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Asset Management

  • March 21, 2019

    $240M Wells Fargo-Investor Deal Missing Key Factor: Judge

    A California federal judge on Wednesday told investors he needed more information to evaluate their proposed $240 million settlement with Wells Fargo & Co. executives over how the bank's fabricated accounts scandal affected its reputation, finances and stock prices.

  • March 21, 2019

    Neiman Marcus' Defamation Suit Baseless, Marble Ridge Says

    Just days after its $1 billion fraudulent transfer lawsuit against Neiman Marcus was dismissed, Marble Ridge Capital urged a Texas trial court on Thursday to toss the defamation suit the retailer filed over statements the investment firm made about its debt.

  • March 21, 2019

    Final FATCA Rules Expand Definition Of 'Responsible Officer'

    The U.S. Treasury Department finalized regulations Thursday that expand the definition of “responsible officer” under the Foreign Account Tax Compliance Act to include individuals who aren’t directly affiliated with American financial institutions that report on behalf of overseas banks.

  • March 21, 2019

    Trader-Pastor Gets 5 Years For Hack-Based Insider Trading

    A former hedge fund manager turned Slavic Baptist pastor on Thursday was sentenced to five years in prison, following his conviction at trial for a purported $30 million scheme to trade on nonpublic information gleaned from hacked, unpublished press releases.

  • March 21, 2019

    Judge Says He Can't Decide $15M Sears Credit Card Row Yet

    A New York bankruptcy judge told Sears and a hedge fund owned by its former CEO on Thursday that he'll need more time and evidence before he can decide the rightful owner of $14.6 million in credit card receipts.

  • March 21, 2019

    JV Members Can't Rewrite Contract They Didn't Read

    Two members of a group of California real estate investment ventures lost their bid to have the ventures’ operating contracts rewritten Wednesday in Delaware Chancery Court when a judge ruled that not reading the contracts doesn’t entitle the members to have agreed-upon provisions negated.

  • March 21, 2019

    Two Advisers 'Gambled Away' $11M On High-Risk Investments

    Two Massachusetts investment advisers and their firm "gambled away" more than $11 million of their clients' money on high-risk oil and gas investments, according to state regulatory authorities who launched an enforcement action against the men and their company Wednesday.

  • March 21, 2019

    CenturyLink 401(k) Plan Members Get Another Shot At Suit

    A proposed class of participants in a CenturyLink 401(k) plan were given another shot at suing the company over claims it unwisely chose and then failed to monitor a poor investment option for the plan when a Colorado federal judge allowed them to file an updated suit.

  • March 21, 2019

    Victims Decry $38M Fraud As Fund Manager Gets 14.5 Years

    A Boston-based fund manager who pled guilty to a scheme the government says cost investors $38 million was sentenced to about 14 years in prison Thursday as his victims wept and vented their anger during an emotional hearing in federal court.

  • March 21, 2019

    REIT Tax Atty Returns To Hogan Lovells To Lead Trust Practice

    Hogan Lovells has announced that a former EY attorney has returned to the law firm to serve as head of its U.S. real estate investment trust tax practice in Washington, D.C.

  • March 21, 2019

    Mass Tort Firm's 401(k) Plan Participant Defends Class Claims

    An Andrus Wagstaff PC retirement plan participant has argued in Ohio federal court that she should be able to join with other plan participants as a class to sue the national mass tort law firm and Nationwide Life Insurance Company over allegedly exorbitant plan fees.

  • March 21, 2019

    Investor Wants Medley Capital Merger Vote To Proceed

    A Medley Capital Corp. investor filed a proposed class action Wednesday seeking to have the Delaware Chancery Court bar further delay of a stockholder vote on a proposed merger with Sierra Income Corp., even though the court ruled last week a vote can't be held until more information is disclosed.

  • March 21, 2019

    New Testimony Can't Save Suit Against Madoff Associate

    A New York federal judge has shot down another attempt by Bernie Madoff’s former investors to go after his associate Jeffry Picower, ruling that new testimony in their latest complaint is not enough to get around a 2011 injunction against duplicating claims related to the Ponzi scheme.

  • March 20, 2019

    SEC Trims Company Disclosure Requirements

    The U.S. Securities and Exchange Commission on Wednesday voted to pare and streamline certain disclosure requirements of public companies, marking the agency's latest effort to prune its regulatory tree after decades of adding branches.

  • March 20, 2019

    What’s In A Judgeship? More Than Meets The Eye

    Figuring out what constitutes a manageable workload for the nation’s district judges is no simple task. Getting the judiciary the resources it needs is even harder.

  • March 20, 2019

    Swamped: How Magistrate Judges Salvaged Louisiana's Judicial Crisis

    The Western District of Louisiana is supposed to have seven district judges. But for a year, most of the courthouses were operating without a single Article III judge. As usual, magistrate judges picked up the slack.

  • March 20, 2019

    New Impeachment Info Fails To Get Ex-Vereit Exec A New Trial

    A Manhattan federal judge said Tuesday that while prosecutors didn't disclose evidence that former Vereit Inc. executive Brian Block could have used against a cooperating witness in his criminal fraud case, that evidence wouldn't have stopped the jury from convicting Block.

  • March 20, 2019

    Federal RICO Claims Tossed In Ga. Real Estate Fraud Suit

    The sons of a real estate fraudster who allegedly helped cheat Chinese investors out of more than $20 million partially won their bid Wednesday to cut racketeering claims from a suit filed against them in Georgia federal court.

  • March 20, 2019

    Raydon Workers Fight Bid To Nix Suit Over $60.5M Stock Sale

    Raydon Corp. workers want a Florida federal judge to preserve a lawsuit accusing two executives of selling company stock to the employee retirement plan for the inflated price of $60.5 million, urging the judge Tuesday to torpedo a bid from the bank that oversaw the stock sale to toss the proposed class action.

  • March 20, 2019

    Chancery Rejects Minority Bid To Unseat Quantlab Founder

    A Delaware vice chancellor ruled Tuesday that insurgent minority members of a partnership that controls high-speed trading firm Quantlab Financial LLC cannot unseat the company's founder, ending a bitter fight for control of the billion-dollar business — for now.

Expert Analysis

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • How The SEC Eased In-Person Director Voting Rules

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    Last month, U.S. Securities and Exchange Commission staff issued a no-action letter permitting fund and company boards of directors to meet and take certain actions by telephone or video conference when directors cannot meet in person. But the validity of contracts entered into in such circumstances is unclear, say attorneys with Proskauer Rose LLP.

  • Tech Trends From SXSW Pose Unique Questions For Lawyers

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    These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.

  • In Bar Admissions Process, It's Candor Or Bust

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    You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.

  • Series

    Judging A Book: Bashant Reviews 'Doing Justice'

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    My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.

  • Firms Can Leverage Communications When Economy Is Slow

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    Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.

  • What's Next In ERISA 403(b) Litigation

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    The recent swell of 403(b) excessive fee settlements may represent a turning point for the next generation of Employee Retirement Income Security Act suits brought against nonprofit institutions, says Ethan Hatch of Thompson Coburn LLP.

  • 3rd Circ. FDCPA Opinion A Rude Awakening For Debt Buyers

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    Federal courts may look to the Third Circuit's recent opinion in Barbato v. Greystone Alliance — which sidestepped the U.S. Supreme Court’s 2017 holding in Henson v. Santander Consumer — as the leading analysis of whether debt purchasers are subject to the Fair Debt Collection Practices Act, say Melanie Brody and Francis Doorley of Mayer Brown LLP.

  • A Deep Dive Into The CDS And Syndicated Financing Markets

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    The interrelationship between the credit default swap and syndicated term loan markets has become increasingly important and complex over the past five years. Four case studies help illustrate the interplay, say attorneys at Davis Polk & Wardwell LLP.

  • Ethical Social Media Marketing For Lawyers

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    Social media presents rich opportunities to reach prospective clients. Attorneys should not let those opportunities pass them by, but they should keep their ethical obligations in mind as they post, says Cort Sylvester of Nilan Johnson Lewis PA.