Asset Management

  • March 22, 2017

    Bipartisan Bill Would Make PCAOB Proceedings Public

    A bipartisan bill introduced Tuesday in the U.S. Senate would make disciplinary proceedings before the Public Company Accounting Oversight Board public, a change the bill sponsors say would enhance transparency and increase auditor accountability.

  • March 22, 2017

    SEC Shrinks Settlement Cycle For Securities Trades To 2 Days

    The U.S. Securities and Exchange Commission agreed Wednesday to shorten the settlement cycle for most securities trades from three to two days, calling the expedited timetable an overdue revision that catches up with modern technology and that could potentially be further accelerated.

  • March 22, 2017

    Zohar Funds Say Tilton 'Pillaged' Them, Can't Escape Suit

    Three collateralized loan obligation funds known as the Zohar Funds urged a New York federal court Monday to keep intact their suit alleging Patriarch Partners LLC magnate Lynn Tilton "pillaged" more than $1 billion from them, saying she is deliberately mischaracterizing the claims in a baseless attempt to preclude them.

  • March 22, 2017

    Don't Stall CEO-Worker Pay Ratio Rule, Investors Tell SEC

    A group of 100-plus institutional investors sent a letter Wednesday to the U.S. Securities and Exchange Commission urging Acting Chairman Michael Piwowar to not delay implementation of a Dodd-Frank CEO-to-employee pay ratio disclosure mandate, saying any wait imposes “significant costs” on investors.

  • March 22, 2017

    Biz Groups Urge 5th Circ. To Pause DOL Fiduciary Rule

    The U.S. Chamber of Commerce and other groups asked the Fifth Circuit on Tuesday to halt the U.S. Department of Labor’s fiduciary rule for retirement account advisers while they attempt to revive their challenge of the rule, a day after being rebuffed by a Texas federal judge.

  • March 22, 2017

    Starwood Raises $2.85B Milestone Apartments REIT Offer

    Starwood Capital Group on Wednesday said it has raised its previous $2.85 billion take-private offer for Milestone Apartments REIT and is now offering an additional 10 cents a share for the Ontario real estate investment trust, a matter that four law firms are working on.

  • March 22, 2017

    Financial Firm Slams Broker's Challenge To $20M Award

    A stockbroker’s effort to remove to state court its challenge to a $20 million arbitration award hinges on a faulty reading of federal arbitration law, trading company BTIG LLC told a New York federal court.

  • March 22, 2017

    Mapletree Raises $534M For Student Accommodation Trust

    Mapletree Investments Pte. Ltd. has raised a total of roughly $534 million for a student accommodation-focused private trust, the first such trust in Singapore, according to an announcement on Tuesday from Mapletree.

  • March 21, 2017

    Royal Park Loses Cert. Bid In $3.1B Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV lost its bid for class certification in a suit against Deutsche Bank National Trust Co. over $3.1 billion in residential mortgage-backed securities losses on Tuesday when a New York federal judge told the investors they needed to better define their proposed class.

  • March 21, 2017

    Don't Halt CEO Pay Ratio Disclosure Rule, Dem Sens. Tell SEC

    Democratic lawmakers on Tuesday urged Acting U.S. Securities and Exchange Commission Chairman Michael S. Piwowar not to delay implementation of a rule requiring public companies to disclose the pay gap between their chief executives and their typical workers, saying that he had inexplicably halted the rule.

  • March 21, 2017

    Commerzbank’s $1B BNY Mellon RMBS Case Clears Hurdle

    A New York federal judge declined on Tuesday to dismiss Commerzbank AG’s billion-dollar suit against Bank of New York Mellon Corp. for allegedly failing to vet residential mortgage-backed securities it was supposed to oversee, finding several of the claims have legs.

  • March 21, 2017

    DLA Piper Guides May River In $165M Fund Close

    Chicago private equity outfit May River Capital LLC on Tuesday said that it has closed its maiden fund with $165 million, guided by DLA Piper, which it will use to make investments in lower middle market industrial businesses.

  • March 21, 2017

    Atty Can't Keep $5M From Alleged Ponzi Client, 9th Circ. Says

    A Florida attorney can’t keep $5 million from his client who allegedly ran a Ponzi scheme, the Ninth Circuit ruled Tuesday in a decision that found for the first time that so-called relief defendants can’t kick their claims out of federal court just by claiming the fund transfer was legitimate.

  • March 21, 2017

    Scottsdale Urges Supreme Court To Revive FINRA Challenge

    Microcap broker-dealer Scottsdale Capital Advisors Corp. has asked the U.S. Supreme Court to review a Fourth Circuit opinion rebuffing its challenge to the Financial Industry Regulatory Authority’s power, saying forcing firms to face first FINRA and then the U.S. Securities and Exchange Commission would "gut" high court precedent.

  • March 21, 2017

    Hong Kong Regulator To Ease Derivative Position Limits

    The Hong Kong Securities and Futures Commission said Tuesday it will implement a proposal to relax position limits on trading listed derivatives, a move designed to broaden appeal of the region’s futures and options markets.

  • March 21, 2017

    BNY, Morgan Stanley End $81M Suit Over Mall Built On Dump

    Morgan Stanley & Co. has paid Bank of New York Mellon Corp. an undisclosed sum to settle claims that it wrongly refused to buy back an $81 million commercial loan after retailers fled an Ohio shopping center built on a landfill because of methane problems, documents filed in New York federal court show.

  • March 21, 2017

    FINRA Charges Clearing Firm Over Supervisory Failures

    The Financial Industry Regulatory Authority on Monday filed a complaint against high-frequency clearing firm Electronic Transaction Clearing Inc., alleging the firm failed to implement anti-money laundering policies and committed a host of customer protection and supervisory violations.

  • March 21, 2017

    PTAB Upholds Biogen Drug Patent In Hedge Fund Challenge

    The Patent Trial and Appeal Board on Tuesday upheld a Biogen patent covering multiple sclerosis drug Tecfidera in an inter partes review requested by the Coalition for Affordable Drugs, a group started by hedge fund manager Kyle Bass to challenge drug patents.

  • March 21, 2017

    Hedge Fund Founder Calls SEC's Fraud Claims Deficient

    A hedge fund founder accused of spending investor money on his rent and car payments told a New York federal court Monday that the U.S. Securities and Exchange Commission’s securities fraud allegations are deficient, saying a disclaimer in newsletters sent to prospective investors renders his statements immaterial.

  • March 21, 2017

    CORRECTED: Citigroup, Abu Dhabi Fund Spar Over Arbitration Costs

    Citigroup is again going to court over a dispute with Abu Dhabi's massive sovereign wealth fund over money lost in a $7.5 billion investment deal soured by the financial crisis, with the bank filing a petition in a New York federal court seeking to confirm a new arbitration award. Corrected: An earlier story misstated the legal fees at issue. That error has been corrected.

Expert Analysis

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • FINRA Tackles Senior Financial Exploitation

    Marc J. Ross

    New Financial Industry Regulatory Authority rules aim to provide member firms with new tools to protect senior investors and persons with mental or physical impairments from financial exploitation. To complicate matters, however, outside of FINRA, reporting requirements for elder financial exploitation vary on a state-by-state basis, say Marc Ross and John Hitchings of Sichenzia Ross Ference Kesner LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • A Narrow Exception To NY's Foreclosure Limitations Period

    Christopher A. Gorman

    A New York state appeals court's recent decision in Wells Fargo Bank v. Eitani is good news for those in the business of acquiring distressed mortgage loans because it carves out an exception to the statute of limitations on a mortgage foreclosure action. However, Eitani is very limited in its scope, says Christopher Gorman of Abrams Fensterman Fensterman Eisman Formato Ferrara & Wolf LLP.

  • Making Sense Of Potential DOL Fiduciary Rule Challenges

    David G. Tittsworth

    Much has been written about the U.S. Department of Labor’s conflict-of-interest rule and it has been the subject of intense debate. Some important milestones are only hours or days away and the likelihood of significant changes to the rule is approaching rapidly, says David Tittsworth of Ropes & Gray LLP.

  • Plaintiffs Face Uphill Battle In Excessive-Fee Litigation

    Eben P. Colby

    The past year has seen the momentum turn in favor of mutual fund advisers in the current wave of “excessive-fee litigation.” The New Jersey district court's recent opinion in Kasilag v. Hartford is insightful both for what it found with respect to Hartford and for its potential application to the more than 20 other pending cases, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • What Should Puerto Rico Offer Its Creditors?

    Richard J. Cooper

    Attorneys with Cleary Gottlieb Steen & Hamilton LLP offer four recommendations to keep in mind when designing the type of instrument that creditors will receive in a restructuring of Puerto Rico’s debt.

  • Considerations For Exhibit Hyperlinks In SEC Filings

    Laura D. Richman

    Companies should begin to prepare for the mechanics of the new hyperlink requirements for U.S. Securities and Exchange Commission filings and to design disclosure controls and procedures so that they will be ready to comply on a timely basis. Some companies may even choose to comply early in order to get corporate governance “credit,” say Laura Richman and Michael Hermsen of Mayer Brown LLP.

  • 9th Circ. Widens Split Over Dodd-Frank Whistleblowers

    Steven J. Pearlman

    In Somers v. Digital Realty Trust, the Ninth Circuit recently ruled that the anti-retaliation provision in Dodd-Frank protects whistleblowers who make internal complaints but do not complain to the U.S. Securities and Exchange Commission. The decision deepens the current circuit split on the issue and there is now a realistic possibility this case could ascend to the U.S. Supreme Court, say Steven Pearlman and Edward Young of Proskauer Rose LLP.