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Asset Management

  • September 26, 2018

    SEC Official Defends Withdrawal Of Proxy Guidance Letters

    A U.S. Securities and Exchange Commission official on Wednesday defended a recent staff decision to rescind two guidance letters regarding investment managers' use of proxy advisers, telling a congressional panel that the time is right to reconsider proxy-voting rules ahead of coming SEC roundtables on the topic.

  • September 26, 2018

    Pension Fund Seeks $4.5M Atty Fees In Symbol Securities Suit

    A union pension fund has asked a New York federal judge to award it $4.5 million in attorneys' fees in a case that had accused Symbol Technologies Inc. of violating federal securities law by allegedly deceiving investors to boost share value.

  • September 26, 2018

    Principal Global Fights Nod To M&T Bank Ruling In ERISA Suit

    Asset management company Principal Global Investors Trust Co. on Wednesday told an Iowa federal judge that another court's decision to allow certain Employee Retirement Income Security Act claims against M&T Bank doesn't mean a proposed class action accusing it of breaching its fiduciary duties to 401(k) plan participants should survive.

  • September 26, 2018

    Expert's Analyses Questioned In AbbVie Merger Cert. Row

    Amid a contentious class certification battle for Shire PLC investors suing AbbVie Inc. over the companies' failed merger, the Illinois federal judge overseeing the case said Tuesday he needs more briefing on the investors' expert before he can rule on the certification.

  • September 26, 2018

    Poor Oversight Cost Pension Plans Millions, DOL Says

    The U.S. Department of Labor asked a Pennsylvania federal judge Tuesday for a quick win on claims that the committee in charge of two steel company pension plans caused millions in losses by failing to keep a close eye on its investment manager.

  • September 25, 2018

    $100M Ascent Deal Reset Sidelines Chancery Injunction Bid

    Ascent Capital Group Inc. noteholders told a Delaware vice chancellor Tuesday they plan to rework a preliminary injunction motion targeting a complex Ascent cash and note exchange transaction with an insolvent subsidiary, hours after Ascent drastically overhauled the original $100 million deal.

  • September 25, 2018

    9th Circ. Told FCC Licensing Co. Services Are Not Securities

    An Arizona company told the Ninth Circuit that a lower court incorrectly sided with the U.S. Securities and Exchange Commission, which had accused it of running a fraud scheme involving applications to the Federal Communications Commission for cellular spectrum licenses, arguing it sold services to customers and not securities.

  • September 25, 2018

    Alsup Grants $16M LendingClub Fee Bid Despite Misgivings

    U.S. District Judge William Alsup filed a pair of orders in California federal court on Monday granting final approval of a $125 million deal to resolve securities class actions against LendingClub Corp. and, despite concerns about "hard-to-justify" entries, approving nearly $16.4 million in fees for Robbins Geller Rudman & Dowd LLP and other class counsel.

  • September 25, 2018

    Chancery Nixes Injunction For $7B USG-Knauf Merger Vote

    Delaware’s Chancery Court on Tuesday rejected a preliminary injunction to block a looming vote on a proposed $7 billion merger of drywall producer USG Corp. with Gebr. Knauf KG, turning aside putative class claims that the sale warranted hostile takeover provisions.

  • September 25, 2018

    Accused Metals Trader Pleads Not Guilty To 'Spoofing' Market

    A former Deutsche Bank trader charged with participating in a "spoofing" scheme to maximize profits on the precious metals market pled not guilty Tuesday in Illinois federal court.

  • September 25, 2018

    4 Things Benefits Attys Need To Know About Tax Reform 2.0

    As a new round of tax-reform proposals winds its way through Congress, flush with plans to alter the ways Americans save for retirement, benefits attorneys should pay attention to provisions that would protect closed pension plans, relax benefit-distribution requirements and promote the spread of “association retirement plans," experts say. Here, Law360 breaks down these proposals.  

  • September 25, 2018

    Japanese REIT Global One Scores $53M Loan

    Global One Real Estate Investment Corp. has landed 6 billion Japanese yen ($53.1 million) worth of financing from a syndicate of banks, according to an announcement Tuesday from the Japan-based real estate investment trust.

  • September 25, 2018

    Shearman, White & Case Lead $2.3B Sonic Take-Private Deal

    Inspire Brands, which boasts thousands of Arby's, Buffalo Wild Wings and Rusty Taco locations in its portfolio, has agreed to take drive-in restaurant chain Sonic Corp. private in a $2.3 billion deal steered by White & Case LLP and Shearman & Sterling LLP, the companies said on Tuesday.

  • September 24, 2018

    Linkwell Duo Say Investor Hasn't Shown Plot With Sidley

    Two former Linkwell Corp. executives asked a Florida federal judge Friday to slash claims from an investor suit accusing them of conspiring with law firm Sidley Austin LLP to craft a “covert go-private merger,” saying they had already left the company by the time the board approved the deal.

  • September 24, 2018

    Investors Urge 7th Circ. To Revive Suit Over Fisker Fraud

    A group of investors who say they were duped into buying stock for electric car maker Fisker Automotive just before it went bankrupt urged the Seventh Circuit to revive their suit on Monday, saying the lower court incorrectly found it time-barred.

  • September 24, 2018

    Ex-Deutsche Trader Dishes On Bank's Libor Self-Dealing

    A former Deutsche Bank money market trader on Monday told a Manhattan federal jury he would routinely make London Interbank Offered Rate submissions with the goal of aiding the bank’s derivative traders, a practice he now admits was wrong.

  • September 24, 2018

    Real Estate Rumors: MSD, Brookfield, Starwood

    MSD Capital is reportedly buying a Florida hotel from Starwood for likely more than $500 million, Brookfield Asset Management is said to be buying a the PGA National Resort & Spa in Florida for $255 million and Starwood has reportedly sold an office building in Florida for $27.25 million.

  • September 24, 2018

    Trusts Can't Revive $101.8M Arbitration Claim At 11th Circ.

    The Eleventh Circuit on Monday agreed with a lower court's interpretation of the Financial Industry Regulatory Authority's code when it ruled that two offshore trusts could not pursue a $101.8 million arbitration against Canadian brokerage Pictet Overseas Inc.

  • September 24, 2018

    Dov Charney Must Pay Standard General $19.5M

    The Delaware Supreme Court ruled on Monday that ousted American Apparel Inc. founder Dov Charney must pay Standard General LP $19.5 million plus interest in a dispute over his debts from a failed bid to regain control of the retailer.

  • September 24, 2018

    Trader Pleads Guilty In Kickback Scheme; SEC Seeks Payback

    A stock trader pled guilty in New Jersey federal court Monday to bribing a broker-dealer representative in exchange for preferential access to much-sought-after initial and secondary stock offerings that yielded him big profits, according to the U.S. attorney's office.

Expert Analysis

  • Stock Exchange Immunity Erodes As Biz Models Evolve

    Stephen Bedell

    The national securities exchanges are now profit-seeking commercial enterprises, but they continue to argue that they are absolutely immune from suits arising from a wide range of competitive activity. Courts, however, are rejecting these arguments, and it is likely that the U.S. Securities and Exchange Commission will address the matter soon, say attorneys with Foley & Lardner LLP.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Long-Awaited Bonus Depreciation Insight For Partnerships

    Junaid Chida

    Earlier this month, the IRS finally released proposed regulations under the bonus depreciation provisions of the Tax Cuts and Jobs Act. The guidance provides long-awaited clarification on the availability of 100 percent bonus depreciation to partnership basis adjustments, say attorneys at O'Melveny & Myers LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Alternative Trading Systems Face New Regulatory Burdens

    Julian Rainero

    The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.

  • A Guide To Terminating PBGC-Insured Benefit Plans

    Excerpt from Lexis Practice Advisor
    Edward Thomas Veal

    From the issuance of a notice of intent to terminate, to the filing of a plan’s final Form 5500, Edward Thomas Veal of Steptoe & Johnson LLP traces the standard termination process of a defined benefit plan insured by the Pension Benefit Guaranty Corp. and offers practical guidance for each stage.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.