The Bank of NY Mellon Corp. on Friday slammed a proposed class of trust beneficiaries’ bid for class certification in their suit accusing the bank of irresponsible investing and unauthorized tax preparation fees, claiming that lead counsel’s “irreconcilably broken” relationship with one of lead plaintiffs renders her an inadequate class representative.
Deutsche Bank has told a New York federal judge that a class of plan participants improperly attempted to rebut earlier arguments and exclude certain pieces of evidence on the eve of a July trial over their Employee Retirement Income Security Act claims that the bank wrongly invested their retirement savings in proprietary funds.
Morguard Management has reportedly bought 125 Florida condos for $19 million, real estate investment trust Starwood Property is said to have loaned $213 million for a Los Angeles project that includes hotel and retail components, and Aetna has reportedly leased 85,000 square feet in Florida.
The U.S. Trustee for bankrupt Nine West Holdings Inc.Thursday asked a New York bankruptcy court to turn down its request to appoint an interim CEO from the company’s restructuring firm, saying the man is disqualified by his prior Nine West ties.
The U.S. Supreme Court’s finding that U.S. Securities and Exchange Commission administrative law judges need to be appointed by the president or the head of the agency potentially leaves the judges open to heightened political influence, legal experts said Friday.
Texas doesn’t recognize a legal claim for intentional interference with an inheritance, the Texas Supreme Court said Friday, leaving intact a lower court ruling that wiped out a $2.5 million judgment in a case alleging an attorney blocked a family from inheriting an uncle’s oil and gas millions.
Two creditors of reorganized debtor Energy Future Holdings Corp. informed parties to the case Friday that it had appealed a decision from a Delaware judge granting the company’s estate permission to get involved in a fight over the allocation of fees associated with the Chapter 11 plan.
Labaton Sucharow LLP, entangled in a messy fight over $75 million in attorneys' fees, asked a Massachusetts federal judge on Friday to compel a former judge to reveal ex parte communications between the two jurists, including those suggesting public corruption allegations that the firm has called “baseless.”
Discount brokerage firm Scottrade Inc. asked a Missouri federal court Thursday to award it attorneys’ fees for the past seven months of litigation in a proposed data-breach class action, which the company says should have been dropped after the Eighth Circuit upheld the dismissal of a companion suit.
The Fifth Circuit invalidated the U.S. Department of Labor’s fiduciary rule, the defense bar notched gains in its quest to defeat two waves of Employee Retirement Income Security Act class actions, and the U.S. Supreme Court ordered the Sixth Circuit to stop relying on a worker-friendly presumption related to pension vesting. Here’s a look at the most significant benefits rulings of the first half of 2018.
A private equity firm led by an ex-Warburg Pincus executive is seeking $1.5 billion for a fund that will invest in Chinese health care and consumer companies, the European Commission will approve the $2.4 billion Tronox-Cristal deal with conditions, and BlackRock wants to buy into an Italian asset manager.
A hedge fund investor ramped up his lawsuit against Ryan Kavanaugh, the CEO of the twice-bankrupt Relativity Media, in an amended complaint filed in California court Thursday, upping his damages request five-fold to $12.5 million and seeking punitive damages.
The latest round of supervisory stress testing shows the nation’s nearly three dozen biggest banks would see significant losses during a severe global recession but would be able to keep credit flowing to households and businesses, the Federal Reserve said Thursday.
A California federal judge on Thursday seemed likely to toss a proposed class action alleging Merrill Lynch breached its fiduciary duty to its clients by losing their shares of various stocks, saying the named plaintiff had already arbitrated the same issue.
NYU Hospitals Center has made no showing of an illegal conspiracy between rival hospitals, a union and a former collective labor contracts negotiator, a New York federal judge ruled Wednesday, dismissing the hospital’s antitrust claim while allowing it to pursue allegations that it overpaid into an employee benefit fund.
Shareholders in AmTrust Financial Services Inc. voted Thursday to approve a $2.95 billion offer by founding family members and private equity funds managed by Stone Point Capital, greenlighting a take-private deal in the face of opposition from some investors.
Liberty Media has taken a much talked-about $1.16 billion offer for a 40 percent slice of iHeartMedia off the table, according to a Thursday court filing, leaving the bankrupt radio giant with no outside funding source as it seeks to cut $10 billion from its swollen balance sheet.
The U.S. Supreme Court’s “narrow” ruling that U.S. Securities and Exchange Commission administrative law judges are inferior officers subject to the appointments clause of the Constitution leaves open the question of how the SEC — and other federal agencies that use ALJs — will resolve cases handled by improperly appointed judges, legal experts said Thursday.
Florida Power has reportedly dropped $10 million on 400 acres of land in the state, Blackstone subsidiary EQ Office is reportedly looking to get $300 million for a New York office tower, and former Sun Microsystems CEO Scott McNealy is reportedly seeking $96.8 million for his Palo Alto, California, mansion.
Asked on Thursday to explain the gist of a $10 million clawback suit against Lynn Tilton and her private equity firm, Patriarch Partners LLC, counsel for the liquidating trustee of TransCare Corp. said the distressed-debt maven breached a legal duty to protect the ambulance operator from ruin.
Tax reform, and specifically Internal Revenue Code Section 199A, has created new planning opportunities for real estate investors and brokers. Although the provision is quite complex, there are huge potential savings available to commercial real estate investors, says Steve Moskowitz of Moskowitz LLP.
Recent cases suggest that Delaware courts extend a high degree of deference to limited liability company and partnership agreement provisions. But importantly, the facts and circumstances can also very much affect a court’s decision, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.
Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their traditional retirement investments into cryptocurrencies. But investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.
In light of a recent statement by the IRS Large Business and International division, individuals who have foreign trust reporting requirements now face an increased risk of IRS audit and penalties and should be sure they are in compliance with the complex reporting obligations associated with foreign trusts, say Arielle Borsos and Victor Jaramillo of Caplin & Drysdale Chtd.
Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.
Currently making its way through state assembly committees, California Assembly Bill 2731 would impose an additional 17 percent tax on interest income derived from investment management services. If passed, all asset and fund managers, including those located outside California, could face a significant tax increase, say Kelly Allen and Timothy Gustafson of Pillsbury Winthrop Shaw Pittman LLP.
There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.
The Financial Industry Regulatory Authority recently proposed to remove a broker’s “control” of a securities account as an element that must be proven to demonstrate a “quantitative suitability” violation under Rule 2111. This proposal would return the suitability rules to their roots, says Thomas Potter of Burr & Forman LLP.
While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.
To cope with the uncertainty inherent in the U.S. Securities and Exchange Commission's complicated fair fund distribution process, respondents can take six actions that will reduce the organizational burden and ultimately shave time, maybe even years, off the distribution timeline, says Alan Friedman of Charles River Associates.