Asset Management

  • September 25, 2020

    Clearing House Fight Not For Arbitration, 11th Circ. Told

    A Nebraska-based clearing house asked the Eleventh Circuit on Friday to overturn an order compelling arbitration with a securities trader whose actions cost the clearing house $16.6 million, arguing that a settlement the parties reached after the loss does not contain an arbitration clause.

  • September 25, 2020

    BNY Mellon Accused Of Aiding Ex-BigLaw Atty In $4B Fraud

    Bank of New York Mellon was accused of playing a "central role" in the $4 billion OneCoin cryptocurrency scam by investors in a proposed class action amended on Thursday.

  • September 25, 2020

    Cerner, Workers Near Settlement In 401(k) Suit

    Cerner Corporation has reached a monetary deal with former employees who claim the company mismanaged their 401(k) plan, the workers told a Missouri federal court.

  • September 25, 2020

    Fla. Investment Exec Gets 7 Years For $18M Pre-IPO Fraud

    A tearful Florida fund manager was sentenced to seven years in prison Friday for perpetrating an $18 million fraud involving sham investments in technology companies prior to their initial public offerings, avoiding a request by New York federal prosecutors for at least 14 years behind bars.

  • September 25, 2020

    Accountant Challenging SEC ALJs Seeks Full 5th Circ. Review

    A Texas-based accountant is seeking a full-panel review from the Fifth Circuit as her battle to prove the unconstitutionality of the U.S. Securities and Exchange Commission's administrative law judges continues.

  • September 25, 2020

    Real Estate Rumors: CorePoint Lodging, Redwood, Gil Dezer

    CorePoint Lodging has reportedly sold a Florida hotel for $5.7 million, Redwood Capital Investments is said to have picked up two Florida auto dealerships for $60.5 million and the North Miami City Commission will reportedly review developer Gil Dezer's proposed mixed-use project next month.

  • September 25, 2020

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

    This week in London saw Deutsche Bank sue the Italian city of Naples over derivatives, Nationwide Building Society sue law firm Manches, and institutional investors file two new cases against supermarket chain Tesco. Here, Law360 looks at those and other new claims in the U.K.

  • September 25, 2020

    CFTC, States Say Metals.com Swindled Seniors Out Of $185M

    Two precious metals dealers targeted senior citizens in an alleged $185 million fraud scheme perpetrated in part through false claims that company principals were friends with an unnamed conservative television host, according to a joint civil enforcement action filed by the U.S. Commodity Futures Trading Commission and 30 state regulators on Friday.

  • September 24, 2020

    Feds Ask Justices To Ignore Convicted HSBC Banker's Appeal

    Federal prosecutors have urged the U.S. Supreme Court to reject former HSBC executive Mark Johnson's bid for review of his fraud conviction over a $3.5 billion trade, saying taking another party's "right to control" its own assets is a settled form of wire fraud.

  • September 24, 2020

    SEC Rule A Bittersweet Victory For Whistleblower Advocates

    While applauding the U.S. Securities and Exchange Commission's decision to nix a controversial plan to limit the largest whistleblower awards, whistleblower advocates are lamenting the newfound uncertainty and ambiguity they say the SEC has injected into the program.

  • September 24, 2020

    Ex-SEC Enforcement Co-Chief To Rejoin Sullivan & Cromwell

    Steven Peikin, most recently co-director of the U.S. Securities and Exchange Commission's enforcement division, will return to his former firm Sullivan & Cromwell LLP on Nov. 2 as the head of its securities and commodities investigations and enforcement practice.

  • September 24, 2020

    J2 Insiders Unjustly Enriched By $200M Investment, Suit Says

    Digital media business J2 Global Inc. was hit with a shareholder derivative suit Thursday in Delaware Chancery Court claiming certain former or current insiders were unjustly enriched through the company's $200 million investment in another venture affiliated with them.

  • September 24, 2020

    Howard Hughes Investors Sue In Del. For Stock Deal Records

    Real estate investment and development giant Howard Hughes Corp. was hit with a Chancery Court stockholder suit late Wednesday for access to records on the company's $594 million common stock offering in March, with investors citing concerns about lopsided insider benefits.

  • September 24, 2020

    Financial Services Co. Head Charged In $4.4M Fraud Scheme

    The head of a financial services firm was arrested Thursday and charged in Manhattan federal court with involvement in a securities fraud scheme that scammed at least 18 investors out of about $4.4 million.

  • September 24, 2020

    Goldman Gets Industry Support For High Court Cert. Fight

    Goldman Sachs got support from Wall Street groups, former U.S. Securities and Exchange Commission officials, law professors and others on Thursday in its challenge before the U.S. Supreme Court of class certification in a hotly watched securities class action.

  • September 24, 2020

    2nd Circ. Says Madoff Trustee Entitled To $41M Ponzi Profits

    The Second Circuit Court of Appeals affirmed a lower court decision Thursday that ordered clients of the Bernie Madoff Ponzi scheme to return $41 million in fraudulent profits to the trustee overseeing the funds' bankruptcy estate, saying they were not entitled to keep anything more than their principal investment in the fund.

  • September 24, 2020

    Real Estate Rumors: Invictus, IMC Equity, Prologis

    Invictus Real Estate Partners has reportedly bought out its partner's stake in a Connecticut apartment complex in a deal valuing the property at $157 million, IMC Equity Group is said to be seeking permission to build a Miami mixed-use project and Prologis has reportedly dropped $12 million on a Chicago warehouse.

  • September 24, 2020

    SEC Wins Fraud Trial Against Ex-Apollo Exec

    Following a nine-day bench trial, a New York federal judge Wednesday ordered a former Apollo Management LP executive to pay a $240,000 penalty for spending his clients' funds on swanky vacations, salon trips, high-end clothing and other personal expenses, ending the almost three-year U.S. Securities and Exchange Commission case.

  • September 24, 2020

    DC Circ. Weighs Reversal of Broker's Lifetime FINRA Ban

    A D.C. Circuit panel on Thursday questioned whether a former broker's lifetime ban from the securities industry could be classified as a punitive sanction when considering whether to reverse an order upholding the Financial Industry Regulatory Authority's ban against the broker.

  • September 24, 2020

    Deals Rumor Mill: Ant Group, Aviva, Sequoia Capital

    Ant Group expects to raise $35 billion or more in its planned IPO, multiple suitors have emerged for the €3 billion French business of British insurance company Aviva, and Sequoia Capital China is raising a $2.2 billion yuan-denominated fund. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • September 24, 2020

    Finance Co. Says Texas City Owes $15M For Fumbled Project

    A Dallas finance company has accused an Austin, Texas, suburb of misleading it into providing $15 million to revive a failing real estate development project under loan agreements the city now claims are void.

  • September 24, 2020

    MGM Resorts Sued Over 'Grossly Excessive' 401(k) Fees

    MGM Resorts International cost workers millions of dollars a year by failing to stop investment managers from hawking shoddy options and charging exorbitant fees, according to a proposed class action in Nevada federal court.

  • September 24, 2020

    Con Man Jason Galanis Sees 6 Months Shaved From Sentence

    A Manhattan federal judge sentenced fraudster Jason Galanis Thursday to under 16 years in prison for a shareholder rip-off and a tribal bond swindle that cost investors $81 million, shaving six months from his previously announced punishment because he was ineffectively served by former counsel.

  • September 24, 2020

    Ex-Pimco CEO Gets OK To Appeal 'Varsity Blues' Sentence

    The former CEO of Pacific Investment Management Co. can ask the First Circuit to shave time off his nine-month prison term for a guilty plea in the "Varsity Blues" college admissions case, a Massachusetts federal judge ruled Thursday, saying his claim that prosecutors withheld evidence is at least plausible.

  • September 24, 2020

    8 Firms Build EW Scripps' $2.65B Ion Media Purchase

    The E.W. Scripps Co. on Thursday agreed to buy broadcasting business Ion Media for $2.65 billion, in a deal that features a $600 million equity investment from Berkshire Hathaway and was put together with help from law firms BakerHostetler, Brooks Pierce, Simpson Thacher, Kirkland, Skadden, Cooley, Munger Tolles and Thompson Hine.

Expert Analysis

  • A Likely Tipping Point For Nonlawyer Ownership Of Law Firms

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    The Arizona Supreme Court's recent decision to eliminate prohibitions on nonlawyer ownership of law firms may show that the organized bar's long-standing rhetoric that such rules are essential to protecting the legal profession's core values is overblown, say Anthony Sebok at Cardozo School of Law and Bradley Wendel at Cornell Law School.

  • Practical Lessons From 2nd Circ. Lehman Bankruptcy Ruling

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    The Second Circuit's recent decision in the Lehman Brothers bankruptcy litigation provides guidance for market participants who structure or invest in complex finance transactions involving derivatives, as well as a useful perspective for creditors seeking to protect their rights in a bankruptcy proceeding, say Thomas Mitchell at Orrick and attorney Steven Fink.

  • Foreign Securities Class Actions 10 Years After Morrison

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    The U.S. Supreme Court’s landmark 2010 decision in Morrison v. National Australia Bank has had a sweeping impact on the application of the federal securities laws to transnational securities fraud, but it has not brought the predictability and consistency it promised and has exposed foreign issuers to greater U.S. class action liability, say attorneys at Cleary.

  • A Road Map For Drafting Persuasive Discovery Motions

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    Best practices that can help litigators write convincing discovery motions include thinking about the audience, addressing a few key questions, and leaving out boilerplate from supporting briefs, says Tom Connally at Hogan Lovells.

  • Framing The Legacy Of The SEC Under Clayton

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    Attorneys at Sidley analyze recent speeches from U.S. Securities and Exchange Commission Chairman Jay Clayton and Division of Enforcement Director Stephanie Avakian in light of the commission’s last four years of enforcement achievements, and with an eye toward the agency’s forward priorities.

  • How Congress Can Depoliticize The Supreme Court

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    Congress has multiple means to take the politics out of federal judicial nominations and restore the independence of the U.S. Supreme Court — three of which can be implemented without a constitutional amendment, says Franklin Amanat at DiCello Levitt.

  • IRS Notice Helps Unpack Part-Time Worker 401(k) Eligibility

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    As sponsors struggle to evaluate whether and how to include employer contributions when 401(k) plan eligibility is extended to long-term, part-time workers on Jan. 1, newly released IRS guidance may clarify some of the administrative burdens, say Anne Hall and Katharine Finley at Hall Benefits.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Opinion

    The Case For A Nonpolitical Federal Judiciary

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    For the last 20 years, at the insistence of both parties, U.S. Supreme Court nominations have been fierce ideological battles — which is bad for the country and bad for the public's perception of the legitimacy of the court, say Judge Eric Moyé, Judge Craig Smith and Winston & Strawn partner Tom Melsheimer.

  • The Keys To A Better Privilege Logging Paradigm

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    Current privilege logging practices to identify what information is being withheld from discovery often lead to costly disputes, so practitioners should adopt a system based on trust and good faith, similar to the presumptions embedded in the business judgment rule for corporate directors and officers, say Kevin Brady at Volkswagen and Charles Ragan and Ted Hiser at Redgrave.

  • Opinion

    Pending Changes Pose Threat To SEC Whistleblower Program

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    If the U.S. Securities and Exchange Commission approves changes to the Dodd-Frank Act whistleblower rules on Wednesday, it will weaken protections for tipsters and radically undermine a regime that has returned $750 million to investors and collected over $2.5 billion in sanctions, says Stephen Kohn of Kohn Kohn & Colapinto.

  • White House Due Process Memo Could Reform Enforcement

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    A little-noticed memo recently issued by the Trump administration in response to the pandemic, directing federal agencies to provide greater due process to individuals and companies under regulatory investigation, represents a long-overdue sea change in the way justice is carried out in enforcement proceedings, say Joan Meyer and Norman Bloch at Thompson Hine.

  • What Shifting FCPA Enforcement Means For Financial Cos.

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    In this brief video, Tom Firestone and Daniela Fonseca Puggina at Baker McKenzie analyze how Foreign Corrupt Practices Act enforcement is placing greater emphasis on bribe recipients, and what this trend means for financial institutions and their know-your-customer policies and practices.

  • Law Firm Hiring Considerations In A COVID-19 Economy

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    Financially robust law firms are entering the recruiting market aggressively knowing that dislocations like the COVID-19 crisis present rare competitive opportunities, and firms that remain on the sidelines when it comes to strategic hiring will be especially vulnerable to having their best talent poached, says Brian Burlant at Major Lindsey.

  • Hurdles Ahead For Stock Exchange Direct Listings

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    The U.S. Securities and Exchange Commission's recent approval of primary direct listings at the New York Stock Exchange suggests that companies wishing to bypass initial public offerings may soon have that option, but not without a fight over investor protection and liability concerns, say attorneys at Cleary.

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