Asset Management Law360 provides breaking legal news and analysis on the asset management industry. Coverage includes litigation, policy developments, and corporate deals involving investment firms, mutual funds, hedge funds, bond funds, pension funds, and real estate investment trusts.
A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.
Alternative currency purveyor Jon E. Montroll should serve about 2 1/2 years in prison for lying to the U.S. Securities and Exchange Commission and defrauding customers after hackers stole 6,000 bitcoins from his businesses, prosecutors told a Manhattan federal judge.
The Second Circuit won’t rethink its decision to revive a proposed Employee Retirement Income Security Act class action accusing IBM of wrongly investing its workers’ retirement savings into overvalued company stock, the court ruled Friday.
Bank of America Corp. urged the U.S. Supreme Court Thursday to not review a case seeking to compel a judge to force the bank to disgorge 401(k) plan transaction profits, saying the judge correctly found no profits existed, and he shouldn’t have to issue an inappropriate remedy.
IHeartMedia Inc. has inked a deal with a contingent of its legacy holders who had protested the radio broadcast giant's bid to emerge from Chapter 11 in Texas, giving them $4 million in fees and allowing $544 million in legacy note claims.