Asset Management

  • March 6, 2017

    PTAB Upholds Juxtapid Patents In Hedge Fund Challenge

    The Patent Trial and Appeal Board on Monday upheld the validity of two University of Pennsylvania patents related to the cholesterol drug Juxtapid, the latest decisions arising from inter partes reviews requested by an organization started by hedge fund manager Kyle Bass.

  • March 6, 2017

    Standard Life Puts Final Touches On $4.7B Aberdeen Buy

    Standard Life PLC on Monday revealed plans to snap up Aberdeen Asset Management PLC in a £3.8 billion ($4.7 billion) all-stock deal, paving the way to create an £11.3 billion investment firm, after confirming over the weekend that the two were discussing a potential transaction.

  • March 6, 2017

    Cleary Gottlieb Steers Deutsche Bank's $8.5B Capital Raise

    Deutsche Bank AG on Sunday said that it plans to raise $8.5 billion in capital and revamp its business, part of a sweeping restructuring plan intended to shore up the struggling financial giant’s balance sheet, guided by Cleary Gottlieb Steen & Hamilton LLP.

  • March 3, 2017

    NY Appeals Court Hands TCW Win In $128M RMBS Suit

    A New York appeals court said Thursday that a lower court should have ended a suit alleging TCW Asset Management Co. lied to investors about the value of certain residential mortgage-backed securities products, saying investors hadn’t shown that TCW, rather than the financial crisis, caused their losses.

  • March 3, 2017

    Galleon Founder Can't Ditch Insider Trading Sentence

    A New York federal judge on Friday refused to undo Galleon Group LLC founder Raj Rajaratnam’s 11-year sentence and $58 million forfeiture over a vast insider trading scheme, rejecting his contention his Akin Gump Strauss Hauer & Feld LLP trial lawyers had failed him, among other arguments.

  • March 3, 2017

    9th Circ. Won’t Revive Claims UBS Plundered Secret Accounts

    The estate of a former Indonesian official failed Friday to resuscitate his suit alleging UBS AG closed certain accounts and confiscated their balances, after the Ninth Circuit concluded that the claims had no place in California.

  • March 3, 2017

    Ariel Investments Competitor Needs New Name, Court Rules

    An Illinois federal judge ruled Friday that a Florida wealth manager will have to pick a new name for his firm, Ariel Capital Advisors LLC, because it is likely to be confused with Chicago-based Ariel Investments LLC, a much larger firm that owns several trademarks to the name dating back to 1984.

  • March 3, 2017

    Taxation With Representation: Morrison, Choate, Orrick

    In this week’s Taxation With Representation, satellite companies OneWeb and Intelsat merge with a $1.7 billion investment, Tricon Capital Group makes a successful $1.4 billion offer for Silver Bay Realty Trust and Dusseldorf-based Henkel readies a $1.05 billion deal for a U.S. can sealants company.

  • March 3, 2017

    Judge Muzzles MF Global On PwC 'Public Watchdog' Role

    A federal judge in New York on Thursday precluded MF Global from telling the jury in the impending trial of its $1 billion-plus professional malpractice suit against PricewaterhouseCoopers that the accounting firm had a public watchdog function outside of its obligations to the now-defunct investment company.

  • March 3, 2017

    Financial Co. Says $20M Post-Arbitration Suit Belongs In Calif.

    BTIG LLC renewed its arguments to transfer a suit over a $20 million arbitration award to California, telling a New York federal judge Thursday the brokers who lost the arbitration filed first in New York only to avoid California courts.

  • March 2, 2017

    Manatt's $7M Fee Win Can't Stand, ECC Tells Calif. Court

    ECC Capital urged a California state appeals court Thursday to reverse a trial court's decision upholding an arbitrator's $7 million fee award to Manatt Phelps & Phillips LLP for defeating ECC's malpractice claim, arguing the case never should have gone to arbitration because Manatt's engagement agreement was illegal.

  • March 2, 2017

    Merrill Didn’t Burn Client In 2009 Stock Sell-Off, 6th Circ. Says

    The Sixth Circuit on Thursday cemented a loss for the retired CEO of amusement park company Cedar Fair LP in his quest to get back stock Merrill Lynch sold in the 2009 crash, ruling the asset manager was within the bounds of its contract when it liquidated a chunk of his holdings to pay off an $8 million loan.

  • March 2, 2017

    Finance Guru Cops To Fleecing Rich Clients, Looting Trusts

    Broidy Wealth Advisors LLC CEO Marc Broidy pled guilty to a count of investment adviser fraud Thursday in Brooklyn federal court, admitting to withdrawing $640,000 in excess management fees and misappropriating $865,000 worth of stock held in trusts.

  • March 2, 2017

    SEC Disgorgement Is Time-Barred, Supreme Court Told

    A New Mexico investment adviser facing a $35 million disgorgement order has urged the U.S. Supreme Court to rule that the U.S. Securities and Exchange Commission is subject to time limits when seeking ill-gotten gains, saying individuals shouldn’t be “forever liable” to the government.

  • March 2, 2017

    Electrolux Broadens Its Food Biz With $108M Grindmaster Buy

    AB Electrolux, a Swedish home appliances maker, said Thursday it has acquired U.S. beverage-dispensing manufacturer Grindmaster-Cecilware Corp. for $108 million as it pursues growth plans in its food service business.

  • March 2, 2017

    Texas Oil Ponzi Schemer Gets Nod For 7-Year Plea Deal

    A Texas federal judge approved on Thursday a plea deal for a Texas man who pled guilty to mail fraud for a Ponzi scheme that was disguised as an oil and gas investment opportunity, backing the seven-year sentence for a crime that could have landed the schemer in prison for 20 years.

  • March 2, 2017

    SEC Limits Whistleblower's Award Over Culpability, Delay

    The U.S. Securities and Exchange Commission has determined that a whistleblower will receive a fifth of any monetary sanctions collected in an enforcement action sparked by the tipster’s revelations, saying the cap is appropriate due to the whistleblower's delayed reporting and connection to the violations.

  • March 2, 2017

    Ashford REIT Buys $97M Napa Hotel After Blocking Activists

    Ashford Hospitality Prime Inc., a real estate investment trust focused on investing in luxury hotels and resorts, said Wednesday that it will acquire the 80-room Hotel Yountville in Napa Valley for $97 million, or $1.2 million per key.

  • March 2, 2017

    Judge Says High Court Bars $17M Eminence Short-Swing Suit

    A Manhattan federal judge has ditched a suit brought by a Men's Wearhouse investor claiming that Eminence Capital LLC reaped an illegal $17 million insider profit in 2015 by selling its shares in the retailer, saying Wednesday the investor failed to overcome U.S. Supreme Court guidance supporting dismissal.

  • March 2, 2017

    Tier REIT Sheds Last Philly Property In $95M Deal

    Dallas-based real estate investment trust Tier REIT said Thursday that it has sold its last property in Philadelphia, a 561,000-square-foot office building, in a $95 million deal with MRP Realty and Baring Real Estate Advisers.

Expert Analysis

  • It’s Time To Change The Law Firm Business Model

    Lucia Chiocchio

    Every year, statistics reveal very little change in the number of women and minorities in the ranks of partnership. So how do law firms change this painfully slow rate of progress? It takes more than adding a diversity policy or a women’s leadership program to the current law firm business model, says Lucia Chiocchio, co-chair of Cuddy & Feder LLP's telecommunications and land use, zoning & development groups.

  • Amended Rule 37(e): 1 Year Later

    Samantha Southall

    After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • FINRA’s Most Significant 2016 Enforcement Actions

    Jon Eisenberg

    The Financial Industry Regulatory Authority brings about 1,500 enforcement actions a year, but often lost in the volume of actions are the ones that merit particular attention. Jon Eisenberg and Michael Dyson of K&L Gates LLP review the 2016 actions that resulted in fines of $1 million or more.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Long-Arm Jurisdiction In A Post-Daimler Era

    Muhammad U. Faridi

    A New York state court’s recent decision in Ace Decade Holdings v. UBS, dismissing a $500 million fraud suit against Swiss bank UBS, highlights the nuanced issues involved in personal-jurisdiction disputes and demonstrates that Daimler has significantly limited general “doing business” jurisdiction over out-of-state defendants, say Muhammad Faridi and Jordan Engelhardt of Patterson Belknap Webb & Tyler LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • Opinion

    The Incoming SEC Chairman As I Know Him

    Kevin J. Lavin

    The natural tendency of Democrats will be to criticize President-elect Donald Trump's nominee for U.S. Securities and Exchange Commission chairman as a “Wall Street insider” who won’t be sensitive to regular working-class Americans. I’m a registered Democrat and would enjoy being able to criticize Trump’s selection, but I’ve known Jay Clayton since 1995 and he is no ideologue, says Kevin Lavin of Arnold & Porter Kaye Scholer LLP.

  • 'Fair Value' Takeaways From Merion V. Lender Processing

    Gail Weinstein

    The Delaware Chancery Court relied entirely on the merger price to determine “fair value” in Merion Capital v. Lender Processing Services, confirming that an appraisal award likely will not exceed the merger price in a nonaffiliated transaction where there was a pre-signing market check with “meaningful competition,” say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Curbing The Power Of Pari Passu Clauses

    Sergio J. Galvis

    The New York courts’ interpretation of the pari passu clause in Argentine bonds to provide a basis for a powerful injunctive remedy was widely viewed as novel. But a new ruling out of the Southern District of New York will likely limit the precedential effect of the earlier rulings on sovereign debt restructurings for the large number of still-outstanding securities that contain pari passu clauses, say attorneys with Sullivan & Cromwell LLP.