The SEC is continuing its pattern of establishing “standards of conduct” for the private equity industry through speeches, enforcement actions, and public settlements. After foreshadowing its concerns in various speeches over...more
On June 1, 2016, the SEC announced a settlement with Blackstreet Capital Management, LLC and Murry N. Gunty, Blackstreet's managing member and principal owner. As a registered investment adviser based in Chevy Chase,...more
In the wake of a host of negative developments, Theranos Inc. is reportedly under investigation by the Department of Justice and the Securities and Exchange Commission. The SEC and DOJ inquiries are likely to focus on...more
Individuals affiliated with private fund managers are increasingly being named as defendants in lawsuits involving fund portfolio companies, particularly where the fund controls one or more seats on the portfolio company’s...more
As we previously discussed, SEC Chair Mary Jo White recently delivered the keynote address at the Silicon Valley Initiative hosted by the SEC-Rock Center for Corporate Governance at Stanford University. While the speech and...more
The SEC’s regulation of the private investment funds industry has generated significant attention and commentary, as well as a fair amount of hand-wringing. From our perspective as lawyers, however, there is a relatively...more
5/9/2016
/ Breach of Duty ,
Conflicts of Interest ,
Duty to Disclose ,
Enforcement Actions ,
Fiduciary Duty ,
Fund Managers ,
Limited Partnership Agreements ,
Offering Documents ,
Private Equity ,
Private Investment Funds ,
Securities and Exchange Commission (SEC)
A recent federal court order highlights the scope, and the limitations, of a U.S. court’s authority to order domestic discovery for use in a foreign proceeding under 28 U.S.C. § 1782. The court in In re Ex Parte Application...more
4/12/2016
/ Antitrust Investigations ,
Comity ,
Corporate Counsel ,
Depositions ,
Discovery ,
Ex Parte ,
Foreign Jurisdictions ,
Proportionality ,
Qualcomm ,
South Korea ,
Subpoenas ,
Young Lawyers
Private investment funds are likely to face increased regulatory scrutiny and litigation risk in 2016, not only based on the Securities and Exchange Commission’s focus on the industry but also due to transparency and...more
Private equity fund sponsors are facing increased litigation risk from regulators and private parties, including limited partners and stakeholders in portfolio companies. As a result, private equity firms should re-examine...more
12/10/2015
/ Cyber Insurance ,
Data Security ,
Derivative Suit ,
Indemnification Clauses ,
Liability Insurance ,
Policy Exclusions ,
Portfolio Companies ,
Private Equity Funds ,
Professional Liability ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Settlement
Private equity fund sponsors are facing increased litigation risk from regulators and private parties, including limited partners and stakeholders in portfolio companies. As a result, private equity firms should re-examine...more
Private equity funds, and individuals affiliated with fund sponsors, are increasingly being named as defendants in lawsuits involving their portfolio companies. This litigation risk arises most frequently where a fund...more
FINRA’s recently-released Regulatory and Examinations Priorities Letter for 2015 reflects substantial regulatory interest in high-frequency trading and other issues arising from trading technology. Regulatory concern over...more
The public scrutiny on private equity fund sponsors has continued to intensify this month, evidenced by at least three recent events.
First, the government announced that it was probing performance figures at private...more