Asset Management

Expert Analysis

• FIRREA Remains Potent Civil Fraud Enforcement Tool

  

  Last year, three court decisions addressing the Financial Institutions Reform, Recovery and Enforcement Act's civil monetary penalties provision — two at the final judgment stage and one at the pleadings stage — expanded FIRREA jurisprudence and remind us why this statute cannot be ignored, say attorneys at Morgan Lewis.

• What SEC's Accredited Investor Proposal Means For PE Funds

  

  A recent proposal from the U.S. Securities and Exchange Commission would allow more investors to participate in private offerings, but divisions at the SEC and among investment advocates suggest further debate may be ahead before a finalized rule emerges, say Michael Gold and Nicholas Stewart at Saul Ewing.

• How Associate Life Has Evolved Over The Past Decade

  

  During the last 10 years, the need to embrace change was fundamental for law firms, and that change affected associates in many ways — most, but not all, for the better, says Brad Kaufman, co-president of Greenberg Traurig.

• Justices Seem Keen To Solve ERISA Case's Article III Question

  

  Oral arguments in Thole v. U.S. Bank suggested the U.S. Supreme Court is willing to explore whether Employee Retirement Income Security Act plaintiffs have constitutional standing to sue over an adequately funded plan — even though the lower courts sidestepped the issue, say attorneys at King & Spalding.

• 3rd Circ. Sheds Light On Ch. 11 Liability Release Approval

  

  In Millennium Lab, the Third Circuit recently upheld the Delaware bankruptcy court's authority to approve a Chapter 11 plan containing nonconsensual liability releases, offering guidance on the factors courts may consider in deciding whether to approve them, says Jane VanLare of Cleary.

• 2019 Trends In DOJ Civil Health Care Fraud Cases

  

  Last year, the U.S. Department of Justice maintained aggressive enforcement efforts in the health care industry, again relying heavily on the False Claims Act, but the agency is also taking steps to guide those efforts toward fairness and consistency, say attorneys at Mintz.

• 2nd Circ. Pension Liability Ruling Is A Big Win For Employers

  

  In National Retirement Fund v. Metz Culinary Management, the Second Circuit recently held that the pension’s lower interest rate violated the Employee Retirement Income Security Act's withdrawal liability standards, which will benefit employers in an area of law that tends to favor funds, say Robert Perry and Todd Girshon of Jackson Lewis.

• Series

  Judging A Book: Dyk Reviews 'Democracy And Equality'

  

  In their new book "Democracy and Equality: The Enduring Constitutional Vision of the Warren Court," Geoffrey Stone and David Strauss provide valuable context for U.S. Supreme Court decisions under Chief Justice Earl Warren that have profoundly affected the country, but their overly protective attitude sometimes obscures reality, says Federal Circuit Judge Timothy Dyk.

• SEC's Audit Proposal May Bolster Compliance, Competition

  

  A newly proposed rule from the U.S. Securities and Exchange Commission on public companies' relationships with their auditors could make the current auditor independence framework easier to comply with, and mitigate competition pressure from issues that should not reasonably threaten an auditor’s objectivity, say Charles Smith and Andrew Fuchs at Skadden.

• 7 Insider Tips For Working With In-House Counsel

  

  For outside firms wondering how to best support busy in-house lawyers, several practices can help navigate critical legal issues and novel business challenges while strengthening the working relationship, says Virginia Hudson, associate general counsel at Capital One.

• 50 Years Later, Interpretive Challenges Remain For RICO

  

  In the 50 years since the Racketeer Influenced and Corrupt Organizations Act was passed, courts' attempts to clarify the statute have had some success, but many interpretive dilemmas remain unresolved, says Randy Gordon of Barnes & Thornburg.

• Opinion

  States Should Not Follow ABA On Attorney Conduct Rules

  

  Because the American Bar Association's new rule on diversity continues to use the Model Rules of Professional Conduct as a cultural bludgeon, states should create independent codes limited to constitutionally valid purposes of attorney regulation, says Bradley Abramson of Alliance Defending Freedom.

• The Making And Unmaking Of The Volcker Rule

  

  As the late Paul Volcker's efforts to rein in banks after the financial crisis come under attack, now is a good time to revisit how his namesake rulemaking came to pass, and consider the risks of relaxing the limits on bank proprietary trading, say former Michigan Sen. Carl Levin and former Senate counsel Tyler Gellasch.

• What Federal Cannabis Bills Mean For Private Lenders

  

  If approved by Congress, the Marijuana Opportunity Reinvestment and Expungement Act and the Secure and Fair Enforcement Banking Act could provide private lenders with cannabis investment opportunities, increased competition, and a solid entry point into this lucrative market, say Tae Kim and Olivia Durnell at Geraci.

• How Courts And Litigants Can Benefit From Special Masters

  

  As we approach the first anniversary of the American Bar Association's adoption of guidelines for the appointment and use of special masters in civil litigation, retired U.S. District Judge Shira Scheindlin, now at Stroock, explains how special masters can help parties and courts with faster decision-making and subject matter expertise.