Asset Management

  • May 3, 2018

    $10M Philidor Trial Opens With Focus On Valeant Kickback

    Federal prosecutors fired their opening salvo on Thursday against two former executives of Philidor Rx Services LLC who allegedly ripped off medical giant Valeant Pharmaceuticals International Inc., telling a Manhattan jury that the men extracted a $9.7 million kickback from the company and used shell companies to cover it up.

  • May 3, 2018

    C-Corp. Conversions Not Attractive To All Pass-Throughs

    Investment firm KKR & Co. LP will have an easier time attracting foreign investors following its Thursday revelation that it will reorganize itself to take advantage of the new federal tax law, but the move comes with risks that could deter other businesses from following suit.

  • May 3, 2018

    3 Judges Walk Away From General Electric ERISA Suit

    Three Massachusetts federal judges have recused themselves within the past six months from a massive putative class action accusing General Electric Co. of stuffing its pension plan with underperforming company-controlled funds, with two recusals occurring this week in the wake of the suit's expansion.

  • May 3, 2018

    Cornell Employees Seek Class Cert. In Pension Plan Row

    A group of current and former Cornell University employees asked a New York federal judge on Wednesday to certify as a class action their lawsuit alleging the Ivy League school cost them and thousands of other pension plan participants millions in retirement savings with excessive fees and imprudent investments.

  • May 3, 2018

    Jury Convicts Defendants After Medicare Insider-Trading Trial

    A Manhattan federal jury on Thursday delivered guilty verdicts in the government's case alleging a former Centers for Medicare & Medicaid Services worker, a health consultant and two hedge fund pros formed a “corrupt tipping chain” that funneled Washington policy secrets to Wall Street traders.

  • May 3, 2018

    Bombardier Scores $635M For Toronto Aircraft Assembly Site

    Canadian aircraft and train manufacturer Bombardier Inc. on Thursday said it will sell a 370-acre airplane assembly site in Toronto for $635 million as part of what the company calls a "five-year turnaround plan."

  • May 3, 2018

    Former Hedge Fund Manager Who Stole $10.5M Gets 6 Years

    A former Cambridge hedge fund manager tearfully apologized to the court and his victims Thursday before a Massachusetts federal judge sentenced him to six years behind bars for admitting to stealing $10.5 million from duped investors.

  • May 3, 2018

    Former Wilmington Trust Execs Found Guilty Of Fraud

    A federal jury in Delaware on Thursday convicted four former Wilmington Trust Corp. executives on a string of criminal conspiracy, securities fraud and related charges for concealing hundreds of millions of dollars in bad commercial real estate loans in a series of disclosures and reports in 2009 and 2010.

  • May 3, 2018

    2nd Circ. Flips Ex-Jefferies Trader's RMBS Fraud Conviction

    The Second Circuit once again reversed the conviction of former Jefferies Group trader Jesse Litvak on Thursday, deciding that a Connecticut federal judge had erred in allowing a residential mortgage-backed securities buyer to testify about his mistaken belief that Litvak was working as his agent when Litvak lied to him during a transaction.

  • May 2, 2018

    Atty, CEO Were Pump-And-Dump Masterminds, Jury Told

    Jurors in the pump-and-dump trial of former CEO of financial services firm OmniView Capital Advisors LLC and a Las Vegas attorney on Wednesday were told the pair used control and deception to manipulate the share price of microcap companies in a multipronged scheme to generate huge profits at the expense of unwitting investors.

  • May 2, 2018

    SEC Charges NC-Based Microcap Co., CEO In Fraud Scheme

    The U.S. Securities and Exchange Commission announced Wednesday that it had charged a North Carolina-based, low-market capitalization company and its CEO with conducting a yearslong scheme to defraud investors by entering into several sham transactions with companies to which he was secretly connected.

  • May 2, 2018

    Texas Money Manager Charged With Swindling NFL Player

    A federal grand jury in Houston has indicted a money manager on 16 criminal counts related to her role in a scheme that prosecutors say defrauded a National Football League player who was her former client out of more than $1 million.

  • May 2, 2018

    5th Circ. Won't Rethink Invalidation Of DOL Fiduciary Rule

    The Fifth Circuit shot down attempts by AARP and the attorneys general from California, New York and Oregon to revive the U.S. Department of Labor's 2016 fiduciary rule on Wednesday in a move that attorneys think could be the final nail in the coffin for the Obama-era regulation.

  • May 2, 2018

    Calif. Atty Helmed Two Pump-And-Dump Schemes, Jury Told

    Federal prosecutors told a Massachusetts jury Wednesday that a California attorney masterminded two separate pump-and-dump schemes that unloaded millions of shares of stock he owned on unsuspecting investors.

  • May 2, 2018

    Xerox Settlement Lays Path For Proxy Fights Outside Del.

    An agreement between Xerox and activist shareholders that saw the company's CEO step down late Tuesday suggests that a New York state judge's ruling to temporarily block Xerox's $6.1 billion tie-up with Fujifilm could have long-lasting legal implications, including establishing that proxy disputes can be resolved in states other than Delaware.

  • May 2, 2018

    Sidley Snags 3 NY Capital Markets Partners From O'Melveny

    Sidley Austin LLP has bolstered its capital markets team with three O'Melveny & Myers LLP partners, including a former practice head who built his career backing banks in capital markets transactions and two attorneys who have steered industry giants like DreamWorks and their underwriters in various offerings, the firm announced Monday.

  • May 2, 2018

    Del. Justices Question New Issues In $1.5B Fortress Deal Row

    Delaware’s Supreme Court chided a stockholder attorney Wednesday for raising issues on appeal that were not fully briefed before a lower court dismissed a challenge to a Fortress Investment Group LLC affiliate’s $1.5 billion acquisition of a mortgage servicing company in April 2015.

  • May 2, 2018

    Unusually Quiet Medicare Insider-Trading Jury Works 3rd Day

    A Manhattan federal jury silently mulled complex charges for a third full day Wednesday in the government's insider-trading case against a federal worker, a consultant and two investment pros accused of forming a "corrupt tipping chain" that exploited Centers for Medicare and Medicaid Services spending secrets.

  • May 2, 2018

    Ex-Auburn Coach Can't Ditch Bribery Indictment, Gov't Says

    Prosecutors asked a New York federal court Tuesday to reject a former Auburn University basketball coach's arguments that his alleged fraud and bribery scheme wasn’t a federal crime, saying he put his employer at risk of NCAA sanctions.

  • May 2, 2018

    UK-Based REIT Expands Portfolio With $48M Acquisition

    U.K.-based Regional REIT Ltd. said on Wednesday that it has agreed to purchase six properties from private equity firm Kildare Partners for £35.2 million ($48 million) in an off-market transaction.

Expert Analysis

  • Keys To Corporate Social Responsibility Compliance: Part 1

    Michael Littenberg

    2018 may be the year that corporate social responsibility compliance becomes a core duty of in-house legal departments. Not only have legal requirements proliferated in recent years, but new disclosure requirements and more regulation are on the horizon, say attorneys with Ropes & Gray LLP.

  • Series

    After Cyan: Some Prognostications

    Boris Feldman

    With the ink on the U.S. Supreme Court's decision in Cyan v. Beaver County barely dry, the plaintiffs bar is comfortably in the Section 11 saddle. They won. But history suggests that this may be victory of a battle, not the war, say Boris Feldman and Ignacio Salceda of Wilson Sonsini Goodrich & Rosati PC.

  • Top Tax Changes For Law Firms: What Lawyers Need To Know

    Evan Morgan

    For law firms structured as corporations, a lower maximum corporate tax rate and repeal of the corporate alternative minimum tax are good news. But many law firms are pass-through entities, so deduction limitations mean they'll see less benefit from the new tax law, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA.

  • Fostering Trust Between Client And Fiduciary

    Stuart Riemer

    An investment policy statement, when properly constructed and adhered to faithfully, can protect both the client and the financial adviser or attorney, and goes a long way toward fostering a relationship built on mutual trust and respect, says Stuart Riemer of Treasury Partners.

  • Expats Beware: OVDP Is Over In September

    Glen Frost

    U.S. taxpayers with undisclosed foreign accounts need to act soon as the IRS is ending its offshore voluntary disclosure program in six months, says Glen Frost of American Citizens Abroad.

  • Opinion

    Companies Should Avoid The BigLaw Bonus Structure

    Michael Moradzadeh

    Since passage of the Trump tax plan last year, companies have been touting bonuses they’ve handed down to rank-and-file employees. This highlights the trend of employers favoring bonuses over pay raises in the belief that variable, short-term rewards are less risky to the business than permanent increases in labor costs. But law firms have used this strategy for years — and there are dangers, says Michael Moradzadeh of Rimon PC.

  • Chief Innovation Officer — The New Star On Legal Teams

    Mark Williamson

    Over the past few years, forward-thinking law firms have expanded their talent pools to include a chief innovation officer, whose responsibilities include spearheading the implementation of technology. It is a smart move, says ​​​​​​​Mark Williamson, co-founder and chief technology officer at Hanzo Archives Ltd.

  • Regulation Of Thrift-Holding Insurers May Shift To States

    Daniel Rabinowitz

    Insurers should watch the proposed State Insurance Regulation Preservation Act closely as they navigate shifting regulatory waters. This bill would essentially cede major aspects of group regulation to state regulators and the National Association of Insurance Commissioners, says Daniel Rabinowitz of Kramer Levin Naftalis & Frankel LLP.

  • Opinion

    National Lawyers Need National Licensing For National Courts

    EJ Hurst II

    Just last month, a number of legal groups asked the Northern District of California to strike its rule requiring that, before seeking federal court admission, attorneys first be licensed by the state of California. It is irrational to exclude seasoned federal practitioners from general admission due to state bar approval while allowing raw state lawyers who have never been inside a federal courtroom, says attorney EJ Hurst.

  • SEC, CFTC Display United Front On Cryptocurrency

    Laura Anthony

    In a recent Senate committee hearing on virtual currencies, both Jay Clayton and Christopher Giancarlo confirmed that the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are working together to ensure effective oversight. However, regulation and oversight need to be fashioned in a way that properly addresses the new technology, says Laura Anthony of Legal & Compliance LLC.