Asset Management

  • May 8, 2017

    Wells Fargo Asks For Reconsideration In Securities Suit

    Wells Fargo on Friday asked a Minnesota federal judge to reconsider his March ruling that the bank, by its silence on the matter, waived its right to use a favorable jury verdict to preclude related claims over alleged mismanagement of a securities lending portfolio.

  • May 8, 2017

    Stanford Receiver's $5M Clawback Suit Fails At 5th Circ.

    The Fifth Circuit on Friday upheld a gold wholesaler’s victory against a $5 million clawback claim from the receiver for the R. Allen Stanford Ponzi scheme, saying a jury reasonably found that there was no fraudulent intent behind payments the wholesaler received from a Stanford-linked coin and bullion company.

  • May 8, 2017

    O'Melveny, Fried Frank, Sidley Steer $7.4B REIT Tie-Up

    O'Melveny & Myers LLP and Fried Frank Harris Shriver & Jacobson LLP represented California-based Sabra Healthcare REIT Inc. on its $7.4 billion merger with Sidley Austin LLP-counseled Care Capital Properties Inc., a matter that Sabra and Chicago-based CCP announced on Sunday.

  • May 5, 2017

    9th Circ. Sets New Falsity Standard, Citing Omnicare

    The Ninth Circuit affirmed on Friday a district judge’s decision to toss a pension fund’s putative securities class action alleging dental products maker Align Technology Inc. misled investors about a $187.6 million acquisition, finding that the pleadings related to the alleged misstatements don’t meet the high falsity standard set by the U.S. Supreme Court’s 2015 Omnicare decision.

  • May 5, 2017

    Molycorp Investor Asks Chancery To Stop Mineral Rights Deal

    The investment firm that owns the majority of spinoffs from bankrupt mining company Molycorp took the majority owners of one spinoff to Delaware Chancery Court on Thursday to block the sale of the mineral rights to the only major rare earth mine in the U.S.

  • May 5, 2017

    Retrophin Slams Shkreli's Move For Katten Muchin Docs

    Retrophin Inc. urged a New York federal judge not to grant former CEO Martin Shkreli’s bid to force it to produce nearly 2,000 documents held by its former firm, Katten Muchin Rosenman LLP, which it claims are privileged, arguing that the files are neither relevant to Shkreli’s defense in the government’s criminal investigation nor admissible.

  • May 5, 2017

    Claimed Tipster Can’t Earn On Tips To Other Agencies: SEC

    The U.S. Securities and Exchange Commission denied a whistleblower claim Thursday after finding that information the would-be tipster gave to other federal agencies was not passed to the SEC and likely would be ineligible for an award even if it had been shared.

  • May 5, 2017

    Real Estate Rumors: Workville, Gemini, Miami Penthouse

    Co-working firm Workville is reportedly close to signing for 14,000 more square feet in New York; Gemini Real Estate Asset Management is said to have sold, through bankruptcy court, a New York site that could be developed as a hotel; and a Miami Beach penthouse has reportedly sold for $31.26 million.

  • May 5, 2017

    Nomura Trader Loses Last-Minute Bid For Separate Trial

    A Connecticut federal judge on Thursday denied a bid by a former Nomura securities trader for his own trial instead of a joint trial alongside co-defendants, giving prosecutors a victory as a jury was getting selected.

  • May 5, 2017

    Ascott To Invest $50M In Manhattan Hotel

    Ascott Ltd., a Singapore-based owner and operator of serviced residences and a subsidiary of real estate company CapitaLand Ltd., said Friday that it will invest $50 million on the acquisition and renovation of a hotel in Midtown Manhattan.

  • May 5, 2017

    DC Circ. Told To Embrace 10th Circ. Ruling On SEC Judges

    An investment adviser urged the D.C. Circuit on Thursday to follow the Tenth Circuit’s lead in finding that the U.S. Securities and Exchange Commission’s in-house judges are unconstitutional, pointing to the Tenth Circuit’s recent refusal to rehear the issue.

  • May 4, 2017

    Receiver Drops Sanctions Against Atty In $28M Ponzi Case

    The receiver for an investment vehicle at the center of an alleged $28 million real estate Ponzi scheme in Utah on Thursday withdrew a call for sanctions filed in Utah federal court against the former lawyer of the man accused of running the scam.

  • May 4, 2017

    UBS Says Stock Co. Misled Court In Push For Arbitration

    UBS Financial Services asked a Florida federal judge Wednesday to reassess its bid for a quick win on claims that a Hong Kong stock holding company had no grounds to force UBS into arbitration, saying the stock company misled the court regarding evidence of a business relationship between the parties.

  • May 4, 2017

    FINRA Fines Ex-AIG Units Over Net Capital Accounting

    The Financial Industry Regulatory Authority on Wednesday approved a settlement with four former units of AIG, now indirectly owned by Lightyear Capital LLC, ending allegations their inaccurate accounting for investment advisory fees resulted in net capital deficiencies.

  • May 4, 2017

    SEC Says Fraud Corp. Can’t Hide Behind Owner’s Rights

    The U.S. Securities and Exchange Commission asked an Illinois federal judge on Wednesday to hold an investment company in contempt and make it turn over accounting records it was twice ordered to provide, saying the firm is not covered by its owner’s Fifth Amendment right against self-incrimination.

  • May 4, 2017

    Another Platinum Partners Exec Calls For Jury Leak Probe

    A former Platinum Partners managing director on Wednesday pushed for a New York federal court hearing to determine whether an FBI agent was behind purported grand jury leaks about an investigation into the hedge fund, echoing arguments from the company's founder and ex-coworkers accused of partaking in a $1 billion securities fraud scheme.

  • May 4, 2017

    CIBC Adds Cash To $4.9B PrivateBancorp Deal In Final Offer

    Canada's CIBC, ahead of a scheduled May 12 shareholder vote on its proposed purchase of PrivateBancorp Inc., will up the cash consideration for the regional bank, valuing it at $4.9 billion as part of a Thursday bid to push the deal through.

  • May 4, 2017

    RBS Beats Direct 2nd Circ. Appeal In Madoff Clawback Case

    The Royal Bank of Scotland on Thursday dodged facing a direct Second Circuit appeal in a $22 million Bernie Madoff Ponzi scheme clawback case, as a New York bankruptcy judge ruled that the international comity issues at hand do not necessitate a direct appeal.

  • May 4, 2017

    2nd Circ. Affirms Dismissal Of Lehman Employee Stock Suit

    The Second Circuit on Thursday told approximately 100 former Lehman Brothers workers that their restricted stock units are securities and not salary, and they have no preferred claim to the $200 million they say they're owed by their bankrupt former employer.

  • May 4, 2017

    Firm, CEO To Pay $4M In Ponzi-Like Life Settlement Scheme

    An investment company and its CEO agreed Thursday to pay more than $4 million to settle a New Jersey federal suit alleging they took in new money to pay off earlier investors in a Ponzi-like scheme and cut the owner an outsize take of the capital raised, the U.S. Securities and Exchange Commission announced.

Expert Analysis

  • SEC Enforcement By The Numbers, And The End Of An Era

    Marc J. Fagel

    Enforcement chief Andrew Ceresney closed out his run at the U.S. Securities and Exchange Commission with a record-breaking number of actions in fiscal year 2016. Overall, however, the Ceresney years did not introduce significant changes in the types of cases pursued by the Enforcement Division, says Marc Fagel of Gibson Dunn & Crutcher LLP.

  • In The Associate Lateral Market, All Law Firms Are Not Equal

    Darin R. Morgan

    When associates contemplate a potential lateral move, there is a common misconception that all law firms are the same. It may seem that one law firm is just like the next, but if you dig deeper, you may discover unique attributes at some firms that may be more appealing and improve your professional satisfaction significantly, says Darin Morgan of Major Lindsey & Africa.

  • Reflections From A Mock Trial

    Lora Brzezynski

    Nerves were high on the day of the trial. While technically client interests were not at stake, our reputations were still on the line. We were not only presenting our case in front of our newly acquainted colleagues, but also for partners at our firm, expert witnesses, federal judges and in-house counsel — potential employers and clients, say attorneys with Dentons, sharing their recent mock trial experience.

  • Here Comes The Rule-Making Revolution

    Thomas P. Vartanian

    The business of agency rule-making — a significant source of the regulatory burden that financial institutions bear — is about to undergo a significant makeover. Those who have been around financial regulation through various business and political cycles know, however, that federal agencies can sometimes revert to the path of least resistance to reach the same bottom line, says Thomas Vartanian of Dechert LLP.

  • Eliminating The Accredited Investor Concept Is Problematic

    Christopher Austin

    While Michael Piwowar, acting chairman of the U.S. Securities and Exchange Commission, may view defining accredited investor as "a line-drawing exercise fraught with peril," eliminating the line may be even more perilous, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • Issues To Expect In A Title III Puerto Rico Restructuring

    Luke A. Barefoot

    One of the issues that will perhaps most affect the treatment and negotiating leverage of various creditors in Puerto Rico's ensuing Title III process is the determination of the type of security interest and collateral by which their bonds are secured, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Compliance Tips For Robo-Advisers As They Take Spotlight

    Ethan L. Silver

    There are a variety of means for a robo-adviser to meet its obligations to clients under the Investment Advisers Act, as the U.S. Securities and Exchange Commission recently recognized. While every robo-adviser is different, high-risk areas tend to converge, say Ethan Silver and Scott Moss of Lowenstein Sandler LLP.

  • Data Analytics Now Cost-Effective For Smaller Firms

    Chris Paskach

    A recent survey found that nearly two-thirds of Am Law 200 firms are now using data analytics, compared to only about a tenth of regional and boutique firms. Yet the exploding market for data analytics technology in business is making these productivity tools available for any size matter or firm, say Christopher Paskach of The Claro Group and Douglas Johnston Jr. of Five Management LLC.

  • Using The SAFETY Act To Comply With NY Cyber Rules


    There is a way for banks, investment firms and insurers to reduce the chance that their risk assessment will be deemed "inadequate" under New York's new cybersecurity regulations — by having their policies and procedures vetted through the U.S. Department of Homeland Security's SAFETY Act, says Brian Finch of Pillsbury Winthrop Shaw Pittman LLP.

  • Don’t Underestimate The Value Of An Internal Audit

    Justin Gwin

    Most legal and business leaders know that internal culture — including tone, operating style, standard of behavior and shared values that guide employee decisions — can make or break a firm. An internal audit can assess a firm's culture and identify potential issues within the organization, says Justin Gwin of Kaufman Rossin PA.