Asset Management

  • August 8, 2017

    DC Circ. Wants More SEC Scrutiny Of Clearinghouse Plan

    The D.C. Circuit on Tuesday ordered the U.S. Securities and Exchange Commission to take another look at a capital plan filed by Options Clearing Corp. that challengers said would hand the clearinghouse’s owners a windfall of millions of dollars, saying the agency failed to performed its own analysis of the plan.

  • August 8, 2017

    IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal

    The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo’s suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.

  • August 7, 2017

    Funds Look For Rulemaking Reprieve As SEC Director Departs

    Investment advisers, mutual funds, private equity funds and other regulated entities are hoping the departure of the director of the U.S. Securities and Exchange Commission's Division of Investment Management will mean less rulemaking and more guidance, easing up on their disclosure and compliance burdens, experts said.

  • August 7, 2017

    Shkreli's Brazen Defiance May Lead To Harsher Sentence

    Public statements from former Turing Pharmaceuticals and Retrophin CEO Martin Shkreli deriding the prosecution’s securities fraud case against him may come back to bite him at sentencing, legal experts said Monday.

  • August 7, 2017

    Investor Seeks OK Of $19M Award Against Golf Club Co.

    A Korean investment fund asked a California federal court Monday to sign off on an approximately $18.8 million arbitral award it won against a golf club shaft manufacturer it had invested in, an award that was issued following a dispute that arose out of unpaid taxes.

  • August 7, 2017

    SEC Gets Another Sanction Against NY Investment Adviser

    A U.S. Securities and Exchange Commission administrative law judge slapped an additional sanction Friday on a New York investment adviser accused of misrepresenting in promotional materials how much money he managed and conducting cross-trades between his clients without their consent.

  • August 7, 2017

    Chapman Adds 10 Finance Attorneys From Ashurst

    Chapman and Cutler LLP has added 10 attorneys, including seven partners, to its finance practice from Ashurst LLP, the firm announced Monday.

  • August 7, 2017

    Hedge Fund Makes Bid To Toss Puerto Rico Bankruptcy Case

    Hedge fund Aurelius Capital Management, a significant stakeholder in Puerto Rico's historic insolvency proceedings, asked the court overseeing the territory's restructuring on Monday to dismiss the ongoing bankruptcy-like case because, it alleges, the members of the federal board representing the commonwealth were unconstitutionally appointed.

  • August 7, 2017

    Davis Polk Steers Colombia Banking Giant's $600M Bond Offer

    Davis Polk & Wardwell LLP said Thursday it guided Banco de Bogotá S.A., Colombia's oldest and second-largest financial institution, on a $600 million global bond offering that was more than seven times oversubscribed, while Simpson Thacher & Bartlett LLP advised initial purchasers.

  • August 7, 2017

    CFTC Fines Japanese Bank Over Spoofing

    A Japanese bank that found one of its traders used phony trade orders to manipulate prices for eurodollar and U.S. Treasury notes and came clean with the U.S. Commodity Futures Trading Commission about the misconduct will pay a $600,000 penalty, the regulator said Monday.

  • August 7, 2017

    Real Estate Rumors: Thor, Goldman, Los Angeles Mansion

    Thor Equities and Aew Capital Management are reportedly paying $235 million for a London office property, Goldman Sachs is said to have loaned $78 million for a Texas retail property, and the Los Angeles home of Jerrold Perenchio, the late Univision chairman, is slated to list for $350 million and will be the priciest U.S. residential listing.

  • August 7, 2017

    Acorda Therapeutics Slams Investor's Calls To Explore Sale

    New York-based Acorda Therapeutics on Monday fired back against a hedge fund’s calls for the biopharmaceutical company to sell itself, contending that more value can be derived from focusing on its late-stage Parkinson’s disease therapies and appealing a patent ruling concerning a multiple sclerosis drug.

  • August 7, 2017

    Deals Rumor Mill: Eden Creamery, E-Shang, United Tech

    Eden Creamery is exploring a sale that could value the ice cream maker at up to $2 billion, e-Shang Redwood is nearing a deal to buy Sabana REIT, and United Technologies is interested in buying Rockwell Collins.

  • August 7, 2017

    British Virgin Islands Co. Wants OK Of $2.2M Arbitral Award

    A British Virgin Islands-based investment company asked a New York federal judge on Monday to confirm a $2.2 million International Centre for Dispute Resolution arbitration award won against an investor that allegedly failed to return stock it was holding as collateral for a loan.

  • August 7, 2017

    First-Ever Spoofing Conviction Upheld By 7th Circ.

    The Seventh Circuit on Monday upheld the first-ever conviction for a market manipulation tactic known as "spoofing," ruling against a New Jersey futures trader and becoming the first federal appellate court to provide guidance on the crime.

  • August 7, 2017

    Judge Urged To Stay Aetna ACA Withdrawal Suit For Inquiry

    A Pennsylvania state judge was urged on Friday to pause a derivative lawsuit against Aetna Inc. as a special committee investigates allegations that the company withdrew from Affordable Care Act insurance exchanges to make good on threats aimed at coercing government approval of its now-defunct merger with Humana Inc.

  • August 7, 2017

    SEC Says Adviser Falsely Claimed $584M In Assets

    The U.S. Securities and Exchange Commission on Friday filed an administrative proceeding against investment adviser Black Diamond Asset Management LLC and its managing member, saying the firm registered with the SEC claiming $584 million in assets under management when in fact it had no assets and no clients.

  • August 7, 2017

    Class Cert. Denied In Prudential ERISA Suit

    A Connecticut federal judge on Friday declined to certify a class in a suit alleging Prudential Retirement Insurance and Annuity Co. paid out too-low rates of return to investors in certain minimum-rate funds, saying the plans implicated are too different for the case to continue as a class action.

  • August 4, 2017

    Deutsche Pays Its Defense From Disputed Trusts, Suit Says

    An investor in 10 residential mortgage-backed securities trusts overseen by Deutsche Bank as trustee has slapped the bank with a proposed class action accusing it of improperly using funds from those trusts to pay for its defense in another suit brought in the same court by the same investor over the same trusts.

  • August 4, 2017

    DLA Piper Hires Finance Partner In Atlanta

    DLA Piper has bolstered its finance practice in Atlanta with the addition of a partner from Alston & Bird LLP who specializes in transactions involving financial institutions, corporate borrowers and private equity funds.

Expert Analysis

  • Investor Recovery Strategies Following ANZ Securities

    Serena Hallowell

    After the U.S. Supreme Court's decision in ANZ Securities, the rise in parallel individual suits is poised to go national. Securities defendants may come to regret the opinion, though it may feel like a victory today, say attorneys with Labaton Sucharow LLP.

  • Weekly Column

    Innovating For Wise Juries: Interim Arguments

    Roy Futterman

    By allowing attorneys to summarize what has just occurred in testimony and how it fits into the wider case narrative, courts can substantially improve juror comprehension through every step of a trial. Yet interim arguments are not practiced regularly, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Unstructured Data Is Just The Tip Of The Iceberg

    David Turner

    Recent amendments to the Rules of Civil Procedure mean issues like spoliation, sanctions and adverse impacts are focus areas for many attorneys, providers and clients. David Turner of FTI Consulting Inc. discusses the technological best practices regarding preservation and proportionality, as well as the challenges associated with clients' structured data.

  • Petrobras Strikes Heavy Blow Against Use Of Event Studies

    J.B. Heaton

    In Petrobras, the Second Circuit rejected the practice of using statistically unreliable event studies to establish — without consideration of other evidence — that alleged securities fraud had no impact on the stock price of the accused fraudster, says J.B. Heaton of Bartlit Beck Herman Palenchar & Scott LLP.

  • 5 Questions To Ask Firm Before Accepting A Litigation AFA

    Gregory Lantier

    Outside counsel experienced with alternative fee arrangements will have many war stories regarding successful — and less successful — fee arrangements. Asking outside counsel to share these experiences can provide useful insight into the strength of a proposed AFA, say attorneys with WilmerHale.

  • Takeaways From 2nd Circ.'s Petrobras Ruling

    Brad Karp

    The Second Circuit’s decision last week in Petrobras has significant implications for litigation concerning securities that are traded in the over-the-counter market. Litigation involving debt securities is particularly likely to be affected, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Opinion

    Why You Should Argue Your Appeal

    Stewart Milch

    Conventional wisdom says that oral argument is a mere formality; that in courts where judges read briefs in advance, their minds are made up and will rarely — if ever — change. But conventional wisdom notwithstanding, oral argument can be critical, says Stewart Milch of Goldberg Segalla LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.

  • Assessing The EU's Revised Shareholder Rights Directive

    Bram Hendriks

    The European Union's revised Shareholder Rights Directive incorporates a set of corporate governance and stewardship best practices that have developed since the initial version's publication in 2007. From a shareholder perspective, the directive seems to provide an adequate balance between additional rights and responsibilities, says Bram Hendriks of Kessler Topaz Meltzer Check LLP.

  • High Court Takes Up Forum Shopping In Securities Cases

    Jordan Eth

    Recent years have seen significant growth in the number of securities class actions filed in California state courts based on conflicting readings of the Securities Litigation Uniform Standards Act. The U.S. Supreme Court's decision in Cyan v. Beaver County Employees may put an end to this duplicative litigation, say attorneys with Morrison & Foerster LLP.