Akin Funds Litigation Team Earns AmLaw ‘Litigator of the Week’ Shout Out

A team of Akin funds litigators received a Litigator of the Week “shout out” from The American Lawyer Litigation Daily.  Partner Uri Itkin, counsel Shanna Miles, and associates Michael Chen and Darren James were recognized for obtaining a significant appellate victory on behalf of Highland CLO Funding, Ltd (HCLOF), concerning a collateralized loan obligation (CLO) where HCLOF is a majority investor. 

In the case, NexPoint Diversified Real Estate Trust, a minority investor in the CLO, brought claims against the CLO’s trustee, portfolio manager, and the portfolio manager’s sub-adviser. Akin intervened on behalf of HCLOF to help dismiss the claims. The district court dismissed all of NexPoint’s federal claims and declined to exercise jurisdiction over its state claims. After NexPoint appealed, Akin joined the other defendants in opposing the appeal. The Second Circuit agreed with Akin’s and others’ arguments, and affirmed dismissal of NexPoint’s claim. The ruling will have significance beyond this case, as the Second Circuit clarified the scope of remedies available under the Investment Advisers Act of 1940.