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Asset Management

  • June 19, 2019

    Promise Healthcare Creditors Slam $10M Ch. 11 Deal Trim

    Unsecured creditors of bankrupt Promise Healthcare Group LLC on Wednesday blasted a debtor proposal to chop $10 million from a two-hospital sale agreement repeatedly breached by the prospective buyer, saying deal salvage terms would harm the Delaware Chapter 11 estate.

  • June 19, 2019

    Mass. Regulator Ready To Rumble On SEC Broker Standards

    Massachusetts securities regulator William F. Galvin is confident that federal law leaves room for states to pass their own fiduciary duty rule for broker-dealers and is vigorously pursuing one of the nation’s first, telling Law360 that investors deserve better than the standards recently set by the U.S. Securities and Exchange Commission.

  • June 19, 2019

    Real Estate Rumors: Goodman, Starwood, TA Realty

    Developer Goodman Group has reportedly dropped roughly $130 million on a Los Angeles manufacturing facility, Starwood Property Trust is said to be close to listing a portfolio of Ireland office properties for roughly €530 million, and TA Realty is said to have picked up a Florida office property for nearly $60 million.

  • June 19, 2019

    Mass. Securities Regulator Examining Cannabis Investments

    Massachusetts' state securities enforcement division will be taking a closer look at investment offerings involving the state's cannabis businesses, it said Wednesday, after charging a man with selling $1.3 million in unregistered cannabis securities.

  • June 19, 2019

    Nikko Can't Escape Suit Over $50M Loss To Stock Plan

    Nikko Asset Management Co. Ltd. and its CEO must face a lawsuit accusing them of depriving workers of $50 million by manipulating an employee stock option plan, with a New York federal court refusing Wednesday to reconsider its decision to let the suit continue.

  • June 19, 2019

    Ares Management Backs $165M Texas Oil And Gas Venture

    Global asset management company Ares Management Corporation is backing a $165 million drilling and development project in the shale-rich Permian Basin in Texas, the company said Wednesday.

  • June 19, 2019

    Pulling Up Stakes: Nelson Mullins, MoFo, Akin Gump

    In our latest roundup of deal makers on the move, Nelson Mullins snagged a corporate and securities specialist in Washington, D.C., Morrison & Foerster brought on a Los Angeles funds partner and strengthened its Chinese capital markets and corporate practices, and Akin Gump added a capital markets pro in Dubai.

  • June 19, 2019

    McGuireWoods Guides Wells Fargo's $56M NYC Hotel Loan

    McGuireWoods LLP represented Wells Fargo Bank NA on its $56 million loan to Hersha Hospitality Trust for a Hyatt hotel in Manhattan, according to records made public in New York on Wednesday.

  • June 19, 2019

    Credit Suisse Hit With Disclosure Fine In Hong Kong

    Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.

  • June 19, 2019

    Lower-Mid Market Investment Shop Clinches $375M Debt Fund

    Brookside Mezzanine Partners, a private investment firm that provides debt and makes minority equity investments in lower-middle market companies in the U.S., said Wednesday it has closed its fourth fund after securing $375 million from limited partners.

  • June 19, 2019

    White Eagle Ch. 11 Plan, Lender Settlement Confirmed

    Saved from an apocalyptic court fight by a settlement with prepetition lenders, bankrupt life insurance investor White Eagle Asset Portfolio secured confirmation of its Delaware Chapter 11 plan on Wednesday, triggering a race to pay off a $382.7 million debt through refinancing or asset sales.

  • June 18, 2019

    Wedbush To Pay $8.1M To Settle SEC's ADR Handling Claims

    The U.S. Securities and Exchange Commission said Tuesday that Wedbush Securities Inc. will pay $8.1 million to resolve claims over its alleged mishandling of “pre-released” American depositary receipts, the latest of nearly a dozen such settlements that the agency has reached with banks and brokers since 2017.

  • June 18, 2019

    Edward Jones Wants Ex-Trainees' Wage Suit Axed For Good

    Edward D. Jones & Co. LP told an Illinois federal judge Monday that the latest attempt by a group of former financial adviser trainees alleging the company illegally recoups training costs from those who fail out should be tossed permanently.

  • June 18, 2019

    SEC Mulls Opening Private Offerings To A Wider Audience

    The U.S. Securities and Exchange Commission on Tuesday requested input on potential changes surrounding its regulation of private offerings, including whether rules should be eased to allow more individuals to invest in riskier securities that are normally limited to wealthy individuals.

  • June 18, 2019

    DC Circ. Upholds SEC's Pay-To-Play Rule Over GOP Protest

    The D.C. Circuit affirmed Tuesday the U.S. Securities and Exchange Commission's authority to implement a rule meant to address "pay-to-play" practices by which government officials managing public funds might hire investment advisers based on their political contributions.

  • June 18, 2019

    Penn ERISA Suit Revival Was Mistaken, WashU Tells 8th Circ.

    The recent revival of an Employee Retirement Income Security Act suit against the University of Pennsylvania doesn’t mean that the Eighth Circuit should breathe new life into a similar suit against Washington University, the St. Louis-based school said Monday. 

  • June 18, 2019

    Singapore REIT Eyeing $110M Raise Through 2 Share Sales

    ESR-REIT is seeking to raise as much as 150 million Singapore dollars ($109.7 million) through a pair of share sales and plans to use the proceeds to pay for several recent acquisitions and pay down existing debt, according to an announcement from the Singapore-based real estate investment trust on Tuesday.

  • June 18, 2019

    Mark Cuban Urges 5th Circ. To Stop SEC 'Forum Shopping'

    Dallas Mavericks owner Mark Cuban and two hedge fund managers have told the Fifth Circuit that the U.S. Securities and Exchange Commission is depriving investors of their constitutional right to a jury by filing lawsuits before the agency's own administrative law judges.

  • June 18, 2019

    Berman Tabacco To Lead Housekeeper Accounting Fraud Suit

    A Pennsylvania federal judge Monday appointed Berman Tabacco as the lead counsel out of a handful of contenders seeking to represent investors in a proposed class action accusing a housekeeping company of lying about its quarterly earnings.

  • June 18, 2019

    French Firm Tikehau Gears Up For $980M Share Issue

    French asset management and investment firm Tikehau Capital said Tuesday it is planning to raise €875 million ($979.6 million) through a new share issue that will be used to build out its asset management platform and break into new regions.

  • June 18, 2019

    Feds' Denial On SEC Coordination Doesn't Impress Judge

    A Manhattan federal judge was unimpressed with one prosecutor's word that he did not use the U.S. Securities and Exchange Commission to gather criminal evidence against hedge fund co-founder Jason Rhodes, saying Tuesday he wants a full account of coordination between the civil agency and the criminal trial team.

  • June 18, 2019

    3 Firms Steer Intertrust's $330M Deal For Viteos

    Amsterdam-based Intertrust has acquired Viteos from private equity firm PPC Enterprises and an affiliate of investment firm 22C Capital in a deal, steered by Simpson Thacher & Bartlett LLP, Dechert LLP and Trilegal, that boasts a $330 million enterprise value, the companies said Tuesday.

  • June 17, 2019

    Attys Seek $20M For 'Historic' 12-Year 401(k) Fight With ABB

    Schlichter Bogard & Denton LLP attorneys have asked a Missouri federal judge to award them $20.8 million in fees and expenses stemming from a $55 million settlement resolving a long-running class action against ABB Inc., which accused the technology company of allowing Fidelity to charge its workers excessive 401(k) plan fees.

  • June 17, 2019

    Crypto Co. Asks Court To Set Aside Clerk's Default

    Centra Tech urged a Florida federal judge to set aside a clerk’s default in its investors’ case accusing the cryptocurrency company of fraudulently raising $32 million in an initial coin offering, arguing that restrictions in a parallel criminal case prevented the company from securing legal representation earlier.

  • June 17, 2019

    MFS Agrees To Pay $6.9M To End Self-Dealing Accusations

    MFS Investment Management and a proposed class of workers who say the company profited at their expense by investing their retirement savings in expensive, proprietary funds are looking to wrap up the dispute with a nearly $6.9 million settlement.

Expert Analysis

  • Financial Services Regulation For Fintech Companies: Part 2

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    In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.

  • 5 Ways Law Firms Can Improve Their Job Interviews

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    When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.

  • Financial Services Regulation For Fintech Companies: Part 1

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    Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.

  • An In-Depth Guide To Latest Opportunity Zone Regs: Part 2

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    The final part of this deep dive into proposed opportunity zone regulations focuses on fund compliance requirements and new rules with respect to leases, opportunity zone businesses and real estate, says Marc Schulz of Snell & Wilmer.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • An In-Depth Guide To Latest Opportunity Zone Regs: Part 1

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    In the second tranche of opportunity zone proposed regulations, the IRS provides extremely flexible guidance that may be enough to induce investors to start investing all of the capital sitting on the sidelines into qualified opportunity funds, says Marc Schulz of Snell & Wilmer.

  • Series

    Why I Became A Lawyer: A Fateful Phone Call

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    When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.

  • Law Firms Can Do Better With Their Mentoring Programs

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    There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.

  • Opinion

    The SEC Should Let Broker-Dealers Unbundle Research Costs

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    The U.S. Securities and Exchange Commission has the tools to allow U.S. money managers to unbundle research from execution, and pay for research with hard dollars — a legally well-founded and common-sense policy outcome, say attorneys with Sidley Austin.

  • The Latest Developments In Criminal Cases Against Execs

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    This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.

  • 'Rocket Docket' Justifies Its Name For 11th Straight Year

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    The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.

  • Companies In Canada Must Prepare For Shareholder Activism

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    The trend of increased shareholder activism in Canada continues in 2019, with 10 public proxy contests launched since January. It is important that boards and management try to listen and understand the views of shareholders — including activists — in good faith, say Jonathan Feldman and Michael Partridge of Goodmans.

  • What Securities Pros Need To Know About SEC Data Analytics

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    The U.S. Securities and Exchange Commission’s data analytics efforts have been repeatedly cited in SEC press releases announcing successful investigations and cases. Understanding the commission's work in this area is essential for compliance professionals at investment advisers and broker-dealers, say Charles Riely and Danielle Muniz of Jenner & Block.

  • What May Be Ahead For PE Infrastructure Investment In Asia

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    Despite some softening in Asian infrastructure deal volumes in 2018 and the first part of 2019, both fundraising targets and long-term investment prospects remain strong for private equity sponsors, say Scott Jalowayski and James Jackson at Gibson Dunn.

  • Measuring The Value Of A Law Firm's Social Media Efforts

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    Most legal marketers struggle to show the return on investment of their social media efforts, but establishing and answering several key questions can help demonstrate exactly how social media programs contribute to a law firm's bottom line, say Guy Alvarez of Good2bSocial and communications consultant Tom Orewyler.