Asset Management

  • January 22, 2021

    Xerox Spinoff Fights Cert. Of 'Lawyer-Driven' Investor Suit

    A Xerox spinoff on Friday urged a New Jersey federal court to toss a class certification bid in a suit over the company's purported misrepresentations to shareholders, arguing that the proposed class representatives have "ceded control" of the case to their lawyers at Bernstein Liebhard LLP and Thornton Law Firm LLP.

  • January 22, 2021

    Brokers Owe $4.2M In Fees Earned In Woodbridge Ponzi Ploy

    The U.S. Securities and Exchange Commission received approval in California federal court Friday for the disgorgement of millions of dollars from a group of unregistered brokers arising from the yearslong real estate Ponzi scheme operated by the Woodbridge Cos.

  • January 22, 2021

    Former SEC Staff Attorney Takes Helm Of Enforcement Unit

    The U.S. Securities and Exchange Commission named a new acting director of its enforcement division Friday, calling in an associate director within the unit's home office, who is also an ex-staff attorney and former Milbank Tweed associate, to fill the role.

  • January 22, 2021

    Del. Justices Uphold Chancery's Higher Appraisal Of Tech Co.

    The Delaware Supreme Court on Friday upheld a lower court decision that gave investors in outsourcing company SourceHOV Holdings a post-merger share appraisal of $47.3 million, 2.8 times higher than the company's price.

  • January 22, 2021

    Simpson-Led Blackstone Nabs Stake In $1.6B Portfolio

    Blackstone REIT, led by Simpson Thacher, picked up a majority stake in a $1.6 billion, 71-property group of assets from LBA Logistics, according to a Friday statement.

  • January 22, 2021

    Public Markets Still Hot As 4 IPOs Raise Combined $2B

    A quartet of newly public companies saw their shares pop on Friday in their first day of public trading after raising close to $2 billion combined in initial public offerings led by Chinese vaping company RLX's $1.4 billion debut.

  • January 22, 2021

    Delta Pilots Want Full DC Circ. To Rehear $3B Pension Case

    A group of retired Delta Air Lines Inc. pilots has asked the D.C. Circuit for an en banc rehearing of their suit accusing the Pension Benefit Guaranty Corp. of mishandling $3 billion in retirement plan assets, saying the circuit precedent used to rule against them last month was decided in error.

  • January 22, 2021

    Simpson Thacher-Led Mortgage Co. Launches $250M IPO

    Private-equity backed mortgage producer Home Point Capital on Friday set a price range on an estimated $250 million initial public offering guided by Simpson Thacher & Bartlett LLP and underwriter counsel Davis Polk & Wardwell LLP, marking the latest mortgage-related company to seek public markets amid surging demand for home ownership.

  • January 22, 2021

    Real Estate Rumors: Starwood, Hackman, Ari Pearl

    Starwood has reportedly sold a Florida apartment complex for $73.5 million, Hackman is said to be buying a stake in a 309,000-square-foot Hollywood studio campus and an entity affiliated with Florida investor Ari Pearl has reportedly picked up a Wyndham hotel for $30 million.

  • January 22, 2021

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

    This past week in London has seen a top executive at Huawei take action against HSBC, British Gas file two fraud claims against MasterCard and Visa, and Chanel sue over a trademark infringement. Here, Law360 looks at those and other new claims in the U.K.

  • January 21, 2021

    Eagle Hospitality REIT OK'd In Del. For $100M Ch. 11 Loan

    A bankrupt fleet of U.S. hotels tied to a Singapore-based real estate investment trust secured a $100 million Chapter 11 loan in Delaware on Thursday, amid top creditor objections that the debtor had charted an "unnecessarily contentious and expensive path to an inevitable sale."

  • January 21, 2021

    Legislative Fixes For Union Pension Crisis Within Reach

    Congressional legislation introduced Thursday that aims to solve the multibillion-dollar funding crisis threatening union retirees' pensions has a shot at passing this year after several administrations' worth of negotiations, experts told Law360.

  • January 21, 2021

    FinCEN Says No To Activity Reports Over Negative Press

    The Financial Crimes Enforcement Network and other federal banking agencies added to its guidelines clarifying financial institutions' suspicious activity reporting obligations, noting that SARs are not necessary if based solely on negative media reports, grand jury subpoenas or other law enforcement inquiries.

  • January 21, 2021

    CFTC Names Democrat Rostin Behnam Acting Chairman

    The U.S. Commodity Futures Trading Commission announced Thursday that Rostin Behnam, its senior Democratic member, will serve as the agency's acting chairman for the time being.

  • January 21, 2021

    Speedcast's $395M Sale Plan Reaches Ch. 11 Finish Line

    A Texas bankruptcy judge approved communications satellite company Speedcast's much-delayed Chapter 11 plan Thursday after rejecting a request by an ex-CEO to pause the process to let him take a closer look at a creditor settlement that could see him facing legal action.

  • January 21, 2021

    'Come In And Talk To Us,' SEC's FinHUB Chief Urges

    The U.S. Securities and Exchange Commission announced Dec. 3 that its fintech innovation hub, or FinHUB, would become its own standalone office, a move its director Valerie Szczepanik tells Law360 will bolster its leadership role across the industry.

  • January 21, 2021

    Chinese Telecom Cos. Push For US Delisting Reversal

    Three Chinese telecommunications companies whose shares are scheduled to be delisted by the New York Stock Exchange following a Trump administration executive order told regulators on Thursday that they are seeking to reverse the bans.

  • January 21, 2021

    Weil, Latham Guide PE-Backed Supermarket's $134M IPO Bet

    Supermarket chain Southeastern Grocers on Thursday launched an initial public offering steered by Weil Gotshal & Manges LLP and underwriters counsel Latham & Watkins LLP that could see the company raise roughly $134 million at the midpoint.

  • January 21, 2021

    Acadia's 'Quality Care' Claim For Jury To Decide, Judge Says

    Behavioral health care provider Acadia Healthcare Co. Inc. and three of its current and former executives must continue to face a proposed securities class action alleging they misled investors after trading prices for the company's stock sank amid reports about understaffing and other issues at its facilities, a federal judge in Nashville said Wednesday.

  • January 21, 2021

    Schwab Forms New Regulatory Group As SEC Turns Over

    As the U.S. Securities and Exchange Commission nears a changing of the guard and shifts in regulatory policy under the Biden administration, financial services company Charles Schwab & Co. has hired a Jones Day partner to lead its new risk and regulatory group.

  • January 21, 2021

    Clifford Chance Reps PE Firm's £253M Industrial Property Bet

    Swiss private equity firm Partners Group, led by Clifford Chance, said Thursday it bought a portfolio of 27 light industrial real estate properties in the United Kingdom for £253 million (about $347 million) from Paloma Capital.

  • January 21, 2021

    Biden Names Allison Herren Lee Acting SEC Chair

    Allison Herren Lee, one of two Democratic commissioners on the now-split U.S. Securities and Exchange Commission, will serve as acting chairman of the securities regulator while President Joe Biden's pick to lead the agency awaits Senate confirmation, the agency said Thursday.

  • January 21, 2021

    Auto Parts Co. Wants $1B ERISA Suit Axed After Colo. Ruling

    A Michigan federal judge should follow a Colorado court's lead and toss a proposed 401(k) class action against Magna after the auto parts supplier's employees accused it of including too-expensive investment options into their $1 billion retirement plan, the company said.

  • January 20, 2021

    Virus Delays Long-Running Securities Fraud Trial To Late 2023

    Citing the current COVID-19 pandemic, a Louisiana federal judge has ordered a two-and-a-half-year postponement for a trial between individual investors and Commonwealth Advisors over securities fraud allegations dating from the Great Recession of 2007–09.

  • January 20, 2021

    Ukraine Bank Asks Chancery To Delay Ohio Building Sale

    Attorneys for a Ukrainian bank allegedly plundered by two oligarchs urged a Delaware vice chancellor on Wednesday to slow the $17 million sale of a Cleveland office tower purportedly bought with some of the bank's cash, citing price, fairness and conflict concerns.

Expert Analysis

  • Del. Books And Records Ruling Offers 4 Lessons For Cos.

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    The Delaware Supreme Court's recent decision granting shareholders broad inspection rights of books and records in AmerisourceBergen v. Lebanon County Employees' Retirement Fund, in line with a growing trend in the state, may narrow companies' defenses, and they should keep several considerations in mind when facing similar shareholder demands, say Jennifer Luz and John Barker at Goodwin.

  • Top 5 ERISA Stock-Drop Case Developments From 2020

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    Last year’s most important Employee Retirement Income Security Act securities class action developments revolved around the pleading standard for stock-drop claims, which brought a split of authority that remains unresolved, says Jeffrey Justman at Faegre Drinker.

  • Law Firms Should Note GCs' Growing Focus On Biz Strategies

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    Amid the challenges of the pandemic, a shifting digital landscape, and increasing calls for diversity and inclusion, general counsel responsibilities are expanding into six new areas, highlighting the need for both in-house and outside counsel to serve as strategic and empathetic business leaders, say Wendy King at FTI Consulting and David Horrigan at Relativity.

  • How To Reliably Value Income-Producing Real Estate

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    Amid the pandemic-fueled surge in tax appeals and loan workouts, using the income approach to calculate the present worth of a property's future income provides the most reliable indication of value and does not rely on subjective adjustments, say Mark Dunec at FTI Consulting and Anthony DellaPelle at McKirdy Riskin.

  • SEC Enforcement Expansion May Face Constitutional Limits

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    Although the recently passed National Defense Authorization Act seems to restore the U.S. Securities and Exchange Commission’s authority to seek disgorgement in enforcement cases — which the U.S. Supreme Court previously narrowed in its Kokesh and Liu decisions — the law may run afoul of the U.S. Constitution and the law of unintended consequences, says Joshua Robbins at Buchalter.

  • 6 Changes The Legal Industry Should Prepare For

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    As clients increasingly demand better efficiency, predictability and cost-effectiveness from their legal partners, especially during the pandemic, law firms and other legal service providers may need to explore new ways to bundle and deliver services — and move away from billing by time, says Joey Seeber at Level Legal.

  • Arizona May Have Nudged US Law Firms Toward Future IPOs

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    No U.S. law firm has its shares listed on a public stock exchange unlike some lucrative overseas counterparts, but by allowing nonattorneys to become stakeholders in law firms, Arizona may have paved the way for this to change should other U.S. states — particularly New York — follow suit, says Marc Lieberman at Kutak Rock.

  • How SEC Can Address 'Inherent Dilemma' Of Its Mandate

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    Tom Selman at Scopus Financial suggests three ways the U.S. Securities and Exchange Commission might reconcile the rights of market participants with the regulator's responsibility to protect investors, on the heels of Commissioner Hester Peirce's recent remarks calling out this "inherent conflict."

  • FTC Authority To Obtain Monetary Relief May Be Under Threat

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    Although justices asked difficult questions of both sides at the recent U.S. Supreme Court oral arguments in AMG v. Federal Trade Commission, they expressed significant skepticism of the FTC's implicit authority to seek restitution and disgorgement of the proceeds of fraud and other misconduct, say attorneys at Sullivan & Cromwell.

  • How Fund Managers Can Avoid Political Contribution Missteps

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    In this brief video, Peter Chan and Karl Egbert at Baker McKenzie, and Suzan Rose at the Alternative Investment Management Association discuss fund manager compliance and monitoring issues related to state and federal rules on campaign contributions, particularly in light of the recent election cycle.

  • DC Circ. Lobbyist Ruling May Lead To 1st Amendment Clarity

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    The D.C. Circuit’s recent opinion in Akhmetshin v. Browder, leaving the government contacts exception's application to foreign lobbyists unsettled, may compel courts to clarify the availability of First Amendment defamation defenses to foreign companies involved in lobbying, says Joe Meadows at Bean Kinney.

  • Opinion

    6 Ways Financial Regulators Should Prioritize Climate Risk

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    As the Biden administration prepares to take office, financial regulators must resolve to collaborate with each other and industries to manage the financial risks from climate change after years of obstruction by the Trump administration, says New York Department of Financial Services Superintendent Linda Lacewell.

  • 4 Legal Industry Trends Litigation Financiers Are Watching

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    Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.

  • Tips For Forming A Real Estate Fund

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    Multi-asset real estate funds may provide investors with opportunities to deploy capital during the pandemic-induced market downturn, but several structural questions should be considered before raising a fund, say Matt Ertman and Max Brunner at Allen Matkins.

  • How EU Climate Regs May Affect US Private Fund Managers

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    As compliance dates for the European Commission's environmental, social and governance rules draw closer, U.S. private fund managers should be aware that EU investors and subsidiaries could trigger climate risk data requests and compliance obligations, says Trysha Daskam at Silver Regulatory.

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