Dorothy Murray’s Post

Proskauer’s asset management litigation team explores how recent SEC statements on indemnification and exculpation provisions could lead to regulatory scrutiny in the latest article of the Top Ten Regulatory and Litigation Risks for Private Funds in 2024 series. https://bit.ly/3U3WXYy #Proskauer #regulatory #privatefunds #privatecapital #SEC

Lowenstein Sandler LLP's Thomas Redburn, Maya Ginsburg, Joshua Nelson, and Stephen Shepardson provide insightful analysis on the Fifth Circuit's examination of private fund advisers' rule in securities litigation. Read more in their latest Securities Litigation client alert. #securitieslaw #privatefunds #regulatorycompliance #lawyers #litigation

Lowenstein Sandler LLP's Thomas Redburn, Maya Ginsburg, Joshua Nelson, and Stephen Shepardson provide insightful analysis on the Fifth Circuit's examination of private fund advisers' rule in securities litigation. Read more in their latest Securities Litigation client alert. #securitieslaw #privatefunds #regulatorycompliance #lawyers #litigation

I am pleased to share my latest article, "Unveiling Closet Indexing: Insights into Canadian Mutual Fund Fee Litigation," in the Canadian Business Law Journal. In this piece, I explore the controversial practice of "closet indexing" where mutual funds charge for active management yet closely mirror a benchmark index. Highlighting the Turpin v. TD Asset Management case, I discuss the ongoing challenges and investor protection gaps in mutual fund fees despite recent reforms. I advocate for the mandatory disclosure of "active share" and "active fee" metrics, expressed in dollar terms and contextualized within the funds' performance data, to enhance transparency and help investors make informed decisions. https://lnkd.in/g5j4-Tp4

New SEC rules can have a significant impact on private funds. Reach out to your compliance teams, legal counsel & audit teams to discuss the impact on your funds.

Discover how the U.S. Securities and Exchange Commission's new Private Fund Advisers Rule could reshape the landscape for private funds and their advisers, promising increased oversight and transparency but also sparking industry-wide debate and legal challenges, in today’s Securities Litigation client alert by Lowenstein’s Thomas Redburn, Jr., Maya Ginsburg, Joshua Nelson, and Stephen Shepardson. Read the full alert: https://bit.ly/3T4hU5f #securitieslaw #privatefunds #regulatorycompliance #lawyers #litigation

"Surely, this nightmare scenario of hedge funds or other non-lawyer entities owning and controlling law firms could never happen in the United States. Don’t be so sure. Powerful forces are now pushing regulators in the direction of non-lawyer ownership of law firms in the United States. Some of the forces are completely well-intentioned, but some of the forces are not so well-intentioned. The well-intentioned forces are motivated primarily by access to justice considerations. The not so well-intentioned forces are motivated primarily by crass financial considerations."

The SEC is holding an open meeting this Wednesday to consider whether to adopt proposed rules that, if adopted as proposed, would subject private fund advisers to a host of new and highly controversial requirements. #AssetManagement #CapitalMarkets #FinancialServices

The cards are now on the table, the SEC has ruled and is striking out. Thank you, Brian Daly, for your insightful post. If you're a #gp, #lp or #fundadmin looking for clarity in your private markets' calculations, please consider booking a demo today. qashqade.com Rethink private markets.

⚖️ Seeking $636 Million in Damages for a Copy-and-Paste Contract A client of the law firm “Proskauer Rose” has sued the firm for malpractice, seeking $636 million in damages. Robert Adelman alleges that because of a provision mistakenly included in a contract relating to the control of a hedge fund, the hedge fund’s manager was able to seize Adelman’s stake in the fund. Adelman’s lawyers allege that Proskauer negligently copy-and-pasted the provision in question from another client’s contract. It has long been observed that one drawback of copy-and-pasting is that it causes you to repeat dysfunctional contract language. But another problem is that copying precedent contracts can result in your copying provisions that were relevant for the previous transaction but aren’t relevant for the new one. Adelman alleges that this sort of mishap is exactly what happened in this case. #contractlaw #lawyer #contractdrafting #law #lawfirm https://lnkd.in/d-ZT6bVK