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Large Firms

Oct. 15, 2010

Manatt Settles N.Y. Pension Case

Manatt, Phelps & Phillips is back in the hot seat after an investigation by the New York state Attorney General's office revealed the firm had been acting as a placement agent for firms seeking investments from public pension funds.

By Kari Hamanaka

Daily Journal Staff Writer

Manatt, Phelps & Phillips has agreed to pay a $550,000 fine and be barred from soliciting New York public pension funds for investments for five years, after state Attorney General Andrew Cuomo accused the firm of operating as a placement agent without a license.

"Unlicensed agents are untrained, unsupervised and typically traffic in political and personal connections to get ...

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