LexisNexis® Legal Newsroom
Sutherland Legal Alert: New York State Senate Passes Domestic Excess Lines Bill

By John Pruitt and Justin Kitchens, Sutherland Asbill & Brennan LLP The New York State Senate has passed a bill authorizing the formation and licensing of New York domestic excess lines insurance companies. [1] The bill would allow such companies to write insurance in New York on the same basis...

Securities Class Action Litigation Follows LIBOR Scandal

At the PLUS D&O Symposium in New York this past March, I participated on a panel entitled, "Financial Institutions Underwriting: Is it Safe to Come Out Yet?" The implication of the panel topic was that perhaps with the passage of the credit crisis, financial institutions might not be as...

Cadwalader: CFTC Concludes Certain Natural Gas Transportation Agreements May be Swaps

Natural gas traders should note that the CFTC has concluded that the definition of swap (which includes commodity options) includes the right to use gas transportation via the payment of a demand charge or reservation fee if the exercise of the right to use the transportation requires the payment of...

DLA Piper: How Are the EU and US Reforming the Rating Agencies?

A major strand in the narrative of the financial meltdown was that the subprime mortgage-backed securities and the subprime collateralized debt obligations sectors became unmoored from the market and rating agency discipline that had characterized other segments of the securitization market. In the...

Lawsuit Filing Seeks To Overturn SEC Rules Over 'Conflict Minerals'

The National Association of Manufacturers and the US Chamber of Commerce have filed a lawsuit with the goal of reversing the SEC rules implemented in August, under the Dodd-Frank Act of 2011, requiring disclosure of "conflict minerals." The rules go into effect in 2014. Dodd-Frank enacted...

The Week In Securities Litigation: SEC Targets Chinese Affiliates of Major Audit Firms, Market Professionals

Chinese affiliates of major audit firms and market professionals were the focus of securities enforcement litigation this week. Five PRC based affiliates of major international accounting firms were named as Respondents in an administrative proceeding the Commission directed be filed under Rule 102(e...

K&L Gates LLP: SEC Adopts New Rules Requiring Disclosure of Payments by Resource Extraction Issuers to Governments

By James O. Green, P. Gregory Hidalgo and Lynwood E. Reinhardt Excerpt: On August 22, 2012, the U.S. Securities and Exchange Commission (the "SEC") adopted new rules relating to disclosure of payments by so-called "resource extraction issuers" (the "Final Rules") pursuant...

Whistleblower Update 2013 — What You Need To Know — Complimentary CLE Webinar

Recent amendments to a number of whistleblower laws and the passage of the Dodd-Frank Act have made maintaining a whistleblower claim easier for employees in many cases. On February 13, 2013, at 2 P.M. ET , LexisNexis® presents Whistleblower Update 2013: Complying With an Evolving, Growing &...

The Week In Securities Litigation: SEC, CFTC Chairmen Testify; 2 Sentenced To Long Prison Terms

SEC Chairman Elise Walter and CFTC Chairman Gary Gensler testified before a Senate Committee this week, focusing on the implementation of Dodd-Frank. The SEC also approved the budget for the PCAOB. Two former senior executive in the organization of jailed Ponzi schemer Allen Stanford were sentenced...

The Week In Securities Litigation: 2 High Profile Enforcement Insider Trading Cases In The News

In Congress this week, a bipartisan bill was introduced to roll back part of the Dodd-Frank legislation related to swaps. It would expanded the swaps trading permitted by federally insured banks. Two high profile enforcement insider trading actions were also in the news. In one the court rejected a motion...

The Week in Securities Litigation: White Testifies At Confirmation Hearing, SEC Brings Another Action

Mary Jo White, selected by the President as the next Chairman of the SEC, testified in her confirmation hearings before a Senate Committee {last] week. Ms. White promised the Committee that under her the agency would complete rule making for Dodd-Frank and the JOBS Act. The enforcement program would...

Regulation Of Insolvency – New Appleman on Insurance Law Library Edition, Chapter 98

By Kristen J. Brown Abstract * * * This chapter examines the powers and remedial options afforded to state insurance commissioners for their regulation of insurance company insolvency. State laws arm insurance commissioners with broad intervention powers and various degrees of intervention options...

Law Professors Bebchuk and Jackson Bemoan SEC’s Delay in Considering Corporate Political Spending Disclosure Rules

Expressing disappointment that the Securities and Exchange Commission no longer is scheduled to consider whether to adopt rules that would require public companies to disclose their political spending, Harvard Law School Professor Lucian Bebchuk and Columbia Law School Associate Professor Robert J. Jackson...

Whistleblower 3

whistleblower whistle Dodd-Frank

Whistle

whistle whistleblower Dodd-Frank

Reaction to the New Volcker Rule: Not Enough, and Too Much

As has been widely reported, five federal agencies today issued final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a/k/a the “Volcker Rule.” The final rules prohibit insured depository institutions and companies affiliated with insured...

Consumers Typically Are Barred from Suing Their Banks, CFPB Finds

Arbitration clauses commonly are used by large banks in credit card and checking account agreements – and roughly nine out of 10 clauses allow banks to prevent consumers from participating in class actions, according to research just released by the Consumer Financial Protection Bureau (CFPB)....

One Bank’s Reaction to Volcker Rule: A Big Charge to Earnings

Just days after the Federal Reserve and other bank regulatory agencies finalized the “Volcker Rule” under the Dodd-Frank Act, one large bank has reacted in a big way. Zions Bancorporation has determined that substantially all of its portfolio of bank and insurance trust preferred collateralized...

#2 in Financial Fraud Law: He Was Confirmed, and He Has Confirmed an Aggressive Approach for 2014

Let’s get this out right at the beginning: #2 in Financial Fraud Law for the year, according to the Financial Fraud Law Blog , is: #2: Richard Cordray, Director of the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau (“CFPB”) was a key part of the...

CFTC Orders Russian Bank President to Pay $250,000 Penalty

The U.S. Commodity Futures Trading Commission (CFTC) has entered an order requiring foreign national Artem Obolensky of Moscow, Russia, to pay a $250,000 civil monetary penalty for making false and misleading statements of material fact to CFTC staff in an interview during a CFTC Division of Enforcement...

CFPB Proposes to Oversee Larger Nonbank International Money Transfer Providers

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The CFPB said that its proposed rule would bring new oversight to larger nonbank international money transfer providers, to make...

Prosecutors’ Rush to Join Private Law Firms Accelerates

The wave of financial fraud prosecutors joining private law firms is continuing – in fact, it appears to be accelerating. Consider that, in just the past couple of days, David Meister, who ran the enforcement unit at the Commodity Futures Trading Commission, joined Skadden, Arps, Slate...

This US Official Is Appearing Tonight on Jeopardy! Who is ….?

He is the former Attorney General of Ohio and he now serves as director of the Consumer Financial Protection Bureau. He tamed Jeopardy! nearly three decades ago as a five time winner, and is back on the show this evening as part of the “Battle of the Decades.” Who is he? And please remember...

Fraud Regulator Calls Obama Administration Budget ‘Woefully Insufficient’

Commissioner Bart Chilton of the Commodity Futures Trading Commission (“CFTC”) is calling the proposed funding for the agency in President Obama’s proposed fiscal year 2015 budget “woefully insufficient” given the agency’s increased responsibilities under the Dodd...

DLA Piper: Expect Greater SEC Scrutiny Of Activist Hedge Funds That Share Information Or Collaborate In Advance Of Their Trades

By Perrie Michael Weiner and Patrick Hunnius A recent Wall Street Journal article – “Activist Investors Often Leak Their Plans to a Favored Few” – focused attention on “activist” investors and stock analysts who (as part of their bullish or bearish campaigns for...