Asset Management

  • April 20, 2018

    Undoing CFPB Guidance May Yield Unintended Effects

    The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

  • April 20, 2018

    Orphaned By Feds, SEC Judges Find Ally In O'Melveny Advocate

    Administrative law judges at the U.S. Securities and Exchange Commission can no longer count on Solicitor General Noel Francisco to defend them in their upcoming fight before the U.S. Supreme Court, but they may not need him if an attorney invited by the court can convince the justices there was no constitutional foul in the way they were hired.

  • April 20, 2018

    Windups, Jury Charge Loom In Wilmington Trust Trial

    Federal prosecutors and defense attorneys shipped 173 pages of jury-instruction proposals Friday to a federal judge hearing a criminal case in Delaware against four Wilmington Trust executives accused of hiding hundreds of millions of dollars in bad loans, with the words “past due” appearing 159 times.

  • April 20, 2018

    Disney Workers Urge 9th Circ. To Revive Valeant ERISA Suit

    Former Walt Disney Co. employees have urged the Ninth Circuit to revive their suit alleging their pension plan trustees breached a fiduciary duty by not monitoring a mutual fund’s investments in now-embattled Valeant, arguing the lower court incorrectly treated their allegations as stock-drop claims.

  • April 20, 2018

    2nd Circ. Affirms SEC’s $26M Win Over Ponzi Schemer

    The Second Circuit on Friday affirmed the lower court’s decision to grant the U.S. Securities and Exchange Commission’s summary judgment bid for a nearly $26 million judgment against convicted Ponzi schemer Francisco Illarramendi, saying the former hedge fund adviser’s claim he was denied the counsel of his choice was unevidenced.

  • April 20, 2018

    Puerto Rico Sales Tax Bond Fight Sparks Muni Market Anxiety

    Municipal bond investors are paying close attention to what happens in a pending court fight over the validity of bondholder liens on Puerto Rican sales tax, experts say, warning of widespread consequences should investments thought to be bankruptcy-proof turn out otherwise.

  • April 20, 2018

    Real Estate Rumors: Brookfield, Acadia Realty Trust, Edens

    Brookfield is said to have leased Manhattan space to health care data firm IQVIA and nonprofit MDRC, Acadia Realty Trust has reportedly sold a New York development site for $26 million, and retail landlord Edens is said to have sold two Florida Publix-anchored shopping centers to a company owned by Miami Heat minority owner Raanan Katz.

  • April 20, 2018

    Investor Wants CenturyLink To Face 401(k) Benefits Suit

    An investor in a 401(k) plan accusing CenturyLink Inc. and the investment fiduciary of mismanaging the retirement benefit has told a Colorado federal court that allegations made on behalf of the proposed class should not be dismissed because the fund suffered from years of poor performance.

  • April 20, 2018

    Taxation With Representation: Freshfields, Thompson, Davis

    In this week’s Taxation With Representation, Procter and Gamble bought Merck KGaA’s consumer health business for $4.2 billion, Icahn’s Tropicana sold its real estate assets to Gaming and Leisure Properties Inc. and merged its gaming and hotel operation with Eldorado Resorts Inc. in a $1.85 million deal, and Shire sold its oncology business to Servier SAS for $2.4 billion.

  • April 20, 2018

    Investor Suit Over GFI Merger Gets Judge's Heave-Ho

    A Manhattan federal judge on Friday tossed a suit claiming investors in brokerage GFI Group Inc. were duped into selling their shares on the cheap by news of a takeover bid by CME Group Inc. because top GFI brass never said a better offer was coming.

  • April 20, 2018

    3rd Circ. Revives Suit Over $2.5M Bond Investment

    In a precedential decision on Thursday, the Third Circuit revived a suit over an investment opportunity turned sour that was dismissed after a $3.5 million settlement had already been reached, after new counsel argued that the federal courts did not have jurisdiction over the case.

  • April 20, 2018

    Possible Trouble On Horizon For ALJs In High Court Case

    A ruling by the U.S. Supreme Court that the U.S. Securities and Exchange Commission’s administrative law judges were hired in violation of the Constitution would likely open up some past ALJ decisions to challenges, legal experts agree, but the fallout should be limited to cases still pending judicial review, whereas defendants whose cases are already final could be out of luck.

  • April 20, 2018

    Litigation Funding Isn't Just For The Little Guy Anymore

    As their industry gains acceptance and a greater foothold in the legal marketplace, commercial litigation financing firms are finding themselves not only helping Davids level the playing field, but also Goliaths with respect to better managing risk and deploying their resources more strategically.

  • April 20, 2018

    Latham Eyes Real Estate Expansion With New Group Co-Chair

    Latham & Watkins LLP is looking to grow its real estate footprint in Europe, as well as in San Francisco and other U.S. markets, while continuing to focus in part on private equity and real estate investment trust work, the firm's newest global real estate co-chair, Michael Haas, told Law360 in a recent interview.

  • April 19, 2018

    Puerto Rico Fed Board Approves Pension-Cutting Fiscal Plan

    The federal panel empowered to restructure Puerto Rico's debts and shore up its finances certified six-year fiscal plans for the island on Thursday, bucking the resistance by the territory’s government to pension reform and other austerity measures in an effort to fix the island’s debt crisis and instill investor confidence.

  • April 19, 2018

    Lehman Judge Fumes At RMBS Trusts' Distribution Moves

    Trustees for investors who bought toxic residential mortgage-backed securities from Lehman Brothers Holdings Inc. before the 2008 financial crisis got an earful Thursday from a New York bankruptcy judge who fumed that their concerns over how to distribute funds from a $2.4 billion settlement could have been raised months ago.

  • April 19, 2018

    MoMA Trustee Says Koons, Gagosian Delayed Art Deliveries

    Acclaimed sculptor Jeff Koons and art dealer Larry Gagosian were sued for more than $39 million by a Wall Street investor and Museum of Modern Art trustee Thursday over claims they failed to deliver three Koons sculptures on time as part of an alleged Ponzi-like scheme.

  • April 19, 2018

    Burning Questions Arise About SEC’s Best Interest Standard

    Less than a day after the U.S. Securities and Exchange Commission released its plans to hold broker-dealers to a higher standard of care when advising retail clients, lawyers and consumer advocates began raising flags about parts of the mammoth proposal, signaling the agency still has much to do before it can finalize the long-awaited new rules.

  • April 19, 2018

    3 IPOs Tap Markets For $841M With Mixed Results

    A private equity-backed steel products company and two biotechnology firms completed initial public offerings that raised a combined $841 million after pricing deals at varying ends of the price spectrum, kicking off a busy week for IPOs with mixed results on Thursday.

  • April 19, 2018

    Wells Fargo Asks 8th Circ. To Salvage Foreign Tax Credits

    Wells Fargo appealed the loss of foreign tax credits in a lawsuit over a securities transaction worth more than $1.25 billion, telling the Eighth Circuit Wednesday that a Minnesota federal court had wrongly allowed a jury to decide its transaction was a sham.

Expert Analysis

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Investing In US Real Estate On A (Possibly) Tax-Free Basis

    Galia Antebi

    Under certain facts, some foreign investors can invest in a real estate investment trust on a completely tax-free basis, both with respect to distributions received from the REIT and with respect to the disposition of the REIT stock, say Galia Antebi and Neha Rastogi of Ruchelman PLLC.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • Tax Reform Creates New Opportunities For REITs

    James Godman

    While many analysts expected that federal tax reform would dampen enthusiasm around real estate investment trusts, those concerns have proven to be unfounded. In fact, REITs and their investors should see a net gain overall from the recently adopted tax changes, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Setback For FCPA-Based Securities Class Actions

    Mauricio España

    The Southern District of New York's recent dismissal of a securities class action against Embraer provides hope that not every Foreign Corrupt Practices Act settlement will give rise to expensive private litigation, say attorneys with Dechert LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.