Asset Management

  • March 23, 2017

    Ex-UBS Exec Says FINRA Testimony Got Him Fired

    UBS Financial Services Inc. was slapped with a whistleblower suit in New Jersey federal court on Wednesday by a former executive claiming he was fired for a bogus reason after he told the Federal Industry Regulatory Authority about how a coworker facilitated the misuse of an elderly client’s funds. 

  • March 23, 2017

    FINRA, DTC Accused Of Sending $8M To Wrong Investors

    A former investor in bankrupt Bind Therapeutics Inc. asked a Delaware federal court on Thursday to halt distributions to the defunct company's shareholders, saying errors by securities clearinghouse the Depository Trust Co. and regulator the Financial Industry Regulatory Authority resulted in the first $8 million payment going to the wrong people.

  • March 23, 2017

    IRS Calls $50M In Tax Assessments On Estate ‘Protective’

    The IRS has admitted to the U.S. Tax Court that it assessed $50 million in taxes plus interest against the estate of charcoal tycoon James P. Keeter only as a “protective” measure in ongoing litigation over allegedly sham tax shelters and that it would happily freeze the assessments if the court finds that the agency's earlier deficiency notices in the dispute were valid.

  • March 23, 2017

    Washington REIT Paying $135M For DC Office Building

    Washington Real Estate Investment Trust is buying a Washington, D.C., office building located on the Potomac riverfront for roughly $135 million, according to an announcement from the REIT on Wednesday.

  • March 23, 2017

    MF Global, PwC Settle $2B Malpractice Claim

    MF Global and PricewaterhouseCoopers have settled a $2 billion professional malpractice case in New York federal court to the "mutual satisfaction of the parties," the litigants said Thursday.

  • March 22, 2017

    Bipartisan Bill Would Make PCAOB Proceedings Public

    A bipartisan bill introduced Tuesday in the U.S. Senate would make disciplinary proceedings before the Public Company Accounting Oversight Board public, a change the bill sponsors say would enhance transparency and increase auditor accountability.

  • March 22, 2017

    SEC Shrinks Settlement Cycle For Securities Trades To 2 Days

    The U.S. Securities and Exchange Commission agreed Wednesday to shorten the settlement cycle for most securities trades from three to two days, calling the expedited timetable an overdue revision that catches up with modern technology and that could potentially be further accelerated.

  • March 22, 2017

    Zohar Funds Say Tilton 'Pillaged' Them, Can't Escape Suit

    Three collateralized loan obligation funds known as the Zohar Funds urged a New York federal court Monday to keep intact their suit alleging Patriarch Partners LLC magnate Lynn Tilton "pillaged" more than $1 billion from them, saying she is deliberately mischaracterizing the claims in a baseless attempt to preclude them.

  • March 22, 2017

    Don't Stall CEO-Worker Pay Ratio Rule, Investors Tell SEC

    A group of 100-plus institutional investors sent a letter Wednesday to the U.S. Securities and Exchange Commission urging Acting Chairman Michael Piwowar to not delay implementation of a Dodd-Frank CEO-to-employee pay ratio disclosure mandate, saying any wait imposes “significant costs” on investors.

  • March 22, 2017

    Biz Groups Urge 5th Circ. To Pause DOL Fiduciary Rule

    The U.S. Chamber of Commerce and other groups asked the Fifth Circuit on Tuesday to halt the U.S. Department of Labor’s fiduciary rule for retirement account advisers while they attempt to revive their challenge of the rule, a day after being rebuffed by a Texas federal judge.

  • March 22, 2017

    Starwood Raises $2.85B Milestone Apartments REIT Offer

    Starwood Capital Group on Wednesday said it has raised its previous $2.85 billion take-private offer for Milestone Apartments REIT and is now offering an additional 10 cents a share for the Ontario real estate investment trust, a matter that four law firms are working on.

  • March 22, 2017

    Financial Firm Slams Broker's Challenge To $20M Award

    A stockbroker’s effort to remove to state court its challenge to a $20 million arbitration award hinges on a faulty reading of federal arbitration law, trading company BTIG LLC told a New York federal court.

  • March 22, 2017

    Mapletree Raises $534M For Student Accommodation Trust

    Mapletree Investments Pte. Ltd. has raised a total of roughly $534 million for a student accommodation-focused private trust, the first such trust in Singapore, according to an announcement on Tuesday from Mapletree.

  • March 21, 2017

    Royal Park Loses Cert. Bid In $3.1B Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV lost its bid for class certification in a suit against Deutsche Bank National Trust Co. over $3.1 billion in residential mortgage-backed securities losses on Tuesday when a New York federal judge told the investors they needed to better define their proposed class.

  • March 21, 2017

    Don't Halt CEO Pay Ratio Disclosure Rule, Dem Sens. Tell SEC

    Democratic lawmakers on Tuesday urged Acting U.S. Securities and Exchange Commission Chairman Michael S. Piwowar not to delay implementation of a rule requiring public companies to disclose the pay gap between their chief executives and their typical workers, saying that he had inexplicably halted the rule.

  • March 21, 2017

    Commerzbank’s $1B BNY Mellon RMBS Case Clears Hurdle

    A New York federal judge declined on Tuesday to dismiss Commerzbank AG’s billion-dollar suit against Bank of New York Mellon Corp. for allegedly failing to vet residential mortgage-backed securities it was supposed to oversee, finding several of the claims have legs.

  • March 21, 2017

    DLA Piper Guides May River In $165M Fund Close

    Chicago private equity outfit May River Capital LLC on Tuesday said that it has closed its maiden fund with $165 million, guided by DLA Piper, which it will use to make investments in lower middle market industrial businesses.

  • March 21, 2017

    Atty Can't Keep $5M From Alleged Ponzi Client, 9th Circ. Says

    A Florida attorney can’t keep $5 million from his client who allegedly ran a Ponzi scheme, the Ninth Circuit ruled Tuesday in a decision that found for the first time that so-called relief defendants can’t kick their claims out of federal court just by claiming the fund transfer was legitimate.

  • March 21, 2017

    Scottsdale Urges Supreme Court To Revive FINRA Challenge

    Microcap broker-dealer Scottsdale Capital Advisors Corp. has asked the U.S. Supreme Court to review a Fourth Circuit opinion rebuffing its challenge to the Financial Industry Regulatory Authority’s power, saying forcing firms to face first FINRA and then the U.S. Securities and Exchange Commission would "gut" high court precedent.

  • March 21, 2017

    Hong Kong Regulator To Ease Derivative Position Limits

    The Hong Kong Securities and Futures Commission said Tuesday it will implement a proposal to relax position limits on trading listed derivatives, a move designed to broaden appeal of the region’s futures and options markets.

Expert Analysis

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • FINRA Tackles Senior Financial Exploitation

    Marc J. Ross

    New Financial Industry Regulatory Authority rules aim to provide member firms with new tools to protect senior investors and persons with mental or physical impairments from financial exploitation. To complicate matters, however, outside of FINRA, reporting requirements for elder financial exploitation vary on a state-by-state basis, say Marc Ross and John Hitchings of Sichenzia Ross Ference Kesner LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • A Narrow Exception To NY's Foreclosure Limitations Period

    Christopher A. Gorman

    A New York state appeals court's recent decision in Wells Fargo Bank v. Eitani is good news for those in the business of acquiring distressed mortgage loans because it carves out an exception to the statute of limitations on a mortgage foreclosure action. However, Eitani is very limited in its scope, says Christopher Gorman of Abrams Fensterman Fensterman Eisman Formato Ferrara & Wolf LLP.

  • Making Sense Of Potential DOL Fiduciary Rule Challenges

    David G. Tittsworth

    Much has been written about the U.S. Department of Labor’s conflict-of-interest rule and it has been the subject of intense debate. Some important milestones are only hours or days away and the likelihood of significant changes to the rule is approaching rapidly, says David Tittsworth of Ropes & Gray LLP.

  • Plaintiffs Face Uphill Battle In Excessive-Fee Litigation

    Eben P. Colby

    The past year has seen the momentum turn in favor of mutual fund advisers in the current wave of “excessive-fee litigation.” The New Jersey district court's recent opinion in Kasilag v. Hartford is insightful both for what it found with respect to Hartford and for its potential application to the more than 20 other pending cases, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Considerations For Exhibit Hyperlinks In SEC Filings

    Laura D. Richman

    Companies should begin to prepare for the mechanics of the new hyperlink requirements for U.S. Securities and Exchange Commission filings and to design disclosure controls and procedures so that they will be ready to comply on a timely basis. Some companies may even choose to comply early in order to get corporate governance “credit,” say Laura Richman and Michael Hermsen of Mayer Brown LLP.