Asset Management

  • February 1, 2018

    Platinum Partners Judge Says He's 'Unlikely' To Split Trial

    The Brooklyn federal judge hearing the government’s fraud cases against hedge fund Platinum Partners told the seven men facing criminal charges on Thursday that he was "unlikely" to try them separately, raising the prospect that they may not face jurors until 2019.

  • January 31, 2018

    Barclays, Citi Say Lehman Can't Issue New Preferred Stock

    Barclays Bank PLC and Citigroup have joined with Deutsche Bank AG in urging a New York bankruptcy court to prevent Lehman Brothers Holdings Inc. from issuing preferred stock to substitute the banks’ potentially more valuable interests in Lehman debt, saying the defunct firm’s Chapter 11 plan prohibits the move.

  • January 31, 2018

    Puerto Rico Bondholders Lose Bid To Force Debt Payments

    The federal judge presiding over Puerto Rico’s restructuring cases Tuesday told a group of commonwealth bondholders she doesn’t have the authority to force the island’s government to put hundreds of millions in special revenues toward paying off their notes.

  • January 31, 2018

    Beus Gilbert Granted $88M Fee Request For RenCo Suit Win

    Beus Gilbert PLLC won court approval Wednesday for $88.03 million in fees after an 11-year pursuit of a bankruptcy trustee’s claims against billionaire industrialist Ira Rennert and his RenCo Group Inc. for allegedly plundering bankrupt subsidiary Magnesium Corp. — and the ultimate win of a $214.7 million judgment.

  • January 31, 2018

    Oracle 401(k) Participants Win Class Cert. In ERISA Suit

    A Colorado federal judge on Tuesday granted class certification to tens of thousands of Oracle Corp. 401(k) plan participants in an Employee Retirement Income Security Act suit alleging the technology company racked up excessive record-keeping fees and retained poorly performing funds. 

  • January 31, 2018

    Ex-Morgan Stanley Advisers Cop To Fraud Charges

    Two Boston-area former Morgan Stanley financial advisers were charged and quickly agreed to plead guilty Wednesday to using client money to fund their own investments and to pay personal expenses, on the same day the Securities and Exchange Commission launched an enforcement action against the duo.

  • January 31, 2018

    Life Time Fitness Investors Can't Bring Back PE Buyout Suit

    A Minnesota federal judge on Tuesday said a group of Life Time Fitness Inc. investors cannot revive their lawsuit over the company’s 2015 private equity buyout, finding that the shareholders are unable to pinpoint any new information that could alter the court’s initial decision.

  • January 31, 2018

    7th Circ. Overturns Ariel Investments' Trademark Win

    The Seventh Circuit on Wednesday reversed a lower court's finding that Florida-based boutique wealth management firm Ariel Capital Advisors LLC infringed Chicago-based Ariel Investments LLC's trademarks, agreeing with the smaller firm that it lacked enough ties to Illinois for the lower court to hear the case.

  • January 31, 2018

    Shkreli Sentencing Delayed While Parties Mull Loss, Forfeiture

    Former pharmaceutical executive and convicted fraudster Martin Shkreli on Wednesday had his sentencing pushed off for another two weeks so his lawyers and the federal government can make their cases for how much investors lost and how much he gained from criminal wrongdoing.

  • January 31, 2018

    Fired HSBC Veep's Retaliation Case Deep-Sixed By 2nd Circ.

    The Second Circuit on Wednesday shut down a challenge to a jury verdict in favor of HSBC Securities against former bank senior vice president Mike Picarella, who claimed his 2015 firing came in retaliation for his decision to stick up for a coworker who was harassed.

  • January 31, 2018

    Jury Convicts Pa. Man In $2M Investment Fraud Scheme

    A federal jury on Tuesday convicted a Pennsylvania businessman on fraud charges for bilking investors out of some $2 million on false promises he would use the money to help incubate a string of promising startup businesses.

  • January 31, 2018

    Ex-Investment Banker Gets Probation For Insider Trading

    A former executive for LBMZ Securities who pled guilty last year to insider trading charges will serve periods of probation and home confinement, with the Illinois federal judge who handed him his sentence saying Wednesday his cooperation in the case has helped keep him out of prison.

  • January 31, 2018

    Singapore REIT Cache Pays $154M For Aussie Warehouses

    Singapore real estate investment trust Cache Logistics Trust on Wednesday said it will pay AU$191 million ($154 million) to acquire nine warehouses in eastern Australia in a deal that nearly doubles its holdings in the country.

  • January 31, 2018

    Fujifilm Takes Over Xerox In $6.1B Joint Venture Deal

    Fujifilm Holdings Corp. said Wednesday it will take control of Xerox Corp. through a $6.1 billion deal that involves an existing joint venture between the companies and establishes an industry giant in the printing, document and workplace solutions market.

  • January 31, 2018

    US Bank Mortgage Trust Investors Denied Cert. In $2B Suit

    A Manhattan federal judge on Wednesday said that class certification is not appropriate for investors hoping to stick trustee U.S. Bank NA with the bill for $2 billion of financial crisis-era losses in 25 home mortgage trusts, finding that would-be members in large part bought in at a discount after the fact and were not injured.

  • January 30, 2018

    Nutmeg Atty Says Exec Used 'Flawed,' Not Illegal, Accounting

    In closing arguments Tuesday in a case accusing defunct investment adviser The Nutmeg Group LLC’s owner of mismanaging and misreporting investor funds, the U.S. Securities and Exchange Commission told an Illinois federal judge that Randall Goulding understood the nature of his conduct, while Goulding argued the SEC did not prove that.

  • January 30, 2018

    Investors Seek Class Cert. In Deutsche RMBS Trustee Suit

    Bond investors suing Deutsche Bank National Trust Co. over its handling of nearly five dozen residential mortgage-backed securities trusts originally worth a combined $85.8 billion have urged a New York federal judge to certify their case as a class action.

  • January 30, 2018

    SEC Settles With Portfolio Manager Over $1.9M Fraud Suit

    The U.S. Securities and Exchange Commission asked a Massachusetts federal judge on Tuesday to enter a final judgment resolving claims against a former Eaton Vance Corp. portfolio manager who’s now serving an 18-month prison sentence after copping to a $1.9 million scheme involving matched options trades.

  • January 30, 2018

    Anguillan Banks' Account Raiding Claims To Be Heard Abroad

    Claims from a pair of Chapter 11 adversary complaints accusing two failed Anguillan banks and a Caribbean regulator of illegally transferring millions deposited by customers at subsidiary offshore banks should first be heard in the British territory of Anguilla, two New York bankruptcy judges ruled Monday, citing jurisdictional deference.

  • January 30, 2018

    Conservative Groups Seek To Peg Capital Gains To Inflation

    Approximately two dozen conservative groups called on President Donald Trump and Treasury Secretary Steven Mnuchin to index capital gains to inflation, saying in a letter on Monday that the status quo leads to a tax on nonexistent income.

Expert Analysis

  • Series

    40 Years Of FCPA: A Journey From Conviction To Dismissal

    Janet Levine

    The twist in the Lindsey Manufacturing Foreign Corrupt Practices Act case was the truncated time in which we prepared. Having refused to waive their rights to a speedy trial, our clients took control of the case — this, along with the compressed time frame, forced the government to make errors, say Janet Levine, Sima Namiri-Kalantari and Megan Weisgerber of Crowell & Moring LLP.

  • Will The Supreme Court Review SEC's In-House Judges?

    Harold Krent

    I was confident that the U.S. Supreme Court would grant certiorari in Lucia v. SEC to resolve the split in the circuits over whether federal administrative law judges should be considered inferior officers or employees under the Constitution — until the government's response to the Lucia petition last week, says professor Harold Krent of IIT Chicago-Kent College of Law.

  • Takeaways From The Capita Financial Managers Sanction

    Greg Lascelles

    Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.

  • Series

    40 Years Of FCPA: The Siemens Lesson — Tillerson Is Right

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    Since its whopping $800 million Foreign Corrupt Practices Act settlement in 2008, Siemens cleaned up — and it has “cleaned up” in its long-standing competition with General Electric. How? As Secretary of State Rex Tillerson reportedly told President Donald Trump, you don’t need to pay bribes to succeed in international business, says Peter Y. Solmssen, former general counsel of Siemens.

  • Series

    40 Years Of FCPA: The Rise In International Enforcement

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    The 2008 Siemens matter — then the largest sanction ever imposed in a Foreign Corrupt Practices Act enforcement action — set the stage for future cross-collaboration in global anti-corruption enforcement, say Cheryl Scarboro, former chief of the FCPA Unit at the U.S. Securities and Exchange Commission, and Diana Wielocha of Simpson Thacher & Bartlett LLP.

  • Navigating Whistleblower Protections Across The Atlantic

    Lynne Bernabei

    Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Top 10 Whistleblowing And Retaliation Events Of 2017

    Steven Pearlman

    The past year saw an aggressive approach to whistleblowing and retaliation actions by the plaintiffs bar and the U.S. Securities and Exchange Commission alike. Steven Pearlman and Edward Young of Proskauer Rose LLP examine the most impactful developments of 2017.

  • Series

    40 Years Of FCPA: Highlights From The 1st Corporate Trial

    Robert Feldman

    The Foreign Corrupt Practices Act case of U.S. v. Harris Corp. was tried in March 1991 — so long ago that pretty much only the parties and counsel remember it. With a smile, I’ve just about given up correcting people who say their case is "the only FCPA case ever to be tried,” says Robert Feldman of Quinn Emanuel Urquhart & Sullivan LLP.

  • SEC Enforcement: Past, Present And Future

    Brian Rubin

    In Dan Brown’s latest best-seller "Origin," he explores where we come from and how we will evolve. The U.S. Securities and Exchange Commission's fiscal 2017 enforcement report is no "Origin," "The Da Vinci Code" or even "Inferno," but the SEC has raised "Origin"-like questions, say Brian Rubin and Gregory Amoroso of Eversheds Sutherland.

  • Series

    40 Years Of FCPA: The Strange Case That Started It All

    Burton Wiand

    At the U.S. Securities and Exchange Commission in April 1978, we filed a case against Page Airways and envisioned the trial of a precedent-setting enforcement action that would have defined Foreign Corrupt Practices Act standards at an early stage. Instead, the matter was settled under circumstances that I am sure are unique in SEC history, says Burton Wiand of Wiand Guerra King PA.