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