Asset Management

  • September 29, 2017

    Brokerage Rep Avoids Prison For Bribing NY Pension Official

    A former brokerage rep who bribed a New York state pension official to throw business her way escaped a prison term Friday after begging a New York federal judge for mercy, saying her “unforgivable and disastrous behavior” will haunt her forever.

  • September 29, 2017

    Puerto Rico Rejects $1B Loan From Power Utility Bondholders

    Puerto Rico’s beleaguered electric power company has rejected its bondholders’ offer of a $1 billion debtor-in-possession loan, calling it a cynical and “unsolicited” ploy to boost debt prices and leapfrog other creditors even as the island struggles to rebuild in the wake of Hurricane Maria’s devastation.

  • September 29, 2017

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

    The last week has seen a slew of asset managers' funds sue a Turkish infrastructure and transportation firm, more competition claims against Visa and a corporate finance advisor lodge a suit against private equity firm Sun European Partners. Here, Law360 looks at those and other new claims in the U.K.

  • September 28, 2017

    SEC Says NY Brokers Bilked Investors For Lucrative Fees

    The U.S. Securities and Exchange Commission on Thursday accused two New York brokers of defrauding their clients through a pattern of unlawful trading and deception that cost clients nearly $700,000, while the brokers netted hundreds of thousands of dollars in fees.

  • September 28, 2017

    Wilmington Trust Bid For Fed Docs Cleared On Eve Of Trial

    A U.S. District Court judge in Delaware allowed Wilmington Trust Corp. to move ahead Thursday with limited subpoenas for some federal records of past bank disclosures on overdue and troubled loans, at the close of preparations for a two-month criminal trial.

  • September 28, 2017

    Andrew Calamari, SEC's Go-To Guy In NY, Leaving Agency

    The U.S. Securities and Exchange Commission announced Thursday that Andrew Calamari, who has led the New York regional office for the last five years, is leaving the agency in October.

  • September 28, 2017

    Morgan Stanley To Pay $500K For Future Trading Fee Errors

    A unit of Morgan Stanley will pay $500,000 after the Commodity Futures Trading Commission found that it overbilled customers for certain futures trades because of errors in its calculation program, violating supervisory rules, the regulator said Thursday.

  • September 28, 2017

    Embattled $12B Student Loan Group Hits Legal Fee Logjam

    Lawyers representing trusts that own $12 billion in student loans accused a loan servicer and Wilmington Trust Corp. late Wednesday of wrongly refusing to issue payments to attorneys for legal services in a recent, and still unconfirmed, $22 million settlement with regulators over bogus collections.

  • September 28, 2017

    SEC Ordered To Turn Over Empire State REIT Docs Index

    A California federal judge ordered the U.S. Securities and Exchange Commission on Wednesday to provide a list of 44,000 documents from its investigation of the Empire State Building's primary owner to a small stakeholder who sued for the records under the Freedom of Information Act.

  • September 28, 2017

    Drinker Biddle Adds Investment Mgmt. Partner In Chicago

    A former K&L Gates LLP partner with a focus on investment management and derivatives has been named a partner at Drinker Biddle & Reath LLP's Chicago office, extending the firm’s efforts to expand its investment management practice.

  • September 28, 2017

    San Juan Can't Stop Vote On Restructuring Bank's $4.1B Debt

    A New York federal judge on Wednesday denied a bid by Puerto Rico's capital, San Juan, to stall a vote on a restructuring plan for the $4.1 billion debt load of the territory’s investment bank, saying that the city had not shown it had a secured interest on funds in the bank.

  • September 28, 2017

    Real Estate Rumors: Goldman Sachs, Farbman, Extell

    Goldman Sachs is reportedly leading a syndicate of banks that's providing $1.2 billion in financing for a Manhattan trophy tower to a venture that includes REIT SL Green, Farbman Group is said to be seeking $24 million for a Chicago loft office building, and Extell Development has reportedly bought a New York drug rehab building for $19 million.

  • September 27, 2017

    College Basketball Bribery Charges Send Warning To Schools

    Federal prosecutors in New York rocked the college sports world on Tuesday with bribery and corruption allegations that experts say should put schools across the country on notice of a much broader problem given the increasing commercialization of college athletics.

  • September 27, 2017

    Puerto Rico Power Co. Bondholders Offer $1B DIP Loan

    A group of bondholders with interests in Puerto Rico’s insolvent and beleaguered electric power company are offering to lend the utility $1 billion in new cash to help address damage wrought by Hurricane Maria, potentially positioning themselves for an earlier payout in the public corporation’s restructuring.

  • September 27, 2017

    Minn. Judge Turns Down Bid To Scrap Petters Receivership

    A Minnesota federal judge on Wednesday denied a bid by Ritchie Capital Management and other intervenors to terminate the receivership over the assets of fraudster Thomas Petters, saying that scrapping the receivership now would threaten efforts to recover funds for all of the other victims and creditors who were caught up in Petters’ $3.7 billion Ponzi scheme.

  • September 27, 2017

    GE Accused Of Losing $700M In Retirement Plan Investments

    General Electric Co. took its retirement plan investors' money and parked it in company-run funds even as they continued to perform poorly, according to a proposed class action filed in California federal court Tuesday that says the company violated ERISA and cost workers $700 million in savings.

  • September 27, 2017

    Sheppard Mullin Can Arbitrate Claim It Bungled $50M RE Deal

    A California judge Wednesday granted Sheppard Mullin Richter & Hampton LLP’s request to arbitrate a bankruptcy trustee’s suit accusing the firm of bungling a $50 million California real estate deal, saying the trustee is bound by an arbitration agreement signed by the debtor company.

  • September 27, 2017

    Bloomberg Asks 2nd Circ. To Ax Libel Suit Revival

    Bloomberg News on Tuesday asked the Second Circuit to rehear an appeal that reinstated defamation claims brought by a former Dutch hedge fund executive, saying the article for which it was sued is protected by absolute privilege for “fair and true reports of judicial proceedings.”

  • September 27, 2017

    Congress Sends ETF Safe Harbor Bill To Trump's Desk

    Congress on Wednesday passed a bill aimed at creating a research safe harbor for exchange traded funds, after a House voice vote sent the measure to President Donald Trump.

  • September 27, 2017

    Tilton, Patriarch Beat SEC Fraud Claims Over Zohar Funds

    Investment manager Lynn Tilton and her companies on Wednesday won dismissal of the U.S. Securities and Exchange Commission's allegations that they defrauded investors in several commercial debt funds, with an administrative law judge ruling the SEC failed to show alleged misconduct by Tilton and her company Patriarch Partners rose to the level of fraud.

Expert Analysis

  • How CalPERS V. ANZ Securities Marks Gorsuch's Arrival

    Robert Long

    The 5-4 U.S. Supreme Court decision in California Public Employees’ Retirement System v. ANZ Securities was the first in which we saw Justice Neil Gorsuch’s view of securities liability — he represented the crucial fifth justice joining the majority opinion, say Robert Long of Alston & Bird LLP and Edgar Neely.

  • The Use Of Special Masters In Complex Cases

    Shira Scheindlin

    Special master appointments can be very beneficial in resolving disputes quickly, streamlining discovery, handling delicate settlement negotiations, and — somewhat surprisingly — reducing cost and delay, says retired U.S. District Judge Shira Scheindlin, now with JAMS.

  • Roundup

    Notes From A Law Firm Chief Privacy Officer


    As more law firms become the targets of major cyberattacks, more firms may consider appointing a chief privacy officer. In this series, CPOs at four firms discuss various aspects of this new role.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.

  • Recent Delaware Opinions Shake Up Appraisal Litigation

    Meredith Kotler

    In the space of less than two weeks, the Delaware courts issued two landmark appraisal decisions that, when combined with recent statutory changes, likely will dampen “appraisal arbitrage” activities going forward, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    It's Time To Improve Voir Dire In Federal Court

    Lisa Blue

    During the jury selection process, many times parties submit proposed voir dire questions, but the court ultimately chooses the questions to be asked and does all of the questioning of the jury panel. While this approach is judicially efficient, rarely do we learn anything meaningful from the panel members, say Lisa Blue of Baron and Blue and Robert Hirschhorn of Cathy E. Bennett & Associates.

  • The Spoofing Statute Is Here To Stay

    Clifford Histed

    With the Seventh Circuit’s recent affirmation of spoofing and fraud convictions against Michael Coscia in the first criminal prosecution under the spoofing statute, traders should keep in mind the different pieces of evidence that the government used to assemble the puzzle for the jury, say Clifford Histed and Gilbert Perales of K&L Gates LLP.

  • Series

    Notes From A Law Firm Chief Privacy Officer: Insider Risks


    As law firms hold sensitive information not only related to the firm but to the firm’s clients, an insider threat — whether it's a "bad actor employee" or inadvertent activity — poses a particular concern. There are steps that privacy officers can initiate to help minimize these threats, says Patricia Wagner, chief privacy officer for Epstein Becker Green.

  • Understanding When Claims Travel With The Debt

    Abbe Dienstag

    A recent case in New York state court, One Williams Street Capital Management v. U.S. Education Loan Trust IV, affords a useful opportunity to understand both the reach and the limitations of a uniquely New York statute, which provides that a transfer of a bond “vests in the transferee all claims or demands of the transferrer,” say Abbe Dienstag and John Bessonette of Kramer Levin Naftalis & Frankel LLP.

  • Toward A Culture Of Continuous Cybersecurity

    Michael Bahar

    The U.S. Securities and Exchange Commission this week released a risk alert highlighting the results of its Cybersecurity 2 Initiative, which reveals a critical cybersecurity truth — that it is not enough just to set up a program and plug existing leaks, say Michael Bahar and Brian Rubin of Eversheds Sutherland.