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Ares closes latest real estate fund at $1.7 billion


Ares closes latest real estate fund at $1.7 billion
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Ares Management Corp. closed Ares U.S. Real Estate Opportunity Fund III at $1.7 billion, exceeding its fundraising target, the firm said Tuesday in news release.
The target for the firm s latest real estate fund was $1.5 billion with a $2 billion hard cap, according to a report to the board of the $215 million Plymouth County (Mass.) Retirement Association.
The fund is 70% larger than the $1 billion that was raised by its predecessor fund in 2015. It has already made nine investments. The fund s investments are expected to include distressed investments, properties that are being repositioned and some development. ....

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Second Circuit: Madoff Ponzi scheme customers did not receive fictitious profit payments "for value"


Introduction
In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff s defunct brokerage firm as part of the largest Ponzi scheme in history, the U.S. Court of Appeals for the Second Circuit held in
In re Bernard L. Madoff Investment Securities LLC, 976 F.3d 184 (2d Cir. 2020) (
Madoff ), that the customers did not have a defense to avoidance and recovery because they received the payments for value. The Second Circuit also ruled that the trustee overseeing the brokerage firm s liquidation properly determined the amount subject to recovery despite calculating the defendants liability by netting the amounts they received against what they invested since the firm s inception. ....

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Certain Project Completion Incentives May Not Be Covered Under ERISA - Employment and HR


A recent case before the Fifth Circuit Court of
Appeals
1 determined that a Project Completion
Incentive applying to employees on a construction project
(the Plan ) was not governed by the Employee Retirement
Income Security Act of 1974 ( ERISA ).
2
Former laborer Employees of the construction manager Employer
filed a lawsuit in Louisiana State Court asserting that the
Employer was required to pay them the Project Completion
Incentive under the Plan for the time spent on the
project-despite conceding that they quit the project before
completion and were therefore not eligible for the incentive under
the Plan terms.
3 The Employees asserted that the ....

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