Asset Management

  • April 09, 2020

    Preston Hollow Gets No Relief For Nuveen's 'Lies'

    A Delaware vice chancellor on Thursday ruled that financial industry giant Nuveen LLC used “threats and lies” to harm competitor Preston Hollow Capital LLC, but he granted no relief for the bad acts, saying the Chancery Court cannot provide the equitable relief Preston Hollow sought.

  • April 09, 2020

    Lieff Cabraser Fights Order To Repay $1M In State Street Deal

    Lieff Cabraser said Thursday that it plans to challenge a $1.1 million repayment ordered by a Massachusetts federal judge who said the firm had overbilled a class of investors in a $300 million settlement with State Street Corp. over its foreign exchange practices.

  • April 09, 2020

    SEC Enforcement Expected To Surge On COVID Volatility

    Following the erratic stock market swings fueled by the COVID-19 crisis, attorneys expect a surge in U.S. Securities and Exchange Commission investigations tackling a broad range of potential violations, from outright fraud to disclosure issues.

  • April 09, 2020

    SEC Urges Public Cos. To Bolster Disclosures Amid Outbreak

    The U.S. Securities and Exchange Commission’s top brass stressed the importance of “high quality” disclosures amid COVID-19, urging SEC-registered public companies to bolster forward-looking statements as they prep for earnings releases.

  • April 09, 2020

    Legg Mason Investor Seeks To Block Vote On Franklin Merger

    Legg Mason Inc. and its board of directors were hit Wednesday by an investor's lawsuit seeking to block a shareholder vote on the company's proposed acquisition by fellow asset management firm Franklin Resources Inc. subsidiary Alpha Sub Inc.

  • April 09, 2020

    Supermarket Income REIT Plans $94M Share Sale

    Supermarket Income REIT is expecting to raise roughly £75 million ($93.5 million) through a planned a sale of shares, the U.K.-based real estate investment trust announced Thursday.

  • April 09, 2020

    Proxy Firm OKs Poison Pills, Bashes Buybacks In Pandemic

    Short-term poison pills may be a reasonable response to coronavirus-related stock drops, but companies should be extremely wary about share repurchases during the pandemic, Institutional Shareholder Services Inc. said in releasing its COVID-19 policies.

  • April 09, 2020

    3 Firms Guide $76M Loan For Starwood Capital's Miami HQ

    Bilzin Sumberg and Paul Hastings represented Starwood Capital in connection with a $76.16 million loan, Bilzin announced Thursday, with Emmet Marvin-counseled Citizens Bank providing financing for Starwood's project to build its Miami Beach headquarters in a deal that was complicated by COVID-19.

  • April 09, 2020

    Real Estate Investment Co. Accused Of Misusing $3M

    A group of foreign investors and a domestic affiliate have accused real estate investment platform Prodigy Network LLC in New York federal court of violating their subscription agreements by engaging in shady business practices and misappropriating $3 million to pay for its CEO's personal expenses.

  • April 09, 2020

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

    The past week in London has seen a major Portuguese bank join the queue of lenders suing Mozambique in the wake of a $2 billion fraud scandal, Russia's sovereign wealth fund target another news outlet over coverage, and BP add to the legal woes for its rival Glencore. Here, Law360 looks at those and other new claims in the U.K.

  • April 09, 2020

    Outback Steakhouse To Beef Up Board After Activist Dispute

    Outback Steakhouse’s parent on Thursday agreed to add two new directors to its board as part of an agreement with Jana Partners LLC, in a move that comes roughly five months after the activist investor pushed for changes at the company, including a potential sale.

  • April 08, 2020

    2nd Circ. Won't Ruffle Key Theory As Goldman Case Plows On

    The Second Circuit was split on whether to decertify a class of Goldman Sachs investors on Tuesday, but unanimous in declining to augment a key theory on which the class is asserting securities claims against the investment bank.

  • April 08, 2020

    DC Circ. Urged To Toss CCO's Fine For Missing Red Flags

    A former broker-dealer chief compliance officer has asked the D.C. Circuit to toss $40,000 in fines against him affirmed by the U.S. Securities and Exchange Commission, saying he shouldn’t be liable for missing a new hire’s ties to a barred broker.

  • April 08, 2020

    SEC Eases Regulations On Business Development Companies

    The Securities and Exchange Commission on Wednesday agreed to ease rules on business development companies and certain funds over the objection of a dissenting commissioner, who argued the agency is weakening investor protections amid market turbulence and a health crisis.

  • April 08, 2020

    Real Estate Rumors: RedSky, Knotel, Starwood

    RedSky Capital is reportedly hoping to sell 14 buildings in a Miami opportunity zone, Knotel is said to be seeking to give up roughly 20% of the space it leases, and Starwood Capital has reportedly landed $76.16 million in financing for a Miami Beach office and retail project.

  • April 08, 2020

    Simpson Thacher-Led Blackstone Closes $10.6B Fund

    Simpson Thacher-led The Blackstone Group Inc. on Wednesday said it closed on its sixth European real estate investment fund with €9.8 billion ($10.6 billion) in commitment from investors, its largest such fund.

  • April 08, 2020

    SEC Unit Highlights 4 Key 'Best Interest' Exam Focus Areas

    The U.S. Securities and Exchange Commission's exam unit has issued two alerts about initial compliance examinations for Regulation Best Interest and Form CRS, saying its staffers will focus on whether broker-dealers have made a “good faith effort” to comply with the new measures.

  • April 08, 2020

    Wells Fargo Can't Nix Equitybuild Ponzi Scheme Claims

    Wells Fargo must face the bulk of a proposed investor class action accusing it of facilitating a yearslong, $135 million Ponzi scheme carried out by real estate investment firm Equitybuild Inc. and its father-son owners, a California federal judge has ruled.

  • April 08, 2020

    Fifth Third Faces Shareholder Suit Following CFPB Action

    Financial services company Fifth Third Bancorp has been hit with a shareholders' proposed class action in Illinois federal court accusing the company of secretly opening accounts in its customers' names.

  • April 08, 2020

    Fried Frank Helps StepStone Nab $2.1B For Secondaries Fund

    StepStone Group LP, advised by Fried Frank, has clinched its fourth secondaries-focused fund after securing $2.1 billion from investors, with plans to target segments of the secondaries market it believes are likely to result in strong returns, the private equity firm said Wednesday.

  • April 07, 2020

    Attys Score $53M In $240M Wells Fargo Fake Account Deal

    Lieff Cabraser and Saxena White attorneys representing Wells Fargo & Co. investors in their derivative suit over fake accounts will come away with $52.8 million in fees, a 22% cut of the $240 million settlement they negotiated last year, according to an order issued Tuesday in California federal court.

  • April 07, 2020

    7th Circ. Urged To Rethink Chicago Exchanges' Antitrust Win

    The Seventh Circuit created a split among circuit courts when it upheld the pretrial win of two Chicago exchanges accused of conspiring to block a competitor from entering the market, that rival said as it asked the full circuit to rehear the case.

  • April 07, 2020

    Cahill Gordon Suspends 2020 Summer Associate Program

    Cahill Gordon & Reindel LLP has decided to suspend its summer associate program for 2020 in response to the COVID-19 pandemic, the firm announced Tuesday though it says it will pay the associates who had been selected and will offer them full-time positions after graduation.

  • April 07, 2020

    JPMorgan Settles Massive 401(k) Class Action

    JPMorgan Chase & Co. told a New York federal judge Tuesday that it is settling a massive Employee Retirement Income Security Act class action in which roughly 250,000 current and former employees accused it of profiting from its 401(k) plan at workers' expense.

  • April 07, 2020

    Wells Fargo Can't Shake Derivative Claims In Lifetrade Suits

    Wells Fargo escaped foreign law claims but must face derivative claims in five related suits brought by offshore investors accusing it of aiding Lifetrade Fund BV officers in squandering hundreds of millions of dollars, a New York federal judge ruled Monday.

Expert Analysis

  • Tax Considerations For REITs In A Coronavirus-Driven Market

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    Notwithstanding their well-deserved reputation for complexity, commercial mortgage real estate investment trusts possess a number of creative solutions to what can at first appear to be intractable problems at the intersection of tax law and finance when it comes to adapting to the pandemic, say attorneys at Skadden.

  • Don't Forget Firm Culture When Adapting To Remote Work

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    While law firms suddenly pivoting to remote work due to coronavirus restrictions are busy dealing with logistical challenges, an equally pressing and perhaps more difficult task may be adjusting a long-standing brick-and-mortar culture to working remotely for the first time, say Heather Clauson Haughian and Grant Walsh at Culhane Meadows.

  • SEC's New Variable Contract Disclosures Promote Readability

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    The U.S. Securities and Exchange Commission's recent updates to variable annuity and variable life insurance contract disclosures — which introduce a new summary prospectus — should improve investors' understanding of their investments' features, fees and risks, say Ronald Holinsky at Lincoln Financial Group and Robert Robertson at Dechert.

  • Beware Intense Insider Trading Scrutiny In Current Climate

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    Ongoing investigations into several senators' stock transactions following confidential COVID-19 briefings should serve as a cautionary tale for companies — insider trading is now an area of heightened scrutiny by both public and private actors, say Haimavathi Marlier and David Newman at MoFo.

  • ERISA Fiduciary Best Practices During Market Instability

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    Plan fiduciaries can assist participants and mitigate Employee Retirement Income Security Act risk amid market uncertainty due to the coronavirus pandemic by closely monitoring investments, maintaining a diverse lineup, paying attention to employer stock funds, planning ahead and documenting processes, say attorneys at Mayer Brown.

  • Coronavirus Pandemic Highlights Value Of Data Centers

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    The COVID-19 crisis has elevated the profile of data centers due to the massive increase in the volume of telecommunication, data processing and storage, and other online activities, say Michael Rechtin and Michael Merar at Seyfarth.

  • Conducting Court Hearings Remotely: 12 Considerations

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    As more courts begin to explore remote hearings during the COVID-19 crisis, attorneys and courts should be aware of some of the common concerns accompanying video- and teleconferencing technology and make allowances to avoid these issues, say Attison Barnes III and Krystal Swendsboe at Wiley Rein.

  • What SEC's COVID-19 Filing Relief Means For Advisers

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    While the U.S. Securities and Exchange Commission’s temporary exemptive relief from certain reporting obligations broadly covers operational and business disruptions, investment advisers should review their disclosures and anticipate further COVID-19-specific guidance, say attorneys at Debevoise.

  • The Era Of Video Mediation Is Here — Or Is It?

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    Mediator Jeff Kichaven has heard from several first-chair trial lawyers and senior claims executives that they are reluctant to adopt online video mediation even during the COVID-19 crisis, and says this reluctance is grounded in reality.

  • COVID-19 Highlights BigLaw Need For Emotional Intelligence

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    The formula for making decisions at BigLaw firms has historically been rooted in IQ-based factors, but with the ongoing pandemic, lawyers and firm leaders are increasingly dealing with issues that require emotional intelligence — from establishing effective virtual offices to retaining firm morale and client confidence, say Jolie Balido and Tina van der Ven at NewStar Media.

  • An Asset Manager's Guide To Recent Fintech Developments

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    In this brief video, Jamie Cain and Ben Marzouk at Eversheds Sutherland discuss the essential fintech issues affecting asset managers' business models, including developments related to digital asset securities, cryptocurrency-based exchange-traded funds and blockchain.

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • Calif. Privacy Law Considerations For Private Funds

    Excerpt from Lexis Practice Advisor
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    Reece Hirsch and Brian London at Morgan Lewis explore when private investment funds and their managers are subject to the California Consumer Privacy Act and similar state laws, when they are exempt, and what they need to do to comply.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

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