Asset Management

  • May 29, 2020

    Neiman Marcus Ch. 11 Examiner Bid Dropped After Criticism

    A Neiman Marcus noteholder withdrew its request Friday for a probe of a pre-Chapter 11 transfer of $1 billion to the retailer's private equity owners, after a Texas bankruptcy judge criticized both the motion and the performance of a Neiman director on the stand.

  • May 29, 2020

    Int'l Securities Org Says Virus Shouldn't Stop 'Fair' Filings

    An international standards group for the securities market said Friday that although the COVID-19 pandemic may cause difficulty for companies in making financial statements, it nonetheless called on corporations to try to be "fair" and transparent in their disclosures.

  • May 29, 2020

    Emory, Workers Seek OK Of $16.8M Deal In ERISA Suit

    Emory University and its workers asked a Georgia federal judge Friday to approve a roughly $16.8 million settlement of an Employee Retirement Income Security Act class action accusing the school of letting its retirement plans charge high fees and keep bad investments.

  • May 29, 2020

    Corporate Bond Rush Brings A Big Wave Of Firsts

    The tidal wave of corporate debt offerings in recent months has enabled companies to raise billions in cash and gain much-needed breathing room to navigate the coronavirus pandemic, setting records and ushering in several first-of-their kind deals along the way.

  • May 29, 2020

    SEC Tags Another Adviser With Fee Disclosure Penalties

    The U.S. Securities and Exchange Commission ordered an Austin, Texas-based investment adviser to pay nearly $322,000 on Friday, claiming the firm failed to keep clients abreast of fees tied to investments in certain mutual funds over a more than five-year period.

  • May 29, 2020

    Fla. Investment Firm Strikes Deal With SEC In $39M Fraud Suit

    The receiver for a Florida investment firm at the center of an alleged $39 million fraud scheme has reached agreement with the U.S. Securities and Exchange Commission for entry of a permanent injunction against the company and related entities.

  • May 29, 2020

    Can Cannabis Survive The Virus? The Cash Crunch Intensifies

    Nearly three months after the pandemic stay-at-home orders began, cannabis companies already facing a capital crunch are encountering fewer investors, more questions and harsher terms as they fight to raise the money to stay in business beyond COVID-19.

  • May 29, 2020

    Pa. Law Firm Sued Over Client's $134M Unpaid Judgment

    A private equity financier has filed suit against Pittsburgh law firm Elliott & Davis PC and its client, the husband of a high-profile Indian technology executive, saying the firm has been paid with funds owed to the lender as part of a $134 million judgment in a separate case.

  • May 29, 2020

    Ky. Man Pilfered $10M In Futures Trade Scheme, CFTC Says

    The Commodity Futures Trading Commission asked a Kentucky federal judge Thursday to halt an operation by a man it says took $10 million from investors for a "Ponzi-like scheme."

  • May 29, 2020

    3 Firms Steer Oncology Biotech's $350M Spinoff, IPO Plans

    Legend Biotech, a clinical-stage biotechnology company being spun out of GenScript, said Friday it hopes to raise $350 million in an initial public offering steered by Cooley LLP, Harney Westwood & Riegels and JunHe LLP.

  • May 29, 2020

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

    The past week in London has seen German financier Lars Windhorst dragged into court by a hospitality company, an Emirati lender sue former executives of a scandal-hit health company, and a bank representing the estate of musical artist Prince file IP claims against a unit of a major record label.

  • May 28, 2020

    NYU Workers Point To 8th Circ. Decision In ERISA Appeal

    New York University workers urged the Second Circuit on Thursday to follow the Eighth Circuit's lead when deciding whether to resurrect their ERISA class action against the school, pointing to the Midwestern appellate court's recent revival of a similar suit against Washington University in St. Louis.

  • May 28, 2020

    GE, Fund Chided For 'Petty Squabble' Over Pension Arbitrator

    A Kansas federal judge has ended a dispute between General Electric and the Boilermaker-Blacksmith National Pension Trust over who should oversee a $205 million withdrawal liability arbitration, appointing the arbitrator neither side wanted and condemning the parties' "regrettable" and "most unnecessary" "petty squabbling" on Thursday.

  • May 28, 2020

    Damages Analysis Tossed From BNY Mellon RBMS Action

    A federal judge in Manhattan on Thursday decided that a damages analysis is no longer admissible in a suit accusing Bank of New York Mellon of failing to protect investors in residential mortgage-backed securities.

  • May 28, 2020

    Pulling Up Stakes: Sidley Austin, Baker McKenzie, Orrick

    In Law360's latest roundup of deal-makers on the move, Sidley Austin nabbed Shearman & Sterling's former head of global leveraged finance and private capital; Baker McKenzie added a banking and finance pro in Hong Kong; and Orrick picked up an M&A and private equity partner in Paris.

  • May 28, 2020

    5 Questions To Ask When Workers Earn Social Media Infamy

    Franklin Templeton Investments moved swiftly to fire a white woman after a Twitter video of her calling the cops on a black man in Central Park went viral, but the company could have landed in legal hot water despite outrage at her actions, experts say. Here, Law360 looks at five questions businesses should ask when workers go viral for the wrong reasons.

  • May 28, 2020

    FINRA Hits Stifel For $3.6M In Year's Top Suitability Settlement

    The Financial Industry Regulatory Authority has ordered broker-dealer Stifel Nicolaus & Co. to pay more than $3.6 million in the largest suitability settlement of 2020, claiming the broker-dealer did not adequately monitor the rollovers of certain customer investments and provided inaccurate information.

  • May 28, 2020

    High-Level Suspect In $1B OneCoin Scam Hires Barket Firm

    A marketing expert indicted more than two years ago for allegedly building the $1 billion OneCoin cryptocurrency scam alongside its mastermind Ruja Ignatova has hired criminal defense firm Barket Epstein Kearon Aldea & LoTurco LLP as he faces charges from a Manhattan jail cell.

  • May 28, 2020

    SEC Seeks $2.5M From Ponzi Scheme Operator

    The U.S. Securities and Exchange Commission asked a Utah federal judge Wednesday to grant a $2.5 million default judgment against the incarcerated owner of an online advertising business following a 2017 injunction against the alleged international Ponzi scheme.

  • May 28, 2020

    Gibson Dunn Guides Gene Test Co.'s IPO Amid COVID Slump

    Genetic testing company Progenity filed a preliminary initial public offering of $100 million and said profits from the offering will likely be used to fund research and development of its products.

  • May 28, 2020

    Major Asset Managers Call For Climate Impact Framework

    A group of asset managers said Thursday that they have the backing of 30 European investors, who hold more than €6 trillion ($6.6 trillion) in assets, as they urge regulators to create a model to help them measure the impact of their investments on the environment.

  • May 27, 2020

    1st Circ. Affirms Win For Educator In Suit Over Saudi Contract

    A First Circuit panel affirmed a win for online teaching group Fullbridge in a case stemming from whether the business misled investors by saying it had secured a $40 million Saudi Arabian government contract.

  • May 27, 2020

    Mass. Regulators Claim PE Firm GPB Capital Misled Investors

    Massachusetts securities regulators have launched an administrative enforcement action against asset management firm GPB Capital Holdings LLC, alleging the company violated state laws by misleading investors about its finances.

  • May 27, 2020

    Gov't Can Depose Manafort's Banker And Obtain Assets Docs

    Federal prosecutors attempting to seize assets from former Trump campaign boss Paul Manafort have been cleared to obtain testimony from an ex-bank executive accused of attempting to bribe the onetime chairman with $16 million in risky loans in exchange for a job in the administration.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

Expert Analysis

  • Avoiding Inadvertent Privilege Waivers In E-Communications

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    Attorneys at WilmerHale highlight recent developments in privilege law, the significant challenges raised by nontraditional working arrangements popularized during the pandemic, and ways to avoid waiving attorney-client privilege when using electronic communications.

  • PE Minority Investments Offer Alternative Capital During Crisis

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    Cash-strapped companies looking for alternative sources of capital during the pandemic can take advantage of private equity funds’ newfound willingness to make minority investments, which can bring managerial, financial, technical and industry expertise to a business in exchange for considerable control over ongoing operations, say attorneys at Winston & Strawn.

  • 5 Tips For Drafting Effective Legal Billing Guidelines

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    To properly manage outside counsel, it's imperative for a company's legal department to implement and maintain rules on what they will and won't pay for, on staffing cases and requesting rate increases, and on how matters will be handled, says Chris Seezen at Quovant.

  • Opinion

    Don't Cancel Your Summer Associate Programs

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    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • Retail Investors Hit By Oil Price Drop May Turn To The Courts

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    The recent large drop in oil prices — and in the prices of futures contracts tied to oil — resulting from the COVID-19 pandemic has generated substantial losses for many retail investors, and precedent suggests this may lead to a wave of litigation against fund managers, say economists at Bates White.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

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    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

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    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • Using The M&A Slowdown To Prepare A Portfolio Co. For Sale

    Excerpt from Lexis Practice Advisor
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    Dealmakers can take advantage of COVID-19’s dampening effect on M&A activity to work through timing, pandemic considerations and sale process coordination for portfolio company sales so their deals will be ready when the market eventually picks back up, say Michael Gilligan and Caitlin Cornell at Schulte Roth.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

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    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • A Lawyer's Guide To Client Service Continuity Planning

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    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

  • Virtual Meetings Could Be Fertile Ground For Legal Discovery

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    Many remote meeting technologies include recording features as default settings, raising three primary concerns from a legal discovery and data retention perspective, and possibly bringing unintended consequences for companies in future litigation, says Courtney Murphy at Clark Hill.

  • Bankruptcy's 'Deep Freeze' May Be Struggling Cos.' Best Hope

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    A tsunami of bankruptcy filings due to the economic effects of the coronavirus may not be a bad thing, as it could provide the only way for some struggling companies to stay alive — a minimalist, deep hibernation mode where they can await rescue, says Joseph Moldovan at Morrison Cohen.

  • Contingent Fees A Great Option For Cos. During Downturn

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    In-house counsel may assume that "elite" law firms will turn up their noses at the idea of contingent fees, but such arrangements, whether pure or hybrid, are offered by many firms — even to defendants — and may be the answer to tight litigation budgets, say attorneys at Fish & Richardson.

  • The Role Of Remote Mediation After The Crisis Is Over

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    When the dark cloud of COVID-19 has passed and resolution centers are once again peopled with warring parties and aspiring peacemakers, remote mediations will likely still be common, but they are not going to be a panacea for all that ails the dispute resolution industry, says Mitch Orpett at Tribler Orpett.

  • Preventing Elder Exploitation As Securities Fraud Increases

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    Because securities fraud tends to increase in times of crisis, financial institutions should be on the lookout for elder abuse red flags identified by the Financial Crimes Enforcement Network and U.S. Department of Justice, and shore up suspicious activity reporting, says Michael Napoli at Akerman.

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