Media Mention
A Bill to Loosen Hedge Fund Marketing
March 30, 2012 -- The New York Times
Irwin Latner, head of Herrick's hedge fund practice, analyzes a provision in pending legislation that would allow investment firms to market themselves more easily to the public. Irwin takes the position that the change, which is tucked into legislation that would alter the Securities Act of 1933 and which would allow more marketing and advertising by funds, might not represent a massive change because funds and prospective investors have always operated under the notion of caveat emptor.
March 30, 2012 -- The New York Times
Irwin Latner, head of Herrick's hedge fund practice, analyzes a provision in pending legislation that would allow investment firms to market themselves more easily to the public. Irwin takes the position that the change, which is tucked into legislation that would alter the Securities Act of 1933 and which would allow more marketing and advertising by funds, might not represent a massive change because funds and prospective investors have always operated under the notion of caveat emptor.
Media Mention
Former Prosecutor Rosenfield on Insider Trading Arrests
January 18, 2012 -- Public Broadcasting System's Nightly Business Report
In a live interview on the evening's lead story, David Rosenfield discusses the filing of criminal insider trading charges by the Department of Justice against a number of people who had managed now-defunct hedge funds, and the SEC’s civil charges against the fund managers and two of the now-defunct funds. David notes that the charges were brought a year after a number of FBI raids, and he opines that the Department of Justice and SEC are looking to bring additional insider trading cases.
January 18, 2012 -- Public Broadcasting System's Nightly Business Report
In a live interview on the evening's lead story, David Rosenfield discusses the filing of criminal insider trading charges by the Department of Justice against a number of people who had managed now-defunct hedge funds, and the SEC’s civil charges against the fund managers and two of the now-defunct funds. David notes that the charges were brought a year after a number of FBI raids, and he opines that the Department of Justice and SEC are looking to bring additional insider trading cases.
Media Mention
Legal Mechanics of Converting a Hedge Fund Manager to a Family Office
December 1, 2011 -- The Hedge Fund Law Report
Irwin Latner looks at legal, regulatory, practical and operational reasons that a hedge fund might consider converting to a family office. Irwin says that by restructuring as family offices, the funds can avoid registration in general plus ominous reporting requirements. Irwin adds that managing so-called family money tends to be less stressful than managing capital invested by arms-length investors, which holds particular appeal to previously successful managers who are struggling with unfavorable macro-economic forces.
December 1, 2011 -- The Hedge Fund Law Report
Irwin Latner looks at legal, regulatory, practical and operational reasons that a hedge fund might consider converting to a family office. Irwin says that by restructuring as family offices, the funds can avoid registration in general plus ominous reporting requirements. Irwin adds that managing so-called family money tends to be less stressful than managing capital invested by arms-length investors, which holds particular appeal to previously successful managers who are struggling with unfavorable macro-economic forces.
Media Mention
Hedge fund stars plummet to earth
October 31, 2011 -- Crain's New York Business
Irwin Latner says that recent poor performances may cause some investors to withdraw money from large, name-brand hedge funds, but he says the overall industry will not shrink because those investors are likelier to put their money in other funds rather than in cash or equities. He says the primary difference between the recent drop in fund performances and the drop in 2008 is that, in the earlier one, liquidity was an issue.
October 31, 2011 -- Crain's New York Business
Irwin Latner says that recent poor performances may cause some investors to withdraw money from large, name-brand hedge funds, but he says the overall industry will not shrink because those investors are likelier to put their money in other funds rather than in cash or equities. He says the primary difference between the recent drop in fund performances and the drop in 2008 is that, in the earlier one, liquidity was an issue.
Media Mention
Rajaratnam's Insider Trading Sentence
October 13, 2011 -- Public Broadcasting System's Nightly Business Report
David Rosenfield says the sentence of 11 years in prison that convicted insider trading defendant Raj Rajaratnam received is likely to deter other Wall Street traders who are contemplating violating securities laws. This segment notes that the sentence was a record for an insider trading case, but significantly less than what the prosecution had requested. To see David's segment, fast forward to the 5:23 mark.
October 13, 2011 -- Public Broadcasting System's Nightly Business Report
David Rosenfield says the sentence of 11 years in prison that convicted insider trading defendant Raj Rajaratnam received is likely to deter other Wall Street traders who are contemplating violating securities laws. This segment notes that the sentence was a record for an insider trading case, but significantly less than what the prosecution had requested. To see David's segment, fast forward to the 5:23 mark.
Media Mention
Hedge Funds Look To Pare Back Primes
August 9, 2011 -- Traders Magazine.com
Irwin Latner helps examine the phenomenon of hedge funds' consolidating their trading activities with one or two prime brokers, much as they did before the financial collapse in 2008 and 2009. Irwin explains that at the height of the financial crisis, no single bank could be perceived as risk free, and investors demanded that funds use multiple prime brokers. With fear of bank failure abated, the hedge funds -- particularly smaller and mid-sized funds -- scaled back the number of prime brokers, for more efficiency and cost savings.
August 9, 2011 -- Traders Magazine.com
Irwin Latner helps examine the phenomenon of hedge funds' consolidating their trading activities with one or two prime brokers, much as they did before the financial collapse in 2008 and 2009. Irwin explains that at the height of the financial crisis, no single bank could be perceived as risk free, and investors demanded that funds use multiple prime brokers. With fear of bank failure abated, the hedge funds -- particularly smaller and mid-sized funds -- scaled back the number of prime brokers, for more efficiency and cost savings.
Media Mention
Smaller Hedge Funds See More Assets Headed Their Way
August 1, 2011 -- Traders Magazine
Irwin Latner says all highly regarded hedge funds -- not just the largest ones -- are attracting an influx of investment dollars. Irwin says that before this trend began, many investors generally considered only funds with a billion or more dollars in assets. This article, which stems from Irwin's appearance as a panelist on hedge fund operations, attributes the shift in large part to the smaller funds' instituting security measures and systems redundancies.
August 1, 2011 -- Traders Magazine
Irwin Latner says all highly regarded hedge funds -- not just the largest ones -- are attracting an influx of investment dollars. Irwin says that before this trend began, many investors generally considered only funds with a billion or more dollars in assets. This article, which stems from Irwin's appearance as a panelist on hedge fund operations, attributes the shift in large part to the smaller funds' instituting security measures and systems redundancies.
Media Mention
Law Firms With Large Hedge Fund Practices
June 15, 2011 -- Hedge Fund Alert
Our hedge fund practice -- and Irwin Latner's leadership of it -- is included in this publication's listing of 30 law firms nationwide with significant practices in that industry. It notes that as to hedge funds, Herrick specializes in "working with start-ups and mid-sized managers, both onshore and offshore, across all asset classes and strategies" and on operational issues.
June 15, 2011 -- Hedge Fund Alert
Our hedge fund practice -- and Irwin Latner's leadership of it -- is included in this publication's listing of 30 law firms nationwide with significant practices in that industry. It notes that as to hedge funds, Herrick specializes in "working with start-ups and mid-sized managers, both onshore and offshore, across all asset classes and strategies" and on operational issues.
Media Mention
SEC Reviews Examiner Credentials
May 4, 2011 -- Hedge Fund Alert
In an article that describes how the SEC is considering instituting a certification process for its examiners who deal with managers of hedge funds, Irwin Latner notes that the quality of examiners has increased over the last year and a half. He adds, however, that because it is dealing with a sophisticated, well-financed industry, the SEC is typically playing catch-up and "fighting yesterday's battles."
May 4, 2011 -- Hedge Fund Alert
In an article that describes how the SEC is considering instituting a certification process for its examiners who deal with managers of hedge funds, Irwin Latner notes that the quality of examiners has increased over the last year and a half. He adds, however, that because it is dealing with a sophisticated, well-financed industry, the SEC is typically playing catch-up and "fighting yesterday's battles."
Media Mention
Industry Waking Up to CFTC Plan
March 30, 2011 -- Hedge Fund Alert
Irwin Latner discusses the hedge fund industry's last-minute attempts to derail a proposal by the Commodities Futures Trading Commission's plan that would require that many funds register with the CFTC in addition to with the SEC. Irwin says the SEC has tried to keep registration issues simpler for smaller funds, but the CFTC's proposal is burdensome and potentially costly, particularly for smaller, non-institutional funds that engage in limited futures trading.
March 30, 2011 -- Hedge Fund Alert
Irwin Latner discusses the hedge fund industry's last-minute attempts to derail a proposal by the Commodities Futures Trading Commission's plan that would require that many funds register with the CFTC in addition to with the SEC. Irwin says the SEC has tried to keep registration issues simpler for smaller funds, but the CFTC's proposal is burdensome and potentially costly, particularly for smaller, non-institutional funds that engage in limited futures trading.
Media Mention
Insider Trading Trial of Galleon's Raj Rajaratnam Opens
March 8, 2011 -- Public Broadcasting System's Nightly Business Report
Steven Feldman reminds a live network audience that the defense finally gets a chance to be heard in the government's insider trading case against Galleon Group founder Raj Rajaratnam. Through its indictment and public pronouncements, the prosecution has laid out at least an outline of its case, and now the defense team will try to discredit government witnesses who have already plead guilty to crimes, and convince the jury that wiretapped conversations do not reveal criminal conduct.
March 8, 2011 -- Public Broadcasting System's Nightly Business Report
Steven Feldman reminds a live network audience that the defense finally gets a chance to be heard in the government's insider trading case against Galleon Group founder Raj Rajaratnam. Through its indictment and public pronouncements, the prosecution has laid out at least an outline of its case, and now the defense team will try to discredit government witnesses who have already plead guilty to crimes, and convince the jury that wiretapped conversations do not reveal criminal conduct.
Media Mention
Rajaratnam Goes to Trial
March 7, 2011 -- CNBC's Power Lunch
David Rosenfield tells a live network audience that Raj Rajaratnam, an insider trading defendant, faces an uphill fight, but could potentially be acquitted. His roadmap to possible acquittal is his defense team's attacking the credibility and motivations of the cooperators who will testify against him, and the team convincing the jury that wiretapped conversations are snippets taken out of context to bolster an overzealous prosecution's case.
March 7, 2011 -- CNBC's Power Lunch
David Rosenfield tells a live network audience that Raj Rajaratnam, an insider trading defendant, faces an uphill fight, but could potentially be acquitted. His roadmap to possible acquittal is his defense team's attacking the credibility and motivations of the cooperators who will testify against him, and the team convincing the jury that wiretapped conversations are snippets taken out of context to bolster an overzealous prosecution's case.
Media Mention
SEC Loath to Clarify Insider-Trading Rules
February 16, 2011 -- Hedge Fund Alert
Steven Feldman analyzes the largely fruitless attempt by the hedge fund industry's trade group, the Managed Funds Association, to convince the SEC to clarify its view of what constitutes insider trading. Steve says that it remains a gray area because there is no single law that proscribes insider trading, and that the SEC's efforts to codify matters through regulation has lacked enough specific detail to offer clarity.
February 16, 2011 -- Hedge Fund Alert
Steven Feldman analyzes the largely fruitless attempt by the hedge fund industry's trade group, the Managed Funds Association, to convince the SEC to clarify its view of what constitutes insider trading. Steve says that it remains a gray area because there is no single law that proscribes insider trading, and that the SEC's efforts to codify matters through regulation has lacked enough specific detail to offer clarity.
Media Mention
SEC Rule Has Swaps Traders Running Scared
January 12, 2011 -- Hedge Fund Alert
Patrick Sweeney notes that a new SEC rule -- which traders did anticipate -- covers security-based swaps for the life of the contract. Pat notes that under the newly promulgated rule, traders can be liable in cases of ordinary disputes about calculating values or netting cash payments.
January 12, 2011 -- Hedge Fund Alert
Patrick Sweeney notes that a new SEC rule -- which traders did anticipate -- covers security-based swaps for the life of the contract. Pat notes that under the newly promulgated rule, traders can be liable in cases of ordinary disputes about calculating values or netting cash payments.
Media Mention
Federal Probe Prompts Compliance Reviews
December 1, 2010 -- Hedge Fund Alert
In this article about what hedge funds are doing -- and should be doing -- in response to the government's recent activity in enforcing statutes that prohibit insider trading, Irwin Latner says chief compliance officers should dig deeply into the relationship between the funds and independent research networks and how information gleaned from the research is being used in trading.
December 1, 2010 -- Hedge Fund Alert
In this article about what hedge funds are doing -- and should be doing -- in response to the government's recent activity in enforcing statutes that prohibit insider trading, Irwin Latner says chief compliance officers should dig deeply into the relationship between the funds and independent research networks and how information gleaned from the research is being used in trading.
Media Mention
Insider Case Has Soft-Dollar Focus
November 27, 2010 -- The Wall Street Journal
Steven Feldman says tracking the flow of soft dollars could be an integral part of prosecuting -- or defending -- insider trading cases, their use possibly showing criminal intent if investment firms purposely obscured payments by routing them through their brokers rather than paying directly. Soft dollars are premiums that stock brokerages give their biggest traders, who, in turn, use them to pay for research.
November 27, 2010 -- The Wall Street Journal
Steven Feldman says tracking the flow of soft dollars could be an integral part of prosecuting -- or defending -- insider trading cases, their use possibly showing criminal intent if investment firms purposely obscured payments by routing them through their brokers rather than paying directly. Soft dollars are premiums that stock brokerages give their biggest traders, who, in turn, use them to pay for research.
Media Mention
Wall Street Witch Hunt
November 23, 2010 -- CNBC's Power Lunch
In this live network segment, Jason D'Angelo says the public wants the government to be aggressive in investigating and prosecurting insider trading cases, but he cautions against over-reaching. He says he sees some instances of the government's expanding the definition of insider trading and notes that the whistleblower provisions of Dodd-Frank give the government more resources but believes most of the civil and criminal prosecutions will be based on traditional insider trading methods.
November 23, 2010 -- CNBC's Power Lunch
In this live network segment, Jason D'Angelo says the public wants the government to be aggressive in investigating and prosecurting insider trading cases, but he cautions against over-reaching. He says he sees some instances of the government's expanding the definition of insider trading and notes that the whistleblower provisions of Dodd-Frank give the government more resources but believes most of the civil and criminal prosecutions will be based on traditional insider trading methods.
Media Mention
The HFBOA Newsletter: September 2010 Edition
September 2010 -- Hedge Fund Business Operations Association
Irwin Latner is interviewed and quoted as a panelist in the September 2010 edition of the Hedge Fund Business Operations Association Newsletter, in which he discusses reactions to and expectations for the latest regulatory initiatives affecting hedge funds.
September 2010 -- Hedge Fund Business Operations Association
Irwin Latner is interviewed and quoted as a panelist in the September 2010 edition of the Hedge Fund Business Operations Association Newsletter, in which he discusses reactions to and expectations for the latest regulatory initiatives affecting hedge funds.
Media Mention
Structuring for launch: Getting of on the right foot
June 2010 -- Hedge Funds Review
Irwin Latner says transparency and liquidity are two key issues for managers to consider when starting a hedge fund. He opines that lock-ups are generally unnecessary in a garden-variety long-short fund, where managers can temporarily halt redemptions during market turbulence anyway. Lock-ups and gating provisions are more appropriate when the fund invests in illiquid investments, such as distressed debt, he says.
June 2010 -- Hedge Funds Review
Irwin Latner says transparency and liquidity are two key issues for managers to consider when starting a hedge fund. He opines that lock-ups are generally unnecessary in a garden-variety long-short fund, where managers can temporarily halt redemptions during market turbulence anyway. Lock-ups and gating provisions are more appropriate when the fund invests in illiquid investments, such as distressed debt, he says.
Media Mention
How Strong Is The Evidence in the Galleon Insider-Trading Case?
October 21, 2009 -- Wall Street Journal Law Blog
Insider trading cases against defendants who lacked direct contact with primary cooperators tend to be weaker than those against those who spoke or met directly with the cooperators, Steven Feldman says in an item related to the Galleon insider-trading case. In addition, he notes, prosecutors often fail to mention publicly conversations that would tend to be exculpatory.
October 21, 2009 -- Wall Street Journal Law Blog
Insider trading cases against defendants who lacked direct contact with primary cooperators tend to be weaker than those against those who spoke or met directly with the cooperators, Steven Feldman says in an item related to the Galleon insider-trading case. In addition, he notes, prosecutors often fail to mention publicly conversations that would tend to be exculpatory.
Media Mention
In Fraud Case, a Deal That Lost Millions
October 21, 2009 -- New York Times
The Galleon Group's losses on trades engineered by Raj Rajaratnam and others -- allegedly on insider information -- may lessen the defendants' sentences if they plead guilty or are convicted, Steven Feldman says. Feldman, a former federal prosecutor in the same Department of Justice Bureau that is prosecuting the Galleon case, notes that the government tends to ask for stiffer sentences in cases where the defendants generated large profits.
October 21, 2009 -- New York Times
The Galleon Group's losses on trades engineered by Raj Rajaratnam and others -- allegedly on insider information -- may lessen the defendants' sentences if they plead guilty or are convicted, Steven Feldman says. Feldman, a former federal prosecutor in the same Department of Justice Bureau that is prosecuting the Galleon case, notes that the government tends to ask for stiffer sentences in cases where the defendants generated large profits.
Media Mention
Feldman Calls Rajaratnam Case a `Moving Investigation'
October 20, 2009 -- Bloomberg Television
Steven Feldman analyzes the government's and defense's strategies and tactics in insider trading cases, and discusses the climate for such prosecutions.
October 20, 2009 -- Bloomberg Television
Steven Feldman analyzes the government's and defense's strategies and tactics in insider trading cases, and discusses the climate for such prosecutions.
Media Mention
How Can Hedge Fund of Funds Managers Manage a "Liquidity Mismatch" Between Their Funds and Underlying Hedge Funds?
October 7, 2009 -- The Hedge Fund Law Report
Hedge funds have come to realize that meshing hedge fund strategies and private equity strategies in the same fund does not work well, Irwin Latner says. As a result, hedge funds are generally getting better at matching their liquidity and their portfolios.
October 7, 2009 -- The Hedge Fund Law Report
Hedge funds have come to realize that meshing hedge fund strategies and private equity strategies in the same fund does not work well, Irwin Latner says. As a result, hedge funds are generally getting better at matching their liquidity and their portfolios.
Media Mention
Corporate And Financial Institution Compensation Fairness Act of 2009 Threatens Unprecedented Regulation of Hedge Fund Performance Fees
August 12, 2009 -- The Hedge Fund Law Report
Rick Morris is quoted at length on the likely effects of passage of new legislation that contains say-on-pay provisions and regulations of fund managers' compensation.
August 12, 2009 -- The Hedge Fund Law Report
Rick Morris is quoted at length on the likely effects of passage of new legislation that contains say-on-pay provisions and regulations of fund managers' compensation.
Media Mention
DiPascali Fallout
August 12, 2009 -- CNBC
In light of the guilty plea of Madoff associate Frank DiPascali, David Rosenfield says the scope of the fraud appears wide and deep. Prosecutors are hoping that DiPascali will help them unravel how the fraud was perpetrated and who was involved.
August 12, 2009 -- CNBC
In light of the guilty plea of Madoff associate Frank DiPascali, David Rosenfield says the scope of the fraud appears wide and deep. Prosecutors are hoping that DiPascali will help them unravel how the fraud was perpetrated and who was involved.
Media Mention
A Pequot Postmortem: What is Headline Risk and How Can it be Avoided or Mitigated?
June 17, 2009 -- The Hedge Fund Law Report
Hedge funds with media-driven image problems -- even those where wrongdoing hasn't been proven or even formally alleged -- face the possibility of increased redemptions and difficulty in recruiting new investors and employees, Irwin Latner says. And unlike most corporations with "headline risk," hedge funds cannot or should not use traditional crisis management techniques, such as apologizing and releasing all relevant facts quickly, he points out.
June 17, 2009 -- The Hedge Fund Law Report
Hedge funds with media-driven image problems -- even those where wrongdoing hasn't been proven or even formally alleged -- face the possibility of increased redemptions and difficulty in recruiting new investors and employees, Irwin Latner says. And unlike most corporations with "headline risk," hedge funds cannot or should not use traditional crisis management techniques, such as apologizing and releasing all relevant facts quickly, he points out.
Press Release
Herrick is significantly strengthening its Corporate Practice Group with the promotion of Stephen E. Fox to partner
January 2009 -- Herrick, Feinstein LLP
Stephen advises domestic and foreign public and private entities on corporate and securities matters, including public company securities law compliance, public and private offerings of debt and equity securities, mergers and acquisitions, hedge fund formation and compliance, venture capital and other strategic investments, and general corporate and securities counseling.
January 2009 -- Herrick, Feinstein LLP
Stephen advises domestic and foreign public and private entities on corporate and securities matters, including public company securities law compliance, public and private offerings of debt and equity securities, mergers and acquisitions, hedge fund formation and compliance, venture capital and other strategic investments, and general corporate and securities counseling.
Media Mention
Madoff & His Hidden Money
December 30, 2008 -- CNBC Reports
David Rosenfield appears in a live, prime-time segment discussing Herrick, Feinstein's lawsuit against the SEC over its failure to adequately investigate the Madoff Ponzi scheme, what the litigation landscape may look like, and other Madoff-related topics.
December 30, 2008 -- CNBC Reports
David Rosenfield appears in a live, prime-time segment discussing Herrick, Feinstein's lawsuit against the SEC over its failure to adequately investigate the Madoff Ponzi scheme, what the litigation landscape may look like, and other Madoff-related topics.
Media Mention
MassMutual Burned by Madoff
December 22, 2008 -- The Wall Street Journal
Irwin Latner is quoted regarding MassMutual's investments with Bernie Madoff through Tremont Group Holdings, Inc.
December 22, 2008 -- The Wall Street Journal
Irwin Latner is quoted regarding MassMutual's investments with Bernie Madoff through Tremont Group Holdings, Inc.
Media Mention
Hedge Funds Help Fill Gap In Lending For Property
August 27, 2008 -- The Wall Street Journal
Irwin Latner is quoted in this article on why hedge funds find real estate lending attractive.
August 27, 2008 -- The Wall Street Journal
Irwin Latner is quoted in this article on why hedge funds find real estate lending attractive.
Media Mention
Galvin Files Complaint Against Lydia Capital
April 13, 2007 -- HedgeWorld Daily News
Aismara Abreu is mentioned as counsel to Lydia Capital in this story about a lawsuit.
April 13, 2007 -- HedgeWorld Daily News
Aismara Abreu is mentioned as counsel to Lydia Capital in this story about a lawsuit.
Media Mention
Regulatory Roundup: Officials Lean Toward More Oversight
December 6, 2006 -- Hedge Fund Alert
Irwin Latner is quoted regarding the SEC's motivation for changing the net-worth threshold for being an accredited investor.
December 6, 2006 -- Hedge Fund Alert
Irwin Latner is quoted regarding the SEC's motivation for changing the net-worth threshold for being an accredited investor.
Media Mention
Raising The Bar
November 20, 2006 -- Alternative Universe
Irwin Latner is quoted regarding the possibility of raising the limits for hedge fund investors and the likely implications.
November 20, 2006 -- Alternative Universe
Irwin Latner is quoted regarding the possibility of raising the limits for hedge fund investors and the likely implications.
Media Mention
Biovail Puts Short-Seller Fight Under Spotlight in the Media
March 25, 2006 -- The Wall Street Journal
Howard Elisofon is quoted in an article that analyzes litigation issues that arise when a company sues various funds for allegedly spreading rumors about the company and selling its shares short.
March 25, 2006 -- The Wall Street Journal
Howard Elisofon is quoted in an article that analyzes litigation issues that arise when a company sues various funds for allegedly spreading rumors about the company and selling its shares short.
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