dodging pension obligations under the Employee Retirement Income Security Act.
One of us was a clerk when Justice Ruth Bader Ginsburg read her Ledbetter dissent from the bench, inviting Congress to act, and the other clerked a few years later, when RBG's prominently displayed copy of the Lilly Ledbetter Fair Pay Act served as a daily reminder that dissents are not just for show, say Arun Subramanian and Mark Musico of Susman Godfrey LLP.
As clerks for Justice Ruth Bader Ginsburg, we learned early on that, when preparing a memorandum or draft opinion, it was essential to present any opposing argument in its strongest possible light. There is a lesson here for today's public debates, says Trevor Morrison, dean of NYU Law School.
Last week, a number of amendments to the Delaware Limited Liability Company Act and the Delaware General Corporation Law became effective. Allison Land and Anne Connolly of Skadden Arps Slate Meagher & Flom LLP discuss the five major changes impacting companies.
U.S. District Judge Manish Shah of the Northern District of Illinois recently said he will consider lead firms’ willingness to put young and diverse attorneys in positions to take substantive roles in the multidistrict litigation he is overseeing. This is an improper use of judicial power, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.
The confirmation of Judge Brett Kavanaugh to the U.S. Supreme Court will likely result in further solidification of the current administration's limited regulatory approach and represent a more pronounced shift toward supporting the decisions of financial institutions in conducting business, say attorneys with Eversheds Sutherland.
I clerked for Justice Ruth Bader Ginsburg before the days of RBG bobbleheads and “You Can’t Spell Truth Without Ruth” T-shirts. I had no idea I would become a judge, and I feel lucky every day that I had the chance to learn from her, says California Supreme Court Justice Goodwin Liu.
New state unincorporated business tax laws may reduce the U.S. federal income tax liability of owners of certain pass-through businesses by taxing these businesses directly rather than — or in conjunction with — taxing their owners, says Brett Cotler of Seward & Kissel LLP.
Recent litigation surrounding Marvel Comics icon Stan Lee has drawn attention to the issue of financial elder abuse. Geoffrey Gold of Ervin Cohen & Jessup LLP offers practice pointers on using the provisions of the California Elder Abuse Act to protect senior clients who may have been victims of financial fraud.
The U.S. Securities and Exchange Commission has proposed a rule that would allow exchange-traded funds to operate without obtaining an exemptive order from the commission. While this is a welcome development, further guidance may be necessary to truly level the competitive playing field, say attorneys with K&L Gates LLP.
A lot has changed since I clerked for Justice Ruth Bader Ginsburg 20 years ago. At that time, I had hair and no wife. I also thought I knew everything — but working for the justice made me realize very quickly that I actually knew very little, says Ninth Circuit Judge John Owens.