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Asset Management

  • August 20, 2018

    GOP Sens. Press Fed To Pare Regs For Less Risky Banks

    Seven Republican senators urged the Federal Reserve on Friday to press forward with paring back regulations for bigger banks that are not systemically risky, saying that they are concerned about some of the recent comments from Fed leadership about the implementation of the banking regulatory reform bill that was signed into law earlier this year.

  • August 20, 2018

    Calif. Fund Adviser Overcharged Clients By $7M, SEC Says

    The U.S. Securities and Exchange Commission filed suit in California federal court Monday alleging a San Francisco-based investment advisory firm’s founder financed millions of dollars worth of personal pet projects by overcharging investors in the venture capital funds he managed.

  • August 20, 2018

    Contractor Made New Company To Duck Pension, Union Says

    A New England masonry union on Monday sued a Massachusetts contractor who allegedly founded a company in an attempt to thwart overdue retirement contributions and continue stonework on old buildings north of Boston, including restoration at the Salem Witch Museum.

  • August 20, 2018

    Schwab, Chamber Back USC In ERISA Arbitration Fight

    Charles Schwab Corp. and the U.S. Chamber of Commerce urged the full Ninth Circuit on Friday to overturn a panel’s decision that an arbitration agreement the University of Southern California forced workers to sign didn’t apply to Employee Retirement Income Security Act fiduciary-breach suits.

  • August 20, 2018

    BlackRock Funds Overpaid For Advisory Services, Judge Told

    The shareholders of two BlackRock Inc. mutual funds told a New Jersey federal judge Monday that they pay “excessive” advisory fees compared to the amounts funds that receive advisory services from other institutions pay, amounting to overpayments of $280 million a year.

  • August 20, 2018

    M7 Bolsters New Fund With $89.4M Seed Portfolio Buy

    U.K.-based investor and asset manager M7 on Monday said it has launched its latest fund, which will target retail and warehouse assets, and has already made a seed portfolio acquisition of nine retail locations for £69.9 million ($89.4 million).

  • August 20, 2018

    Unregistered Brokers Sold Woodbridge Securities, SEC Claims

    The U.S. Securities and Exchange Commission accused five people and four companies Monday with allegedly selling retail investors hundreds of millions of dollars in unregistered securities of the now-bankrupt Woodbridge Group of Companies LLC, which collapsed last year after the SEC charged it with running a $1.2 billion Ponzi scheme.

  • August 20, 2018

    Merrill Lynch Pays SEC $8.9M Over Conflict Of Interest Claims

    The U.S. Securities and Exchange Commission said Monday that Merrill Lynch has agreed to pay nearly $8.9 million to settle claims that it did not disclose a conflict of interest to its customers related to the offering of certain products managed by a third-party investment advisory firm.

  • August 20, 2018

    Sun Capital Pushes Del. Court To Throw Out RICO Suit

    Sun Capital Partners Inc. has asked a Delaware federal judge to toss a Racketeer Influenced and Corrupt Organizations Act suit filed by convenience store operator GPM Investments LLC, arguing the company failed to support its claims the private equity firm engaged in a scheme to pass off $60 million in pension fund liabilities.

  • August 20, 2018

    FINRA Fines Interactive Brokers $5.5 Million For Violations

    The Financial Industry Regulatory Authority has fined Connecticut-based Interactive Brokers LLC $5.5 million for failing to require that short-sale shares be delivered or closed out within legally required time frames and for the supervisory failures that allowed those transgressions to occur, the agency announced on Monday.

  • August 20, 2018

    Oasis Outsourcing Agrees To Settle 401(k) Claims For $6M

    A Florida human resources company agreed Friday to settle a proposed class action for $6 million in federal court, taking a step toward resolving allegations that the 401(k) plan the company ran for its clients charged plan participants too much and brought in too little, costing savers millions.

  • August 20, 2018

    SL Green Realty To Sell Stake In NY Building For $223M

    Real estate investment trust SL Green Realty Corp. said on Monday that it has sold its stake in a 26-story Class A office building to developer the Moinian Group for approximately $223 million.

  • August 17, 2018

    Manafort Judge Talks Threats In Not Releasing Jurors' Names

    The Virginia federal judge overseeing the Paul Manafort trial on Friday revealed he has received threats during the case and expressed concern that revealing the names of jurors deliberating the fate of the former Trump campaign chair could put their “peace and safety” at risk.

  • August 17, 2018

    Chancery Rejects Bid To Unwind $170M Furniture Co. Merger

    A Delaware Chancery judge on Friday sided with directors of furniture company Design Within Reach Inc. and its hedge fund backers at Glenhill Capital Management LP, and rejected investor claims that a roughly $170 million merger with Herman Miller Inc. should be voided because of a quickly fixed mistake.

  • August 17, 2018

    Cooley Adds Ex-Boies Schiller Trial Partner In NY

    Cooley LLP said Thursday that it has hired a former Boies Schiller Flexner LLP trial partner with experience representing financial institutions and sports and entertainment clients in securities and antitrust litigation, as well as in international and domestic arbitrations, bolstering its offerings in New York.

  • August 17, 2018

    DOL Urges 2nd Circ. To Revive PwC Retirees' ERISA Fight

    The U.S. Department of Labor threw its support behind a class of former PricewaterhouseCoopers LLP employees attempting to revive their Employee Retirement Income Security Act claims against the company at the Second Circuit, arguing that there were remedies for the retirees under the statute.

  • August 17, 2018

    US Takes Ex-HSBC Trader's Extradition Win To Top UK Court

    The U.S. is appealing the denial of extradition of a former HSBC foreign exchange trader to the U.K.'s highest court, prosecutors said Thursday, to face charges in New York alleging he and a colleague defrauded bank client Cairn Energy PLC by trading ahead of a $3.5 billion forex deal for the Scottish oil and gas developer.

  • August 17, 2018

    Trump Call For SEC To Study Reporting Rules Sparks Debate

    President Donald Trump on Friday called on the U.S. Securities and Exchange Commission to study ending quarterly reporting requirements for public companies and switch to a six-month system in order to cut costs and spur growth, a major policy shift that experts say would likely be embraced by many businesses but resisted by investors.

  • August 17, 2018

    GE Must Face Retirement Plan Participants' Fiduciary Claims

    General Electric Co. will have to face allegations in Boston that it made inefficient and self-serving investments on behalf of some 240,000 employees participating in a company 401(k) retirement plan, a Massachusetts federal judge ruled on Friday.

  • August 17, 2018

    Dutch National Gets 17 Years For $2.5M Investment Schemes

    An Illinois federal judge on Thursday sentenced a Dutch national to 17 years in prison in an international criminal fraud case that saw the man cop to procuring more than $2.5 million through fake investment schemes between 1998 and 2010.

Expert Analysis

  • In SDNY, Indicting Politicians Is The New Black

    Andrew Bauer

    The indictment earlier this month of U.S. Rep. Christopher Collins, R-N.Y., on insider trading charges is the latest in a series of prosecutions that demonstrate the Southern District of New York's growing effort to hold accountable those who take advantage of their influence for improper gain, say attorneys with Arnold & Porter.

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.

  • The 'Post-Fact' Jury In The 'Fake News' Era

    Ross Laguzza

    The "fake news" phenomenon is ever more prominent in the political arena — but not in the jury box. At a trial, jurors don’t have to rely on the media or any other source to tell them the facts and issues, since they have a front-row seat to the action, says Ross Laguzza, a consultant at R&D Strategic Solutions LLC.

  • Stock Exchange Immunity Erodes As Biz Models Evolve

    Stephen Bedell

    The national securities exchanges are now profit-seeking commercial enterprises, but they continue to argue that they are absolutely immune from suits arising from a wide range of competitive activity. Courts, however, are rejecting these arguments, and it is likely that the U.S. Securities and Exchange Commission will address the matter soon, say attorneys with Foley & Lardner LLP.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Long-Awaited Bonus Depreciation Insight For Partnerships

    Junaid Chida

    Earlier this month, the IRS finally released proposed regulations under the bonus depreciation provisions of the Tax Cuts and Jobs Act. The guidance provides long-awaited clarification on the availability of 100 percent bonus depreciation to partnership basis adjustments, say attorneys at O'Melveny & Myers LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Alternative Trading Systems Face New Regulatory Burdens

    Julian Rainero

    The U.S. Securities and Exchange Commission last month approved rule changes that would impose extensive new transparency requirements on alternative trading systems that effect transactions in National Market System stocks. Julian Rainero and William Barbera of Schulte Roth & Zabel LLP break down the new disclosure requirements and highlight areas that may prove particularly burdensome.

  • A Guide To Terminating PBGC-Insured Benefit Plans

    Excerpt from Lexis Practice Advisor
    Edward Thomas Veal

    From the issuance of a notice of intent to terminate, to the filing of a plan’s final Form 5500, Edward Thomas Veal of Steptoe & Johnson LLP traces the standard termination process of a defined benefit plan insured by the Pension Benefit Guaranty Corp. and offers practical guidance for each stage.