Asset Management

  • October 19, 2020

    Fidelity Blasted At Trial For 'Blindly Dumping' Donated Shares

    Fidelity Investments' charitable giving arm made false promises to philanthropists to secure their donation of stock and then exhibited "gross incompetence" by "blindly dumping" the shares, a California federal magistrate judge heard Monday during opening arguments in a closely watched bench trial over who controls gifts made to donor-advised funds.

  • October 19, 2020

    Investor To Ask 2nd Circ. To Revive Benchmark-Rigging Suit

    An investor has let a New York federal court know he plans to appeal to the Second Circuit an August ruling that squashed his suit against numerous major banks for allegedly plotting to fix interbank exchange rates, including one tied to the Japanese yen.

  • October 19, 2020

    11th Circ. Revives Hedge Fund CFO's Quest For Assets

    An Eleventh Circuit panel vacated and remanded a decision by a Georgia judge who the panel said had denied due process to the chief financial officer of a wealth management company whose CEO defrauded investors out of more than $24 million.

  • October 19, 2020

    Ill. Judge Axes Ex-Merrill Lynch Trader's Spoofing Charge

    An Illinois federal judge has narrowed the government's case against two former Merrill Lynch traders accused of deceptive trading in the precious metals futures market, throwing out the criminal spoofing charge facing one of the traders after ruling it can't be prosecuted as a scheme.

  • October 19, 2020

    Trust's $2M Suit Over Alleged Scam Tossed Out

    A trust company hasn't lobbed allegations particular enough to advance civil racketeering claims against a businessman who allegedly defrauded it out of $2 million, thousands of dollars of which was earmarked for digital currency trading, an Illinois federal judge said Monday.

  • October 19, 2020

    Preparing The Next Generation Of Female Trial Lawyers

    To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.

  • October 19, 2020

    Mentorship Is Key To Fixing Drop-Off Of Women In Law

    It falls to senior male attorneys to recognize the crisis female attorneys face as the pandemic amplifies an already unequal system and to offer their knowledge, experience and counsel to build a better future for women in law, says James Meadows at Culhane Meadows.

  • October 19, 2020

    What BigLaw Can Do To Actually Retain Female Attorneys

    Even as BigLaw firms are recruiting women into their ranks in larger numbers, their presence in leadership and equity partnerships remains stubbornly low. Here’s a look at why this is happening — and what firms can do.

  • October 19, 2020

    Female Attorneys Gain Ground In Battle For Clerkships​

    More female attorneys are landing highly sought-after U.S. Supreme Court clerkships, and the experience can turbocharge their careers.

  • October 19, 2020

    These Firms Have The Most Women In Equity Partnerships

    At most U.S. law firms, equity partnerships are still overwhelmingly male, but women at some firms are starting to shake up that reality and smash the glass ceiling that has prevented them from advancing to the uppermost ranks. Here are this year’s Ceiling Smashers — the firms that are outpacing their peers as the legal industry works toward closing the gender gap in its top ranks.

  • October 19, 2020

    Wearing Natural Hair In BigLaw

    In this video, four Black women share their thoughts about wearing natural hair as BigLaw attorneys. In order of appearance, the attorneys are: Rukayatu Tijani, founder of Firm for the Culture and a former BigLaw associate; Delilah Clay, legislative & regulatory advisor at Manatt Phelps & Phillips LLP; Rachel Boyce, associate at Cooley LLP; and Crystal Nwaneri, associate at Fenwick & West LLP.

  • October 19, 2020

    Altaba Must Reserve $800M For Canadian Data Breach Claims

    A Delaware vice chancellor ruled Monday that former Yahoo owner Altaba must set aside roughly $800 million to cover potential liability for data breach claims asserted in Canadian lawsuits before it can distribute roughly $5.6 billion to stockholders as part of its $40 billion wind-down plan.

  • October 19, 2020

    Justices Warned Of 'Upheaval' In FHFA Constitutionality Case

    The outside attorney tasked with defending the Federal Housing Finance Agency's constitutionality has warned the U.S. Supreme Court of the potential for "dramatic upheaval" if the justices invalidate the housing regulator's single-director independent structure, arguing that such a ruling could expose the Federal Reserve and other parts of the federal government to legal challenge.

  • October 19, 2020

    NY Union Trustees Must Pay $570K After DOL ERISA Probe

    The U.S. Department of Labor has announced that the trustees for United Derrickmen & Riggers Association, Local Union 197 benefit plans have agreed to pay $570,000 to resolve claims they violated ERISA by shifting the union's overhead costs to the plans.

  • October 19, 2020

    5 Firms Guide Rental Co.'s $2.4B Take Private Deal

    About five months after its planned merger with Amherst Residential fell apart, rental home company Front Yard said Monday it's agreed to be bought by a partnership between Pretium and funds affiliated with Ares Management in a deal valuing it at $2.4 billion that was led by five law firms.

  • October 19, 2020

    FinCEN Hits Bitcoin Service Operator With $60M Fine

    The Financial Crimes Enforcement Network on Monday levied a $60 million civil money penalty against the head of two bitcoin businesses for violations of Bank Secrecy Act regulations, stating that he facilitated illicit activity including drug transactions and child pornography by operating in the "darkest spaces of the internet." 

  • October 19, 2020

    MVP: Cleary's Liza Lenas

    Liza Lenas of Cleary Gottlieb Steen & Hamilton LLP's fund formation practice represented KKR in the formation of its $1.3 billion inaugural social impact fund and a then-unit of TPG on a $2.2 billion technology fund, earning her a spot as one of Law360's 2020 Fund Formation MVPs.

  • October 19, 2020

    High Court Wants Feds' Input On PwC ERISA Class Action

    The U.S. Supreme Court asked for the federal government's take Monday on whether it should review the Second Circuit's holding that PricewaterhouseCoopers LLP retirees could receive money damages in a 14-year-old ERISA case.

  • October 16, 2020

    In Their Own Words: Being A Woman In BigLaw

    Firms are recruiting more women than previously to their ranks, but still have trouble retaining them at the same rate as men. Law360 asked three female attorneys who left BigLaw about how firms could better serve the women who work there. Here's what they have to say.

  • October 16, 2020

    Law360's Glass Ceiling Report: What You Need To Know

    While law firms continue to tout efforts to close the gender gap in their ranks, parity is still a distant goal, our annual survey shows.

  • October 16, 2020

    Glass Ceiling Report: How Does Your Firm Measure Up?

    Law firms have long struggled to clear the barriers women face in the legal industry, particularly when it comes to accessing the top ranks. Law360's 2020 Glass Ceiling Report looks to shed light on the progress firms have made and where they aim to be.

  • October 16, 2020

    Milwaukee Pension Fund Sues Allianz Over $286M Loss

    A pension fund for Milwaukee city employees sued Allianz Global Investors in Wisconsin federal court Friday, claiming the investment manager took a self-interested gamble early in the pandemic that cost the workers hundreds of millions of dollars of their pension savings.

  • October 16, 2020

    NYC Investment Pro Gets At Least 3 Years For Bilking Clients

    A Queens investment adviser was sentenced to at least three years in prison Friday after pleading guilty in a fraud scheme that state prosecutors said took in $11 million from more than 50 people, many of whom are elderly.

  • October 16, 2020

    Thiel-Backed Blank-Check Co. Leads 2 IPOs Raising $635M

    A company co-created by PayPal founder Peter Thiel's investment firm led a pair of blank-check companies that debuted on the stock market Friday, raising $635 million through initial public offerings that they intend to use to target potential acquisitions in industries including technology and biotech.

  • October 16, 2020

    Split SEC Relaxes Certain Auditor Independence Rules

    A divided U.S. Securities and Exchange Commission on Friday agreed to ease auditor independence rules by granting auditors more leeway to assess conflicts-of-interest violations involving the companies they oversee, drawing dissent from opponents who worry the changes go too far.

Expert Analysis

  • Emerging ESG Compliance Obligations For Private Funds

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    In the absence of U.S. regulation of environmental, social and governance investments, private funds should be aware of two new EU regulations that will apply to all sponsors managing or marketing funds in Europe, says Debbie Klis at Rimon Law.

  • Guest Feature

    5 Ways Firms Can Avoid Female Atty Exodus During Pandemic

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    The pandemic's disproportionate impact on women presents law firms with a unique opportunity to devise innovative policies that will address the increasing home life demands female lawyers face and help retain them long after COVID-19 is over, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • Highlights From 'SEC Speaks' 2020

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    At its recent virtual SEC Speaks conference, the U.S. Securities and Exchange Commission emphasized efforts to adapt enforcement to emerging risks amid the pandemic, and warned companies not to use COVID-19 to cover up past mistakes or newly discovered ones, say attorneys at Perkins Coie.

  • Recent SPAC Surge May Portend Increased Litigation

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    As special purpose acquisition companies become a widespread initial public offering alternative, sponsors and participants should prepare for increased litigation risk related to share redemptions, de-SPACing transaction disclosures and breaches of fiduciary duty, say James Heyworth and Julia Bensur at Sidley.

  • Opinion

    Lawyers Must Fight Voter Suppression This Election Season

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    Lawyers should use their unique skill sets, knowledge and spheres of influence to fight burdensome ID requirements and other voter suppression tactics that may influence the 2020 elections, and to participate in potential post-election litigation, say CK Hoffler and Allyce Bailey at the National Bar Association.

  • 4 Enforcement Actions Highlight SEC's Focus On Earnings

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    The U.S. Securities and Exchange Commission's four enforcement actions settled in the days before its fiscal year-end show the regulator is keeping an eye on issuers' earnings management and financial reporting, and demonstrate the dangers of fixating on analysts' earnings targets, says Lori Echavarria at WilmerHale.

  • Why Online Mediation May Be Here To Stay

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    Videoconferenced mediation offers several advantages and helps cases settle faster and more cordially, making it hard to imagine going back to logistically difficult in-person dispute resolution after COVID-19 restrictions are gone, says Sidney Kanazawa at ARC.

  • Early Takeaways From SEC's FY 2020 Fraud Enforcement

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    Ahead of the U.S. Securities and Exchange Commission's annual enforcement data release later this fall, emerging enforcement themes include fraud related to COVID-19, as well as individual accountability, misuse of reserves, revenue recognition, disclosure malfeasance and data analytics, say attorneys at Perkins Coie.

  • CFTC Climate Change Report Highlights Costs Of Inaction

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    The Commodity Futures Trading Commission's recent report on climate change and financial markets makes it clear that while government regulation of carbon dioxide pollution may have negative consequences, letting greenhouse gas emissions go unaddressed could harm investors, asset managers and financial institutions, says Nicholas Fox at Goldberg Segalla.

  • Clients Have The Power To Promote Wellness At Law Firms

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    Law firm clients can play a role in lowering mental distress in the legal profession by seeking lawyer wellness data from firms and factoring those responses into outside counsel hiring decisions, says Jonathan Prokup at Cigna.

  • Rebuttal

    Size Premia Are Alive And Kicking In Small-Co. Stock Pricing

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    Contrary to a recent Law360 guest article that claimed it's time to let go of size premia when valuing small firms, new research demonstrates the market does consider company size when pricing stocks, and that pricing is related to the quality of the firm, say Roger Grabowski and Anas Aboulamer at Duff & Phelps.

  • Opinion

    Appellate Courts Should Welcome Well-Crafted Amicus Briefs

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    A Seventh Circuit judge's recent order granting leave for three organizations to file amicus curiae briefs in Prairie Rivers Network v. Dynegy Midwest Generation is a reminder that relevant, nonduplicative amicus briefs can provide courts with helpful perspective, important facts and legal arguments, says Lawrence Ebner at Capital Appellate Advocacy.

  • Why ESG Considerations Matter For Energy Executives

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    With the U.S. Securities and Exchange Commission, State Street Global Advisors and others recently placing more emphasis on environmental, social and governance corporate disclosures, energy companies must demonstrate a commitment to addressing climate change and social issues, while reassuring investors of continued value growth, say attorneys at Sidley.

  • Floating-Rate Debt Considerations As Libor Cessation Nears

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    Ahead of Libor's discontinuance in 2021, issuers of floating-rate debt should contemplate several liability management measures to eliminate benchmark rate exposure for both new and legacy securities, says Dawn Pruitt at Faegre Drinker.

  • Alternative Financing Options For Retail And Hotel Properties

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    With the pandemic making it more difficult for retail shopping centers and hotels to secure traditional mortgage loans, borrowers should understand some of the customary features and requirements of mezzanine loans and preferred equity investments, say Mark Levenson and Jeffrey Gaskill at Sills Cummis.

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