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Asset Management

  • July 31, 2018

    Canadian Investment Cos. Launch $1B US Real Estate JV

    The Canada Pension Plan Investment Board and Alberta Investment Management Corp. on Tuesday said they will team up with Toronto-based WPT Industrial Real Estate Investment Trust to launch a $1 billion joint venture for industrial properties in the U.S.

  • July 31, 2018

    Fugitive Lawyer Faces Charges For $20M Fraud In Fla.

    After four years on the run, a former Florida attorney faced federal charges in Florida federal court Tuesday that he helped dupe more than 700 investors out of $20 million in an investment fraud scheme.

  • July 31, 2018

    5 Firms Guide $6.8B Brookfield, Forest City Tie-Up

    Canada’s Brookfield Asset Management Inc. on Tuesday said it will take over Forest City Realty Trust Inc. in a $6.77 billion deal, with Skadden Arps Slate Meagher & Flom LLP, Weil Gotshal & Manges LLP and Torys LLP taking the reins for the buyer, and Sullivan & Cromwell LLP and Wachtell Lipton Rosen & Katz on the sell side for the long-rumored tie-up.

  • July 31, 2018

    SS&C Inks $1.4B All-Cash Deal For Investment Tech Co. Eze

    Financial services software company SS&C Technologies Holdings Inc. on Tuesday said it agreed to buy Boston-based investment technology provider Eze Software from TPG’s private equity arm TPG Capital for $1.45 billion in cash.

  • July 31, 2018

    Accused EB-5 Scammers Slapped With $1.8M Default

    A California federal judge on Monday entered a default judgment against two people involved in an alleged scheme to defraud a Chinese investor seeking a green card through the EB-5 visa program, saying they will join several other defendants in paying $1.8 million for failing to respond to the lawsuit.

  • July 31, 2018

    Osprey Shareholder Sues To Stop $400M Blackstone Deal

    An Osprey Energy Acquisition Corp. shareholder has filed a class action suit in Philadelphia’s Court of Common Pleas seeking to stop the company’s $400 million purchase of Blackstone Group LP’s Texas shale stake, claiming top executives withheld information from shareholders to convince them to give up majority control of the new company.

  • July 31, 2018

    Praised For Cooperation, Ex-State St. Manager Avoids Jail

    A former State Street Corp. manager who copped to aiding a conspiracy to overcharge some of the banks' biggest clients by more than $21 million avoided prison time Tuesday in Massachusetts federal court thanks to his "unprecedented" level of cooperation with the government.

  • July 31, 2018

    Rising Star: Simpson Thacher's Seema Shah

    Simpson Thacher & Bartlett LLP’s Seema Shah has led international teams of attorneys in the private fund space, guiding established players like BC Partners in fundraising and investment deals to earn a spot among five asset management attorneys honored by Law360 as Rising Stars.

  • July 31, 2018

    OCC Will Accept Fintech Charter Applications

    The Office of the Comptroller of the Currency said Tuesday it will begin accepting applications for special-purpose national bank charters from financial technology companies that don’t take deposits, moving forward with a concept that’s been the subject of industry anticipation and state regulator litigation.

  • July 31, 2018

    Ex-Merrill Lynch Traders Say They're Not Guilty Of 'Spoofing'

    Two former Merrill Lynch traders who were indicted earlier this month on charges that they ran a yearslong scheme to "spoof" the precious metals futures market pled not guilty to the government's allegations in Illinois federal court on Tuesday.

  • July 31, 2018

    NYU Becomes Latest School To Beat ERISA Class Action

    New York University defeated an Employee Retirement Income Security Act class action on Tuesday when a federal judge rejected workers' claims that the school's two employee retirement plans were mismanaged to the tune of $358 million in losses.

  • July 31, 2018

    LegalZoom Lands $500M In Deal Led By Cooley, Paul Hastings

    LegalZoom has received a capital injection of $500 million from a group of investors helmed by private equity firms Francisco Partners and GPI Capital, in an agreement ushered by law firms Cooley LLP and Paul Hastings LLP, the companies said Tuesday.

  • July 30, 2018

    Chancery Adopts Deal Price In $6.5B Solera Appraisal Row

    Delaware’s Chancery Court went with an adjusted deal price Monday in a ruling on challenges to the $55.85 per share, $6.5 billion sale of Solera Holdings Inc. to Vista Equity Partners LP in 2015, rejecting a vastly higher mark sought by objecting investors and a far lower one suggested by Solera.

  • July 30, 2018

    Puerto Rico Board Constitutional Challenges Certified To AG

    A federal judge on Monday certified to Attorney General Jeff Sessions two lawsuits filed last week challenging the constitutionality of Congress' legislative package intended to fix Puerto Rico's debt crisis, asking if the government once again wants to defend the law and creation of a fiscal oversight board.

  • July 30, 2018

    9th Circ. Won't Revive Barclays Dark Pool Suit

    A Ninth Circuit panel has declined to revive a proposed class action accusing Barclays of misleading institutional investors about their exposure to high-frequency traders in its so-called LX dark pool, ruling Monday that the broker-dealer behind the suit hadn’t adequately spelled out the “who, what, when, where and how” of its alleged reliance on the bank’s LX marketing.

  • July 30, 2018

    3 Insurers Must Cover TIAA's Defense, Del. Justices Say

    The Delaware Supreme Court on Monday upheld a judgment requiring three insurance carriers to cover TIAA’s costs to defend and settle class actions alleging the retirement services giant profited from fund-transfer delays, rejecting the insurers’ assertion that the deals constitute uninsurable disgorgement.

  • July 30, 2018

    Judge Urged To Keep Case Against Ex-Nomura Traders Alive

    Federal prosecutors urged a Connecticut federal judge to stick with his decision not to toss their residential mortgage-backed securities fraud case against two former traders at Nomura Securities International Inc. after the judge mused that he might be convinced to reverse himself.

  • July 30, 2018

    Pump-And-Dump Scheme Participants Must Pay $9M

    A New York federal judge on Monday ordered four participants in a pump-and-dump scheme that targeted retail investors to pay a combined $9.1 million in disgorgement and civil penalties.

  • July 30, 2018

    Auburn Coach Blasts Feds' Theory In NCAA Bribery Scheme

    A former Auburn University coach ensnared in a college basketball corruption scheme has asked to have the government’s newly amended indictment against him tossed, once again calling its “unworkable legal theories” a misguided attempt to use criminal statutes to enforce the NCAA’s amateurism rules.

  • July 30, 2018

    3 Firms Steer Grit Real Estate Income's $132M Raise

    Grit Real Estate Income Group Ltd. has raised just over $132 million in advance of its planned listing on the London Stock Exchange later this week, and three law firms are helping the company with the matter, according to an announcement from the Africa-focused real estate firm on Monday.

Expert Analysis

  • Toward T+0: Preparing For Faster Securities Settlements

    Nicolas H.R. Dumont

    Since the U.S. Securities and Exchange Commission shortened the standard settlement cycle for most broker-dealer transactions to two business days, or T+2, many have wondered if the settlement cycle should be shortened even further, perhaps to T+0. But a nearly instantaneous settlement of nonroutine securities transactions would present new challenges, says Nicolas H.R. Dumont of Gibson Dunn & Crutcher LLP.

  • Lucia Leaves Many Important Questions Unanswered

    Michael Birnbaum

    Predicting the impact of the U.S. Supreme Court's decision in Lucia is far from simple. Litigants cannot be sure how the U.S. Securities and Exchange Commission will handle pending matters, and the SEC cannot be sure how administrative law judges should be appointed in the future to avoid additional judicial scrutiny, say attorneys with Morrison & Foerster LLP.

  • Series

    From Lawmaker To Lawyer: 6 Things I Learned In Congress

    Charles Gonzalez

    I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.

  • A Survey Of LLC Director Obligations In Delaware: Part 2

    Gail Weinstein

    While Delaware law relating to corporate fiduciary duties and exculpation for personal liability has been transformed over the past several years, resulting in less potential for director liability, the limited liability company format offers even more flexibility for directors when the governing agreement is properly drafted and followed, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Real Estate Investors, Quintuple Your Deductions Under TCJA

    Steve Moskowitz

    Tax reform, and specifically Internal Revenue Code Section 199A, has created new planning opportunities for real estate investors and brokers. Although the provision is quite complex, there are huge potential savings available to commercial real estate investors, says Steve Moskowitz of Moskowitz LLP.

  • A Survey Of LLC Director Obligations In Delaware: Part 1

    Gail Weinstein

    Recent cases suggest that Delaware courts extend a high degree of deference to limited liability company and partnership agreement provisions. But importantly, the facts and circumstances can also very much affect a court’s decision, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Checkbook IRAs And Digital Assets: A Bet Against The House

    Seth Pierce

    Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.

  • US Owners Of Foreign Trusts Face Increased IRS Scrutiny

    Arielle Borsos

    In light of a recent statement by the IRS Large Business and International division, individuals who have foreign trust reporting requirements now face an increased risk of IRS audit and penalties and should be sure they are in compliance with the complex reporting obligations associated with foreign trusts, say Arielle Borsos and Victor Jaramillo of Caplin & Drysdale Chtd.

  • Opinion

    BigLaw's Associate Salary Model Is A Relic Of A Bygone Era

    William Brewer

    Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.

  • Fund Managers Face Tax Hike If Calif. Passes AB 2731

    Tim Gustafson

    Currently making its way through state assembly committees, California Assembly Bill 2731 would impose an additional 17 percent tax on interest income derived from investment management services. If passed, all asset and fund managers, including those located outside California, could face a significant tax increase, say Kelly Allen and Timothy Gustafson of Pillsbury Winthrop Shaw Pittman LLP.