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New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

S&C's Cohen: Brown-Vitter Punishes Banks For Being Big  [Video]

May 3 (Bloomberg Law) -- Rodge Cohen, partner at Sullivan & Cromwell who represents the nation's largest banks, talks with Bloomberg Law's Lee Pacchia about the concept of Too Big To Fail and a recent proposal from Senators...more

Cohen: Cyprus Is Not A Template For Future Restructurings [Video]

May 3 (Bloomberg Law) -- Rodge Cohen, partner at Sullivan & Cromwell, tells Bloomberg Law's Lee Pacchia why the recent bailout of Cyprus's banking sector was a unique situation and not necessarily a template for dealing with...more

Konczal: Dodd-Frank Reforms Get Roughed Up in Court [Video]

April 11 (Bloomberg Law) -- Mike Konczal, fellow at the Roosevelt Institute and contributor to Bloomberg View, talks with Bloomberg Law's Lee Pacchia about how the implementation of the financial reform laws in Dodd-Frank...more

Credit Crunch Digest -- February 2013

This issue of the Credit Crunch Digest focuses on fines against Royal Bank of Scotland for alleged Libor rate rigging; the Department of Justice’s lawsuit against Standard & Poors; developments in a mortgage-backed securities...more

California’s Attempt to Retroactively Tax its Residents

In Cutler v. Franchise Tax Board, a case litigated by Reed Smith, a California Court of Appeal held that the California property and payroll requirements of California’s Qualified Small Business Stock provisions were invalid....more

S&P Seeks Declaration That Credit Ratings Are Immune From Liability

On February 5, two Standard & Poor’s entities filed a declaratory judgment action in the Southern District of South Carolina seeking to bar the South Carolina Attorney General from suing S&P under South Carolina’s Unfair...more

Fourth Circuit Affirms Finding of No Fifth Amendment Violation in Connection with 45-Year Conviction for $100 Million Investment...

The US Court of Appeals for the Fourth Circuit recently affirmed a defendant’s conviction and 45-year sentence, holding that the defendant’s Fifth Amendment rights had not been violated where the government simply had limited...more

SEC Files Brief in Lawsuit Challenging Extractive Industry Transparency Rule

On January 2, the Securities and Exchange Commission (“SEC”) filed its brief (.pdf) in the lawsuit brought by the U.S. Chamber of Commerce, the American Petroleum Institute (“API”), the National Foreign Trade Council, and the...more

Can CalPERS Be Sued In Federal Court Or Perhaps Even New York State Court?

The California Public Employees’ Retirement System began lending securities in the early 1980s. Since the early 1990s, CalPERS has used the Master Securities Loan Agreement (MSLA) originally developed by the former Bond...more

Second Circuit Overturns Pryor Cashman Client’s Bank Fraud and Aggravated Identity Theft Convictions

New York Law Journal November 15, 2012 Press Release and Media Coverage In a major decision announced November 8, 2012, the U.S. Court of Appeals for the Second Circuit has overturned Pryor Cashman client Felix Nkansah’s...more

"Second Circuit Expands Standing for Mortgage-Backed Securities Purchasers"

In the wake of the housing crisis, more than 20 class actions were commenced by purchasers of mortgage-backed securities (MBS) against issuers and underwriters pursuant to Section 11 of the Securities Act of 1933. Although a...more

U.S. Chamber of Commerce Sues SEC to Overturn Controversial Dodd-Frank Resource Extraction Rule

On October 10, 2012, the U.S. Chamber of Commerce and three industry groups filed suit against the Securities and Exchange Commission in federal court in Washington, D.C., seeking to overturn the recently-promulgated SEC rule...more

State AGs join lawsuit challenging constitutionality of CFPB

Republican state Attorneys General from Oklahoma, South Carolina and Michigan have now joined the lawsuit that was filed this past June in federal court in Washington, D.C. challenging the constitutionality of Dodd-Frank....more

Can Cities Use Eminent Domain To Seize Mortgage Loans? [Video]

July 19 (Bloomberg Law) -- Almost 24% of homes with a mortgage in the United States are underwater, meaning that more is owed on the loan than the property is currently worth. A new company known as Mortgage Resolution...more

CFTC Proposes Guidance on the Cross-Border Impact of Dodd-Frank’s Swap Regulations

For nearly two years, swap market participants have wanted to know how the Commodity Futures Trading Commission (CFTC) would interpret the extraterritorial reach of the Dodd-Frank Wall Street Reform and Consumer Protection...more

The California Constitution, The FACA And The SEC’s New Investor Advisory Committee

Last month the Securities and Exchange Commission announced the formation of a new Investment Advisory Committee. Section 911 of the Dodd-Frank Act created the committee to advise the SEC on: -regulatory...more

Corporate and Financial Weekly Digest - May 4, 2012

In this issue: - SEC Issues Additional Guidance on Emerging Growth Companies - CFTC Issues Proposed Interpretative Statement - CFTC to Hold Public Meeting to Consider a Final Rule - CME Issues Advisory...more

Jurors Behaving Badly

A closely watched white-collar criminal case poses an interesting question in a challenging context: just how egregious do a juror’s lies during jury selection have to be in order to warrant a new trial? United States v....more

U.S. Supreme Court Asked To Determine Constitutionality Of General Solicitation Ban

Federal and state securities laws are premised on the belief that the government can constitutionally prohibit or limit speech in connection with the offer or sale of securities. At least one issuer has aggressively...more

Standard Investment Chartered, Inc. v. National Assoc. of Securities Dealers

Brief Amici Curiae Of The CATO Institute And The Competitive Enterprise Institute In Support Of Petitioner

As protestors across America condemn Wall Street for its greed and corruption, the Supreme Court has an opportunity to examine a ruling that holds some of Wall Street's biggest regulators immune from suit. In 2006, the...more

Bulldog II: SJC Eliminates First Amendment Challenge to Securities Violations Found by the Massachusetts Securities Division

A decision by the Massachusetts Supreme Judicial Court (“SJC”) on September 22, 2011, lays to rest the Secretary of the Commonwealth’s finding that a hedge fund manager, Bulldog Investors General Partnership (“Bulldog”), and...more

The Fiction of Social Security Bonds

On May 30, 2005, Charles E. Rounds, Jr. published the attached article: "The Fiction of Social Security Bonds." On July 12, 2011, President Obama said he could not guarantee that retirees would receive their Social Security...more

U.S. Capital Raising in the Spotlight

The competitiveness of capital markets in the United States and the impact of regulations on capital raising activities by emerging companies have been put in the spotlight again by recent correspondence between Congressman...more

Court Rejects Hedge Fund’s Challenge to Form 13F Disclosure

On February 4, 2011, the U.S. Court of Appeals for the District of Columbia Circuit rejected Full Value Advisors LLC’s challenge to Form 13F disclosure requirements. Full Value argued that the disclosure requirements amount...more