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Asset Management

  • September 21, 2018

    Investment Firm Says Securities Law Keeps Suit In Fed. Court

    An investment firm facing claims it concealed conflicts of interest when transferring investor money into a mutual fund told an Illinois federal court on Friday the Securities Litigation Uniform Standards Act bars a proposed class of investors from moving the case back to state court.

  • September 21, 2018

    Online Fundraisers Fraught With Criminal, Civil Risks

    Civil litigation, potential criminal charges and uncertain access for beneficiaries are among the risks of the relatively new concept known as crowdfunding, as highlighted by the the viral story chronicling the legal battle between a homeless veteran and a New Jersey couple. Here are three things attorneys should tell their clients about do-it-yourself fundraisers.

  • September 21, 2018

    Ex-Platinum Partners Exec Dies Ahead Of $1B Fraud Trial

    Former Platinum Partners honcho Uri Landesman, charged for his role in a purported $1 billion securities fraud scheme, died, his lawyer said Friday, ahead of a January trial of hedge fund executives accused of duping bondholders of defunct offshore driller Black Elk.

  • September 21, 2018

    Calif. Gov. Signs Wildfire Bills, Limiting PG&E Liability

    California Gov. Jerry Brown signed a package of bills Friday that aim to help the state prevent and recover from catastrophic wildfires, including a controversial bill that critics call a bailout for Pacific Gas and Electric Co. but that its author says is needed to save the liability-burdened utility from bankruptcy.

  • September 21, 2018

    Health Care Network Wants Religious Exemption Suit Canned

    OSF HealthCare System urged an Illinois federal judge to toss a proposed class action accusing it of failing to properly fund its retirement plans while wrongly claiming a religious exemption in the Employee Retirement Income Security Act, arguing that the participants bringing the suit didn’t “meaningfully address” a relevant Tenth Circuit ruling.

  • September 21, 2018

    Schwab, Ameritrade Say Goldman Can't Ditch IPO Deal

    Charles Schwab Corp. and TD Ameritrade Inc. have accused Goldman Sachs Group Inc. of unfairly trying to terminate an agreement allowing the brokerages to share Goldman securities offerings with their own customers, according to a complaint filed in New York state court Thursday.

  • September 21, 2018

    Ex-Brokers Say 'Punitive' Morgan Stanley Suit Lacks Evidence

    A group of former Morgan Stanley Smith Barney brokers who are accused of luring their former clients to a new firm asked an Illinois federal judge not to enter a temporary restraining order against them Friday, saying there is no evidence to support the bank's claims.

  • September 21, 2018

    Atty Can't Shake $1.76M Suit Over Alleged Consulting Scam

    A Texas federal judge has declined to throw out a suit by a medical device developer accusing a California attorney of scamming it out of $1.76 million, ruling that the court did have jurisdiction over the case.

  • September 21, 2018

    Chancery Agrees To Master For $15B Student Loan Trust

    Noting months of costly disagreements and litigation among parties to a troubled $15 billion fleet of student loan trusts, a Delaware vice chancellor agreed Friday to appoint a special master to handle disputes involving the trusts' owners, investors, agents and administrators.

  • September 21, 2018

    Chancery Judge Says Goldman Settlement Makes No Sense

    A Delaware Chancery Court judge expressed confusion Friday over the nature of a settlement proposed among a shareholder of Goldman Sachs Group Inc. and the company's directors, saying the deal didn't make sense and didn't offer a balanced result because the board members weren't giving up the stock awards at the center of the excessive compensation complaint.

  • September 21, 2018

    Schwab Dodges Fiduciary Claims In Benefits Suit

    A California federal judge has trimmed fiduciary duty and failure to monitor claims from a proposed class of plan participants accusing Charles Schwab & Co. Inc. of mismanaging its retirement savings and investment plan, but allowed prohibited transaction claims against the company to proceed.

  • September 21, 2018

    ESR Real Estate Offers $505M To Take Over Propertylink

    Private equity-backed real estate company ESR has made an offer to buy all the shares in Australia's Propertylink Group it doesn't already own for roughly AU$693 million ($505 million), Propertylink said Friday.

  • September 20, 2018

    HD Supply Must Face Investor Claims Over Stock Drop

    HD Supply Holdings Inc. cannot squash a securities suit accusing the company and executives of lying about inventory setbacks after a Georgia federal judge found that the proposed class presented enough evidence that the alleged lies caused a 20 percent drop in stock price.

  • September 20, 2018

    Rakoff Sanctions Petrobras Deal Atty For 'Kitchen Sink Brief'

    U.S. District Judge Jed S. Rakoff issued an order in New York federal court on Wednesday for a $10,000 sanction to be imposed against the attorney of an objector to the $3 billion Petrobras settlement, saying the attorney intended to “extort a payment” by delaying the settlement.

  • September 20, 2018

    Labaton Sucharow Adds 'Ultimate SEC Insider'

    Labaton Sucharow LLP announced Tuesday that Richard Levine, longtime associate general counsel for legal policy at the U.S. Securities and Exchange Commission, has joined the firm as a partner in its whistleblower representation practice.

  • September 20, 2018

    American Century Fights Expert Testimony In ERISA Suit

    American Century on Thursday asked a Missouri federal judge to strike certain portions of the testimony of an expert witness in an Employee Retirement Income Security Act class action brought by former employees, a move made the same day a bench trial in the case finished up.

  • September 20, 2018

    Goodwin-Led Eventbrite's Shares Soar After $230M IPO

    Shares of online ticketing platform Eventbrite Inc., represented by Goodwin Procter LLP, sizzled in their debut Thursday after the venture-backed company priced a $230 million initial public offering at the top of its range, marking the latest technology issuer to score with investors.

  • September 20, 2018

    3rd Circ. Won't Revive Securities Fraud Row Against Hertz

    The Third Circuit on Thursday refused to revive a putative securities class action against Hertz Global Holdings Inc. over allegedly false and misleading statements about its financial condition and internal controls, saying the explanation that former company executives engaged in mismanagement is more plausible than shareholders' claims of a systemic fraud.

  • September 20, 2018

    401(k) Savers Fight Dismissal Bid In Principal Global Suit

    A proposed class of 401(k) participants with investments in Principal Global’s target fund date products urged an Iowa federal judge on Wednesday not to toss their Employee Retirement Income Security Act suit against the company, pointing to a recent ruling that allowed certain ERISA claims against M&T Bank.

  • September 20, 2018

    SEC Seeks $1M Sanctions From Ex-Brokerage Firm Execs

    The U.S. Securities and Exchange Commission has asked a New Jersey federal court to enforce $1 million in sanctions against two brokerage firm executives accused of using manipulative trading to create artificial demand, saying Thursday that they haven’t honored the four-year-old settlement.

Expert Analysis

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • BVI Companies May See More 'Just And Equitable' Petitions

    Andrew Willins

    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • Where Have The SEC Enforcement Actions Gone?

    Kurt Wolfe

    There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.

  • Countdown To Tax Compliance For Global Individuals

    Lucy Lee

    With only one month until the deadline for filing 2017 U.S. federal income tax returns on extension, Lucy Lee and James Maynor of Greenberg Traurig LLP have prepared a list of 10 common tax reporting obligations that may be relevant to global individuals with cross-border assets or activities.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Know The Limits To Atty Public Statements During A Trial

    Matthew Giardina

    The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.

  • NY Nonqualified Deferred Comp Rules Ripe For Challenge

    Zal Kumar

    Asset managers may be reporting significant amounts of deferred compensation on their 2017 federal partnership returns this year under Section 457A of the Internal Revenue Code. Managers may not be thinking about the New York state and New York City tax consequences of such income inclusion required at the federal level — but that would be a mistake, say attorneys at Mayer Brown LLP.