Asset Management

  • September 23, 2019

    Purported Metals, Real Estate Co. Must Repay Investors

    A pair of investment firms will get their money back from a California-based company that claimed to have interests in residential properties and silver stockpiles but was actually buying cryptocurrency before defaulting on a loan, according to a Massachusetts federal judge's order on Monday.

  • September 23, 2019

    Binary Options Sales Rep Gets 8 Months For $145M Fraud

    Another former binary options trader was sentenced to prison on Monday for his role in a $145 million investment scam based out of Israel.

  • September 23, 2019

    Home Depot Can't Flee 401(k) Suit, But Financial Advisers Can

    Home Depot can’t escape a proposed class action accusing it of mismanaging its 401(k) plan, but two financial advisers the retailer worked with can, a Georgia federal judge has ruled.

  • September 23, 2019

    9th Circ. Asks Del. Justices To Clarify State Disclosure Law

    The Ninth Circuit has asked the Delaware Supreme Court to decide whether a limited-partner agreement under Delaware law required a financial-services newsletter author to disclose to an investor that the author's hedge fund had only two investors, saying it's an unresolved "purely state-law issue" that implicates important Delaware policy considerations.

  • September 23, 2019

    Real Estate Rumors: Mirae, Claremont, Equus Capital

    A Mirae Asset Global Investments venture is reportedly hoping to sell a Chicago tower for $245 million, Claremont Cos. is said to have sold a Florida hotel for $44 million and Equus Capital has reportedly landed $72.1 million for a Texas office campus.

  • September 23, 2019

    Investors Accuse Calif. Crypto Co. Of Abandoning Them

    A Russian crypto-entrepreneur in Beverly Hills, California, collected substantial funds from would-be investors, telling them he could septuple their income with investments in initial coin offerings, then abandoned his website and stopped responding to messages, his customers allege in a suit filed in federal court Friday.

  • September 23, 2019

    Schwab 401(k) Fight Belongs In Court, AARP Tells 9th Circ.

    AARP asked the Ninth Circuit to rethink sending to arbitration a former Charles Schwab worker's proposed class action alleging that Schwab mismanaged its 401(k) plan, saying the decision could strip workers of ERISA protections and undermine millions of Americans' financial security.

  • September 23, 2019

    Attys Seek $15M In Fees From $74M SunEdison Settlement

    The lead counsel in a class action claiming SunEdison Inc. misled shareholders about its financial health before filing for bankruptcy is asking a New York federal court to approve more than $15 million in attorney fees for its work in reaching a $74 million settlement with the company.

  • September 23, 2019

    Ex-JPMorgan Banker Again Convicted In Insider Trading Case

    Former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker Sean Stewart on Monday was again convicted of insider trading over a purported scheme to leak confidential information about health care company mergers for his father to trade on.

  • September 20, 2019

    'Bored At Work' Baggage Handler Settles SEC's Scam Claims

    A former Nevada airline baggage handler has agreed to pay the U.S. Securities and Exchange Commission $204,288 to settle claims he lied about the legitimacy of his "Bored at Work" business in Facebook posts and duped hundreds of clients into letting him manage their retirement investments worth $172 million.

  • September 20, 2019

    NCAA Bribery Convict's Dad Fired For $25K Ask, Univ. Says

    As convicted NCAA bribery conspirator Christian Dawkins fought for a more lenient sentence in Manhattan federal court Friday, Cleveland State University told Law360 that his father, Lou, was fired from his job as an assistant basketball coach in July for soliciting $25,000 from a student-athlete.

  • September 20, 2019

    Ex-SocGen Exec Tells 2nd Circ. She's No Fugitive

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate asked the Second Circuit to throw out the case Friday, saying a lower court wrongly classified her as a fugitive.

  • September 20, 2019

    SEC Says Ill. Rabbi Conned Jewish Community Out Of Millions

    A rabbi who ran a nursing home investment scheme defrauded members of the Chicago Orthodox Jewish community — including a Holocaust survivor — of more than $10 million, the U.S. Securities and Exchange Commission said.

  • September 20, 2019

    NY Judge Knocks Hedge Fund For Flimsy DQ Bid

    A New York federal judge on Friday agreed to sanction hedge fund Weston Capital Advisors Inc. for an "objectively unreasonable" bid to get him to step away from overseeing a long-running fight over millions owed to an Indonesian bank.

  • September 20, 2019

    Similarities To MIT 401(k) Case 'Superficial,' Ivies Insist

    The Massachusetts Institute of Technology's failed bid for an early exit from an Employee Retirement Income Security Act suit should not doom efforts by Cornell and Columbia to escape retirement plan mismanagement suits, the Ivy League schools told a New York federal court.

  • September 20, 2019

    REIT Choice Properties Selling 30 Assets For $321M

    Choice Properties Real Estate Investment Trust has reached a deal to sell 30 properties for about CA$426 million ($320.8 million), according to an announcement Friday from the Toronto-based REIT.

  • September 20, 2019

    Binary Options Sales Rep Gets 14 Months For $145M Fraud

    A former sales representative in the binary options industry was sentenced to 14 months in prison Friday morning for her role in a $145 million investment scam based out of Israel.

  • September 20, 2019

    1st Circ. Revives Georgeson Tix-For-Votes Fraud Case

    A wild fraud case involving three former Georgeson LLC advisers was revived Friday by the First Circuit, which said a lower court dismissed the case improperly on double jeopardy grounds after their first trial abruptly ended on its next-to-last day because of a shorthanded jury.

  • September 20, 2019

    Real Estate Rumors: Brookfield, TPG, KTGY

    Brookfield subsidiary Thayer Lodging has reportedly landed a $168 million loan for a Florida hotel, TPG Real Estate Finance Trust is said to have loaned $200 million for a Manhattan office property, and KTGY Architecture & Planning is reportedly leasing 15,730 square feet in downtown Los Angeles.

  • September 20, 2019

    PR Oversight Board Defends Appointments At High Court

    Puerto Rico’s federally appointed oversight board is urging the U.S. Supreme Court to overturn the First Circuit’s decision that its members require Senate approval, saying their appointment and authority fall within constitutional bounds.

  • September 20, 2019

    'Title Pirates' Plague Attys With False Deeds That Derail Deals

    After a recent multibillion-dollar hotel portfolio sale reportedly stalled because of multiple fake deeds, lawyers say they must be on the lookout for "title pirates" who can easily delay or derail deals by filing fraudulent deeds because there's no foolproof system in place to catch them.

  • September 20, 2019

    Icahn Pushes Chancery For Lower Bar In Proxy Docs Fights

    Holdings of hedge fund giant Carl Icahn argued in Delaware's Chancery Court on Friday that less restrictive tests should apply to investor document demands in support of proxy fights, as battling widens over the price Occidental Petroleum Corp. paid in its $55 billion purchase of Anadarko Petroleum Corp. last month.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

  • September 20, 2019

    2nd Circ. Reinstates Conviction Of Ex-Nomura Trader

    The Second Circuit on Friday reinstated the conviction of a former Nomura Securities International Inc. bond trader’s conviction for adding secret profit margins to residential mortgage-backed bond transactions, finding the lower court’s interpretation of the appellate court’s latest Litvak ruling was “overbroad.”

  • September 19, 2019

    Kessler Topaz Wins Lead Spot In 1MDB Investor Suit

    Kessler Topaz Meltzer & Check LLP beat out four other contenders for lead counsel in Goldman Sachs investors’ proposed class action over the billion-dollar 1Malaysia Development Berhad fraud scandal in New York federal court Thursday.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

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    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

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    Pursuing Wellness: Mental Health Education As A Firm Priority

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    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

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    Pursuing Wellness: A Firm's Work With Mental Health Experts

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    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

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    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • SEC's Broker Bar Stance Hinges On Penalties Vs. Remedies

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    The U.S. Securities and Exchange Commission's recent decision holding that Financial Industry Regulatory Authority expulsions are remedial, not punitive, spells out how far a regulator can go in sanctioning securities misconduct in light of the U.S. Supreme Court's Kokesh opinion, says Clinton Marrs of Marrs Griebel Law.

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    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Third Point's FTC Fine Displays Antitrust Rule Quirk

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    Although the Federal Trade Commission determined Third Point inadvertently missed Hart-Scott-Rodino Act filings associated with its investments in newly merged DowDuPont, the FTC's enforcement action underscores the need for attention to compliance with the antitrust law, even when the trigger is another company's transaction, say attorneys at Arnold & Porter.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • SEC's Shareholder Proposal Change May Muddle 2020 Proxies

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    Recent changes to the U.S. Securities and Exchange Commission staff's role as arbiter of shareholder proposals only add more complexity to the Rule 14a-8 process, which was already fraught with uncertainty for filers preparing to navigate the upcoming proxy season, say attorneys at Davis Polk.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • High Court Snub Raises Foreign Issuer Economic Concerns

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    Foreign companies that issue securities stateside may face increased litigation risk in the wake of the U.S. Supreme Court’s denial of certiorari in Stoyas v. Toshiba, increasing the importance of economic considerations, such as price impact, market efficiency and aggregate exposure, say principals at Cornerstone Research.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.

  • Proposed Rules Convey Shift In SEC's Disclosure Approach

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    Proposed changes to the way companies report risk factors and other information to the U.S. Securities and Exchange Commission under Regulation S-K give companies greater authority to decide whether requested information is significant, demonstrating the regulator's move toward principles-based disclosure requirements, say Robert Loesch and Daniel Schiau at Tucker Ellis.

  • ERISA Arbitration In The Wake Of 9th Circ. Schwab Ruling

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    Employee retirement plan sponsors considering the use of arbitration clauses with class action waivers in plan documents following the Ninth Circuit’s ruling in Dorman v. Charles Schwab should first consider the pros and cons of arbitration in the Employee Retirement Income Security Act context, says Chris Meyer at Sidley Austin.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.