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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.