Highland ends 12-year dispute with UBS over CLO-squared amid "shocking revelations"
A 12-year dispute over a failed CLO-squared is close to being concluded after Highland Capital Management filed a motion yesterday to approve the settlement of its dispute with UBS. But wasn't filed without more "shocking revelations"

Fund lenders heighten scrutiny after alleged subscription credit facility fraud
An ongoing investigation into an alleged subscription credit facility fraud has left market participants questioning standard due diligence processes

Golub follows Sixth Street by suing Dyal over Owl Rock merger
Dyal Capital’s merger with Owl Rock faces growing opposition with Golub Capital filing a lawsuit

Citi plans appeal after losing battle to recoup over $500 million in Revlon loan lawsuit
Citibank has lost a lawsuit to recoup $504.1 million from Revlon lenders, having ‘mistakenly’ wire-transferred over $900 million to them last year

Highland files complaint against founder Dondero over "warning" text message allegation
Highland Capital Management has filed for preliminary and injunctive relief in a Texas court after becoming embroiled in a bitter row with its founder James Dondero

Law firms join Wells Fargo class action call over CLO and CMBS book
Frank R Cruz and Rosen have this week joined a growing list of law firms trying to rally investors to join a class action lawsuit against Wells Fargo that allege the bank made ‘materially false and misleading’ statements about holdings in its CLO and CMBS book

Kroll pays $2 million settlement over control failures in rating CLOs and CMBS
The Securities and Exchange Commission has charged Kroll Bond Rating agency more than $2 million for failures related to rating CLO combo notes, as well as in the CMBS sector

HarbourVest fights back over CLO fund investment after Highland's objection
HarbourVest Partners, the key investor in risk retention vehicle Highland CLO Funding, has shot back at Highland Capital Management in court, arguing it had not insisted on changing the manager on its CLO fund from Acis to Highland, as Highland had claimed

They should have followed Revlon's Double Twist mascara slogan of 2009: "It's worth a double take"
Blockchain might not eradicate all problems in credit, but it should reduce human error

Guernsey puts Highland wrangles out to pasture
A royal court’s dismissal of proceedings in Guernsey could spell the beginning of the end in Highland Capital Management’s legal action against former employee Josh Terry

Highland no longer defendant in Citi's Revlon loan lawsuit
Citi has dismissed its suit against Highland Capital Management as it seeks repayment on a Revlon loan, according to court filings. The lawsuit remains open against another 11 defendants

Details emerge on nature of Revlon payment 'error' and lender attitudes
Fresh details have emerged on the nature of the ‘operational error’ Citi says took place when it transferred $900 million to Revlon loan holders

Court meets Citi and defendants in middle with trial pushed to November
The Court overseeing the Citi Revlon wire transfer case has met Citi and the defendants in the middle, adding that “a more realistic, but still expedited, trial date should be adopted”

Lenders argue for extended timeline in Revlon loan lawsuit
A 30 September preliminary injunction hearing and trial has been outlined under Citi’s schedule. But the defendants have proposed an alternative schedule, under which the lawsuit would culminate in a trial mid-December

Citi versus Brigade battle puts CLO issue in limbo
A feud between Citi and Brigade Capital Management has intensified, with Citi reportedly stepping down from lead arranger on Brigade's latest CLO over a Revlon loan payment dispute just as the deal was about to hit the market

Highland case against ex-PM Terry dismissed for lack of jurisdiction
The island of Guernsey is famous for its high tidal range and dairy produce. But it is not the right place for Highland Capital Management to churn legal action over CLOs against former employee Joshua Terry - so says a royal court, dismissing litigation the company filed there in 2018

Founder of west coast direct lender charged with fraud
Brendan Ross, founder and former chief executive officer of Direct Lending Investments, was arrested and charged with 10 counts of wire fraud yesterday, amid allegations he inflated the value and returns for a fund investment, resulting in mis-statements to investors and around $5-6million in overcharged fees

Acis CLO fights back against risk retention financier
A 2014 US CLO which was part of the acrimonious split between asset managers Acis Capital Management and Highland Capital Management has become the centre of a dispute stemming from a risk retention financing agreement signed in 2018

Fund manager accused of using fake CLO to run multi-million Ponzi scheme
The co-founder of an investment management company who has been charged with fraud by the securities and exchange commission for setting up a multi-million dollar Ponzi scheme is alleged to have raised a CLO trust backed by fraudulent trade finance loans

Highland directors intervene to get CLO mismanagement lawsuit dropped
Details have emerged about the nature of the ‘CLO mismanagement’ lawsuit filed on behalf of a charitable fund, seeded by Highland Capital Management, after it was dropped by plaintiffs

Charitable daf "seeded by Highland" files lawsuit alleging CLO mismanagement
A charitable organisation has filed a lawsuit against several parties managing and monitoring a pair 2.0 CLOs in which it has exposure to the equity tranche

Highland Capital Management LP working to remove founder Dondero
Highland Capital Management LP is working with the unsecured creditors committee on a new management team while the US trustee demands an independent trustee to oversee the bankruptcy

CLO issuance faces threat amid loan definition dispute
The clash over Millennium Laboratories’ bankruptcy could have ramifications for the CLO market, and it all hinges on the philosophical question: what is a loan?

Highland Crusader Fund dispute re-ignites in Delaware court
Highland Capital Management is weighing the financial impact of its ongoing litigation over crisis-era fund redemptions with the Redeemer Committee of the Highland Crusader Fund

Medley BDC loses compliance with NYSE as two directors depart
The Medley marathon continues after two "independent" directors offered their resignations. The pair were named in a lawsuit last month with activist shareholders FrontFour