Asset Management

  • April 25, 2017

    Ex-Merrill Lynch Adviser Cops To Stealing $1M From Clients

    A former Merrill Lynch investment adviser pled guilty Tuesday to pocketing $1 million belonging to two of his clients by withdrawing the funds without the clients' permission and passing them through a Chicago-based chamber of commerce.

  • April 25, 2017

    CFTC Says Trade Advisers Can Use 3rd-Party Recordkeepers

    The U.S. Commodity Futures Trading Commission has agreed that commodity trading advisers can use offsite data centers and services to manage and store their books and records, potentially allowing them to lower costs and increase efficiency.

  • April 25, 2017

    Swaps Buyers Say Morgan Stanley Slow-Walking ISDAfix Docs

    Investors who sued banks for rigging a benchmark swaps rate asked a New York federal judge on Monday to appoint an authority to make sure Morgan Stanley turns over all the files it was ordered to and to make the investment bank pay for it.

  • April 25, 2017

    Aurelius Equity Exits Compressor Co. In $202M Nidec Deal

    Aurelius Equity Opportunities SE & Co. KGaA said Tuesday that it has agreed to sell Secop Group, a manufacturer of compressors used in refrigeration, to Japanese electric motor maker Nidec Corp. in a deal worth €185 million ($202.2 million) including debt, its largest sale to date.

  • April 25, 2017

    SEC Hands Nearly $4M Award To Whistleblower

    The U.S. Securities and Exchange Commission on Tuesday handed over nearly $4 million, its 10th-highest whistleblower award to date, to an individual who alerted the agency about securities misconduct, bringing the program’s total endowment to approximately $153 million.

  • April 25, 2017

    Ex-Hunton Atty Seeks Retrial After Insider Trading Conviction

    The insider trading conviction of former Hunton & Williams LLP patent lawyer Rob Schulman was based on insufficient evidence that he meant to profit from tipping an investment adviser about Pfizer Inc.’s plans to acquire his drugmaker client, Schulman argued in a pair of filings Monday in New York federal court.

  • April 25, 2017

    Biotech Investors Seek Ruling On Jefferies Arbitration Fight

    Shareholders who bought stock in a since-failed biotech company urged a Texas federal court Tuesday to reject Jefferies LLC's attempt to enjoin arbitration before the Financial Industry Regulatory Authority, saying the investment firm’s requested preliminary injunction is identical to the end goal of its suit: to dodge arbitration.

  • April 25, 2017

    SEC Says Del. Man Ran $1.7M Mortgage Investment Scheme

    The U.S. Securities and Exchange Commission filed a lawsuit Tuesday in Delaware federal court alleging a Delaware man raised more than $1.69 million from unsophisticated investors by falsely claiming he was running a highly successful mortgage business.

  • April 25, 2017

    CPPIB, Baring PE Asia Ink $4.3B Nord Anglia Buyout

    New York-listed Nord Anglia Education Inc. will be taken private by a consortium led by the Canadian Pension Plan Investment Board and its private equity backer, Baring Private Equity Asia, in a deal that values the international school operator at $4.3 billion, including debt, according to a Tuesday statement.

  • April 25, 2017

    Air Methods Investors Seek Appraisial After $2.5B Deal

    A group of investment firms, including funds related to Water Island Capital and Litman Gregory Master Funds, asked Delaware’s Chancery Court on Monday to determine the fair value of private equity firm American Securities LLC’s buyout of helicopter medical transporter Air Methods Corp.

  • April 25, 2017

    Feds Must Name Co-Conspirators In Nomura RMBS Case

    A Connecticut federal judge told prosecutors on Monday to turn over the names of people who allegedly conspired with three traders at Nomura Securities International Inc. to juice their profits by lying to customers about the prices they paid for residential mortgage-backed securities.

  • April 25, 2017

    S&P Global, Wells Fargo Sued Over Life Settlements

    A putative class of Lifetrade Fund investors sued rating agency S&P Global Inc. and Wells Fargo Bank NA in New York federal court Monday, alleging S&P passed off investments in life insurance policies as safe bets despite the investments' being based on fraudulent life-expectancy projections.

  • April 25, 2017

    Tritec-UBS JV Finalizes $81M Recap Of NY Medical Campus

    Tritec Real Estate Co. has finalized an $81.45 million recapitalization of a medical office portfolio on Long Island with its equity partner, a UBS Real Estate & Private Markets-advised fund, according to an announcement on Monday from Tritec's broker Holliday Fenoglio Fowler LP.

  • April 24, 2017

    Congress Tells SEC To Rein Itself In With CHOICE Act 2.0

    Although Rep. Jeb Hensarling’s second shot at repealing Dodd-Frank faces an uncertain path to passage, experts say the Financial CHOICE Act 2.0 sends a clear message to the U.S. Securities and Exchange Commission to pull back its enforcement program and focus on capital formation — a message likely to be well received by the agency’s new leadership.

  • April 24, 2017

    Portfolio Manager Cops To Fraud In $1.9M Trading Scheme

    A portfolio manager for Eaton Vance Corp. pled guilty to securities fraud Monday in Massachusetts federal court for diverting $1.9 million in trading profits to a personal brokerage account, the same day the U.S. Securities and Exchange Commission slapped fraud charges against the manager.

  • April 24, 2017

    NY High Court Takes Up Goldman Code Theft Case

    New York’s highest court has agreed to take up the long-running case of former Goldman Sachs & Co. programmer Sergey Aleynikov, who was twice convicted for theft of the financial giant’s source code, though courts have split over whether he actually committed a crime.

  • April 24, 2017

    Master Rejects UBS Bid To Ax Some US Bank Loan Claims

    A special master appointed to help resolve U.S. Bank NA’s claims that a UBS AG unit breached its duty to repurchase some 9,300 residential mortgages that didn’t measure up to warranties rejected the Swiss bank’s bid to assert victory over several types of disputed loans Friday in New York federal court.

  • April 24, 2017

    2nd Circ. Remands Convicted Fraudster's 20-Year Sentence

    A Second Circuit panel on Monday ordered the resentencing of an investment adviser who was convicted for lying to his clients about the success of his fund and skimming millions from the fund's coffers, saying the court wrongly calculated the sentence regarding criminal history.

  • April 24, 2017

    Real Estate Rumors: Equity Office, Duke, Pistilli

    Blackstone Group affiliate Equity Office has reportedly reached a deal to lease 23,356 square feet of space in Manhattan to Cyrus Capital Partners, Duke Realty is said to have dropped nearly $80 million on two Miami-area industrial parks and Pistilli Realty has reportedly picked up a Bronx multifamily portfolio for $38.5 million.

  • April 24, 2017

    NorthWest Bids For Generation REIT With 10% Premium

    An entity of NorthWest Healthcare Properties Real Estate Investment Trust has made an offer to acquire the 77 percent of Generation Healthcare REIT it doesn't already own in a deal that values the Australian company at close to AU$500 million ($378 million), according to an announcement by the prospective buyer Monday.

Expert Analysis

  • Examining FINRA Plan To Liberalize Advertising Rules

    Matthew R. Silver

    A recent proposal by the Financial Industry Regulatory Authority to liberalize restrictions on certain types of performance projection materials may alleviate some of the conflict that has existed in performance advertising rules under the Investment Advisors Act and FINRA rules, says Matthew Silver of Drinker Biddle & Reath LLP.

  • Opinion

    Let's Talk About Half-Hearted Innovation

    Michael Moradzadeh

    Allowing attorneys to telecommute may seem like a great fix for law firms. But without significant changes to the firm's culture, telecommuting is just a patch applied to the problem of attrition, says Michael Moradzadeh, founding partner of Rimon PC.

  • Protecting Communications From PR Privilege Issues

    Donna Fisher

    Two recent opinions out of Pennsylvania and California state courts offer important lessons for avoiding claims of privilege waiver when using public relations consultants during litigation, say attorneys with Pepper Hamilton LLP.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs


    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Justices Skeptical Of SEC Disgorgement Without Time Limits

    Dan McCaughey

    The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.

  • Disarming Puerto Rico’s Pension Time Bomb

    Richard Cooper

    Puerto Rico faces difficult choices regarding how to address the substantial cost and massive underfunding of its public pension sy­stems. Title III is likely the best option available to the commonwealth to adjust its public pension obligations as part of the larger effort to address its current fiscal crisis, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.