Asset Management

  • May 22, 2017

    Investors Ask To Keep Deutsche, JPMorgan Deals In NY

    The investors who sued several big financial institutions for allegedly rigging interbank loan rates asked a New York federal judge Monday to claim jurisdiction over their litigation with Deutsche Bank and JPMorgan, arguing the case’s dismissal and pending appeal has created difficulties in finalizing settlements with the banks.

  • May 22, 2017

    Puerto Rican Agencies Added To Restructuring

    The number of entities engaged in Puerto Rico’s restructuring doubled over the weekend to four, as the board overseeing the U.S. territory’s bankruptcy-like process filed relief petitions for the island’s largest public pension system and its transportation agency, which both owe billions to debt holders.

  • May 22, 2017

    SEC Says Two Stole $11M From Hedge Fund Investors

    The U.S. Securities and Exchange Commission on Monday hit a hedge fund manager and his investment advisory business partner with a Massachusetts federal suit alleging they cheated more than 50 hedge fund investors out of $11.2 million.

  • May 22, 2017

    SEC Slams Retrial Bid In $22M Oil Investment Fraud Case

    The U.S. Securities and Exchange Commission scoffed Monday at a retrial request from a broker found to have sold $22 million in unregistered investment vehicles disguised as partnerships in oil and gas drilling, telling a Texas federal court he is merely repackaging an already-rejected reconsideration bid.

  • May 22, 2017

    Carlyle, EOG Resources Sign $400M Partnership

    Private equity giant The Carlyle Group LP said Monday that it has inked a deal with oil and natural gas outfit EOG Resources Inc. that will provide up to $400 million for the development of energy assets in Oklahoma.

  • May 22, 2017

    Hacker Gets Time Served In $30M Press Release Scheme

    A New Jersey federal judge on Monday sentenced a Ukrainian hacker to time served for his role in a roughly $30 million plot to trade securities based on nonpublic information stolen from the servers of press release newswires, citing his cooperation with the criminal probe into the global scheme.

  • May 22, 2017

    Shkreli Wins Grand Jury Subpoenas In Securities Fraud Suit

    New York federal prosecutors must give Martin Shkreli copies of grand jury subpoenas that had been served to his former company, Retrophin Inc., as part of an upcoming securities fraud trial, a federal judge said Friday.

  • May 22, 2017

    2nd Circ. OKs Nixing Of Fund's $230M Madoff Claim Sale

    A New York bankruptcy court was right to scrap the sale of a $230 million claim by the liquidator for an offshore Bernard L. Madoff feeder fund to a hedge fund, the Second Circuit affirmed on Monday, saying offshore Chapter 15 sales are still subject to U.S. court review.

  • May 22, 2017

    Deals Rumor Mill: HNA, Sinochem, General Electric

    HNA may buy a stake in a Hong Kong-based asset manager, Sinochem has abandoned plans to buy an equity stake in commodities trader Noble Group, and the European Commission is investigating whether GE provided misleading information during a review of its $1.65 billion acquisition of LM Wind Power.

  • May 22, 2017

    $100M Defamation Suit Against Bloomberg Tossed

    A Massachusetts federal judge on Friday dismissed a defamation suit against Bloomberg LP by a Greek Orthodox priest who runs a hedge fund, saying that while an article saying the Rev. Emmanuel Lemelson and his firm were under investigation for stock manipulation could be defamatory, its reporting did not cross the line because the plaintiff is a public figure.

  • May 22, 2017

    Texas Driller ‘Death Spiral’ Suit Against Investor Dismissed

    A Texas federal judge on Monday dismissed oil and gas company Camber Energy Inc.'s suit against a key investor for allegedly forcing it to issue shares that drove down its stock value into a “death spiral” based on a strained interpretation of an “unconscionable” contract.

  • May 22, 2017

    Blackstone, Saudi Arabia To Launch $40B Infrastructure Fund

    Private equity giant Blackstone and the Public Investment Fund of Saudi Arabia have agreed to partner on a planned $40 billion investment vehicle that will focus primarily on infrastructure projects in the U.S.

  • May 19, 2017

    Trustee To Form Retiree Committee In Puerto Rico Bankruptcy

    The U.S. trustee on Friday told the federal judge overseeing Puerto Rico’s unprecedented bankruptcy case that it plans to appoint a retiree committee for those vested in the commonwealth’s public pension systems, making a rare call to begin the committee process without waiting for the court to rule on a pending motion.

  • May 19, 2017

    SEC’s Cooperman Deal Gives Defense Bar New Tool

    Billionaire hedge fund founder Leon Cooperman and his firm Omega Advisors Inc. managed to avoid an industry bar in settling the U.S. Securities and Exchange Commission’s insider trading claims, and experts say their unusual compromise of retaining a compliance consultant gives the defense bar ammunition for negotiating future deals.

  • May 19, 2017

    Chicago Aims To Borrow $389M To Finish School Year

    Chicago Mayor Rahm Emanuel's office on Friday laid out a plan to borrow $389 million to get the Chicago Public Schools to the end of the school year and make most of a larger-than-anticipated $721 million pension payment at the end of June.

  • May 19, 2017

    Ex-NY Town Supervisor Found Guilty Of Muni Bond Fraud

    A New York jury found a former Ramapo Town supervisor guilty of fraud and conspiracy on Friday in what a Manhattan federal prosecutor has dubbed the first municipal bond fraud case.

  • May 19, 2017

    Fla. Financier Will Pay SEC $4.1M To Settle Fraud Claims

    A Florida investment adviser has agreed to fork over more than $4.1 million in disgorgement, interest and civil penalties to the U.S. Securities and Exchange Commission to settle accusations that he had fleeced his hedge fund’s investors out of millions of dollars by charging them hidden fees, according to documents filed in Florida federal court on Thursday.

  • May 19, 2017

    Ex-Barclays Forex Trader Gets $1.2M Fine, Industry Ban

    Barclays PLC's former global head of foreign exchange spot-trading was slapped with a $1.2 million fine and industry ban Friday by the Federal Reserve, ending enforcement proceedings over his involvement in a currency rigging scheme.

  • May 19, 2017

    Fiduciary Rule Foe Points To High Court Arbitration Stance

    A financial planning group challenging portions of the U.S. Department of Labor’s so-called fiduciary rule has urged a Minnesota federal judge to take notice of a recent U.S. Supreme Court decision involving the Federal Arbitration Act, saying it strengthens the group’s challenge.

  • May 19, 2017

    Creditors Seek To Force Car Battery Recycler Into Bankruptcy

    A group of investors led by hedge fund GoldenTree Asset Management on Thursday asked a Nevada bankruptcy court to force the world’s largest lead producer into bankruptcy, saying it has defaulted on more than $2 billion in debt.

Expert Analysis

  • The FX Global Code And Its Enforcement: What To Expect

    Matthew Kulkin

    With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.

  • Questions About Bankruptcy Court Authority Continue

    Benjamin Feder

    A Delaware federal judge's recent opinion in Millennium Lab Holdings demonstrates the extent to which the constitutional questions raised by the U.S. Supreme Court six years ago in Stern v. Marshall continue to cast a shadow over the adjudication of bankruptcy cases, says Benjamin Feder of Kelley Drye & Warren LLP.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • Puerto Rico Bankruptcy Puts Pensions At Risk

    John Hansen

    As in many municipal bankruptcies, the Puerto Rico case is likely to devolve into a battle between bondholders on the one hand and the holders of pension obligations on the other, says John Hansen of John Hansen Law.

  • CHOICE Act’s Potential Outsized Influence On The SEC

    Dan Chirlin

    In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Solving The Legal Industry's Data Protection Breakdown

    Jeff Ton

    Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.

  • 5 Things To Know About Justice Gorsuch’s First 30 Days

    Charles Webber

    Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.

  • 5 Mistakes That End Law Firms

    Randy Evans

    Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.

  • Shaping FINRA's Desk Commentary Safe Harbor

    Amy Natterson Kroll

    The Financial Industry Regulatory Authority recently proposed amendments to its research rules in order to ease many of the regulatory burdens on industry communications. Without certain refinements, however, the proposed safe harbor could have the ironic effect of creating additional uncertainty, say Amy Natterson Kroll and John Ayanian of Morgan Lewis & Bockius LLP.

  • What To Watch For From The New SEC Chairman

    Justin Giovannettone

    As Jay Clayton, the new chairman of the U.S. Securities and Exchange Commission, takes office, attorneys with Orrick Herrington & Sutcliffe LLP list a few issues they are keeping an eye on.