Asset Management

  • December 22, 2016

    NY Judge Halts Anti-Suit Orders In MF Global Insurer Fight

    A New York bankruptcy judge on Wednesday blocked a group of insurers from enforcing anti-suit injunctions obtained in a Bermuda court against MF Global Holding Ltd, which sued the insurance companies for $65 million over their purported failure to fund a massive settlement in connection with the derivative broker’s infamous collapse.

  • December 22, 2016

    BALCA Overrules Wage Finding For Analyst Job

    The Board of Alien Labor Certification Appeals on Wednesday ordered that a prevailing wage determination for a senior quantitative trading analyst position be overruled, finding that a federal official picked the wrong one.

  • December 22, 2016

    Advisory Head Indicted Over $1M Securities Fraud

    Federal prosecutors have charged a Chicago investment adviser with fraud for allocating trades in a way that chose winners and losers among his family and clients, and taking $1 million for himself.

  • December 22, 2016

    CFTC, DRW Spar Post-Trial Over Futures Manipulation Case

    The U.S. Commodity Futures Trading Commission and DRW Investments LLC traded parting blows Wednesday following a bench trial over the agency’s claims of futures contracts manipulation, with DRW saying the CFTC failed to show that the trading firm created artificial prices.

  • December 22, 2016

    SEC Escapes Risk-Retention Rule Suit In DC Circ.

    A D.C. federal judge on Thursday granted a bid by the U.S. Securities and Exchange Commission to toss a Wall Street interest group’s challenge to federal requirements that investment firms retain an interest in debt securities they issue, saying the agencies responsible acted within their rights.

  • December 22, 2016

    Taxation With Representation: Cravath, Skadden, Ropes

    This week’s Taxation With Representation sees the formation of a $65 billion industrial gas heavyweight, the $2.8 billion sale of American Railcar Leasing and a $445 million merger between KLR Energy and Tema Oil and Gas.

  • December 22, 2016

    Green Finance Panel Forms Amid EU Capital Markets Push

    The European Commission revealed Thursday the makeup of a sustainable investing panel to advise the European Union on its ambitious capital markets initiative for increasing member states' access to financing.

  • December 22, 2016

    LSE Block Trading Products Grow Ahead Of Dark Pool Caps

    The London Stock Exchange PLC said Thursday that its block trading products designed to comply with massive regulatory reforms set for 2018 that will cap dark pool and off-exchange trading recorded significant growth this year.

  • December 22, 2016

    Asset Management MVP: Debevoise's Shannon Rose Selden

    Debevoise & Plimpton LLP litigation partner Shannon Rose Selden has represented private equity and hedge funds in some of the year’s highest-stakes cases, including a rift over the sale of a $2.4 billion wind farm operator, earning her a spot on Law360’s list of 2016 asset management MVPs.

  • December 21, 2016

    Day-Trading Firm Owner Accused In Fake-Account Scam

    A Thai man was arrested and charged with fleecing investors of $1.4 million by running a day-trading firm that gave fake training accounts to investors to conceal that their funds had been stolen, the U.S. attorney for New Jersey announced Wednesday.

  • December 21, 2016

    3 Charged In 'Pay-To-Play' NY Retirement Fund Scheme

    A former portfolio manager who controlled more than $50 billion in New York state pension funds was charged with securities fraud, honest services fraud, obstruction of justice and related conspiracies in a pay-for-play bribery scheme in which he steered business to two broker-dealers in exchange for drugs, strippers, prostitutes, cash and expensive gifts, officials announced Wednesday.

  • December 21, 2016

    Bernstein Litowitz Ducks Subpoena In Insider Trading Row

    A California federal special master has denied an email subpoena bid by Pershing Square Capital Management LP against Bernstein Litowitz Berger & Grossmann LLP, which represents investors alleging that Valeant Pharmaceuticals International Inc. illegally tipped Pershing Square to a proposed merger.

  • December 21, 2016

    Calif. Man Gets 8 Years For Investment Fraud Scheme

    A California man who admitted to conning friends, family and women he met on a dating app out of more than $5 million through a fake trading firm was sentenced to 8 years in prison Wednesday, with the judge calling his efforts to recruit victims “beyond the pale.”

  • December 21, 2016

    Judge Says Treasury 'Miserably Failed' In Auto Pension Fight

    The U.S. Department of Treasury will have to turn over evidence related to decisions it made in General Motors’ 2009 bankruptcy for a related pension plan dispute after a Washington, D.C., judge found Tuesday the agency “miserably failed” to explain why the records are privileged.

  • December 21, 2016

    Fed Fines BBVA $27M For Blowing Securities Revenue Limits

    The Federal Reserve on Wednesday fined Spanish bank BBVA and its New York subsidiary $27 million for violating securities underwriting and dealing activities that were set by the U.S. central bank.

  • December 21, 2016

    FINRA Fines Wells Fargo, Others $14M Over Records

    The Financial Industry Regulatory Authority said Wednesday that it has fined 12 firms, including several affiliates of Wells Fargo and RBC, a combined $14.4 million for failing to ensure that customer records couldn’t be altered or destroyed.

  • December 21, 2016

    Customers Seek Tullett Prebon Docs In Libor Suit

    Plaintiffs in the Libor manipulation suit asked a New York federal judge Tuesday to compel an interdealer broker to give them the same information the company gave to U.S. regulatory authorities.

  • December 21, 2016

    Asset Management MVP: Fried Frank's Kenneth Rosh

    Fried Frank Harris Shriver & Jacobson LLP's Kenneth Rosh had a busy year helping his clients raise billions of dollars by structuring complex private equity funds, including Brookfield Asset Management Inc.'s $9 billion real estate-focused fund that exceeded its initial target by $2 billion, earning him one of four spots among Law360's Asset Management MVPs for 2016.

  • December 21, 2016

    Ex-Blackrock Exec Jailed In UK For Insider Trading

    A former Blackrock investment manager was sentenced to 12 months in prison by a London court on Wednesday for insider dealing stemming from trades in energy companies in 2011, in another win for the Financial Conduct Authority.

  • December 20, 2016

    SEC, MSRB Fight GOP's Challenge To New Pay-To-Play Rule

    The U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board told the Sixth Circuit on Monday that it doesn’t have jurisdictional standing to consider the Republican Party’s challenge to new rules that increase pay-to-play restrictions on municipal advisers, saying the rules were created “by congressional will” and not by a final SEC order that can be appealed.

Expert Analysis

  • Merging Law Firms: Why Hogan Lovells Has Worked

    J. Warren Gorrell Jr.

    As shown by the impending merger between Arnold & Porter LLP and Kaye Scholer LLP, consolidation in the legal industry remains a popular strategy among firms looking to boost revenue and acquire new clients. J. Warren Gorrell Jr., a key architect of the 2010 merger that created Hogan Lovells, reflects on his own experience and why mergers of equals are particularly difficult.

  • The SEC’s New Suitability Theory: Takeaways From UBS

    Alec Koch

    The U.S. Securities and Exchange Commission’s recently settled action against UBS Financial Services employed a theory based on a “platformwide” approach to suitability of complex financial products, rather than the more traditional approach of building such cases on a customer-by-customer basis. The case also demonstrates the SEC’s increasing proficiency at using “big data” analytics, say attorneys with King & Spalding LLP.

  • FCPA Enforcement On Near-Record Pace For 2016: Part 1

    John E. Davis

    The U.S. Securities and Exchange Commission and the U.S. Department of Justice have resolved 39 enforcement actions under the Foreign Corrupt Practices Act through October of this year, already exceeding the annual totals for every year since 2010, say attorneys with Miller & Chevalier Chtd.

  • Candid Advice From The Bench: Judges Are People Too

    Alison Wong

    While it’s true that judges are more capable than juries of rendering decisions based on a subtler understanding of the law, trial lawyers shouldn’t assume that judges are immune to the unfolding drama and underlying context of the case. In fact, the most important lesson we’ve learned from interviewing retired judges is that they process information the same way jurors do, says Alison Wong of Salmons Consulting.

  • DOL's 1st Guidance On Fiduciary Rule

    Hillel T. Cohn

    Recent guidance from the U.S. Department of Labor on its new fiduciary rule addresses in large part a variety of compensation questions that are top of mind for both broker-dealer firms and their financial advisers. In particular, it illuminates two important aspects of the new rule — the implications of compensation arrangements for financial advisers and compliance requirements for level fee fiduciaries, say Hillel Cohn and Paul ... (continued)

  • 7 Steps For Managing An Associate Who May Be Impaired

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    According to a recent study on the prevalence of attorney addiction and mental health concerns, more than one-third of practicing attorneys in the U.S. qualify as problem drinkers and 28 percent struggle with depression. While change in large law firms can be slow, there is a lot firms can do to navigate situations where an associate’s performance may be impaired, says Stacey Saada Schwartz, a former litigator and Los Angeles-based... (continued)

  • Regulatory Exams: Preparation Is More Than Half The Battle

    Rose Bogan

    Most of the preparation for a regulatory exam should be completed well before the actual exam is scheduled to occur. When a foundation is in place, a company can focus on fulfilling examiner requests rather than spending time with last-minute fire drills, say Rose Bogan and Debbie Hoffman of Digital Risk LLC.

  • The Role Of Litigation Analytics In Your Case

    Thomas C. Gricks III

    Lawyers often use analytics in the course of an e-discovery review for production, where these tools help them assign documents into buckets such as “relevant” or “privileged.” Increasingly, lawyers are using analytics to see if there is anything unusual within the collection and if there are stories the documents can tell, say Thomas Gricks, Bayu Hardi and Mark Noel of Catalyst Repository Systems.

  • Adapt Or Die: Law Firms In Tomorrow's Economy — Part 5

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    The clarion call from the top of Corporate America over the past several years to its workers to do more with less, eliminate redundancy, and work cooperatively across disciplines toward the goal of corporate profitability is reaching BigLaw, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • 4 Ways To Get Associates Trial-Ready

    Stephen B. Crain

    For young trial associates who want to evolve into young trial lawyers, getting the necessary experience is increasingly challenging. The only surefire way associates can become first chair advocates is through effective mentoring, and the best way to achieve effective mentoring is to incorporate it in your approach to cases, say Stephen Crain and Drew Taggart of Bracewell LLP.