The first question is what is a CPO and why
should I care ? The Commodities and Futures Trading Commission decided to
tighten the exemptions from registration potentially pulling some hedge funds
and private equity funds that previously ignored the...
This commentary provides an overview of the status of significant rulemaking developments since the enactment of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. It focuses on important issues facing end-users of derivatives and...
Federal prosecutors unveiled charges against two more
former employees of convicted Ponzi schemer Scott Rothstein's now-defunct law
firm Rothstein Rosenfeldt Adler ("RRA"), accusing them of playing a
role in Rothstein's massive fraud...
If the lawsuit filed on February 7, 2011 in the Northern
District of Georgia is any indication, the FDIC's efforts to pursue liability
claims will not only include suits against the directors and officers of failed
banks, but will also include in...
By: Daniel J. Malpezzi
Government entities and nonprofit 501(c)(3) organizations are among the most active borrowers in the tax-exempt bond markets. Historically,
banks and other financial institutions have been involved in lending to
This post is the first in a series discussing
the issues private fund managers face with state investment adviser
registration requirements and how those requirements interact with federal law.
have written about the obligations of...
A Gainesville man received
a twenty year sentence in prison for orchestrating a Ponzi scheme that bilked
investors out of $30 million. David Lewalski, 48, received the maximum
sentence from United States District Judge James Whittemore after
SAN FRANCISCO - (Mealey's) Citibank NA on Friday settled a class
action suit alleging that it wrongfully suspended or decreased the value of
home equity lines of credit (HELOC), according to a document filed by the
plaintiffs in a California federal...
by Dan Crowley, Karishma Shah Page, Bruce Heiman, Collins
R. Clark and Justin D. Holman
On December 11, the
House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer
Protection Act of 2009 (see H.R. 4173 as introduced...
You would expect that a publication with a libertarian
tilt like The Economist would not look favorably at the Dodd-Frank
Wall Street Reform and Consumer Protection Act . They call it Too big not to fail . Being The
Economist , the article argues with...
On May 20, 2010, the
Senate passed the "Restoring American Financial Stability Act of
2010" as amended ("Senate Bill"). Congressional leadership has
indicated that conference committee proceedings will take place in June, making
WASHINGTON, D.C. - (Mealey's) Because the Credit Repair
Organizations Act (CROA) does not specifically state whether claims brought
pursuant to the act are eligible for arbitration, the Federal Arbitration Act
(FAA) requires an arbitration agreement...
Yesterday, Bruce Carton of Securities Docket hosted a
SEC's Asset Management Unit and Strategies for Avoiding Trouble in 2011 and
Beyond . He managed to get Bruce Karpati, the co-head of the SEC's Asset
Management unit, to participate...
WASHINGTON, D.C. - (Mealey's) The U.S. Department of
Justice (DOJ) announced Feb. 9 that the federal government, attorneys general
from 49 states and five national banks have reached a $25 billion settlement to
resolve issues stemming from the...
ALEXANDRIA, Va. - (Mealey's) Capital One Financial Corp.
has agreed to pay $12 million to settle a suit brought by the U.S. Department
of Justice alleging that it violated credit protections granted to U.S.
military members by the Servicemembers...
Passage of the landmark Dodd-Frank Act, the most
far-reaching financial regulatory legislation since the Great Depression, has
set the stage for major adjustments in the financial services industry. In a
second Roundtable discussion, Arnold & Porter...
by Robert J. Pile and Heather J. Howdeshell
TCF National Bank (TCF) has filed a suit in the United
States District Court in South Dakota challenging the constitutionality of
Section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act...
With one lone exception , the FDIC has not yet itself pursued litigation against the directors and officers of a failed financial institution. However, the FDIC has already made it clear that it intends to assert its rights under FIRREA as the receiver...
by Karl J. Ege, Mel Wheaton, Danielle
Benderly, and James T. Carroll
The SEC recently issued
long-awaited proposed rules to remove existing general solicitation and
advertising prohibitions for private offerings and sales of securities...
The FDIC has been one of the more active regulatory
agencies in the arena of director and officer liability. And the recent
and ongoing banking crisis has given the FDIC the opportunity to not only
pursue actions against directors and officers, but...
The San Francisco Office of the SEC has an informal
inquiry into the valuations of private equity funds. IA Watch has received a
copy of the sweep letter from the Division of Enforcement directed to a private
equity fund manager.
On Monday, March 15,
2010, Senate Banking Committee Chairman Chris Dodd (D-CT) released a Chairman's
Mark of the "Restoring American Financial Stability Act of 2010" (the
"Bill"). The Bill, which has been in development...
NEW YORK - (Mealey's) Citigroup Inc. on Feb. 15th agreed
to pay $158.3 million to resolve a lawsuit brought by the federal government
accusing the bank of failing to comply with Housing and Urban Development and
Federal Housing Administration regulations...
Many of the provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act
merely provide for future regulatory framework. That it is in part true for the
changing definition of "accredited investor" under the Securities Act. The...
Passage of the landmark Dodd-Frank Wall Street Reform and
Consumer Protection Act, the most far-reaching financial regulatory legislation
since the Great Depression, has set the stage for major adjustments in the
financial services industry. The Act impacts...