An attorney for current and former University of Southern California workers urged a California federal judge at a hearing Friday to certify a class of tens of thousands of workers accusing the school of mismanaging their retirement savings, while USC argued there are too many individual differences to proceed classwide.
A financial services company shot back at the Internal Revenue Service's Third Circuit bid to levy taxes on $56 million in New Jersey business relocation grants the company received, arguing Thursday that U.S. Supreme Court precedent and the tax code consider such incentives to be tax-exempt capital contributions.
A Nuveen Real Estate venture is reportedly on the hunt for as much as $408 million in financing for a New York office project, Blackstone has reportedly dropped roughly $130 million on a Brooklyn shopping center, and Extell is said to have landed $700 million in financing for two Manhattan residential properties.
Investors from China and Taiwan who put $500,000 each into a real estate project under the U.S.' EB-5 immigrant investor program told a New York state court that they've been denied access to records about the state of the project and when they can expect their money back.
A New York bankruptcy judge Friday approved litigation-based bonus compensation for members of Sears Holding Corp.'s liquidating trust board over the objection of vendors questioning the size of the bonus and how it was decided.
Singapore’s sovereign wealth fund GIC has reached a deal to buy a portfolio of Europe logistics properties from funds managed by Apollo Global Management for roughly €950 million ($1.06 billion), according to an announcement from GIC on Friday.
Two Chicago exchanges urged the Seventh Circuit on Friday to uphold their pretrial win over claims that they conspired to block a competing outfit from entering the market, arguing the First Amendment protects their conduct in responding to related legislative inquiries.
Preferred shareholders of bankrupt real estate venture RAIT Funding LLC failed Friday in their efforts to form an official committee of equity security holders when a Delaware judge said they were unlikely to achieve any significant recoveries in the case.
ConocoPhillips has levied a Racketeer Influenced and Corrupt Organizations Act claim against a former employee alleging he bilked the company out of $7.3 million in a scheme using companies that did no work and were paid using fake invoices.
Latham & Watkins LLP's Andrea J. Schwartzman has helped private equity firms rake in capital, closing a $2.5 billion fund for Great Hill Partners that was oversubscribed and steering a $350 million telecommunications-focused fund for M/C Partners, earning her a spot as one of Law360's 2019 Fund Formation MVPs.
The Seventh Circuit has declined to review its decision that an insurance executive failed to prove racketeering claims against Seyfarth Shaw LLP for selling bad tax advice.
U.S. Bank retirees have urged the U.S. Supreme Court to overturn a lower court decision that would curb lawsuits against corporate pension plans, arguing that U.S. Bank's claim that workers can't file fiduciary-breach cases against fully funded pension plans is "just as backwards as it sounds."
A global standard-setter for securities published new guidelines on Friday to help regulators monitor asset managers and assess whether highly leveraged funds pose a threat to financial stability.
The past week in London has seen fruit producers team up with their insurers to sue Swiss shipping giant MSC Mediterranean, a £1.5 billion penthouse dispute involving the former emir of Qatar spill over into a libel fight, and lenders like NatWest, HSBC and American Express get roped into a product liability case involving eye care specialists. Here, Law360 looks at those and other new claims in the U.K.
Kleinberg Kaplan Wolff & Cohen PC has brought on a Dechert LLP attorney who is experienced in advising cross-border estate planning to bolster the firm’s estate planning and administration practice in New York.
JPMorgan is urging a New York federal court to narrow a class action brought on behalf of a quarter-million 401(k) participants who allegedly paid too much for proprietary investment options, insisting the 401(k) plan was overseen by "sophisticated individuals" who kept a vigilant eye on its activities.
Charter Hall Group and real estate investment trusts affiliated with the company have picked up a minority stake in a retail portfolio and purchased an industrial property in acquisitions worth a combined AU$1.25 billion ($861.4 million), according to an announcement Thursday from the Australia-based real estate firm.
The New York Stock Exchange on Wednesday submitted a revised plan that would permit companies that go public through direct listings to also raise capital, coming just days after regulators rejected the exchange’s initial proposal.
Rabobank has demanded that a former trader repay a £119,000 ($157,000) exit package that he allegedly violated by suing the Dutch lender for not coming to his defense when U.S. prosecutors charged him with rigging a key benchmark interest rate.
The Federal Deposit Insurance Corp. will propose setting a "bright-line standard" on who qualifies as a deposit broker and creating a better process for seeking agency determinations as part of a forthcoming plan to update its brokered deposit regulations, the head of the agency said Wednesday.
A Delaware bankruptcy judge branded as potentially alarming on Wednesday sealed, unspecified allegations regarding "harmful" actions by Lynn Tilton while the Zohar funds she once led pursue Chapter 11 asset sales, saying the claims might prompt an overhaul of the process and a fresh look at who controls the portfolio companies.
European Union officials have pressed the U.S. Treasury Department for information on efforts to improve reciprocity when the IRS gets information from EU banks under the Foreign Account Tax Compliance Act, according to a letter shared with bloc members Wednesday.
Truist Financial Corp. has exercised its option to buy an office tower in Charlotte, North Carolina, from real estate investment trust Cousins Properties for $455.5 million, according to an announcement on Wednesday from Cousins.
A Canadian mining finance company backed by private equity firm Elliott Management Corp. withdrew its planned initial public offering on Wednesday, citing "challenging" market conditions.
A New York bankruptcy judge has appointed an independent expert to examine a months-old wrangle between Sears Holding Corp. and ESL Investments over whether Sears short-changed ESL by tens of millions of dollars in their $5.2 billion deal earlier this year.
Research indicates thousands of asset managers mostly vote in line with proxy advisers' recommendations and aren't always transparent about it, validating concerns over proxy firms' outsize influence on investment management and our capital markets, says professor Paul Rose at the Ohio State University Moritz College of Law.
While still subject to Senate approval, the House's recent passage of the Insider Trading Prohibition Act is significant because it shows bipartisan approval for codifying — and potentially broadening — grounds for prosecuting insider trading established in case law, say attorneys at Baker Botts.
In several recent cases, courts have overridden claims that attorney-client privilege applies to communications with public relations firms in connection with litigation and to documents generated in internal investigations, but businesses can use several best practices to avoid the potential risk of waiving privilege, say attorneys at Ropes & Gray.
The U.S. Supreme Court justices seemed to leave recent arguments in Intel v. Sulyma without any ambiguity on the meaning of “actual knowledge” under the Employee Retirement Income Security Act's three-year time bar, says Michael Valerio at Drinker Biddle.
Because lawyers are often sued by nonclients based on public statements they have made, lawyers should be trained to avoid potentially actionable statements when speaking and writing, and they should also understand the overarching defenses against such lawsuits, says Matthew O’Hara at Freeborn & Peters.
This year several states passed laws aiming to improve protections for seniors and other vulnerable investors by expanding report and hold laws to cover suspicious transactions, extending hold periods for investigations, and broadening the range of people who can be contacted in investigations, say Lawrence Fenster and Andrew Mount at Bressler Amery.
An early departure of Commissioner Robert Jackson from the U.S. Securities and Exchange Commission without a replacement lined up would give the Republican-leaning regulator free rein to push rulemaking that allows Wall Street to operate unrestrained, says Shawn Sebastian of the Working Families Party and Iowa Citizens for Community Improvement Action Fund.
While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.
Private equity investors should not tolerate the attempts of general partners to impose most-favored-nation clauses in limited partnership agreements that inhibit investors from enjoying the economic benefits afforded similarly situated investors, or that preclude MFN rights altogether, says Marc Lieberman at Kutak Rock.
While recently proposed rules from the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency aim to clarify that a bank loan's interest rate doesn't change when it is sold or securitized, they're unlikely to fully resolve the ambiguity introduced by the Second Circuit’s controversial Madden decision, say attorneys at White & Case.
The Federal Circuit's recent decision in IPR Licensing overruled precedent to hold that the cross-appeal rule is not jurisdictional, demonstrating the complexity of this seemingly simple rule and its various applications within the circuit courts, says Michael Soyfer at Quinn Emanuel.
At its meeting this week, the Financial Stability Oversight Council should abandon its bank-oriented approach in favor of an activities-based process for identifying risks to the financial system, say former SEC Commissioner Paul Atkins and eight former U.S. Securities and Exchange Commission and Commodity Futures Trading Commission officials.
The Second Circuit's recent affirmation of an ex-HSBC foreign exchange trader's wire fraud conviction in U.S. v. Johnson importantly distinguishes between prehedging and front-running, and together with the 2017 FX Global Code, helps establish several best practices for FX trading activity and oversight, says consultant David Buchalter.
The provocative new book by Alec Karakatsanis, "Usual Cruelty: The Complicity of Lawyers in the Criminal Injustice System," shines a searing light on the anachronism that is the American criminal justice system, says Sixth Circuit Judge Bernice Donald.
Recently proposed rule amendments from the U.S. Securities and Exchange Commission could overhaul the proxy process by making it harder for proxy advisory firms to issue voting recommendations, and by changing the requirements for shareholders submitting proposals, say attorneys at V&E.