Asset Management

  • December 12, 2024

    Cantor Fitzgerald To Pay SEC $6.75M Over SPAC Disclosures

    Cantor Fitzgerald on Thursday agreed to pay a $6.75 million penalty to the U.S. Securities and Exchange Commission to resolve claims that it caused two special purpose acquisition companies that it controls to make misleading statements to investors ahead of the SPACs' initial public offerings.

  • December 12, 2024

    SEC Fines Investment Co. For Adviser's Cherry-Picking Scheme

    The U.S. Securities and Exchange Commission announced Thursday that it fined SeaCrest Wealth Management $375,000 for allegedly failing to implement policies and procedures that would have possibly prevented the cherry-picking scheme of a former adviser, who is separately being sued by the agency.

  • December 12, 2024

    SEC Will Be GOP-Only Without Crenshaw's Vote, Groups Warn

    More than 40 organizations sent a collective letter to U.S. senators in support of Democrat Caroline Crenshaw's reconfirmation to the U.S. Securities and Exchange Commission on Thursday, a day after Senate Republicans blocked a closed-door vote on her nomination.

  • December 12, 2024

    Fla. Judge Awards $114M To Crypto-Forex Exchange Investors

    A Florida judge issued a directed verdict Thursday against absent foreign exchange currency broker FxWinning Ltd. awarding investors more than $114 million after they told the court how they were swindled out of their investments when the company abruptly stopped honoring withdrawal requests.

  • December 12, 2024

    DC Circ. Leans Toward BofA In Pandemic Market Loss Bout

    The D.C. Circuit is set to decide whether Bank of America had a duty to try harder to stop one of its clients from dumping his investments when the market tanked at the beginning of the COVID-19 pandemic, but at arguments Thursday morning, the panel did not seem to think so.

  • December 12, 2024

    Biden Steel-Deal Block, Walgreens For Sale, And More Rumors

    President Biden is reportedly ready to block the U.S. Steel-Nippon merger on national security grounds, pharmacy giant Walgreens is exploring selling itself to private equity firm Sycamore, and cryptocurrency-related trading platform EToro is preparing an initial public offering.

  • December 12, 2024

    TD Bank Sued Over AML Controls After Ex-Employee's Arrest

    Toronto-Dominion Bank and its top brass concealed and downplayed issues with the bank's anti-money laundering controls, according to a class action filed one day after a former employee was arrested and charged with assisting in a money laundering scheme that sent millions of dollars in narcotics proceeds from the U.S. to Colombia.

  • December 11, 2024

    PE Fund Made Investments In 'Worthless' Startup, Suit Says

    An investor in a private equity fund has filed a suit in the North Carolina Business Court alleging the fund's asset manager and its majority owner exchanged the fund's $43 million alternative asset portfolio for an equity stake in a "nearly worthless" startup company.

  • December 11, 2024

    Latham, Wilson Sonsini Lead ServiceTitan's $625M IPO

    Venture-backed software platform ServiceTitan Inc. priced an above-range $625 million initial public offering on Wednesday, guided by Latham & Watkins LLP and underwriters' counsel Wilson Sonsini Goodrich & Rosati PC, likely marking the year's last major IPO.

  • December 11, 2024

    Seattle Kraken Owner, TPG Co-Founder Dies At 82

    David Bonderman, the co-founder of private equity giant TPG Capital LP and founding owner of the NHL's Seattle Kraken, died Wednesday at age 82, his family and TPG announced.

  • December 11, 2024

    SEC Sues Disbarred Calif. Atty And Son For Securities Fraud

    The U.S. Securities and Exchange Commission has filed a suit against a father-son duo and a broker for allegedly running a Ponzi-like scheme disguised as an investment company for a start-up content streaming app, raising over $17 million from at least 40 investors.

  • December 11, 2024

    Nigerians Impersonated US Brokers For $3M Scam, Feds Say

    Three Nigerian nationals were charged on Wednesday with running a nearly $3 million internet investment fraud scheme in which they impersonated legitimate securities brokers and investment advisers, misappropriated the seal of the U.S. Securities and Exchange Commission and stole from at least 28 investors.

  • December 11, 2024

    Connell Foley Faces DQ Bid In Investment Firm's Bias Suit

    A Black-owned investment firm accusing BlackRock Inc. and New Jersey of squeezing it out of a lucrative contract are urging a federal court to disqualify Connell Foley LLP from representing the state, claiming the firm used privileged information from an attorney who has advised it throughout the dispute in a separate action.

  • December 11, 2024

    CFPB's Chopra Won't Head For Exit Ahead Of Trump's Arrival

    Consumer Financial Protection Bureau Director Rohit Chopra signaled Wednesday that he won't leave his post early unless and until the incoming Trump administration fires him next month, indicating that he plans to keep running the agency in the meantime.

  • December 11, 2024

    6 Firms Guide Nippon Life's $8.2B Resolution Life Acquisition

    Japanese life insurer Nippon Life said Wednesday that it has agreed to buy the remaining 77% stake in holding group Resolution Life that it does not already own for $8.2 billion.

  • December 10, 2024

    SEC Says Ex-Rep Defrauded Investors With Short-Term Bets

    A former registered representative of broker-dealer Western International Securities Inc. has agreed to pay over $2.1 million to end U.S. Securities and Exchange Commission allegations he orchestrated a scheme to defraud retail clients by recommending costly investment strategies, and then covered up their "substantial" losses with phony financial statements.

  • December 10, 2024

    SEC Outlines Municipal Adviser Exam Process

    The U.S. Securities and Exchange Commission's Division of Examinations has issued a risk alert outlining its process for selecting municipal advisers to examine, how advisers can prepare for exams, and the types of information examiners may request.

  • December 10, 2024

    4th Circ. Casts Doubt On Broker's FINRA Challenge

    A Fourth Circuit panel wondered Tuesday whether it was too soon to hear one North Carolina broker's constitutional challenge against the Financial Industry Regulatory Authority, with the circuit judges pointing out that FINRA's case against the broker was not yet over.

  • December 10, 2024

    Nippon Life In Late Talks To Buy Resolution Life For $8.2B

    Global insurer Resolution Life said Tuesday that it was in the "final stages of discussions" to sell the business to Nippon Life Insurance, reportedly for $8.2 billion. 

  • December 09, 2024

    Blockchain Co. IP Fight With Investment Firm Teed Up For Trial

    A California federal judge has said a jury should decide whether the investment firm Franklin Templeton misappropriated trade secrets of Blockchain Innovation LLC and breached its fiduciary duty and contract with the firm when it shut down a digital asset startup that Blockchain later acquired.

  • December 09, 2024

    Morgan Stanley Pays SEC $15M Over Theft By Ex-Reps

    The U.S. Securities and Exchange Commission announced a $15 million penalty against a Morgan Stanley subsidiary Monday, saying the company failed to put in place procedures that may have earlier caught four former employees who spent years stealing from clients.

  • December 09, 2024

    Kellogg Retirees Say DOL's Brief Backs 6th Circ. Revival

    A proposed class of married Kellogg retirees alleging their pension annuity payouts were lowballed by the cereal company due to outdated mortality assumptions used in conversions is urging the Sixth Circuit to heed a recently filed brief from the U.S. Department of Labor backing workers seeking to revive a similar dispute in the Eleventh Circuit.

  • December 09, 2024

    Bed Bath & Beyond Irons Out 401(k) Fee Suit Deal

    Bed Bath & Beyond has agreed to settle a suit from workers alleging mismanagement of an employee 401(k) plan, according to a joint filing from the parties entered Monday in New Jersey federal court.

  • December 09, 2024

    SEC's Trading And Markets Director Zhu To Leave Agency

    Haoxiang Zhu is stepping down as head of the U.S. Securities and Exchange Commission's Division of Trading and Markets, the agency announced Monday, leaving the group that oversees orderliness of U.S. markets as leadership continues to change at regulatory bodies following President-elect Donald Trump's election victory.

  • December 09, 2024

    Barington And Thor Invest In Macy's, Push For New Direction

    Barington Capital Group LP and Thor Equities LLC said Monday they've taken a position in Macy's as they pushed the storied retailer to make strategic changes to help "improve shareholder value," while Macy's acknowledged the development and disclosed it was being counseled by Wachtell Lipton Rosen & Katz on the matter.

Expert Analysis

  • Series

    Playing Dungeons & Dragons Makes Me A Better Lawyer

    Author Photo

    Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.

  • 3 Leadership Practices For A More Supportive Firm Culture

    Author Photo

    Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.

  • Series

    After Chevron: Don't Let Loper Lead To Bank Compliance Lull

    Author Photo

    Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.

  • E-Discovery Quarterly: Rulings On Hyperlinked Documents

    Author Photo

    Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.

  • Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling

    Author Photo

    While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

    Author Photo

    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • 2nd Circ. Case Reinforces Need For Advance Notice Bylaws

    Author Photo

    The Second Circuit's recent decision in Nano Dimension v. Murchinson illustrates that Section 13(d) of the Exchange Act is a square peg for a round hole, and that advance notice bylaws are far better at protecting against undisclosed coordination among activist shareholders, say attorneys at Morgan Lewis.

  • Series

    Teaching Scuba Diving Makes Me A Better Lawyer

    Author Photo

    As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.

  • 3 Ways To Lower Insider Trading Risk After First 10b5-1 Case

    Author Photo

    In light of the U.S. Department of Justice's insider trading prosecution against the former CEO of Ontrack based on alleged abuse of a Rule 10b5-1 safe harbor plan — designed to allow executives to sell their companies' securities without liability — companies and individuals should take steps to avoid enacting similar plans in bad faith, say attorneys at Jenner & Block.

  • Lawyers Can Take Action To Honor The Voting Rights Act

    Author Photo

    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • Evolving Regulatory Oversight For AI And Asset Management

    Author Photo

    Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.

  • Series

    After Chevron: ERISA Challenges To Watch

    Author Photo

    The end of Chevron deference makes the outcome of Employee Retirement Income Security Act regulatory challenges more uncertain as courts become final arbiters of pending lawsuits about ESG investments, the definition of a fiduciary, unallocated pension forfeitures and discrimination in healthcare plans, says Evelyn Haralampu at Burns & Levinson.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

    Author Photo

    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Jarkesy's Impact On SEC Enforcement Will Be Modest

    Author Photo

    Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.

  • Why Calif. Courts Are Split On ERISA Forfeited Contributions

    Author Photo

    A split between two California federal courts, in deciding whether an employer’s use of forfeited retirement plan contributions to offset future costs violates the Employee Retirement Income Security Act, suggests employers should soon expect more ERISA cases to advance this novel legal theory when making anti-inurement and breach of fiduciary duty claims, says Blake Crohan at Alston & Bird.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Can't find the article you're looking for? Click here to search the Asset Management archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!