Asset Management

  • June 23, 2017

    4th Circ. Rules NFL Retirement Plan Wrongly Denied Benefits

    The Fourth Circuit on Friday sided with former NFL linebacker Jesse Solomon, who is seeking higher disability benefits from the league's retirement plan for cognitive impairments resulting from head injuries, finding that the plan ignored evidence of when the player became disabled.

  • June 23, 2017

    AbbVie Fights Hedge Funds’ Bid To Return To State Court

    AbbVie Inc., the biopharmaceuticals giant fending off lawsuits over its failed, $55 billion merger with Shire PLC, urged an Illinois federal judge on Thursday not to send a fraud case brought by a group of hedge funds back to state court, saying the case involves federal law.

  • June 23, 2017

    Ex-ITG Head Settles SEC's Foreign Shares Supervision Claims

    The former head of operations at an Investment Technology Group Inc. unit has settled the U.S. Securities and Exchange Commission's allegations that he failed to properly supervise a securities lending desk that allegedly obtained American securities of foreign companies without gaining the underlying foreign shares.

  • June 23, 2017

    Mortgage Lender's Board Hid Possible Fraud, Investor Says

    A Walter Investment Management Corp. investor sued the mortgage lender’s board of directors in Pennsylvania federal court on Thursday over allegations they knew about but did not disclose the company’s weak internal controls and involvement in potentially fraudulent practices.

  • June 23, 2017

    Wash. State Co. Agrees To CFTC Bar On Commodities Trades

    A couple charged by the U.S. Commodity Futures Trading Commission in a civil suit in Washington federal court with lying to potential investors and fleecing them out of more than $11 million consented to orders issued Friday that bars them from trading in commodities.

  • June 23, 2017

    Real Estate Rumors: Extell, Equity Office, HUD

    Extell Development is close to reaching a deal for $900 million in construction financing for its Central Park luxury condo project, Blackstone unit Equity Office has reportedly leased 46,884 square feet at the Willis Tower to engineering firm ESD, and the U.S. Department of Housing and Urban Development is said to have loaned $72.6 million for a Baltimore multifamily project.

  • June 23, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen Bank of India sue a unit of a troubled Mumbai diamond house, another suit from a private equity firm against BayernLB amid bribery claims over the sale of Formula One and a pension claim from confectionary giant Mondelez. Here, Law360 looks at those and other new claims in the U.K.

  • June 23, 2017

    Labaton Sucharow Picked To Lead Tempur Sealy Investor Suit

    A New York federal court on Thursday selected Labaton Sucharow LLP to serve as lead counsel for a proposed class of Tempur Sealy International Inc. investors who say the mattress manufacturer misled them before its relationship with the largest U.S. mattress retailer dissolved.

  • June 22, 2017

    Feds, Shkreli Trade Claims Of Dubious Witness Tricks

    A federal prosecutor on Thursday told a New York federal judge that a relative of former pharmaceutical executive Martin Shkreli had contacted a witness and implied they should not testify, while Shkreli's lawyers warned that the government may be scaring off defense witnesses from the securities fraud trial.

  • June 22, 2017

    Investors Call Coworking Startup Bar Works A Ponzi Scheme

    Bar Works, a startup that purports to be in the shared-workspace business, is now the subject of at least two lawsuits from investors who call it a multimillion-dollar Ponzi scheme.

  • June 22, 2017

    REIT Ex-CFO's Bonus Could Hit 8 Times Salary, Feds Say

    Federal prosecutors on Friday showed jurors in the fraud trial of ex-American Realty Capital Properties Chief Financial Officer Brian S. Block a salary schedule that would grant him eight times his $500,000 salary in cash and equity as a bonus that depended in part on the value of a key earnings metric with which he is accused of fiddling.

  • June 22, 2017

    Deutsche Defends Loan Sample In $306M Mortgage Trust Suit

    A Deutsche Bank unit fired back Thursday at a Morgan Stanley subsidiary’s bid for a quick win against a $306 million contract suit over a residential mortgage trust, saying there is nothing wrong with using sampling to identify defective loans among more than 4,000 Deutsche Bank oversaw as trustee.

  • June 22, 2017

    JPMorgan Says Fee Complaint Compares The Uncomparable

    JPMorgan’s investment advisory arm urged a New York federal court on Wednesday to toss a suit over allegedly excessive fees charged to one of its mutual funds, saying the case is based on apples-to-oranges fee comparisons that don’t account for differing fund investment strategies and advisory roles.

  • June 22, 2017

    Clayton Laments IPO Decline At SEC Meeting

    U.S. Securities and Exchange Commission Chairman Jay Clayton called the decline in the number of initial public offerings and public companies on American markets a "great concern" on Thursday at a meeting of an SEC advisory committee, saying his agency is working to address the issue while protecting investors.

  • June 22, 2017

    Commercial REIT Prices $205M IPO To Fund Asset Deals

    Commercial real estate investment trust Safety, Income and Growth Inc. priced an initial public offering that raised $205 million late Wednesday and earmarked the money to acquire net lease assets, representing the first of three commercial REITS slated to debut on public markets this week.

  • June 22, 2017

    SEC Says NY REIT’s Charter Change Stiffed Shareholders

    New York REIT Inc., a real estate investment trust now in liquidation, agreed Wednesday to settle the U.S. Securities and Exchange Commission’s allegations that it failed to properly disclose that a change to its charter would substantively limit its shareholders’ rights in certain merger or acquisition events.

  • June 22, 2017

    Insurer Ordered To Pay MF Global Almost $1M In Attys' Fees

    A New York bankruptcy judge found Thursday that former MF Global excess insurer Allied World Assurance Co. Ltd. owes the defunct company $926,000 in attorneys' fees over Allied’s failure to get court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • June 22, 2017

    Willkie Farr Snags Stroock Fund Formation Atty

    Willkie Farr & Gallagher LLP has nabbed a veteran fund formation attorney who previously chaired the Stroock & Stroock & Lavan LLP private funds group to join the firm’s New York office as a partner in its asset management group.

  • June 22, 2017

    Puerto Rico Court Shouldn't Hear Tax Row, Stakeholders Say

    The board overseeing Puerto Rico’s financial restructuring Wednesday united with bondholders and retirees to oppose moving a key dispute over sales tax revenue from federal court to the territory’s Supreme Court.

  • June 22, 2017

    Wells Fargo Makes $3.25M Settlement Over Options Reporting

    Wells Fargo Securities LLC agreed to pay $3.25 million to end the Financial Industry Regulatory Authority’s allegations that it failed to report options positions in millions of instances after erroneously believing that the positions weren’t reportable, according to a settlement filed on Wednesday.

Expert Analysis

  • The Misconception About SWS Appraisal Decision

    Gail Weinstein

    The Delaware Chancery Court’s recent decision in SWS Group raises the question whether below-the-merger-price appraisal results will now become more common. A number of commentators have suggested that the answer is yes, but their conclusion follows what we believe to be a misconception, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Contract Challenges With Selling 'Dualed' Auto Dealerships

    Sara Decatur Judge

    A Virginia federal court's recent decision in Volvo Group North America v. Truck Enterprises highlights how a factory right of first refusal can directly impede the sale of dealerships that have multiple franchises operating from the same dealership location, says Sara Decatur Judge of Burns & Levinson LLP.

  • Opinion

    Justice Kennedy's Moderating Influence On The High Court

    Nan Aron

    The guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.

  • A Resurgence Of Synthetic Securitizations

    Daniel Budofsky

    After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.

  • How Kokesh Will Impact The FTC And Other Agencies

    Benjamin Mundel

    The U.S. Supreme Court's recent decision in the Kokesh case limits not just U.S. Securities and Exchange Commission enforcement actions, but also monetary relief sought by other agencies, like the Federal Trade Commission. A faithful application of this decision should lead to courts rejecting these agencies' long-standing practice of seeking penal monetary relief under their equitable authority, say Benjamin Mundel and Lucas Crosl... (continued)

  • Weekly Column

    Innovating For Wise Juries: Juror-Posed Questions

    Roy Futterman

    One way to combat juror confusion and boredom is to allow jurors to ask witnesses questions. No federal evidentiary or court rule prohibits it, and every federal circuit court to address the practice has held it permissible, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • Footnote In Kokesh Signals Bigger Changes On The Horizon

    Sean Casey

    The immediate effects of imposing a five-year statute of limitations on SEC disgorgement claims may be limited. A far more intriguing element of the Kokesh opinion is found in a footnote, which brings opportunities for real damage to the SEC’s toolbox, say attorneys with Walden Macht & Haran LLP.

  • Miners Find Themselves In The Spotlight Once Again

    John Tivey

    As mining companies continue on their rapid recovery path from the commodity price downturn, the perceived sins of the past return to haunt management teams soon to be swimming in cash, say John Tivey and Rebecca Campbell of White & Case LLP.

  • CLO Market Forges Path To Risk-Retention Compliance

    Deborah Festa

    When the U.S. risk-retention rules became effective for collateralized loan obligation transactions last December, market participants began a new period of adjustment. With the first few months of work behind us, approaches to compliance are becoming more standardized and best practices are beginning to emerge, says Deborah Festa of Milbank Tweed Hadley & McCloy LLP.

  • Tips For Complying With ABA’s New Encryption Guidance

    Nick Holda

    Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.