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SEC Enforcement, ALJs and the Appointments Clause – Part II

by Dorsey & Whitney LLP on

This is the second of two articles reviewing the arguments of the parties in SEC v Raymond J. Lucia Companies, Inc., v. Securities and Exchange Commission, No. 15-1345 (D.C. Cir. Argument May 24, 2017). In that case the en...more

SEC Enforcement, ALJs and the Appointments Clause

by Dorsey & Whitney LLP on

The future of the SEC’s administrative enforcement process and, in particular its Administrative Law Judges, will be the focus of the D.C. Circuit this week as the Court, sitting en banc to hear oral argument in SEC v Raymond...more

To Be or Not To Be: The SEC Administrative Court — Are They Constitutional or Not

by Seyfarth Shaw LLP on

Seyfarth Synopsis: What, if any, steps the government will take to appeal the Tenth Circuit’s Bandimer’s decision remains to be seen. The government may elect to petition the entire Tenth Circuit to hear the case en banc. Or...more

Appellate Court Decision Casts New Doubts Regarding SEC Administrative Actions

by Bryan Cave on

A recent federal appellate decision casts new doubt on the SEC’s practice of using its own administrative law judges (ALJs) to hear actions brought by the SEC Enforcement Division. In a decision late last month, the U.S....more

Court of Appeals Says CFPB Is Unconstitutional; Rejects Agency Effort to Apply New Interpretation of Law Retroactively

by Dechert LLP on

The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals...more

Maryland Tax Court Overturns Comptroller's Policy of Limiting Subtraction for Interest Received on Federal Obligations

by Reed Smith on

The Maryland Tax Court recently ruled that a bank was entitled to deduct all of its interest received with respect to federal obligations for Maryland corporate income tax purposes, thereby generating net operating losses...more

August 2016: Circuit Courts Align to Shield SEC Administrative Proceedings from Collateral Constitutional Attack

In response to the financial crisis of the late 2000s, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in 2010. Previously the SEC could pursue civil penalties only against...more

Turns Out the Second Circuit . . . Uh, Heh Heh . . . Tossed Gibson Dunn for a Very Good Reason

by Brooks Pierce on

So yesterday I wrote about the seemingly wrongheaded decision by the U.S. Court of Appeals for the Second Circuit to strike Gibson Dunn’s appearance from Lynn Tilton’s case in that court. Its apparent issue was that Judge...more

Supreme Court Affirms Constitutionality of Administrative Monetary Penalty

In its decision in Guindon v. Canada (Guindon), released earlier this month, the Supreme Court of Canada (SCC) considered the constitutionality of an administrative monetary penalty, or “AMP” provision. The SCC’s decision,...more

Some LLC Names Slip Past California’s Statutory Ban

by Allen Matkins on

The California Revised Uniform Limited Liability Company Act explicitly bans a number of different words from being included in LLC names: The name shall not include the words “bank,” “trust,” “trustee,”...more

SOX Whistleblower Protections Extend to Private Companies: Critical Steps to Take Now [Video]

by NAVEX Global on

The Supreme Court in Lawson vs FMR, LLC (delivered March 4, 2014 after a 6-3 vote) has ruled that employees of private companies engaged by public companies are covered by the whistleblower protections of Sarbanes-Oxley Act...more

MoFo New York Tax Insights - Volume 4, Issue 8 - August 2013

by Morrison & Foerster LLP on

In This Issue: ALJ Disallows Combined Filing in Absence of Substantial Intercorporate Transactions; Court Rejects Constitutional Challenge to Tax Credit Deferral Legislation; New York City Loses Another Transfer Tax...more

Canning v. National Labor Relations Board

Obama NLRB Recess Appointments Unconstitutional (Text Copy) D.C.

by JD Supra Perspectives on

Full text copy of the District of Columbia Court of Appeals ruling in Canning v. National Labor Relations Board, which found President Obama’s recess appointments of three members to the NLRB in January 2012 to be...more

Forum Selection Bylaws And The California Constitution

by Allen Matkins on

Last December, I briefly discussed whether a forum selection bylaw with respect to officers and directors would pass muster as a contractual choice of law. See A Forum Selection Clause Issue That You May Not Have Heard About...more

Does The Victims Of Corporate Fraud Compensation Fund Deny Due Process?

by Allen Matkins on

In notorious defiance of the California Constitution, the legislature in 2002 established the Victims of Corporate Fraud Compensation Fund. See Victims of Corporate Fraud. The purpose of the fund is to provide ”restitution to...more

A Misleading Article in the Wall Street Journal (Weekend Investor) Suggesting that Social Security is a Funded Pension Plan.

by Charles E. Rounds, Jr. on

Two U.S. Supreme Court cases long ago confirmed that Social Security is an unfunded federal welfare program. One writer at the Wall Street Journal has apparently yet to get the message. ...more

Gillette Reinstated. If Compact is Elected, LCUP Penalty Shouldn't Apply

by Reed Smith on

The First Appellate District of the California Court of Appeal has once again held that California taxpayers may avail themselves of the Multistate Tax Compact (the Compact) election, which allows for taxpayers to file...more

A Close Shave: California Court of Appeal Rules on Multistate Compact Election

On October 2, 2012, the California Court of Appeal issued an opinion on rehearing in The Gillette Company et al. v. Franchise Tax Board, reversing in full the trial court’s decision in favor of the Franchise Tax Board (FTB)....more

Act 55 Charitable Exemption Standards Undermined Further

The usefulness of the objective Charitable Exemption Standards set out in Act 55 of 1997, the Purely Public Charity Act, seems to have been further undermined by a recent Commonwealth Court decision. As discussed in our May...more

California’s New LLC Act – Call Me Laocoon, But I Foresee A Mess!

by Allen Matkins on

On Friday, Governor Brown signed SB 323 (Vargas) into law. It was chaptered by the Secretary of State the same day. Section 20 of the bill adds the California Revised Uniform Limited Liability Company Act (RULLCA) to the...more

UPDATE: Sifting Through the Ashes: The Demise of Redevelopment Agencies and the Scramble to Figure Out the Next Step By Brian D....

by Miller Starr Regalia on

INTRODUCTION - Faced with a multi-billion dollar budget deficit, Governor Jerry Brown targeted the dissolution of redevelopment agencies (“RDAs”) as a means to lower the deficit and redirect RDA assets to other areas of state...more

Did A State Agency Really Decide That Corporations Have A Right To Assault Weapons?

by Allen Matkins on

The California Constitution does not explicitly grant anyone or anything the right to bear arms. However, a recent determination by the Office of Administrative Law has apparently given rise to the misconception that it has...more

CA’s 20% LCUP Penalty Shouldn’t Apply to Compact Elections Under Gillette

by Reed Smith on

Friday, Reed Smith partner and former FTB Chief Counsel Brian Toman submitted a written request for consideration at the FTB's meeting yesterday for the FTB to interpret the 20 percent Large Corporate Understatement Penalty...more

Closure of Stark Whole Hospital Exception Survives Court Challenge

by Jackson Walker on

On August 16, 2012, the United States Court of Appeals for the Fifth Circuit dismissed a challenge to the constitutionality of the Affordable Care Act ("ACA") provision that effectively eliminates the "whole hospital"...more

La Debacle – California’s Flawed Bid To Enact The NCCUSL’s LLC Act

by Allen Matkins on

For some time, I’ve been sounding the alarm against SB 323 (Vargas). As introduced, this bill would have repealed California’s Beverly-Killea Limited Liability Company Act, Corporations Code Section 17000 et seq., and enact...more

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