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Asset Management

  • December 17, 2018

    Wilmington Trust Exec Gets 6-Year Prison Term For Fraud

    Former Wilmington Trust Corp. President Robert V.A. Harra was ordered to prison for six years by a federal judge in Delaware on Monday, the first of four bank executives sentenced for a Great Recession securities fraud scheme that effectively broke the regional financial institution.

  • December 14, 2018

    Rent-A-Center’s $11M Deal With Investors Gets Initial OK

    Rent-A-Center Inc.'s $11 million class action settlement offer to address stockholder claims that the company tried to hide known problems with a new sales transaction system has received conditional approval from a Texas federal judge.

  • December 14, 2018

    2nd Circ. Affirms Gerova Fraudster's 78-Month Sentence

    The Second Circuit affirmed Friday the damage calculations in a lower court ruling that sentenced a man to 78 months in prison for participating in a multimillion-dollar pump-and-dump scheme using the stock of a now-bankrupt NYSE-traded investment firm, Gerova Financial Group Ltd.

  • December 14, 2018

    Neiman Marcus Accuses Marble Ridge Of Smear Campaign

    Neiman Marcus Group Inc. filed counterclaims in Texas state court Friday against Marble Ridge Master Fund LP and its adviser, disputing the lawsuit the hedge fund lobbed earlier in the week and saying it has “waged a public campaign” against the luxury fashion retailer in an effort to extort value from it.

  • December 14, 2018

    Ex-Apollo Exec Can't Gag His Former Atty In SEC Probe

    A New York federal judge on Thursday overruled objections to the U.S. Securities and Exchange Commission's questioning of a former attorney for an ex-Apollo Management LP executive who stands accused of defrauding fund clients, saying there’s been no showing of common interest privilege. 

  • December 14, 2018

    Sears, Cyrus Blast Swap Bidder's Objection To Notes Sale

    Sears Holding Corp. and debtor-in-place lender Cyrus Capital Partners have asked a New York bankruptcy court to reject a call to vacate the sale of $900 million in intercompany medium-term notes to Cyrus, calling it a ploy by a failed bidder to change the results.

  • December 14, 2018

    $4.9M State Street Settlement Gets Initial OK From Judge

    A Massachusetts federal judge Friday granted preliminary approval of a $4.9 million settlement in a proposed class action filed by shareholders against State Street Corp., in which they claimed the bank overcharged clients and blew up revenue and profits in its financial statements.

  • December 14, 2018

    Aegean Marine Files Deal To Reorganize With $135M Sale

    Aegean Marine Petroleum Network Inc. on Thursday filed an outline of plans to reorganize in Chapter 11 by selling the marine refueling business to entities owned by Oaktree Capital Management LP and Hartree Partners LP for $135 million, a departure from an earlier proposal to sell to its competitor.

  • December 14, 2018

    Adviser Who Took $1.2M From Athlete Agrees To SEC Deal

    A financial adviser who admitted to defrauding a professional athlete and his wife out of $1.2 million has agreed to enter into a consent judgment with the U.S. Securities and Exchange Commission, admitting to the agency’s civil claims and allowing a judge to determine his punishment accordingly.

  • December 14, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    Taxation With Representation: Kirkland, Gibson Dunn

    In this week’s Taxation With Representation, Travelport is taken private in a $4.4 billion deal, Lexington Partners closes on a $1 billion capital commitment for TPG Asia funds, and Permira snags private universities from Laureate Education for €770 million. 

  • December 13, 2018

    Toys R Us Wins Ch. 11 Clearance For $760M Sale Of Asia Biz

    Toys R Us Inc. won approval from a Virginia bankruptcy court on Thursday to sell the majority stake of its business operations in Asia to a group of senior investors for $760 million as part of a Chapter 11 liquidation plan that provides creditor recoveries and releases potential claims between stakeholders.

  • December 13, 2018

    Ky. Court Voids Changes To State Workers' Pension Plans

    The Supreme Court of Kentucky on Thursday affirmed a lower court’s decision to void a controversial state pension law because the bill’s last-minute passage flouted the Kentucky Constitution’s requirement for legislation to receive three readings in each chamber before a vote.

  • December 13, 2018

    Vereit Insurers Must Cover SEC Probe, Class Action Costs

    A Delaware state court judge has ruled real estate trust Vereit Inc.'s insurers must cover the costs the company's investment manager incurred defending against an investor class action and a U.S. Securities and Exchange Commission probe aimed at both companies.

  • December 13, 2018

    China's 'Steve Jobs' Risks Losing Calif. Property Over Loan

    Chinese tech magnate Jia Yueting could have more than $11 million of his U.S. properties seized after a Shanghai-based company asked a California federal court to enforce the decision of a Beijing arbitration committee that ordered Jia to make good on a multimillion-dollar loan.

  • December 13, 2018

    The Biggest Benefit Policy Changes Of 2018

    President Donald Trump's cabinet and federal courts from red states chipped away at two key Obama-era benefit policies this year, authorizing the expansion of Affordable Care Act-eschewing health care plans and torpedoing a 2016 regulation intended to protect retirees from self-interested investment advisers.

  • December 13, 2018

    Rimon Lands Private Funds Atty From VLP In California

    Boutique law firm Rimon PC has expanded its private funds and securities adviser team in California with the hiring of a partner from VLP Law Group LLP who brings significant financial services expertise in a range of industries, including real estate, technology and entertainment.

  • December 13, 2018

    Real Estate Rumors: Blackstone, Fortress, Wells Fargo

    Blackstone has reportedly sold a New York office and retail building to Clarion Partners for $282 million, a Fortress Investment venture is said to have landed more than $780 million in financing for a Times Square project, and Wells Fargo has reportedly loaned $13.5 million for a logistics project in Florida.

  • December 13, 2018

    TH Real Estate Wraps Up $330M US Industrial Fund

    TH Real Estate has wrapped up a fund that will target industrial properties in major U.S. markets and has raised more than $330 million for the fund, the company announced on Thursday.

  • December 13, 2018

    Locke Lord Accused Of Missing Health Plan's ERISA Liability

    The independent fiduciary for a failed health benefits plan accused Locke Lord LLP in a complaint filed in Illinois federal court of providing faulty legal advice that ultimately helped to spell the plan’s doom.

Expert Analysis

  • A Series Of 1st-Time Crypto Actions For The SEC

    David Zaslowsky

    November was an especially aggressive month for the U.S. Securities and Exchange Commission in terms of cracking down on unauthorized digital activities. Three enforcement actions described as "firsts" demonstrate that the SEC will be using all of the tools in its toolkit, say attorneys with Baker McKenzie.

  • Series

    Judging A Book: Mills Reviews 'Mississippi's Federal Courts'

    Judge Michael Mills

    ​​David M. Hargrove's​ new book​,​ "Mississippi’s Federal Courts: A History," is a remarkably candid portrait of the characters and courts serving the state's federal judiciary from 1798 on, and contributes new scholarship on how judges were nominated during the civil rights era, says U.S. District Judge Michael Mills of the Northern District of Mississippi.

  • How To Work With Regulators During Internal Investigations

    David Chaiken

    The recent courtroom battle over the admissibility of statements made by former Deutsche Bank traders shines a spotlight on a potentially recurring problem — excessive government entanglement in an internal investigation. Counsel conducting such investigations should take certain steps to minimize the risk, say attorneys with Troutman Sanders LLP.

  • Merely A Setback For CFTC Market Manipulation Cases

    Daniel Chirlin

    The U.S. Commodity Futures Trading Commission last month suffered a stunning blow to its expansive interpretation of market manipulation in its case against DRW Investments. But this does not quite spell the end for such cases, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Guest Feature

    The Subtle Art Of Fred Fielding

    Fred Fielding

    He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff learned more.

  • What We Heard At The FTC Hearings: Day 14

    Barry Reingold

    The eighth hearing in the Federal Trade Commission’s series on competition in the 21st century addressed concerns that stock holdings by institutional investors of noncontrolling interests in competing portfolio companies may have anti-competitive effects. Barry Reingold of Perkins Coie LLP offers some key takeaways.

  • A Look At New IRS Guidance For Discounting Unpaid Losses

    Kristan Rizzolo

    The IRS recently proposed regulations for discounting unpaid losses under Internal Revenue Code Section 846. This necessary guidance, affecting both long- and short-tail insurers, removes obsolete regulations following the Tax Cuts and Jobs Act, say Kristan Rizzolo and Graham Greene of Eversheds Sutherland LLP.

  • Few Taxpayers Should Use New Offshore Disclosure Protocol

    Patrick McCormick

    Last month, the IRS updated its voluntary disclosure practices. For taxpayers without criminal exposure, the updated protocol can provide the optimal route for an offshore disclosure, but more palatable options likely exist for the significant majority of noncompliant taxpayers, says Patrick McCormick of Drucker & Scaccetti.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.