Asset Management

  • June 26, 2024

    Judge Trims 2nd Attempt At Crypto Lender Loan Suit

    A California federal judge has again dismissed crypto lender Nexo Capital's affiliates from an amended suit over claims they fraudulently induced customers to take out risky loans, but found the new suit plausibly alleges Nexo distributed a nonexempt, unregistered security.

  • June 26, 2024

    Ex-Ameriprise Father-Son Duo Agree To Return Biz Info

    A father and son and their former employer, financial services company Ameriprise, have reached an agreement that will see the two men return confidential records they allegedly took "in the dark of the night" as they exited the company for jobs with a competitor.

  • June 26, 2024

    Chamber Backs 9th Circ. Call To Nix SEC's 'Gag Rule'

    The U.S. Chamber of Commerce is among those calling on the Ninth Circuit to overturn a long-standing U.S. Securities and Exchange Commission policy that settling parties not be allowed to deny the allegations against them, saying that the so-called gag rule threatens the free speech rights of the accused.

  • June 26, 2024

    Online Comic Platform Leads 2 IPOs Raising $390M Total

    Online comic platform Webtoon Entertainment Inc. and Australian natural gas producer Tamboran Resources Corp. on Wednesday priced initial public offerings, raising a combined $390 million under the guidance of four law firms.

  • June 26, 2024

    IP Co. Breaching Investment Laws, Shareholder Alleges In Del.

    A shareholder of patent developer Network-1 Technologies Inc. has sued the company in Delaware's Court of Chancery, saying he needs to see the company's books and records to investigate, among other things, whether it is "operating as an unregistered investment company, contrary to the Investment Company Act of 1940."

  • June 26, 2024

    11th Circ. Urged To Toss $62M Order Against Forex Co. CEO

    An imprisoned former CEO of an investment company urged the Eleventh Circuit on Tuesday to toss a multimillion-dollar penalty against him obtained by the federal government, saying he never operated foreign exchange commodity pools and didn't invest borrowed funds on behalf of lenders.

  • June 26, 2024

    Big Banks Cleared Fed's Stress Tests, Despite 'Higher Losses'

    The Federal Reserve said Wednesday that the nation's big banks have enough capital on hand to ride out a simulated recession, giving them passing marks in the latest round of stress tests as regulators debate tougher rules that could raise capital requirements further.

  • June 26, 2024

    Atty Agrees To Withdraw Mid-DQ Hearing In NC Biz Court

    A real estate attorney on Wednesday beat opposing counsel to the punch on a motion for disqualification in a dispute over a soured business partnership, opting instead to voluntarily withdraw his representation of one party but remain as counsel for another after a state Business Court judge pointed out conflicts with him providing services to both.

  • June 26, 2024

    Latham, Goodwin Lead Cold Storage Giant's IPO Filing

    Real estate investment trust Lineage Inc., a large owner of cold-storage warehouses, filed plans on Wednesday for an initial public offering, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP.

  • June 26, 2024

    $10B AIR-Blackstone Deal Set To Close After Investor Nod

    Denver-based Apartment Income REIT Corp.'s shareholders have approved an agreement to sell off the real estate investment trust to private equity giant Blackstone for $10 billion, paving the way for its close within the next several days.

  • June 26, 2024

    Warburg Pincus Plugs $350M Into Data Connectivity Co.

    Data connectivity solutions company CData Software on Wednesday announced that it secured a roughly $350 million growth capital investment led by private equity giant Warburg Pincus in a deal built by three firms.

  • June 26, 2024

    A Picture Of Office Sector Distress

    This five-part series from Law360 Real Estate Authority explores distressed office buildings in Chicago, San Francisco, Miami, Dallas and New York City in an illustration of how the stressors facing the asset class are playing out across the country.

  • June 26, 2024

    Archegos Duo Won't Testify In $36B Market Distortion Trial

    The founder of Archegos and its former chief financial officer will not take the stand in their trial on charges they orchestrated a massive campaign to manipulate Wall Street stock prices, the pair told a Manhattan federal judge Wednesday.

  • June 25, 2024

    Warhol, Monet Artwork Forfeited To US In 1MDB Clawback

    Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.

  • June 25, 2024

    Public Pensions Have Personnel Authority, Calif. Panel Rules

    A county public employee retirement system has the authority to create employment classifications and set its employees' salaries, a California appellate court ruled Monday, reviving the Los Angeles County Employees Retirement Association's lawsuit seeking confirmation of its authority to make key personnel decisions.

  • June 25, 2024

    Archer Aviation SPAC Deal Blasted As 'Sham' In Chancery Suit

    Investors in a blank check company that took vertical takeoff-and-landing aircraft startup Archer Aviation Inc. public in 2021 have accused the venture, controlled by interests of billionaire Ken Moelis, of deceptively hyping its progress and prospects, according to a new Delaware Court of Chancery complaint.

  • June 25, 2024

    SEC Accuses Ex-CEOs Of Duping Market In $138M Offering

    The U.S. Securities and Exchange Commission on Tuesday reached a $1 million deal with a company allegedly involved in a market manipulation scheme and also brought claims against the two former CEOs who allegedly led the scheme, which fraudulently raised $137.5 million from investors, according to the regulator.

  • June 25, 2024

    FTX Gets OK To Seek Creditor Votes On Ch. 11 Plan

    Bankrupt cryptocurrency exchange FTX Trading Ltd. can seek creditor votes for its Chapter 11 plan after a Delaware bankruptcy judge said he would approve the debtor's disclosures after overruling several objections.

  • June 25, 2024

    Broker's Lax ACH Monitoring Led To $330K Theft, FINRA Says

    A broker-dealer that was once a unit of Oregon-headquartered Umpqua Bank has agreed to pay $225,000 to the Financial Industry Regulatory Authority after self-reporting supervisory oversights that enabled unauthorized parties to siphon over $330,000 out of a customer's account.

  • June 25, 2024

    Hedge Fund Exec Avoids Prison After Forex-Rigging Trial

    The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.

  • June 25, 2024

    Firm Accused Of Raising $12M On Fake Investment Claims

    The U.S. Securities and Exchange Commission has sued an investment firm and its adviser over allegations they fraudulently raised $12.5 million from investors while claiming it had ties to an art investing platform and had a major accounting firm as its auditor.

  • June 25, 2024

    Fintech Exec Gets 3 Yrs In Crypto Market Manipulation Plot

    The former head of financial engineering at fintech company Hydrogen Technology Corp. was sentenced Tuesday to nearly three years in prison for conspiring to manipulate the market for Hydrogen's digital assets.

  • June 25, 2024

    IRS Apologizes To Hedge Fund Founder Over Leaked Tax Data

    The IRS issued an extraordinary public apology Tuesday to hedge fund founder and billionaire Ken Griffin for the leak of his and others' tax information to the media by a former contractor who admitted to stealing the returns of thousands of wealthy individuals, including former President Donald Trump.

  • June 25, 2024

    Meadow Partners Raises $530M For Latest Real Estate Fund

    Real estate investment manager Meadow Partners announced Tuesday it raised $530 million for the sixth installment of its flagship real estate fund, with capital commitments from a mix of new investors and longtime partners.

  • June 25, 2024

    Indian AI Data Center To Go Public In $2.75B SPAC Merger

    India's Nidar Infrastructure Ltd., an artificial intelligence-focused data center, has agreed to go public through a merger with special-purpose acquisition company Cartica Acquisition Corp. in a deal that values Nidar at $2.75 billion.

Expert Analysis

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • Asset Manager Exemption Shifts May Prove Too Burdensome

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    The U.S. Department of Labor’s recent change to a prohibited transaction exemption used by retirement plan asset managers introduces a host of new costs, burdens and risks to investment firms, from registration requirements to new transition periods, say attorneys at Simpson Thacher.

  • Pay-To-Play Deal Shows Need For Strong Compliance Policies

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    The U.S. Securities and Exchange Commission, through its recent settlement with Wayzata, has indicated that it will continue stringent enforcement of the pay-to-play rule, so investment advisers should ensure strong compliance policies are in place to promptly address potential violations as the November elections approach, say attorneys at WilmerHale.

  • Bankruptcy Courts Have Contempt Power, Del. Case Reminds

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    A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.

  • A Look At New IRS Rules For Domestically Controlled REITs

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    The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.

  • 7 Effects Of DOL Retirement Asset Manager Exemption Rule

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    The recent U.S. Department of Labor amendment to the retirement asset manager exemption delivers several key practical impacts, including the need for managers, as opposed to funds, to register with the DOL, say attorneys at Ropes & Gray.

  • Standardizing Early Case Appraisal In Securities Class Actions

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    While an initial economic assessment of securities class action litigation is far too often not undertaken, it's an important step in planning the defense strategy that can provide counsel, clients and insurers with a much clearer view of the case, and can be simplified through standardized analyses, says Assen Koev at SCA iPortal.

  • Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures

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    The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.

  • E-Discovery Quarterly: Recent Rulings On Text Message Data

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    Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.

  • What CRA Deadline Means For Biden Admin. Rulemaking

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    With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.

  • What's Extraordinary About Challenges To SEC Climate Rule

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    A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.

  • Series

    Swimming Makes Me A Better Lawyer

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    Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.

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