Asset Management

  • November 25, 2020

    Real Estate Rumors: LibreMax, Mattos Family, Morgan Stanley

    LibreMax Capital is reportedly hoping to sell a $78.6 million New York loan it made earlier this year, the Mattos family has reportedly paid $20.45 million for a Florida retail property and Morgan Stanley is said to have provided $180 million in CMBS financing for a New York office property.

  • November 25, 2020

    FINRA Fines Wells Fargo Over Time Stamp Issue

    The Financial Industry Regulatory Authority levied a "books and records" fine at a Wells Fargo unit for the second time this month on Wednesday, this time alleging that its representatives failed to enter accurate order receipt times in situations that required manual entry. 

  • November 25, 2020

    Judge Won't Order Ch. 11 Freeze On Crypto Firm's Assets

    Creditors of bankrupt cryptocurrency investment venture Cred Inc. lost a bid Wednesday to have the Delaware Bankruptcy Court order certain currency exchanges to freeze assets they say are linked to fraudulent diversions from the company.

  • November 25, 2020

    Media, Energy-Focused SPACs Raise $561M In Market Debuts

    Two blank-check companies, one led by former Disney executives and the other backed by Apollo Global Management, started trading Wednesday after raising a combined $561 million in initial public offerings.

  • November 25, 2020

    Judge Axes Fla. Fund Investor Suit Over Failed Service

    A Florida-based investment adviser accused of bilking investors out of almost $2 million escaped an investor suit on Wednesday after a judge ruled that the investor had failed to timely serve the lawsuit on the adviser.

  • November 25, 2020

    Cannabis Developer To Pay SEC $192K Penalty In Fraud Suit

    A California federal judge ordered a businessman to pay over $192,000 to settle U.S. Securities and Exchange Commission claims that he was involved in a scheme that bilked more than 400 investors out of $25.5 million to ostensibly finance two marijuana-related businesses.

  • November 24, 2020

    Yellen At Treasury Could Set Stage For More Active FSOC

    The selection of former Federal Reserve Chair Janet Yellen to serve as treasury secretary in the incoming Biden administration could position the Financial Stability Oversight Council to step up its scrutiny of the nonbank sector, a corner of the financial system that is drawing renewed concerns about its potential fragility.

  • November 24, 2020

    Commissioner Blasts CFTC's 'Incomplete' Oil Crash Report

    A member of the U.S. Commodity Futures Trading Commission said Tuesday the agency's long-awaited report on April's historic oil futures crash failed to provide a "meaningful understanding" of what caused prices to plunge into negative territory.

  • November 24, 2020

    Coinbase Ending Margin Trading Based On CFTC Guidance

    Cryptocurrency exchange Coinbase announced Tuesday that it will disable its margin lending product in response to guidance issued by the U.S. Commodity Futures Trading Commission in March, shuttering the platform less than a year after its launch. 

  • November 24, 2020

    Chancery Slams Gilead Stonewalling Over Records Demands

    Pointing to "overly aggressive" efforts by Gilead Sciences Inc. to shut down demands for records as part of stockholder investigations into potential company malfeasance over its AIDS drug, a Delaware vice chancellor has ordered the company to cooperate and authorized investors to seek shifting their legal fees to the company, saying Gilead's conduct "epitomizes a trend."

  • November 24, 2020

    How Firms Can Prep For A More 'Aggressive' SEC

    With a Joe Biden presidency around the corner and U.S. Securities and Exchange Commission Chairman Jay Clayton officially announcing he'll depart by year-end, industry attorneys believe in-house legal and compliance professionals at financial firms should expect a more aggressive incoming enforcement regime.

  • November 24, 2020

    Prison Operator's Family Separation Defamation Suit Tossed

    A financial investment firm has beaten back a suit brought by CoreCivic Inc. over allegedly false claims about the private prison company's role in the separation of immigrant families, after a California district judge permanently dismissed the suit and found the statements in question were "true enough."

  • November 24, 2020

    Clarion Buys 1.9M-Square-Foot Industrial Portfolio

    Clarion Partners has purchased a roughly 1.9 million-square-foot logistics portfolio in North Carolina from Beacon Partners, according to an announcement Tuesday from Beacon's broker Jones Lang LaSalle.

  • November 24, 2020

    Dechert Steers $15B Tie-Up Of FS KKR Biz Development Cos.

    Business development companies FS KKR Capital Corp. and FS KKR Capital Corp. II said Tuesday they plan to merge into a single entity with about $14.9 billion in assets under management, a deal arranged with help from Dechert LLP.

  • November 24, 2020

    OCC Hits JPMorgan With $250M Fine Over Fiduciary Biz

    The Office of the Comptroller of the Currency said Tuesday that it has imposed a $250 million fine on JPMorgan Chase Bank, citing deficiencies in the bank's internal controls and audit program for its massive fiduciary business.

  • November 23, 2020

    Victoria's Secret Parent Sued Over 401(k) Plan Fees

    The parent company of Victoria's Secret and Bath and Body Works was hit with a proposed class action Monday accusing the company of violating federal benefits law by failing to take advantage of its $1.6 billion 401(k) plan's size to negotiate lower fees for retirement savers.   

  • November 23, 2020

    SEC Urges China-Based Issuers To Beef Up Risk Warnings

    The U.S. Securities and Exchange Commission on Monday urged China-based issuers to fully disclose risks regarding the reliability of their financial statements and related legal matters, marking the latest attempt by regulators to answer concerns that investors may not be getting full information.

  • November 23, 2020

    9th Circ. Says Client Can't Sue Ariz. Firm In Company's Stead

    A Ninth Circuit panel tossed a legal malpractice suit against an Arizona law firm, backing a district court's determination that a sole shareholder of a dissolved financial company does not have the right to bring such claims.

  • November 23, 2020

    Investor Sues Fla. Fund That SEC Says Stole $2M

    A Florida-based investment adviser that is the target of a U.S. Securities and Exchange Commission enforcement action claiming he bilked investors out of almost $2 million was hit Friday with a second suit from an investor trying to get his money back.

  • November 23, 2020

    IRS Nixes Purpose-Or-Use Test In Final Like-Kind Rules

    The Internal Revenue Service will not subject property to a purpose-or-use test when determining like-kind exchange eligibility, the agency clarified Monday in final like-kind exchange regulations, thus undoing a provision previously included in proposed rules. 

  • November 23, 2020

    Indicted Ex-Goldman Banker Denies Role In 1MDB Scandal

    A former Goldman Sachs banker asked a New York federal court to toss an indictment against him stemming from the 1Malaysia Development Bhd. scandal, arguing he had no involvement in the multibillion-dollar fraud scheme aside from introducing two of the alleged key players.

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

  • November 23, 2020

    IAnthus, Cannabis PE Firm Want Securities Suit Tossed

    Canadian cannabis company iAnthus Capital Holdings Inc. and investor Gotham Green Partners have asked a New York federal court to toss claims brought by a shareholder over iAnthus' allegedly self-interested financing deals with Gotham Green.

  • November 23, 2020

    SEC Fights To Call Spartan 'Shell Factory' At Trial

    The U.S. Securities and Exchange Commission urged a Florida federal court on Friday to reject Spartan Securities' bid to block the use of the term "shell factory" in an upcoming trial over allegations that the broker-dealer was complicit in the creation of sham companies that allegedly fraudulently sold stock.

  • November 23, 2020

    Ex-Fed Chair Yellen Is Biden's Pick For Treasury Secretary

    President-elect Joe Biden is expected to announce former Federal Reserve Chair Janet Yellen as his nominee for Treasury secretary, picking the esteemed economist to become potentially the first woman to serve in the key Cabinet position, according to media reports on Monday.

Expert Analysis

  • Ethics Reminders As Employees Move To Or From Gov't

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    Many organizations are making plans for executives to go into government jobs, or for government officials to join a private sector team, but they must understand the many ethics rules that can put a damper on just how valuable the former employee or new hire can be, say Scott Thomas and Jennifer Carrier at Blank Rome.

  • Expect 2021 SEC To Turn Hawkish On Auditor Enforcement

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    President-elect Joe Biden's U.S. Securities and Exchange Commission will almost certainly usher in a reversal of recent years' slow pace of auditor enforcement — just 11 actions this year — back up toward the levels of the Obama administration's Operation Broken Gate, say Charles Smith and Andrew Fuchs at Skadden.

  • Del. Solera D&O Decision May Have Limited Impact

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    While the Delaware Supreme Court's recent decision in Solera is a blow for companies in the state seeking protection for certain key appraisal proceedings, the ruling hinges on the insurers' narrow definition of a violation that will trigger directors and officers coverage for securities-related claims, making it unlikely that other jurisdictions will follow suit, say attorneys at Hunton.

  • A Key To Helping Clients Make Better Decisions During Crisis

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    As the pandemic brings a variety of legal stresses for businesses, lawyers must understand the emotional dynamic of a crisis and the particular energy it produces to effectively fulfill their role as advisers, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

  • What The Biden-Harris Win Means For Securities Regulation

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    In this brief video, Amy Greer and Valerie Mirko at Baker McKenzie examine what a government led by Joe Biden and Kamala Harris could mean for the securities industry, regulatory leadership and financial policy.

  • The Pandemic's Long-Term Impact On Law Firm Operations

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    Brian Burlant at Major Lindsey looks at how pandemic-era remote work has changed the way law firms operate — from shifts in secretarial functions to associate professional development — and explains why some alterations may be here to stay.

  • How Biden Might Dismantle Trump-Era Regulations

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    The Biden administration will likely take swift action to undo regulatory actions from the past four years with a variety of tools, including executive orders, the Congressional Review Act and legal challenges under the Administrative Procedure Act, say attorneys at Jenner & Block.

  • Opinion

    Lack Of Access To Remote Court Proceedings Is Inexcusable

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    Blanket rules that bar recording or dissemination of remote public court proceedings impede presumptive common law and First Amendment right of access, greatly expand courts' powers over nonparties, and likely run afoul of U.S. Supreme Court precedent, says Matthew Schafer at ViacomCBS.

  • Retirement Plan Rule Throws Cold Water On ESG Factors

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    A recently finalized U.S. Department of Labor rule requires retirement plan fiduciaries to focus solely on financial factors when making investment decisions — meaning that it will be difficult for plans to take environmental, social and governance factors into account, even if participants want them to, says Robert Gower at Trucker Huss.

  • Ponzi Ruling Complicates Texas Fraudulent Transfer Litigation

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    The Fifth Circuit recently ruled that reliance on the Texas Uniform Fraudulent Transfer Act’s good faith affirmative defense required a diligent investigation in a Stanford International Bank Ponzi scheme case, but lack of clarity on what that entails leaves questions open for future fraudulent transfer litigation, say Joe Wielebinski and Matthias Kleinsasser at Winstead.

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