Asset Management

  • August 31, 2017

    Paul Hastings Says Doral Trustee's Clawback Claims Still Fail

    Paul Hastings LLP asked a New York bankruptcy court Wednesday to again stop an attempt by the trustee of bankrupt Doral Financial Corp. to claw back $3.9 million in payments to the firm, saying the trustee's amended complaint still lacks sufficient detail.

  • August 31, 2017

    Deals Rumor Mill: BHP Billiton, Deutsche AM, Bon-Ton

    BHP Billiton has hired advisers to help sell its roughly $10 billion U.S. shale oil and gas business, Deutsche Asset Management is selling a nearly $1.3 billion stake in U.K. water company Kelda, and debt-ridden U.S. retail chain Bon-Ton is exploring its options.

  • August 31, 2017

    Madoff Trustee Seeks $156M From BNP Paribas, Upping Ante

    The bankruptcy trustee for Ponzi schemer Bernie Madoff’s investment company asked a New York federal court on Wednesday to make BNP Paribas SA and its affiliates pay $156 million for allegedly “turning a blind eye” to obvious signs of fraud in a thirst for profits.

  • August 31, 2017

    CFTC Fines NY Futures Trader For Bad Record Keeping

    A New York-based futures trader agreed Wednesday to pay a $200,000 fine to the U.S. Commodity Futures Trading Commission for failing to maintain adequate documentation related to thousands of transactions involving gold futures back in 2012.

  • August 31, 2017

    Malaysian Fund Pays Part Of Settlement After Late Start

    After missing an initial deadline, Malaysia’s state-owned investment fund has finished paying $629 million to International Petroleum Investment Co. as part of a settlement reached during arbitration over its alleged failure to make debt payments to the United Arab Emirates sovereign wealth fund, local media outlets reported Wednesday.

  • August 31, 2017

    Would-Be Class Too Broad In $1.12B RMBS Suit

    A New York federal judge on Wednesday refused to certify a proposed class of investors accusing Bank of New York Mellon Corp. of failing in its role as trustee of some $1.12 billion in residential mortgage-backed securities, ruling that the class is not defined explicitly enough.

  • August 31, 2017

    Activist Investor Elliott Demands More For Stada Stake

    Activist investor Elliott Management Corp. said Thursday that it would not support a bid by Bain Capital and Cinven to tighten their hold on German pharmaceutical company Stada Arzneimittel AG unless they agree to pay more per share then they did in their €4.12 billion ($4.8 billion) takeover.

  • August 31, 2017

    Carlyle Group Scores $84.8M Loan For Calif. Campus

    The Carlyle Group has scored $84.78 million in refinancing for a two-building office campus in North San Jose, California, according to an announcement on Thursday from Holliday Fenoglio Fowler LP, which brokered the deal for Carlyle.

  • August 31, 2017

    BDO Exec Says Tax Changes Could Give REITs Dealer Issue

    Real estate investment trusts are closely monitoring potential tax reform in Washington, and certain changes in tax law could make it more difficult for REITs to avoid taxes the IRS assesses on “dealers,” Julie Robins, a tax managing director at accounting firm BDO, told Law360 in a recent wide-ranging interview.

  • August 30, 2017

    7th Circ. Affirms 57-Month Sentence For Fraudster

    In a split decision Tuesday, the Seventh Circuit affirmed a 57-month sentence for an Indiana-based financial adviser who spent hundreds of thousands of dollars of his clients' money on personal and home expenses.

  • August 30, 2017

    Sen. Asks FBI To Investigate Icahn's Possible Conflicts

    Sen. Tammy Duckworth, D-Ill., asked FBI Director Christopher Wray on Wednesday to investigate whether billionaire investor Carl Icahn violated federal conflict of interest laws while serving as special adviser to President Donald Trump.

  • August 30, 2017

    Stanford Ponzi Victims Seek 5th Circ. Toss Of FINRA Award

    A group of retirees who allegedly suffered $80 million in damages as part of R. Allen Stanford’s Ponzi scheme has told the Fifth Circuit that a Louisiana federal judge wrongly confirmed a Financial Industry Regulatory Authority arbitral panel’s award clearing a financial services provider of liability for those damages.

  • August 30, 2017

    8th Circ. Rejects Investor Objection To Ponzi Compensation

    The Eighth Circuit batted down investment fund objections to a $19 million compensation plan resulting from a $3.7 billion Ponzi scheme, saying Wednesday that the investments' original preferred status doesn't entitle the three funds to preferential treatment in the wake of the fraud.

  • August 30, 2017

    Susman Godfrey Seeks To Helm Valeant Insider Trading Suit

    Susman Godfrey LLP and Entwistle & Cappucci LLP urged a California federal judge Tuesday to appoint them co-lead counsel for a proposed class action alleging Valeant Pharmaceuticals and Bill Ackman’s hedge fund engaged in an insider trading scheme that cost derivatives investors billions.

  • August 30, 2017

    DOL Confirms Plans To Delay Parts Of New Fiduciary Rule

    The U.S. Department of Labor confirmed Wednesday that it plans to delay parts of its fiduciary rule for retirement account advisers until mid-2019, saying it would be impossible to conduct a new analysis of the rule ordered by the White House and make changes by the end of this year.

  • August 30, 2017

    NYSE Wants Cos. To Delay End-Of-Day Material News

    The U.S. Securities and Exchange Commission on Tuesday published a New York Stock Exchange proposal that would bar companies from issuing material news at the end of the day until after designated market makers finish their closing auctions, usually around 4:05 p.m.

  • August 30, 2017

    Gramercy Pays $331M For US Industrial Property Portfolio

    Gramercy Property Trust has paid $331 million to acquire a portfolio of nine industrial properties in several U.S. cities including Boston, Atlanta and Chicago, the real estate investment trust said in a statement Wednesday.

  • August 29, 2017

    Tishman, Lehman Pull Out Win In 10-Year Archstone Slog

    A Colorado federal court has given wins to Tishman Speyer, Lehman Brothers and slew of other defendants involved in the $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, ending a 10-year-long investor suit over one of the biggest real estate deals to come out of the mid-2000s property bubble.

  • August 29, 2017

    Puerto Rico Board Says Fiscal Plan Gripes Aren't Actionable

    The oversight board tasked with steering Puerto Rico through its bankruptcy-like process hit back on Monday against two bond insurers seeking to overturn the island’s proposed fiscal plan, telling the federal court overseeing the restructuring that the insurers have no standing and their suit must be dismissed.

  • August 29, 2017

    SEC Judge Clears Ex-S&P Exec Of Fraud Allegations

    An in-house judge for the U.S. Securities and Exchange Commission found Tuesday that former Standard & Poor’s executive Barbara Duka did not intentionally conceal changes to her company’s mortgage-debt ratings methodology, but that she acted negligently in failing to ensure that the changes were disclosed.

Expert Analysis

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • SEC’s Emerging Enforcement Priorities In The Bond Markets

    Michael Osnato Jr.

    Beginning with the 2013 charges against Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities, the U.S. Securities and Exchange Commission has aggressively pursued similar cases against bond traders. Michael Osnato Jr. and Meaghan Kelly of Simpson Thacher & Bartlett LLP survey the impact of the Litvak line of cases and offer insights into where the SEC will next deploy its an... (continued)

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • ALJ Appointments Issue Now Primed For High Court Review

    Justin Shur

    The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    Defendants May Come To Regret This High Court 'Victory'

    Mark Rosen

    Although the wisdom of the U.S. Supreme Court’s decision in ANZ Securities is certainly subject to debate, commentary suggesting that the ruling is the death knell for securities class actions goes too far. A recent Law360 guest article ignores the securities litigation procedures mandated by Congress as well as the trend away from early class certification in these cases, says Mark Rosen of Barrack Rodos & Bacine.

  • Proposal To Remedy Horizontal Shareholding Is Flawed

    Elaine Buckberg

    Several recent studies claim to show that competition is adversely affected when institutional investors hold significant shares in multiple firms within a “concentrated” industry. Following on this research, Eric Posner, Fiona Scott Morton and E. Glen Weyl have proposed a remedy that is a costly and disruptive way to change asset manager behavior, say members of The Brattle Group Inc.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Petrobras Does Little To Clarify Class Ascertainability

    Jonah Knobler

    In Petrobras, the Second Circuit purported to “clarify” its leading ascertainability decision, Brecher v. Republic of Argentina. In reality, however, it essentially rewrote Brecher, stretching it beyond recognition to revamp the law of ascertainability in the circuit, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.