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Courts
OCC’s Preemption Regulation is an Unreasonable Interpretation
6/29/2009Supreme Court holds that the OCC’s regulation purporting to preempt state law enforcement of fair lending laws is not a reasonable interpretation of the National Bank Act. A sovereign’s “visitorial powers” and its enforcement power are two different things. The Court therefore affirms an injunction prohibiting the state attorney general from the threatened issuance of executive subpoenas, but vacates the order below to the extent it prohibits the state attorney general from bringing judicial enforcement actions. Cuomo v. Clearing House Association, L.L.C. See Second Circuit Opinion. |
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Keep up with us
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Blog Posts_____________ |
Bar Orders And Loss Causation
Lyle Roberts, The 10b-5 Daily, 7/3/2009Bar Orders And Loss Causation
There have been two recent appellate decisions of note.
(1) In In re HealthSouth Corp. Sec. Litig., 2009 WL 1675398 (11th Cir. June 17, 2009), the court addressed the scope of the judicial bar order contained in the partial settlement between HealthSouth and the plaintiffs. The court found that the contractural claims by HealthSouth's former CEO (a non-settling defendant) against the company for (a) indemnification of any amounts he might pay in settlement... * * * |
International Financial Reg ReformDavid Zaring, Conglomerate, 7/3/2009SEC Eliminates Broker Votes On Directors; Agrees To Release Proposals On Exec. Comp., ProxiesEdith Orenstein, FEI Financial Reporting Blog, 7/3/2009Commissioner Paredes and His Anti-Governance Stance: Opposition Rather than CooperationJ. Robert Brown, Race to the Bottom, 7/3/2009Why do Insiders Trade?Jim Naughton, HLS Forum on Corporate Governance and Financial Regulation, 7/3/2009 |
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Law Firm Memos_________ |
FDIC Proposes a Hard Line on Private Equity Investments in Failed Banks
Mayer Brown LLP, 7/2/2009In this memo, the authors report on the FDIC's issuence of its guidance for private equity investors in failed banks or thrifts. In its current form, the proposed guidance, which will be open for public comment following its publication, contains a number of restrictions that private equity investors need to be aware of.The authors summarize those restrictions and conclude that together with other policies, private equity investors face a rapidly changing and uncertain regulatory environment. * * * |
Responding to Elimination of Broker Discretionary Voting in Elections of DirectorsCleary Gottlieb Steen & Hamilton LLP, 7/2/2009Release of BankUnited Bid Forms Shows Complexity of FDIC Decision ProcessGibson, Dunn & Crutcher LLP, 7/2/2009SEC Proposes Rules on "Say on Pay" for TARP Recipients, Proposes Enhanced Corporate Governance Disclosures and Proxy Solicitation Rule Changes, and Approves Final Rule on Broker Discretionary VotingGibson, Dunn & Crutcher LLP, 7/2/2009New Federal Requirements Will Impose Compliance Burdens on and Raise Litigation Risks for All Furnishers of Data to Consumer Reporting AgenciesTroutman Sanders LLP, 7/2/2009 |
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Congress
S.1389 Fixed Indexed Annuities and Insurance Products Classification Act of 2009
7/3/2009S.1389 is a bill seeking to "clarify the exemption for certain annuity contracts and insurance policies from Federal regulation under the Securities Act of 1933". The bill would amend Section 3(a)(8) of the Securities Act of 1933 and nullify SEC Rule 151A 'Indexed Annuities and Certain Other Insurance Contracts'.
S.1389 was introduced and referred to the Senate Committee on Banking, Housing and Urban Affairs on June 25th. |
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