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Asset Management

  • February 19, 2019

    US Bank Can’t Save RMBS Suit, Keeps 2nd Chance In Another

    New York’s highest court handed down mixed rulings on Tuesday in a pair of residential mortgage-backed securities cases pitting U.S. Bank against a Credit Suisse-owned deal sponsor, saying that the bank can’t relate its way around a problem in one case but isn’t doomed by a key purported procedural misstep in the other.

  • February 19, 2019

    Gibson Dunn Close To DQ Bid Toss In Privileged Doc Drama

    A California judge Tuesday tentatively rejected a Los Angeles developer’s bid to disqualify capital management firm AEW’s counsel Gibson Dunn & Crutcher LLP after attorneys allegedly mishandled privileged materials related to claims that AEW took advantage of the developer in a 2010 joint venture deal.

  • February 19, 2019

    SEC Floats Letting All Cos. 'Test The Waters' Before IPOs

    The U.S. Securities and Exchange Commission on Tuesday proposed expanding its so-called testing the waters policy to make it easier for companies of all sizes to solicit feedback from certain investors before pursuing initial public offerings, a benefit that is currently limited to smaller companies.

  • February 19, 2019

    Franklin Templeton Workers Want $14M ERISA Suit Deal OK'd

    A class of current and former Franklin Templeton workers asked a California federal judge to greenlight a $13.85 million deal in an Employee Retirement Income Security Act suit claiming the investment firm profited by packing its 401(k) plan with its own products.

  • February 19, 2019

    Inside The War Between Papa John's And Its Ousted Founder

    Tensions between Papa John's and the pizza chain's ousted founder are showing no signs of calming as the former chairman, CEO and face of the company digs in over issues central to shareholders' rights following an investment from an activist hedge fund. Here, a Law360 graphic recaps the turmoil leading to the latest dispute.

  • February 19, 2019

    Real Estate Rumors: Pablo Peon, KD Sagamore, PineBridge

    Former race car driver Pablo Peon has reportedly sold a Florida Nissan dealership for $11 million, a KD Sagamore Capital venture is said to be seeking $95.97 million for a New York condo project, and asset management shop PineBridge Investments has reportedly leased 57,333 square feet in Manhattan.

  • February 19, 2019

    Asset Management Group Of The Year: Dechert

    Dechert LLP advised on the management of billions of dollars of private investments, including steering FS Investments in a partnership with KKR as joint advisers to funds with $18 billion in assets under management, earning it a spot as one of Law360's Asset Management Practice Groups of the Year.

  • February 19, 2019

    Royal Park Loses 2nd Cert. Try In BNY Mellon MBS Suit

    Royal Park Investments SA/NV’s bid for class certification in its suit against The Bank of New York Mellon Corp. over failed mortgage-backed securities was denied for the second time by a New York federal judge who found that the investors’ claims did not satisfy class action commonality requirements.

  • February 19, 2019

    HIG Closes €673M European Real Estate-Focused Fund

    Alternative asset management firm HIG Capital LLC said Tuesday that it has closed its latest fund with €673 million ($760 million) in commitments that will be used for investments in the small- and mid-cap European real estate sector.

  • February 19, 2019

    SEC Can't Ignore State Action On Fiduciary Rules

    Several states are positioned to outlaw self-interested trades in the broker-dealer business, pressuring the U.S. Securities and Exchange Commission to raise professional standards beyond a proposal released last year that falls short of the strict fiduciary duties some policymakers want.

  • February 19, 2019

    McKinsey Pays $15M For Failing To Disclose Ch. 11 Conflicts

    The U.S. Trustee’s Office announced Tuesday it has reached a $15 million settlement with consulting giant McKinsey & Co. over allegations McKinsey failed to adequately disclose possible conflicts of interest in a trio of major bankruptcies.

  • February 19, 2019

    High Court Won't Wade Into USC's ERISA Arbitration Battle

    The U.S. Supreme Court on Tuesday turned away the University of Southern California’s bid for review of a Ninth Circuit decision that gave the school's workers a green light to pursue a closely watched ERISA class action in court, as opposed to through individual arbitration.

  • February 15, 2019

    The $1B Question: Can Puerto Rico Afford Its Bankruptcy Bills?

    Law firms and other professional service providers are seeking more than $300 million in bills for Puerto Rico’s unprecedented restructuring — a figure that is eventually expected to surpass $1 billion. Some local attorneys are questioning the costs.

  • February 15, 2019

    Puerto Rico’s Law Firms Find Their Footing After Disaster

    Out of disaster comes opportunity. That is what the corporate legal community of Puerto Rico found after Hurricane Maria. But for many attorneys, the recovery is personal, too.

  • February 15, 2019

    Puerto Rico Fed Board Was Illegally Appointed: 1st Circ.

    The federal board charged with overseeing Puerto Rico’s financial overhaul and addressing its debt crisis was unconstitutionally appointed and must either be confirmed by the U.S. Senate or replaced in accordance with the law within the next 90 days, the First Circuit ruled Friday.

  • February 15, 2019

    Sears Creditors May Probe Sale Of $900M In Debt To Cyrus

    Creditors of Sears Holding Corp. were given the green light on Friday to investigate the bankrupt retailer's sale of $900 million in intercompany debt to a major lender, with a New York bankruptcy court approving requests to issue a slew of subpoenas and conduct discovery.

  • February 15, 2019

    Judge OKs $1.2M Deal Ending Fidelity Workers' Wage Suit

    A California federal judge on Friday granted preliminary approval to a $1.2 million settlement agreement between Fidelity and employees claiming the company owes them overtime pay.

  • February 15, 2019

    'Fearless Girl' Artist Sold Unauthorized Statues, TM Suit Says

    The artist who created the Fearless Girl sold unauthorized copies of the famous feminist statue in violation of trademark law and agreements with State Street Global Advisors Trust Co., which commissioned the artwork, the company has argued in a New York state court suit.

  • February 15, 2019

    Ex-Hedge Funder Avoids More Prison For KIT Digital Fraud

    An incarcerated former hedge fund boss was spared additional prison time Friday for his role in a multipronged securities fraud scheme involving KIT Digital Inc., with a Manhattan federal judge citing his cooperation in two trials that led to the convictions of the video technology startup's CEO and others.

  • February 15, 2019

    China Luxury Car Dealer Says Securities Suit Lacks Legal Heft

    The officers of an imported high-end vehicles dealership that does business in China asked a Nevada federal judge Friday to toss a shareholder's claims they're mismanaging their business at the investor's expense, arguing that the entire complaint is based on vague allegations that fall below legal standards.

Expert Analysis

  • Opinion

    The Problem With 'Optimal' Diversity

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    Organizations should seek to avoid discrimination, but they should also be wary of the idea that diverse teams function better than nondiverse teams, because this reasoning lacks evidence and can lead to a slippery slope, says J.B. Heaton of J.B. Heaton Research LLC.

  • What An Economic Analysis Reveals About ERISA Litigation

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    The past few years have seen a proliferation of Employee Retirement Income Security Act litigation claiming that 401(k) plan fiduciaries selected inferior funds. Atanu Saha and Alex Rinaudo of Econ One Research Inc. examine the key economic premise of these allegations by comparing the performance of actively and passively managed funds.

  • Maker-Taker Fees In A Fragmented Equity Market

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    Competing U.S. equity exchanges attract liquidity by offering rebates to orders that make liquidity, and charging fees to orders that take liquidity, which may distort brokers’ incentives against their fiduciary duty. Such maker-taker fees are likely to attract further scrutiny from regulators and courts, say Ilan Guedj and Zhong Zhang of Bates White LLC.

  • PCAOB Enforcement Actions Decline As Board Faces Change

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    Along with the appointment of five new members and other personnel changes at the Public Company Accounting Oversight Board, last year saw fewer settled disciplinary orders made public by the board. The decline is consistent with the trend at the U.S. Securities and Exchange Commission, says Robert Cox of Briglia Hundley PC.

  • Fresh Takes On Seeking Costs And Fees Under Rule 45

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    Recent case law reveals that courts vary widely in their approaches to shifting the costs and fees incurred in responding to a Federal Rule of Civil Procedure 45 subpoena. Nonparties responding to such requests should consider certain district court trends, say attorneys at Pepper Hamilton LLP.

  • Series

    Judging A Book: Smith Camp Reviews 'Echo Of Its Time'

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    "Echo of Its Time" is the story of Nebraska’s federal district court from statehood in 1867 to the demise of Prohibition in 1933. Professors John Wunder and Mark Scherer have written an objective, unsentimental and insightful history, layered with context and rich in character study, says U.S. District Judge Laurie Smith Camp of the District of Nebraska.

  • Securities Class Action Filings Show No Signs Of Abating

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    The number of securities class action filings has remained high over the last year, and this trend is likely to continue, particularly if the markets remain volatile. But the good news for corporate America is that the number of dismissals also appears to be increasing, say attorneys at Skadden Arps Slate Meagher & Flom LLP.

  • Momentive Disrupts Intercreditor Agreements And Reorgs

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    The Momentive decision in the Southern District of New York, which warned against allowing senior secured creditors to “completely disable debtors from restructuring” and “scavenge on all assets in bird’s-eye view,” may have the unintended consequence of doing just that, say Adam Shiff and Shai Schmidt of Kasowitz Benson Torres LLP.

  • The Role Of Data Analytics In Mass Torts

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    Lawyers involved in a mass tort must make difficult decisions concerning the potential size of the claimant pool, the expected percentage of qualifying cases, the likelihood of a settlement and more. Data analytics can help guide mass tort strategies and yield better outcomes, say Deb Zonies and Mark Zabel of litigation support services provider Verus LLC.

  • Guest Feature

    'The Mooch' Talks Mayhem, Con Law, Lessons From Harvard

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    Anthony Scaramucci is probably best known for the 11 days he spent as White House director of communications in 2017. But when White and Williams LLP attorney Randy Maniloff sat down to chat with "the Mooch," he was interested in hearing a different story.