Two Franklin Templeton advisers have agreed to pay a combined $325,000 in civil penalties to settle claims that they invested client investment vehicles too heavily into exchange-traded funds, then failed to reimburse losses tied to the investments and kept them from the client funds' boards, the U.S. Securities and Exchange Commission said.
A PIMCO venture is reportedly close to a deal to buy a San Francisco property from Juul Labs, Hill Country Barbecue is said to have renewed its lease for 10,990 square feet in New York for 12 years, and PNC Bank has reportedly loaned $66.27 million for a South Florida senior living project.
A New York bankruptcy judge said Monday that the unsecured creditors of news chain McClatchy Co. have valid claims stemming from a 2018 refinancing, but that he would wait on the company's auction results before giving them the go-ahead to sue.
Special purpose acquisition company Orisun, represented by Loeb & Loeb, said Monday it is merging with Davis Polk-led Chinese coworking space business Ucommune in a deal valuing the new group at $769 million.
Alternative asset management firm Apollo Global Management, advised by Paul Weiss, announced Monday that it has launched a new $12 billion lending platform specializing in large scale loans with the help of the United Arab Emirates' sovereign wealth fund Mubadala Investment Co.
Two Democratic lawmakers have urged the U.S. Department of Labor not to limit the public to just 30 days to comment on its recently-announced fiduciary rule, saying that the middle of a pandemic wasn't the time for the agency to "arbitrarily and unfairly rush through this process."
Cliffe Dekker Hofmeyr and Latham were among the more than half-dozen law firms that landed work on the largest hotel transactions during a sluggish second quarter that saw deal flow fall markedly because of the COVID-19 pandemic.
British socialite Ghislaine Maxwell awaited a bail hearing from a Brooklyn, New York, jail cell Monday after her arrest in New Hampshire on charges of helping deceased financier Jeffrey Epstein sexually abuse minor girls.
Activist investor Elliott Management Corp. is urging changes at Crown Castle after its affiliates amassed a $1 billion economic interest in the telecommunications company, saying Monday that its investments in fiber have significantly underperformed.
American Airlines is urging a Texas federal judge to toss an ERISA suit claiming the airline wrongly let workers put their retirement savings in an investment option offered by a credit union, telling the court that the lead plaintiffs' own investment decisions undermined their case.
We're pleased to announce Law360's Rising Stars for 2020, our list of 176 attorneys under 40 whose legal accomplishments transcend their age.
The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.
An attorney for a stockholder who sued online lender LendingClub Corp. for allegedly misleading investors about a federal investigation said they have dropped an insider trading claim during Chancery Court dismissal arguments Thursday, but urged the court to keep alive unjust enrichment and related claims.
An Illinois federal judge has tossed a proposed ERISA class action against CareerBuilder LLC, rejecting allegations of excessive 401(k) plan fees by citing Northwestern University's recent defeat of similar claims in the Seventh Circuit.
A New York federal judge has dismissed a whistleblower suit accusing Standard Chartered Bank of lying to U.S. authorities to shave billions of dollars from what it allegedly should have paid for violations of Iran sanctions, granting a government request that he said he had "no difficulty" deeming well-founded.
The receiver for defunct hedge fund Platinum Partners agreed to pay around $14 million to settle with insurers that say Platinum owed them more than $44 million, a move the receiver said eliminated one of the biggest obstacles to investors finally recouping some of their losses.
The U.S. Department of Labor's employee benefits arm removed barriers to profit for asset managers, investment advisers and the private equity industry, while attempting to limit ethical investments in 401(k) and pension plans. Here, Law360 recaps the three biggest DOL benefits policies of 2020 so far, which all arrived in June.
The Ninth Circuit has mostly affirmed a ruling ordering several companies to pay the U.S. Securities and Exchange Commission more than $14 million after the agency accused them of participating in a fraud scheme involving Federal Communications Commission cellular spectrum licenses.
Two former American Airlines workers lost their bid to certify a 20,000-member class in their suit alleging their retirement plan was mismanaged, after a Texas federal judge said certification wasn't necessary since they are suing on behalf of the whole plan.
A J.P. Morgan venture has reportedly landed $120 million in financing for a Philadelphia mixed-use project, the city of Hollywood, Florida, is reportedly looking for a development partner for a beachfront project, and Elion Partners is said to have paid $7.2 million for a Florida warehouse.
The key to determining the correct forum for a case that accuses Butler Snow LLP and its business development subsidiary of helping a now-imprisoned client pull off a massive Ponzi scheme is what the contract doesn't include, the law firm told a Fifth Circuit panel Thursday.
Fidelity has struck a $28.5 million deal with current and former employees to settle a class action claiming the investment firm put profits ahead of their retirement savings by harvesting "excessive" fees from a limited lineup of Fidelity-affiliated funds in its 401(k) plan.
Despite the pandemic, the first half of 2020 saw epic judicial gear-shifting but no real slowdown in Delaware's key business courts, with new Chancery Court complaints actually picking up and important corporate and commercial law decisions regularly emerging from remotely conducted proceedings.
Uber hopes to pay $2.6 billion for Postmates, a group of Japanese entities is investing $14.4 billion in a gas project in Mozambique, and a new funding round will value Chinese groceries delivery app XingSheng at $3 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.
New York-based investment firm Angelo Gordon & Co. LP said Thursday that its latest real estate fund raised $1.5 billion that will be used to target all types of property in the U.K., the Nordic countries and Western Europe.
As the pandemic-prompted downturn gives way to financial distress among companies that borrow using leveraged loans — which underpin collateralized loan obligations — CLO managers, third-party service providers and corporate borrowers alike may face litigation on multiple fronts, say Ioannis Gkatzimas and John Anthony at The Brattle Group.
With the inundation of lawsuits resulting from the pandemic, now is an opportune time for companies and their advisers to implement prevention measures explicitly designed to break the dispute cycle early and to de-escalate possible legal actions as they form, says arbitrator and mediator Janice Sperow.
The Second Circuit’s U.S. v. Blaszczak decision that alerting analysts of pending changes to Medicare reimbursement rates constitutes theft of government property, broadly construed, leaves journalists and their sources susceptible to charges at the discretion of prosecutors, say Eugene Ingoglia and Rebecca Delfiner at Allen & Overy.
Although captive insurance can help address some of the traditional coverage gaps exposed by the current COVID-19 crisis, three Tax Court cases from recent years illustrate the Internal Revenue Service's hostility toward the entities, says Patrick McCann at Chamberlain Hrdlicka.
The U.S. Securities and Exchange Commission's recently settled enforcement action against Ares Management demonstrates that private fund managers with potential insider info should systematically investigate trading approvals in situations that present a heightened risk of access to material nonpublic information, say attorneys at Debevoise.
It has long been the law that attorneys cannot use percentage rental agreements because doing so would constitute an impermissible sharing of fees with nonlawyers, but such arrangements can help lawyers match expenses with revenues in lean times like now, say Peter Jarvis and Trisha Thompson at Holland & Knight.
A California state appellate court's recent decision in Masellis v. Law Office of Leslie F. Jensen provides a road map for proving causation and damages in settle-and-sue legal malpractice cases — an important issue of long-standing confusion, says Steven Berenson at Klinedinst.
While not binding on the U.S. Securities and Exchange Commission or any court, the SEC staff's recent reversal on control share statutes returns essential tools to closed-end fund boards in certain states and may be instrumental in revitalizing the closed-end fund industry for long-term investors and fund sponsors alike, say attorneys at Skadden.
The compliance date has arrived for two rules adopted by the U.S. Securities and Exchange Commission last year — Regulation Best Interest and the Form CRS Relationship Summary — and there are many regulatory developments and legal questions that in-house counsel and compliance professionals should consider, say attorneys at Eversheds Sutherland.
Mediation conducted online with participants in different states makes it harder to determine where communications were made, increasing the risk that courts will apply laws of a state that does not protect mediation confidentiality, say mediators Jeff Kichaven and Teresa Frisbie and law student Tyler Codina.
A New York federal court's recent refusal to grant class certification to investors in Grupo Televisa in a FIFA scandal stock-drop case may lead to additional discovery burdens for asset managers performing third-party management services for pooled investment vehicles, say attorneys at Ropes & Gray.
Although the next moves following the dramatic ouster of Geoffrey Berman as U.S. attorney for the Southern District of New York, and the status of Audrey Strauss as acting U.S. attorney, are largely circumscribed by the Federal Vacancies Reform Act, open questions remain, says Daniel Levy at McKool Smith.
As I learned after completing a recent international arbitration remotely, with advance planning a video hearing can replicate the in-person experience surprisingly well, and may actually be superior in certain respects, says Kate Shih at Quinn Emanuel.
In light of the U.S. Supreme Court's recent decision in Liu v. Securities and Exchange Commission, taxpayers whose pre-Tax Cuts and Jobs Act disgorgement deductions were rejected should consider contesting the Internal Revenue Service's determination, say attorneys at Chamberlain Hrdlicka.
If law firms are truly serious about making meaningful change in terms of diversity, they must adopt a demographically neutral, unbiased hiring equation that looks at personality traits with greater import than grades and class rank, says Thomas Latino at Florida State University College of Law.