Asset Management

  • November 21, 2019

    Apple, Intel Fight Alleged Backer Of 'Meritless Patent' Scheme

    Intel has rejiggered its lawsuit against investment management firm Fortress Investment Group LLC in California federal court, dropping its initial complaint in order to file a new one backed by Apple against the firm’s alleged funding of an anti-competitive patent aggregation scheme.

  • November 21, 2019

    Union Fund Gets Green Light To Expand Ocwen ERISA Suit

    A union pension fund’s trustees can add to their ERISA lawsuit accusing Ocwen Financial Corp. of profiting off the 2000s financial crisis by pushing homeowners into foreclosure, a New York federal judge ruled Thursday.

  • November 21, 2019

    Chinese Crypto Miner Raises $90M In Low-Pricing IPO

    Chinese bitcoin mining company Canaan Inc. raised $90 million in an initial public offering that priced at the bottom of its range on Thursday, represented by Simpson Thacher and underwriters counsel Freshfields.

  • November 21, 2019

    French Lottery Operator Prices €1.6B IPO At Top Of Range

    French national lottery operator Française des Jeux made a strong debut in public markets on Thursday after the government largely privatized the company through a €1.6 billion ($1.77 billion) initial public offering that priced at peak range.

  • November 21, 2019

    Deals Rumor Mill: Hudson's Bay, Charles Schwab, DoorDash

    A private equity firm is hoping to usurp the previously announced deal for Hudson’s Bay worth about $1.4 billion, Charles Schwab could pay $25 billion to buy smaller rival TD Ameritrade, and DoorDash is considering a direct listing instead of an IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 21, 2019

    Ex-Investment Manager Pleads Guilty To FATCA Fraud

    A former investment manager with shuttered English brokerage firm Beaufort Securities has pled guilty in a New York federal court to defrauding the U.S. by violating the Foreign Account Tax Compliance Act, according to the U.S. Department of Justice.

  • November 21, 2019

    REIT Acquires Brookfield Warehouse Operator For $253M

    Americold Realty Trust, a REIT focused on temperature-controlled warehouses, said Thursday it has agreed to acquire the Canadian warehouse operator Nova Cold Logistics from Brookfield Business Partners in a deal worth CA$337 million ($253 million).

  • November 21, 2019

    Investors Urge 5th Circ. To Revive Ponzi Claims Against SEI

    A group of investors in Robert Allen Stanford's massive Ponzi scheme are asking the Fifth Circuit to revive their claim that investment processor SEI Investments Co. could have provided them with the information they needed to avoid the scheme's collapse.

  • November 21, 2019

    Ex-BigLaw Atty Guilty In Crypto Money Laundering Trial

    A Manhattan federal jury on Thursday found former Locke Lord LLP corporate partner Mark S. Scott guilty of helping "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, launder $400 million and lie to banks.

  • November 20, 2019

    Disclosure, Transparency Regs Headline DOL Benefits Agenda

    The U.S. Department of Labor's benefits division has added several items to its most recent to-do list, telling stakeholders Wednesday that it hopes to push out rules giving employers more leeway to deliver benefits information online and requiring health insurers to tell workers how much they'll owe for treatment before they receive it.

  • November 20, 2019

    Prosus Urges Just Eat Investors To Back Competing £5B Bid

    Prosus on Wednesday urged shareholders of fellow food delivery service Just Eat to support its £4.85 billion ($6.2 billion) offer and reject a planned all-stock sale to Takeaway.com, contending its interloping bid is less risky and that it will be more invested in Just Eat's future.

  • November 20, 2019

    SEC Initiative Spurs Record Enforcement Against Public Cos.

    Fiscal year 2019 saw markedly more U.S. Securities and Exchange Commission enforcement actions against public companies than any year over the past decade, largely driven by participation in the regulator's Share Class Selection Disclosure Initiative, according to a report released Wednesday.

  • November 20, 2019

    Centra Investors Lose 2nd Bid For Cert. In Crypto Fraud Case

    A Florida federal judge denied certification to a proposed class of Centra Tech investors for the second time in a suit over a fraudulent initial coin offering, saying Wednesday that the investors failed to justify allowing a do-over.

  • November 20, 2019

    TPG Co. Drops $71.3M On Atlanta-Area Business Park

    A company owned by TPG Real Estate has purchased a 981,720-square-foot industrial and business park in Georgia from Sperry Equities for $71.25 million, according to an announcement on Wednesday from Sperry’s broker Jones Lang LaSalle.

  • November 20, 2019

    Real Estate Rumors: Blackstone, Federal Realty, Argentic

    Blackstone has reportedly leased out about 110,000 square feet in Illinois to Bosch, Federal Realty Investment Trust is said to have paid $85 million for a Brooklyn shopping center, and Argentic has reportedly loaned $30.5 million for properties in Brooklyn and Queens.

  • November 20, 2019

    Woodbridge Ch. 11 Trustee OK'd For Shapiro Prison Interview

    A Delaware bankruptcy judge on Wednesday approved efforts to conduct an in-prison interview of convicted $1.3 billion Ponzi-scheme architect Robert Shapiro by a liquidating trustee pursuing assets for the estate of Shapiro's plundered Woodbridge Group of Cos.

  • November 20, 2019

    Freddie, Fannie Bond Buyers Seek Cert. In Price-Rigging Suit

    Days after announcing a third settlement in the litigation, buyers of Fannie Mae and Freddie Mac bonds asked a New York federal judge for class certification in their antitrust suit against Bank of America, JPMorgan and other banking behemoths.

  • November 20, 2019

    AbbVie Investors Fight Bid To Toss Humira Kickbacks Suit

    Investors urged an Illinois federal judge on Tuesday not to dismiss a lawsuit against AbbVie Inc., saying they’ve adequately alleged that the pharmaceutical company concealed its use of an illegal strategy to market its blockbuster drug Humira.

  • November 20, 2019

    NYU Workers Press 2nd Circ. To Revive ERISA Suit

    A class of New York University workers have urged the Second Circuit to revive their ERISA case against the university, challenging a number of decisions at the lower court, including whether a former federal judge who later joined Cravath should have presided over the case.

  • November 20, 2019

    Ex-Locke Lord Atty Got $50M From 'CryptoQueen,' Jury Told

    Former Locke Lord LLP partner Mark S. Scott was “obsessed” with money and was paid $50 million by "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, for helping her launder $400 million, prosecutors told a Manhattan jury Wednesday.

  • November 20, 2019

    Alibaba Prices Record-Breaking Listing That Could Net $12.9B

    Chinese e-commerce giant Alibaba Group Holding Ltd. tapped the services of five law firms to price a record-shattering secondary listing Wednesday in Hong Kong, expecting to raise up to $12.9 billion in order to fund the retail juggernaut’s expansion.

  • November 19, 2019

    'Cooler Heads' Needed In Document Row, Chancellor Says

    A records suit filed by an exchange-traded fund's ousted CEO, who was tagged as being "dispatched from the devil" by the current CEO, should be settled by the parties, the Delaware chancellor urged Tuesday.

  • November 19, 2019

    Biz Groups Back US Bank In Supreme Court Pension Fight

    Big-business interests are assembling behind U.S. Bank in its Supreme Court fight to limit ERISA class actions against corporate pension plans, with a pair of free-market law firms and three lobbying groups filing amicus briefs in the case Monday and Tuesday.

  • November 19, 2019

    FDIC Unveils Draft Rule In Push To Quell Madden Concerns

    The Federal Deposit Insurance Corp. on Tuesday issued a proposed rule that would clarify that the legal interest rate on a loan originated by a state bank remains legal even after the loan is sold off to a nonbank, the latest move by federal regulators to address fallout from the Second Circuit’s Madden decision.

  • November 19, 2019

    Real Estate Rumors: Munich RE, Lululemon, Investors Bank

    Munich RE is reportedly paying between $850 million and $900 million for a Manhattan office tower, Lululemon is said to have sold a Boston building for more than $7 million, and Investors Bank has reportedly loaned $30 million for a Pennsylvania retail center.

Expert Analysis

  • SEC Proposals Could Be Game Changing For Proxy Process

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    Recently proposed rule amendments from the U.S. Securities and Exchange Commission could overhaul the proxy process by making it harder for proxy advisory firms to issue voting recommendations, and by changing the requirements for shareholders submitting proposals, say attorneys at V&E.

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • Top Takeaways From The SEC's Banner Enforcement Year

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    The U.S. Securities and Exchange Commission's fiscal year 2019 enforcement report demonstrates the Division of Enforcement's focus on protecting Main Street; that self-reporting initiatives and sweeps are working; and several emerging settlement trends from a record year for penalties and disgorgement, says Kurt Wolfe at Troutman Sanders.

  • 4 Duty-To-Monitor Takeaways For Fiduciaries In ERISA Ruling

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    A Pennsylvania federal court's recent opinion in Scalia v. WPN provides guidance on the duty of Employee Retirement Income Security Act fiduciaries to monitor their service providers, an issue that has been largely unexplored in other cases and lacks regulatory guidance from the U.S. Department of Labor, say Charles Kelly and Michael Joyce at Saul Ewing.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • Highland Filing Shows Benefits Of Ch. 11 For Hedge Funds

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    Highland Capital Management's Chapter 11 filing last month illustrates how a bankruptcy filing can provide additional advantages when investors are not a hedge fund’s only creditors, as in the aftermath of fraud allegations or market dislocations, say attorneys at Cleary. 

  • Justices Mull Interplay Of ERISA, Securities Laws In IBM Case

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    At recent U.S. Supreme Court arguments in IBM v. Jander, the justices grappled with the Employee Retirement Income Security Act’s difficult application and its intersection with federal securities laws in considering whether plan fiduciaries must disclose inside information about publicly traded companies, say attorneys at King & Spalding.

  • High Court's Pass On 1 SEC Case Offers Insight Into Another

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    The U.S. Supreme Court effectively recognized the U.S. Securities and Exchange Commission's extraterritorial reach in denying certiorari in Scoville v. SEC. The move may foreshadow the high court's eventual ruling in Liu v. SEC, which will determine the regulator's authority to seek disgorgement, say Adam Schwartz and Russell Koonin at Homer Bonner.

  • 4 Months After Kisor V. Wilkie, Auer Deference Survives

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    Recent federal appellate and district court rulings suggest that the predicted radical curtailing of Auer deference in the wake of the U.S. Supreme Court's decision in Kisor v. Wilkie has not come to fruition, say Jeffrey Karp and Edward Mahaffey at Sullivan & Worcester.

  • Can State Laws One-Up SEC’s Regulation Best Interest?

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    Because the U.S. Securities and Exchange Commission has punted on whether Regulation Best Interest will preempt state broker-dealer conduct standards, state laws may face challenges under the doctrines of conflict preemption, as well as limitations from the federal securities laws, say attorneys at Williams & Jensen.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • SEC Marketing Rule Changes Increase Flexibility For Advisers

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    The U.S. Securities and Exchange Commission's recently proposed amendments to modernize its advertising and cash solicitation rules are significant for registered investment advisers because they show the SEC’s efforts to adapt to evolving technology, expectations and industry practices in regulating marketing activities, say attorneys at Davis Polk.

  • SEC Rule Would Improve Exemptive Applications — For Some

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    The U.S. Securities and Exchange Commission's recently proposed amendments to the Investment Company Act could substantially improve the exemptive application process, but the strict eligibility criteria for expedited review could limit its availability, say attorneys at Sullivan & Cromwell.

  • 2 Post-Kisor Rulings Show Auer Deference Isn’t Extinct

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    Following the U.S. Supreme Court’s Kisor v. Wilkie opinion, which narrowed Auer deference, recent decisions in Pennsylvania and New York federal courts demonstrate that Auer remains intact, even though courts are more closely scrutinizing agencies’ interpretations of their own regulations, says Brent Owen at Squire Patton.