Insights

The Supreme Court recently handed down its third decision interpreting the Bankruptcy Code this term. The decision, Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin, is a victory for debtors and a loss for Native American tribes, and also provides insight into how the Court is approaching bankruptcy law issues. Lac du…

Client Alerts | July 20, 2023 | Creditors’ Rights and Bankruptcy Litigation

On June 7, 2023, the Securities and Exchange Commission (the “SEC”) adopted two new rules (the “Rules”) targeting (i) fraud, manipulation and deception in security-based swap transactions, including a new prohibition on manipulation or attempted manipulation of the value of security-based swaps or payments or deliveries thereunder, and (ii) the potential for undue influence over…

Client Alerts | July 13, 2023 | Derivatives | Securities and Corporate Finance

In recent years, the alternative investment space has grown in size and significance as a result of a period of low interest rates, favorable monetary policy and financial conditions. The hunt for yield and diversification provided further comfort to institutional investors seeking to gain exposure to this burgeoning industry. In particular, buyout1 and infrastructure2 focused…

Client Alerts | June 22, 2023 | Hedge Funds | Private Equity Funds

Proposed SEC Rule and Examination Priorities Target “Problematic Compensation Schemes” and “Opaque Reporting Practices” Private fund managers – especially managers of real estate, private equity, and private credit funds – have increasingly used affiliated service providers to perform various tasks for their funds or portfolio companies. Such tasks include asset-level due diligence, loan servicing, property…

Client Alerts | June 13, 2023 | Hedge Funds | Private Equity Funds

The Supreme Court has again entered the insolvency arena, handing down a decision regarding the jurisdiction of courts hearing appeals of bankruptcy sale orders. The decision, MOAC Mall Holdings LLC v. Transform Holdco LLC, clarifies the circumstances under which Bankruptcy Code section 363(m) can statutorily moot an appeal of a sale order in a way…

Client Alerts | May 3, 2023 | Business Restructuring and Reorganization | Creditors’ Rights and Bankruptcy Litigation

On March 29, 2023, the National Futures Association (“NFA”) announced the adoption of Compliance Rule 2-51: Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities (the “New Rule”),1 which will implement anti-fraud, trading, and supervisory requirements for member firms, including firms registered with the Commodity Futures Trading Commission as commodity pool operators…

Client Alerts | April 3, 2023 | Digital Assets and Cryptocurrency | Hedge Funds | Private Equity Funds

A federal appeals court, in U.S. Securities and Exchange Commission v. Christopher Clark, recently reversed a lower court’s decision and remanded the case for a jury trial on civil insider trading claims based on suspicious trading and circumstantial evidence, with no direct proof of wrongdoing by the defendant. With this new ruling, the Securities and…

Client Alerts | March 16, 2023 | Commercial and Corporate Litigation | Regulatory Defense | Risk Management

The U.S. Department of Justice (the “DOJ”) and the U.S. Securities and Exchange Commission (the “SEC”) recently brought criminal charges and civil claims for insider trading against Terren S. Peizer (“Peizer”), the Chief Executive Officer and Chairman of the Board of Directors of Ontrak Inc., a publicly traded healthcare company, despite Peizer’s use of a…

Client Alerts | March 14, 2023 | Commercial and Corporate Litigation | Regulatory Defense | Risk Management

New York Pass-Through Entity Tax (“PTET”) Due Date for Elections The due date to make elections to pay the New York State and New York City PTET for 2023 is March 15, 2023. March 15, 2023, is also the due date to elect to pay the New York City PTET for 2022, but such election…

Client Alerts | March 9, 2023 | Hedge Funds | Private Equity Funds

Non-compete agreements have long been a staple in the employment arena, despite their potentially anti-competitive effect. They are both common and highly controversial. In the best light, they are seen as a means of balancing the employee’s right to seek other employment with the employer’s legitimate interest in protecting itself from unfair competition by a…

Client Alerts | January 17, 2023 | Employment Litigation | Risk Management