Asset Management

  • March 14, 2017

    Too Late For PwC To Object To 'New' Theory, MF Global Says

    PricewaterhouseCoopers is looking for a do-over of trial's first week while attempting to prevent MF Global from arguing true, admissible and already admitted facts in its $2 billion malpractice suit against the auditing giant, the bankrupt investment firm told a New York federal court Tuesday.

  • March 13, 2017

    PwC Wants New Theory Out Of $2B Malpractice Battle

    A New York federal judge on Monday gave MF Global 24 hours to respond to a motion by PricewaterhouseCoopers that accuses the bankrupt investment firm of “trial by ambush” and demands that MF Global be barred from using a new theory of causation in the $2 billion professional malpractice suit against the accounting titan.

  • March 13, 2017

    Indicted State Street Execs Point To Bank's Forex Woes

    Two former State Street Global Markets LLC executives indicted for allegedly charging hidden markups on securities transactions on Monday asked a magistrate judge in Boston to make the government hand over documents in its recently settled investigation of foreign exchange trades.

  • March 13, 2017

    Accountant Gets 5 Years For $1.5M Ponzi Scheme

    A Connecticut man who prosecutors say operated a $1.5 million Ponzi scheme has been sentenced to more than five years in prison after he pled guilty last year to charges of mail fraud and money laundering.

  • March 13, 2017

    2nd Circ. Says Carrington Breached Recession-Era Contract

    The Second Circuit on Monday issued a mixed-bag ruling in the suit over hedge fund Carrington Investment Partners LP’s refusal to let an investor withdraw his money from the fund during the 2007 recession, finding the move constituted a breach of contract but that the district court had erred when awarding damages.

  • March 13, 2017

    Starr Must Cover Costs Of Govt. Probes, Reinsurer Says

    Starr Indemnity & Liability Co. has wrongly denied coverage to Beechwood Re for costs the reinsurer faces in responding to investigations by federal regulators, and defending itself in a lawsuit over alleged links to collapsed hedge fund manager Platinum Partners LP, the reinsurer said on Friday in New York. 

  • March 13, 2017

    CVB's $6.2M Deal Ending Investor Class Action Gets OK'd

    A California federal judge on Monday granted final approval to CVB Financial Corp.'s agreement to pay $6.2 million to end a class action accusing it of issuing false statements about its exposure to under-performing loans, saying everything in the deal “appears to be in order.”

  • March 13, 2017

    Real Estate Rumors: Anbang, 1WorldSync, Sugar Hill Capital

    Anbang Insurance is reportedly investing more than $400 million in a Kushner New York tower, tech firm 1WorldSync is said to be leasing 22,247 square feet in Chicago, and a Sugar Hill Capital venture is reportedly buying a four-building New York rental portfolio for $60 million.

  • March 13, 2017

    Bond Insurers Chide JPMorgan At Kickoff Of RMBS Trial

    The JPMorgan Chase & Co. portfolio manager for a pair of complex investment vehicles faced tough questions Monday over why he and his team kept investors in residential mortgage-backed securities during the financial crisis to ultimately lose more than $1.4 billion.

  • March 13, 2017

    Wal-Mart Investors Seek Sanctions In Mexico Bribe Case

    A group of investors in Wal-Mart Stores Inc. that says the company lied to shareholders about bribery at its Mexican unit asked an Arkansas federal judge on Friday to slap the company with sanctions for refusing to provide investigatory documents it was ordered to turn over.

  • March 13, 2017

    Clifford Chance Guides Ivanhoe's $565M Madrid Mall Sale

    Intu Properties PLC has purchased the majority of a Madrid mall as well as an associated management company and the operating company for an indoor ski slope at the mall from entities affiliated with Clifford Chance-counseled Ivanhoe Cambridge Inc. for €530 million ($564.6 million), according to an announcement from the U.K. real estate investment trust on Friday.

  • March 13, 2017

    PE-Backed Issuers Prime Secondary Deals Totaling $208M

    Financial advisory firm Financial Engines closed a $182.2 million secondary offering Friday, the same day business and consumer telecommunications outfit Ooma unveiled a $25.3 million offer, as their venture capital and private equity owners pare down stakes in the companies.

  • March 13, 2017

    Northrop Execs' DQ Bid In ERISA Case Called 'Hail Mary'

    Lawyers for the Northrop Grumman Corp. employees suing executives for ERISA violations in California federal court on Friday skewered the opposing side’s bid to decertify the class or disqualify counsel in a related action as “a Hail Mary attempt to avoid trial.”

  • March 13, 2017

    Legal Tech Download: Dentons' RegTech, LawGeex Funders

    The world of legal technology is quickly evolving, with new products aimed at aiding lawyers coming to market in rapid succession. Here, Law360 takes a look at seven major recent developments in legal tech.

  • March 13, 2017

    Ex-Jefferies Trader Can't Ditch Sole Guilty Count, Feds Say

    Prosecutors pushed a Connecticut federal court on Friday to uphold the one-count securities fraud conviction of a former Jefferies trader, saying a portfolio manager’s misunderstanding of the trader's legal relationship with him doesn’t defeat the jury’s verdict.

  • March 13, 2017

    Schwab Says Securities Routing Suit Lacks Fraud, Injury

    Charles Schwab Corp. and its broker-dealer unit asked a California federal judge on Friday to dismiss a proposed class action over its practice of routing certain securities orders to UBS Securities LLC, saying the customers pressing the action paper over a lack of specific allegations with “inference, general industry commentary and anecdotes.”

  • March 13, 2017

    Biz Groups Seek Emergency Stay On DOL Fiduciary Rule

    Groups including the U.S. Chamber of Commerce have filed emergency motions in Texas federal court to block the Department of Labor’s fiduciary rule a month before it’s set to take effect, arguing that an injunction would prevent upheaval in the financial services industry and aid a Trump administration review.

  • March 10, 2017

    Big Banks Dodge Investors' Rate-Rigging Claims

    An investor suit accusing around 20 big banks and financial institutions of rigging interbank loan rates was tossed for lack of standing Friday by a New York federal judge who also trimmed claims and defendants in a related action.

  • March 10, 2017

    Corzine Takes A Few Hits In $2B PwC Malpractice Scrap

    Jon S. Corzine, the former CEO of the now-defunct MF Global, was at the receiving end of a couple of sharp jabs just before the bell on Friday as he testified in a New York federal court in a $2 billion malpractice suit against PricewaterhouseCoopers, admitting none of the reasons Moody’s downgraded MF Global’s rating was the auditors’ fault.

  • March 10, 2017

    Judge Denies Mid-Case Appeal In $1.5B GM Ch. 11 Dispute

    A Manhattan federal judge has denied a motion to take a $1.5 billion fight between GM and 500 of its pre-Chapter 11 lenders out of bankruptcy court on an interlocutory basis.

Expert Analysis

  • Missing Pension Plan Participants: Gone But Not Forgotten

    Benjamin F. Spater

    There are many practical challenges associated with the timely payment of benefits to participants, especially when individuals are unresponsive and presumed missing. Last year, both the U.S. Department of Labor and the IRS showed an increased interest in this area and the Pension Benefit Guaranty Corporation recently proposed regulations expanding its missing participants program, say Benjamin Spater and Susan Quintanar of Trucker Huss APC.

  • The Short-Swing Profit Rule And Its Impact

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    In this short video, Eleazer Klein and Michael Swartz of Schulte Roth & Zabel LLP address how short-swing profit litigation is affecting hedge funds and talk about recent cases brought against fund managers.

  • FINRA Is Ready To Focus On 'Blocking And Tackling'


    The preliminary data for 2016 indicates that last year was a record-setting year for Financial Industry Regulatory Authority fines. To try to prevent 2017 from setting similar records, firms may want to adjust their defensive line, say attorneys with Eversheds Sutherland (US) LLP.

  • Hart-Scott-Rodino Considerations For 2017

    Alycia Ziarno

    Fiscal year 2016 ended with a record $12.85 million in civil penalties imposed for alleged violations of the Hart-Scott-Rodino Act, dwarfing the $3.8 million assessed the previous year. And companies and investors face the possibility of higher maximum civil penalties if they violate the HSR Act in FY 2017, say Alycia Ziarno and Brian Whittaker of Nixon Peabody LLP.

  • Can Federal Agencies Reverse Course Under Trump?

    Steven D. Gordon

    The next four years will see litigation that explores the extent to which the Trump administration can alter or reverse the regulatory policies of the Obama administration without having to enact new legislation. The U.S. Supreme Court has recently made clear that there are fewer limits to an agency changing course than had previously been thought, says Steven Gordon of Holland & Knight LLP.

  • Defining Corporate Criminal Liability For Insider Trading

    John Anderson

    The current enforcement regime is absurdly overbroad in that it affords no principled guarantee to corporate victims of insider trading that they will not be indicted or punished for the crimes perpetrated against them. However, there is one form of derivative corporate criminal liability that does make sense, says John Anderson of Mississippi College School of Law.

  • Opinion

    The Myth Of The Forceful Mediator

    Jeff Kichaven

    When mediators rely on force to get cases settled, it doesn’t work. It’s time to suggest more productive ways for top-gun litigators and top-flight mediators to engage, says Jeff Kichaven of Jeff Kichaven Commercial Mediation.

  • Key Takeaways From FINRA’s 2017 Priorities Letter

    Peter W. LaVigne

    The compliance issues described in the Financial Industry Regulatory Authority’s 2017 priorities letter will apply differently at different firms, but a good place for any firm to start would be regular testing of internal supervisory controls, followed by testing of the firm’s cybersecurity controls, says Peter LaVigne of Goodwin Procter LLP.

  • A Derivatives Trader's Compliance Checklist

    Philip T. Hinkle

    The first two months of 2017 present several new regulatory deadlines potentially affecting all asset managers that trade derivatives subject to U.S. regulation. In this article, Philip Hinkle and Audrey Wagner of Dechert LLP focus on these deadlines and several developments implicating regulations already in effect.

  • Bitcoin Users Should Expect More IRS And DOJ Scrutiny

    Mark Milton

    As the value of a bitcoin hovers near $1000, holders of the digital currency may be celebrating. But bitcoin users face new scrutiny from federal authorities. The IRS' quest for information on users of the Coinbase bitcoin exchange service is part of a joint effort with the U.S. Department of Justice to pursue tax evaders, says Mark Milton of Husch Blackwell LLP.