In a May 31, 2012 study of the FDIC failed bank litigation that contains a number of interesting observations and projections, NERA Economic Consulting projects at the current filing rate, the FDIC's failed bank litigation ultimately could total 86...
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...
In the FDIC's latest lawsuit filed in its role as
receiver of a failed bank, the FDIC not only named as defendants nineteen
former directors and officers of the failed bank, but also included as
defendants seventeen of their spouses and the failed...
One of the perennial D&O insurance coverage questions is whether or not subsequent claims are "interrelated" with a prior claim and therefore deemed first made at the time of the prior claim. This question can be particularly critical when...
The SEC has been poking around valuations for a while.
First it was from the chaos of the 2008 financial crisis. The sudden
illiquidity and drop in prices left many scratching their heads about the
proper valuations for their assets.
That was the...
In addition to filing Form ADV with the SEC when they
register with the Securities and Exchange Commission, private fund managers
will also need to start filing Form PF next year.
The amount of information required by Form PF is tiered.
The Consumer Financial Protection Bureau has issued a proposal
to supervise nonbank servicers of private and federal student loans who qualify
as "larger participants" in the student loan servicing market. Comments on the
proposal will be...
by Knox Dobbins
On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau...
Insider trading is an area of risk that hedge
fund management finds very difficult to identify and prevent. While the
problem has become increasingly prevalent, the tools to be able to assist hedge
fund managers have not expanded proportionately. A...
On April 3, the Federal Reserve Board ("Board") published
a final rule ("Rule") specifying when a financial company that may be made
subject to systemic regulation under Title I of the Dodd-Frank Wall Street
Accountability and Consumer...
A Consumer Financial Protection Agency has been put forth as one of the proposals to address regulatory deficiencies that allowed of institutions offering those selling consumer financial products to overreach. Professor Jennifer Martin looks at the proposed...
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...
The United States Government forced online poker sites to
the fringes of the financial system. The U.S. government has long argued that
online poker gambling is illegal under the Wire Act, a 1961 law that explicitly
prohibits sports betting conducted...
On June 30, 2010,
the House adopted the conference report on H.R. 4173, the Dodd-Frank Wall
Street Reform and Consumer Protection Act ("Dodd-Frank Bill" or
"Bill"). The Senate is expected to follow suit when it returns from...
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...
The phenomenon of Bitcoin (and virtual currency in general) presents an interesting legal conundrum. It is still not clear for many where does Bitcoin fit within our legal system, and whether and how to regulate it. Today, I would like to take a closer...
Eric J. Brown,
Matthew J. Collins, Kevin J. Walsh, Mark W. Wells , Exchange Act Rel. 66469,
February 27, 2012
The Commission upheld sanctions against three respondents in connection with
sales or supervision of sales of variable annuities. It...
The online coupon industry, led by companies such as Groupon Inc. , is growing
rapidly, and it's still not clear which company or companies will end up the
winners. With so much money potentially at stake, it's not surprising that
The crisis has clearly favored the financial holding company structure for the large financial conglomerates. The financial holding company came into legal existence in 1999 with the passage of the Financial Services Modernization Act, generally...
If you're a fund manager getting ready to register
because you've been Dodd-Frank'ed, then you are likely in the middle of
drafting Part 2 of Form ADV, the brochure. One item that caused my to pause was
the risk factor requirements in Item...
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...
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
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...
This commentary reviews the provisions of the Dodd-Frank
Wall Street Reform and Consumer Protection Act that are pertinent to the
insurance industry and opines on what those provisions portend for the
regulation of the insurance industry in the future...
NEW YORK - Four Bernard L. Madoff Investment Securities
LLC feeder funds and several of their current and former owners and officers
have agreed to pay nearly $220 million to settle claims that they breached
their fiduciary duties under the Employee...