Insights

On May 16, 2024, the SEC adopted amendments to Regulation S-P (the “Amendments”) and significantly overhauled customer data protection by enhancing protections for sensitive data of customers of certain financial institutions, including registered investment advisers. Registered investment advisers with $1.5 billion or more in assets under management (“Larger RIAs”) are required to comply with the Amendments by December…

Client Alerts | November 26, 2025 | Hedge Funds | Investment Management | Private Capital

This newsletter briefly highlights certain tax issues and planning opportunities that fund managers and high-net-worth individuals should consider (or reconsider) before and shortly after the end of 2025. While the One Big Beautiful Bill Act (the “OBBBA”), signed into law earlier this year, included many changes to the tax system, the final bill had far…

Client Alerts | November 24, 2025 | Hedge Funds | High Net Worth Individual Planning | Private Equity Funds

A New York bankruptcy court has enjoined the State of Texas from prosecuting state court consumer protection litigation against General Motors to the extent that it involves facts that predate the General Motors 2009 bankruptcy. The decision, In re Motors Liquidation Co., shows the broad scope and effect of “Gatekeeper” injunctions and “free and clear” sale…

Client Alerts | November 5, 2025 | Business Restructuring and Reorganization | Creditors’ Rights and Bankruptcy Litigation

A Texas bankruptcy judge has ruled that a post-confirmation litigation trust has no obligations under a litigation funding agreement that had been completely drawn down because the litigation trustee was not authorized to obtain litigation funding. The decision, In re Fresh Acquisitions, LLC, demonstrates the uncertainties in post-confirmation estate administration and serves as a warning…

Client Alerts | September 2, 2025 | Creditors’ Rights and Bankruptcy Litigation | Securities and Corporate Finance

The Second Circuit Court of Appeals has ordered the dismissal of all clawback actions brought by the liquidators of a Madoff feeder fund against foreign investors who made withdrawals before the Madoff fraud was revealed to the public. The decision, In re Fairfield Sentry Ltd., demonstrates that the Safe Harbor — which provides protections from…

Client Alerts | August 14, 2025 | Creditors’ Rights and Bankruptcy Litigation

The Bureau of Economic Analysis (BEA) Form BE-180, the 2024 Benchmark Survey of Financial Services Transactions Between U.S. Financial Services Providers and Foreign Persons, is due by July 31, 2025 (but extensions may be obtained), and may apply to many hedge fund managers/general partners. Form BE-180 is required every five years. The purpose of Form…

Client Alerts | July 24, 2025 | Hedge Funds | Private Equity Funds

The Supreme Court has turned down a request to reinstate a bankruptcy court “Gatekeeper” injunction that shielded non-debtor parties from litigation. This injunction had been rejected by the Fifth Circuit Court of Appeals. The decision, Highland Capital Management, L.P. v. Nexpoint Advisors, L.P., shows the limits of bankruptcy court jurisdiction to enter Gatekeeper injunctions as…

Client Alerts | July 21, 2025 | Business Restructuring and Reorganization | Creditors’ Rights and Bankruptcy Litigation