Asset Management

  • April 7, 2017

    8th Circ.'s 401(k) Ruling Creates 'Legal Haze,' ABB Says

    ABB Inc. pushed the Eighth Circuit on Thursday to clarify how a lower court should calculate losses in a suit alleging ABB changed retirement plans for its own benefit, saying the lack of direction in its opinion is creating a “legal haze” that could land the case in the appellate court for the third time.

  • April 7, 2017

    Paul Hastings Nabs Investment Mgmt. Pro From Paul Weiss

    Paul Hastings LLP has announced the addition of a former Paul Weiss Rifkind Wharton & Garrison LLP partner who once represented Affiliated Managers Group Inc. in a $775 million deal to buy a private equity company.

  • April 7, 2017

    Fund Slams Wal-Mart Seal Bid, Says It Doesn't Own The Court

    Wal-Mart Stores Inc. shareholders including a retirement fund that sued the company for hiding corruption at its Mexican unit told an Arkansas federal court on Thursday that the retailer’s broad privacy demands echoed the feuding tech giants that U.S. District Judge William Alsup chided last month for treating the court like a “wholly owned subsidiary” of their law firms.

  • April 6, 2017

    SEC Wants 'Big Short' Adviser's Appeal Halted For ALJ Ruling

    The U.S. Securities and Exchange Commission urged the D.C. Circuit on Thursday to pause the appeal brought by an investment adviser depicted in the book and movie “The Big Short,” saying the appellate court should first rule whether the agency’s in-house court is constitutional before the adviser's appeal proceeds.

  • April 6, 2017

    Bharara Sees Future As Private Do-Gooder, Not Politician

    Former U.S. Attorney Preet Bharara said Thursday night that he currently has no designs on public office, but instead hopes to work on issues facing American society as a private citizen.

  • April 6, 2017

    Omega Founder Asks 3rd Circ. To Hear ‘Untested’ Insider Case

    Omega Advisors Inc. founder Leon Cooperman has asked a Pennsylvania federal judge to let the Third Circuit take up his challenge to the Securities and Exchange Commission’s "untested" insider trading case against him, saying the judge’s acknowledgement of the case’s novelty makes it vital to let the appeals court weigh in before the fraud case goes to trial.

  • April 6, 2017

    Underwriters Tell High Court CalPERS Filed Suit Too Late

    A group of banks that underwrote debt offerings for Lehman Brothers have told the U.S. Supreme Court that the Second Circuit properly found the California Public Employees’ Retirement System was too late in filing claims opting out of a securities class action, saying the law clearly limits liability for such claims.

  • April 6, 2017

    Disgorgement Not Punitive, SEC Tells Supreme Court

    The U.S. Securities and Exchange Commission has urged the U.S. Supreme Court to preserve the agency's ability to collect disgorgement for conduct more than five years old, telling the high court that disgorgement does not count among the punitive remedies limited by Congress.

  • April 6, 2017

    Feds Say They’ve Given Ex-Nomura Traders All They Need

    Federal prosecutors accusing three former Nomura Securities International Inc. executives of lying to clients about bond prices to boost the traders' profits told a Connecticut federal court Thursday the government has given the trio everything they could need to build their defense for trial.

  • April 6, 2017

    Holland & Knight Adds Corporate, PE Partner In Houston

    Holland & Knight LLP has hired away a former shareholder at Chamberlain Hrdlicka White Williams & Aughtry who has joined its Houston office as a partner in its corporate, securities and private fund formation practice.

  • April 6, 2017

    Blackstone Loans $100M To Oaktree-Banyan Venture

    Banyan Street Capital and funds managed by Oaktree Capital Management have scored a $100 million loan from Blackstone Group LP for a Miami-area office campus, according to an announcement on Wednesday from borrower-side broker CBRE Group Inc.

  • April 6, 2017

    House Passes Bill Upping Angel Fund Disclosure Exemptions

    The House on Thursday passed a measure to increase the threshold at which so-called angel investors would have to register with the U.S. Securities and Exchange Commission, sending the measure to the Senate.

  • April 6, 2017

    Feds Call Arguments On Fund Founder's Insider Trading Legit

    Federal prosecutors told the Second Circuit on Wednesday that they didn’t misstate the record during oral arguments in Level Global Investors LP founder David Ganek’s suit alleging they used false information to obtain a search warrant against him, standing behind their comments that linked Ganek to an insider trading scheme.

  • April 6, 2017

    5th Circ. Won’t Halt DOL's Delayed Fiduciary Rule

    The Fifth Circuit on Wednesday declined to enjoin the U.S. Department of Labor’s fiduciary rule for retirement accounts, despite claims from industry groups challenging the rule that the agency’s own 60-day pause isn’t long enough.

  • April 6, 2017

    RioCan REIT Readies $224M Notes Offering

    RioCan Real Estate Investment Trust has reached a deal to sell CA$300 million ($223.8 million) in senior unsecured notes, according to an announcement from the Toronto-based REIT on Wednesday.

  • April 6, 2017

    CalPERS Pushes Kinder Morgan To Disclose Climate Risks

    The California Public Employees' Retirement System on Thursday threw its weight behind a shareholder proposal urging Kinder Morgan Inc. to disclose the risks posed to its business by global efforts to combat climate change, a proposal opposed by the oil and gas infrastructure giant's board of directors.

  • April 5, 2017

    SEC Committee Still Uncertain On Key Trading Rule

    The U.S. Securities and Exchange Commission’s Equity Market Structure Advisory Committee met Wednesday to discuss plans for market reform, but the committee said it was still unable to make a firm recommendation on the future of a controversial trading rule.

  • April 5, 2017

    Fiduciary Duty Delay Pleases Few, Clarifies Little

    The U.S. Department of Labor managed to unite its critics by announcing a delay of its fiduciary rule for retirement advisers that experts say does little to clarify the rule's future as the agency's move vexed both supporters of the rule and industry groups that oppose it.

  • April 5, 2017

    Fund Asks To Revive RBS Liverpool Soccer Club Sale Suit

    An investment fund on Wednesday asked a New York appeals court to reinstate its suit against the Royal Bank of Scotland PLC over its role in the £235 million ($327.5 million) sale of top-flight English soccer team Liverpool FC to the owners of the Boston Red Sox, saying the bank’s side deals with Liverpool’s former owners damaged the fund.

  • April 5, 2017

    Real Estate Rumors: NYC Record Sale, Blackstone, Northwood

    A Manhattan townhouse has reportedly traded hands for a record $79.5 million, Blackstone is said to have put an Australia retail portfolio up for sale for $2.65 billion, and Northwood Investors has reportedly leased out full floors in New York to MM.Lafleur and IA Interior Architects.

Expert Analysis

  • How The Obiang Case Exposes Limits Of Forfeiture Efforts

    Stéphane Bonifassi

    The case against Vice President Teodorin Nguema Obiang is severing diplomatic relations between France and Equatorial Guinea for no benefit to the Equatorial Guinea people. Along the way, France seems to be lecturing the rulers of a formal colonial country, while not cleaning its own house, says Stéphane Bonifassi of Bonifassi Avocats.

  • Anti-Money Laundering Expectations Under Trump

    Michael A. Mancusi

    We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • In Retrospect

    Relearning The Lessons Of Korematsu's Case

    Randy Maniloff

    Fred Korematsu’s U.S. Supreme Court case challenging President Franklin Roosevelt’s executive order that led to the incarceration of approximately 120,000 people of Japanese ancestry may sound like ancient history. However, Feb. 19 marks the 75th anniversary of the order's signing, and that it’s celebrating its diamond anniversary now is breathtaking timing, says Randy Maniloff of White and Williams LLP.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • What You Need To Know About 'Unrestricted Subsidiaries'

    Michael Friedman

    Investments in “unrestricted subsidiaries” are an exception to investment covenants and are being increasingly used in restructuring a company’s capital structure. Before purchasing any debt, distressed investors need to be mindful of what unrestricted subsidiaries are and how they may affect the overall credit of a company or debt recoveries, say attorneys with Chapman and Cutler LLP.

  • Overcoming Obstacles To Financial Reform And Deregulation

    Joseph Lynyak III

    Creating a list of industry-endorsed reforms is perhaps the easiest task to complete when attempting to ease financial regulatory burdens. However, sorting through and identifying realistic, achievable regulatory reforms at the agency level will prove much more difficult and vexing because of the complexity of current agency interconnectivity, says Joseph Lynyak III of Dorsey & Whitney LLP.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.

  • Plan Sponsors, Approach Target-Date Funds With Caution

    Emily Seymour Costin

    A recent U.S. Department of Labor information letter concluded that certain portfolios did not meet requirements to be a qualified default investment alternative under the Employee Retirement Income Security Act, emphasizing the DOL’s support for broadening the use of lifetime income options in defined contribution plans as a supplement to and enhancement of accumulation of retirement savings, say attorneys with Alston & Bird LLP.

  • Opinion

    Lawyers Cannot Stay Silent While Trump Belittles The Courts

    Alexandra Wald

    This is not the first time that a president has criticized the judiciary. But what is unique about President Donald Trump's attacks is that they target not just a specific decision, but the judiciary and its decision-making power altogether. Every lawyer, regardless of political persuasion, must speak up, says Alexandra Wald of Cohen & Gresser LLP.