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Asset Management

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    Singapore Developer Lands REIT Manager For $72.1M

    Singapore-based property developer OUE Ltd. and its health care-focused subsidiary said on Tuesday that they have agreed to acquire a combined 100 percent stake in Bowspirit Capital Corp. Ltd., the manager of health care real estate investment trust First Real Estate Investment Trust, for a total of SG$98.9 million ($72.1 million).

  • September 18, 2018

    VC-Backed Eventbrite Raises IPO Funding Target To $230M

    Venture-backed online ticketing platform Eventbrite Inc. on Tuesday raised the price range and fundraising target of its initial public offering to $230 million, possibly indicating demand for its impending IPO was better than expected.

  • September 18, 2018

    Chancery Rejects Texas Forum For Quantlab Control Dispute

    A key dispute at the heart of a battle for control of high-speed trading firm Quantlab Financial LLC remained in Delaware’s Chancery Court Tuesday after a vice chancellor rejected a motion to dismiss or stay the action in deference to an earlier-filed lawsuit on the same issue in Texas.

  • September 18, 2018

    Labaton, Levi Vie For Lead Role In Prothena Stock-Drop Row

    Labaton Sucharow LLP and Levi & Korsinsky LLP threw their hats in the ring to be co-lead counsel in a proposed securities class action alleging Prothena cherry-picked drug trial results and lost investors more than $2 million, according to a Monday filing in New York federal court.

  • September 18, 2018

    Mason Seeks $200M From S. Korea Over Samsung Merger

    A Mason Capital Management LLC investment fund and its general partner have launched a $200 million arbitration claim against South Korea stemming from its alleged interference in the controversial 2015 merger of two Samsung affiliates, according to documents released Tuesday by the country’s Ministry of Justice.

  • September 18, 2018

    CFTC Says Broker To Pay $50M Over ISDAfix-Rigging Claim

    The U.S. Commodity Futures Trading Commission said Tuesday that swaps broker Intercapital Capital Markets LLC will pay $50 million to resolve allegations that, for more than five years, it helped banks manipulate the ISDAfix benchmark to benefit their derivatives positions.

  • September 18, 2018

    Creditors Can't Put Stop To Puerto Rico GDB Restructuring

    A Puerto Rico federal judge denied on Tuesday a motion by unsecured creditors in its government’s bankruptcy proceedings to enforce a stay and prevent a proposed Government Development Bank restructuring, finding that neither the automatic stay nor the court’s stay order applies to moves made by the debtor.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Real Estate Rumors: Aldora Aluminum & Glass, Hana, Encore

    Aldora Aluminum & Glass is reportedly taking 106,000 square feet of space in Florida, asset management firm Hana Financial Group is said to have landed $142.8 million in CMBS financing for a Denver building, and Encore Capital Management has reportedly landed a $33.9 million construction loan for a Florida office project.

  • September 18, 2018

    Postmates Locks In $300M VC Fund Led By Tiger Global

    On-demand delivery service Postmates Inc. said on Tuesday that it raised $300 million led by hedge fund and private equity fund manager Tiger Global Management LLC as the company gears up to increase its coverage to more than 70 percent of the U.S. before the end of the year.

  • September 18, 2018

    Arent Fox Fights Early Win Bid In Malpractice Suit

    Arent Fox LLP told a New York federal court that investment firm Windsor Securities did not deserve a quick win for its legal malpractice claim in a suit alleging Arent Fox gave bad advice regarding life insurance policies Windsor seized as collateral for unpaid loans.

  • September 18, 2018

    UBS Investors Denied Cert. In Mutual Funds Dispute

    A New York federal judge on Monday declined to certify a class of investors alleging UBS and its subsidiaries violated agreements to analyze the suitability of their investments in closed‐end mutual funds, saying the appropriateness of certain investments will vary by individual.

  • September 18, 2018

    Elon Musk's Take-Private Tweet Draws Tesla Into DOJ Probe

    Tesla said Tuesday that the U.S. Department of Justice is investigating CEO Elon Musk's August tweet suggesting he was poised to take the electric-car maker private, a comment that caused an uproar and the company's stock to soar before Musk made an abrupt about-face under pressure. 

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 18, 2018

    SEC Settles With Alleged Chicago Penny Stock Fraudster

    A Chicago-area wellness company executive reached a deal to settle claims from the U.S. Securities and Exchange Commission he manipulated his company’s penny stock offerings, agreeing to pay a yet-to-be-determined penalty, the agency said Tuesday.

  • September 18, 2018

    Swiss Augmented Reality Auto Biz Secures $80M In Round C

    WayRay AG, a Swiss provider of holographic augmented reality displays for cars, said on Tuesday that it has raised $80 million in a funding round that was led by investment and asset manager China Merchants Capital Management Co. Ltd. and Porsche.

  • September 17, 2018

    Israeli Gov’t Contractor Settles Securities Suit With $3M Deal

    Ability Inc. agreed to pay $3 million to investors to resolve a securities suit accusing the Israeli government contractor of making misleading financial statements during its bid to buy Cambridge Capital Acquisition Corp., according to a deal approved by a New York federal judge on Monday.

  • September 17, 2018

    SEC Accuses Ex-Adviser Of Fraudulently Raising $6.8M

    The U.S. Securities and Exchange Commission filed a complaint in Texas federal court on Monday accusing the former owner of a now-defunct investment adviser and a since-sold franchise of an investment education business of fraudulently convincing investors to hand over $6.8 million through unregistered securities offerings.

  • September 17, 2018

    New Commissioner Could Help Clayton's SEC Agenda

    The arrival of Commissioner Elad Roisman to fill the U.S. Securities and Exchange Commission’s lone vacancy likely bolsters Chairman Jay Clayton’s agenda on certain deregulatory items, experts said, and could provide a critical voice to cryptocurrency matters facing the SEC.

Expert Analysis

  • Countdown To Tax Compliance For Global Individuals

    Lucy Lee

    With only one month until the deadline for filing 2017 U.S. federal income tax returns on extension, Lucy Lee and James Maynor of Greenberg Traurig LLP have prepared a list of 10 common tax reporting obligations that may be relevant to global individuals with cross-border assets or activities.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Know The Limits To Atty Public Statements During A Trial

    Matthew Giardina

    The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.

  • NY Nonqualified Deferred Comp Rules Ripe For Challenge

    Zal Kumar

    Asset managers may be reporting significant amounts of deferred compensation on their 2017 federal partnership returns this year under Section 457A of the Internal Revenue Code. Managers may not be thinking about the New York state and New York City tax consequences of such income inclusion required at the federal level — but that would be a mistake, say attorneys at Mayer Brown LLP.

  • IRS Ruling On MBS Restructuring Should Encourage Investors

    Mark Leeds

    In June 2019, the Federal Housing Finance Agency will require Freddie Mac and Fannie Mae to begin issuing standardized mortgage-backed securities. Accordingly, the IRS last month encouraged Freddie Mac investors to convert their existing securities by stating that conversions won't trigger taxable gains or losses, say Mark Leeds and Steven Garden of Mayer Brown LLP.

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • A Breakdown Of Title Insurance For Mezzanine Financing

    Excerpt from Lexis Practice Advisor
    Spencer Compton

    Despite pessimism after the recession, mezzanine financing continues to be a part of almost every significant commercial real estate transaction. Lenders should understand the basic mezzanine debt structure and what title insurance options are available to them, say Spencer Compton and David Wanetik of First American Title Insurance Company.

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.