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Asset Management

  • August 2, 2018

    Rising Star: Sidley Austin's Joy Lam

    Sidley Austin’s Joy Lam helped broker major real estate deals in China, including leading the team that represented China Orient Summit on establishing a $185 million dual-currency fund for investing in U.S. real estate, landing a spot among five asset management attorneys under 40 honored by Law360 as Rising Stars.

  • August 2, 2018

    REIT Investor Says $1.4B Merger Suit Has Legs

    An investor suing American Finance Trust and its adviser over a $1.4 billion tie-up with another real estate investment trust urged a New York federal judge to keep the lawsuit intact, reiterating allegations that AFT and affiliated entities withheld and obscured financial information, to the detriment of shareholders.

  • August 1, 2018

    NYU's Victory In ERISA Battle Hinged On Expert Witnesses

    New York University can credit its recent win in a closely watched Employee Retirement Income Security Act class action largely to the performance of its expert witnesses, who struck the judge overseeing the case as “highly credible" and who attorneys say came off as more qualified and experienced than the plaintiffs' experts.

  • August 1, 2018

    Devil Is In Details On OCC Fintech Charter, Attys Say

    The Office of the Comptroller of the Currency’s decision to move forward with its proposed fintech charter has come as welcome news to boosters of the financial technology industry, but financial services attorneys say the agency’s announcement still leaves some uncertainty in the air.

  • August 1, 2018

    Atty Fees Chopped By $1.6M In Energy Newsletter IP Suit

    A Texas federal judge has reduced by $1.6 million attorneys’ fees awarded to the publisher of an energy industry newsletter, ruling the publisher was not entitled to the original fee amount after it rejected a settlement offer from an advising firm it accused of distributing the newsletter without permission.

  • August 1, 2018

    KKR Loans A Combined $416M For Fla., Ga. Properties

    KKR Real Estate Finance Trust Inc. has closed a pair of loans worth a combined $415.5 million for properties in Florida and Georgia, and had help from Gibson Dunn & Crutcher LLP, according to an announcement on Wednesday from KKR.

  • August 1, 2018

    RMR, Portnoy Launch $306M Office-Focused RE Fund

    RMR Group Inc. said Wednesday it will contribute $100 million to a new fund focused on mid-market office properties, teaming up with its majority owner, ABP Trust, which will pitch in $206 million in properties it already owns to the new entity.

  • August 1, 2018

    Valeant Can’t Escape RICO Claims In 3 Investor Fraud Suits

    A New Jersey federal judge said Tuesday that Valeant Pharmaceuticals International Inc. will have to face Racketeer Influenced and Corrupt Organizations Act claims filed against it, its executives and PricewaterhouseCoopers in three separate lawsuits alleging Valeant inflated its stock price through unsavory and deceptive business practices.

  • August 1, 2018

    AIG, Carlyle Ink Partnership Over Bermuda Reinsurer

    Alternative asset manager The Carlyle Group is paying $381 million in cash for a minority stake in AIG’s Bermuda-based composite reinsurer DSA Re as part of a strategic partnership with the insurance giant, the companies announced Wednesday.

  • August 1, 2018

    Brookfield Infrastructure Inks $3.3B Deal For HVAC Co.

    Brookfield Asset Management’s publicly traded infrastructure arm has agreed to buy Canadian water heating, HVAC and plumbing company Enercare Inc. in a deal valued at CA$4.3 billion ($3.3 billion), including debt, the companies announced together on Wednesday.

  • August 1, 2018

    UBS Doesn't Have To Turn Over Accounts, Swiss Court Says

    A Swiss court has blocked the country’s tax authorities from helping their French counterparts access UBS client information, ruling the existence of bank accounts in Switzerland belonging to French residents wasn’t enough to suggest potential tax avoidance.

  • August 1, 2018

    Wells Fargo To Pay $2B Over RMBS Failures

    Wells Fargo Bank NA will pay $2.09 billion to end allegations that the bank misled investors about troubled loans behind its residential mortgage-backed securities ahead of the financial crisis, the U.S. Department of Justice announced on Wednesday.

  • August 1, 2018

    Rising Star: Kasowitz Benson's Uri Itkin

    Kasowitz Benson Torres LLP’s Uri Itkin has contributed to a number of wins for investors involved in litigation over residential mortgage-backed securities, including a $60 million settlement for a pair of RMBS trusts last July, earning him a spot as one of five asset management practitioners under age 40 honored by Law360 as Rising Stars.

  • July 31, 2018

    Global Brokerage Shareholder Can't Use Ch. 11 To See Docs

    The New York bankruptcy judge who approved the Chapter 11 restructuring plan for Global Brokerage Inc. said Tuesday he cannot resolve a discovery dispute in a pending derivatives action against the company’s former and current company directors, saying that must be heard by the trial court in Delaware.

  • July 31, 2018

    Ex-Apollo Partner Can't Sink SEC Client Billing Abuse Suit

    A Manhattan federal judge rejected a former Apollo Management LP executive's effort to beat U.S. Securities and Exchange Commission fraud claims Tuesday, ruling that the agency's suit accusing the moneyman of using investor dollars to fund his own lavish lifestyle gives rise to “a strong inference of fraudulent intent.”

  • July 31, 2018

    Former CEO Sues Heartland, Global In Del. For Legal Fees

    Robert O. Carr, the founder and embattled former CEO of Heartland Payment Systems, sued his former company and its acquirer, Global Payments, in Delaware on Monday for legal fees in his fight against various claims stemming from the $4.3 billion merger, including allegations of insider trading.

  • July 31, 2018

    Puerto Rico Utility, Bondholders Reach Tentative Debt Deal

    Puerto Rico’s governor, its federally appointed oversight board and a group of bondholders on Monday unveiled a tentative plan to restructure the crushing $9 billion debt load of the island’s ailing power utility, even as other creditors vowed to fight for a better deal.

  • July 31, 2018

    Gannett Fights Employees' Cert. Bid In 401(k) Row

    Gannett Co. Inc. has urged a Virginia federal judge not to certify a class of more than 12,000 workers in their suit alleging the company’s 401(k) plan lost millions by keeping its ex-parent Tegna Inc.’s stock on the investment lineup, saying class certification isn’t necessary because the plan is dropping that stock anyway.

  • July 31, 2018

    Morocco Hotel Owner Says Investors Must Pay $60M Award

    The owner of a luxury hotel in Morocco urged a Delaware federal court Monday not to toss its suit seeking to force investment firm Starwood Capital Group and an affiliate to pay a nearly $60 million arbitral award over an allegedly botched hotel management deal, saying the businesses had failed to show they are not liable under Delaware law.

  • July 31, 2018

    Attys In $480M Wells Fargo Deal Seek Up To $96M In Fees

    Attorneys for investors who reached a preliminary $480 million settlement with Wells Fargo & Co. and its executives to end consolidated securities litigation over millions of unauthorized bank accounts asked a California federal court Tuesday for as much as $96 million in fees.

Expert Analysis

  • 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.

  • China Agritech: More Than Meets The Eye

    Erica Rutner

    There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.

  • Removing 'Control' From FINRA Quantitative Unsuitability

    Thomas Potter

    The Financial Industry Regulatory Authority recently proposed to remove a broker’s “control” of a securities account as an element that must be proven to demonstrate a “quantitative suitability” violation under Rule 2111. This proposal would return the suitability rules to their roots, says Thomas Potter of Burr & Forman LLP.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 2

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    To cope with the uncertainty inherent in the U.S. Securities and Exchange Commission's complicated fair fund distribution process, respondents can take six actions that will reduce the organizational burden and ultimately shave time, maybe even years, off the distribution timeline, says Alan Friedman of Charles River Associates.