Insights

On June 5, 2017, the U.S. Supreme Court rendered a decision of significant consequence to securities industry participants, holding that disgorgement claims under the federal securities laws are “penalties” under 28 U.S.C. § 2462, and therefore are subject to a 5-year statute of limitations. The Supreme Court’s unanimous decision in Kokesh v. Securities and Exchange…

Client Alerts | June 7, 2017 | Hedge Funds

What Hedge Fund Managers Should Do Now In April 2016, the Department of Labor (“DOL”) released regulations that expanded the definition of an “advice fiduciary” with respect to plans covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and IRAs and other plans covered by Section 4975 of the Internal Revenue…

Client Alerts | May 26, 2017 | Hedge Funds

On April 7, 2017, the Department of Labor officially delayed, until June 9, 2017, the applicability date of regulations that would change the definition of an “advice fiduciary” for plans covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended.…

Client Alerts | April 14, 2017 | Hedge Funds

A recent decision by the United States Supreme Court, Czyzewski v. Jevic Holding Corp., curtails the controversial practice of concluding chapter 11 cases with “structured dismissals”. The decision narrows the range of options available to parties attempting to craft settlements resolving chapter 11 cases, and could increase the leverage available to holdouts. Background In 2008…

Client Alerts | March 24, 2017

In April 2016, the Department of Labor (“DOL”) released regulations that, among other things, modify the definition of an “advice fiduciary” for plans covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The new definition also applies to IRAs and other non-ERISA plans which are subject to Section 4975 of the…

Client Alerts | March 9, 2017