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Finance & Banking Updates

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

AFRICA - A Legal Guide for Business Investment and Expansion: Tunisia

1. What role does the government of Tunisia play in approving and regulating foreign direct investment? The Tunisian government places a priority on attracting foreign direct investment. The Tunisian government...more

U.S. Tax Court Ruling Exempts Gain on Foreign Partner's Sale of a Partnership Interest

by Foley & Lardner LLP on

On July 13, 2017, the U.S. Tax Court issued a decision in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3, which could have a significant impact on how non-U.S. investors invest in U.S....more

From the Top In Brief - July/August 2017

by Jones Day on

In Midland Funding, LLC v. Johnson, No. 16-348, 2017 BL 161314 (U.S. May 15, 2017), the U.S. Supreme Court ruled that a credit collection agency does not violate the Fair Debt Collection Practices Act ("FDCPA") when it files...more

Saudi Council of Ministers Approves 100% Foreign Ownership of Engineering Consultancies

by Jones Day on

Currently, Saudi Arabian law permits foreign direct investment in engineering consultancies operating in the private sector only through a professional company licensed by the Ministry of Commerce and Industry ("MOCI")....more

Third Circuit Holds No Need to Warn Under WARN ACT Unless Circumstances Causing Layoff Are Probable

by Dechert LLP on

The Worker Adjustment and Retraining Notification (WARN) Act in the U.S. requires that employers give sixty days’ notice to its employees before effecting a mass layoff. The WARN Act contains exceptions to the notice...more

Ninth Circuit Rules on Spokeo Remand

by Selman Breitman LLP on

On August 15, 2017, the Ninth Circuit ruled that a litigant who accused Spokeo of violating the Fair Credit Reporting Act by allegedly reporting inaccurate information about him had claimed a sufficiently concrete injury to...more

Financial Services Weekly News - August 2017 #3

by Goodwin on

Editor's Note - In This Issue. The Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more

Mistake in Your Credit Report? The Latest Spokeo Decision Suggests You May Have A Case.

In the 9th Circuit’s August 15, 2017 decision in Robins v. Spokeo, the latest in the long-running legal debate about when a consumer cause of action exists for a data breach, the 9th Circuit has declared that inaccuracies in...more

SEC Issues Risk Alert To Improve Cybersecurity Readiness

by King & Spalding on

On August 7, 2017, the U.S. Securities and Exchange Commission (“SEC”) published a risk alert directed to the financial advisory industry, identifying cybersecurity vulnerabilities that could make the industry’s networks...more

Delaware (Re)Proposes Unclaimed Property Reporting and Examination Manual Regulation

by McDermott Will & Emery on

On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1,...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

Eleventh Circuit Doesn’t Waffle on Enforceability of Arbitration Agreement

by Carlton Fields on

The Eleventh Circuit Court of Appeal found that an arbitration agreement entered into by a putative class representative and his eventual employer was enforceable even though the agreement was signed after the plaintiff filed...more

The Entrepreneurs Report - H1 2017

From the WSGR Database: Financing Trends for 1H 2017 - Strong median pre-money valuations for all rounds of financing ushered in nearly unprecedented median amounts raised in 1H 2017, particularly for Series C and later...more

Spokeo Resurfaces: Ninth Circuit Holds FCRA Plaintiff Has Standing to Sue

by Goodwin on

On August 15th, the Ninth Circuit issued its opinion in Robins v. Spokeo, finding that plaintiff Thomas Robins has standing to continue his Fair Credit Reporting Act (FCRA) suit against Spokeo, Inc. In its opinion, a...more

The Sequel to the Global Financial Crisis Is Not the CLO! (Ok, Not Yet)

by Dechert LLP on

Last week, an article written by Mr. Frank Partnoy, professor of law at the University of San Diego, appeared in the Financial Times and was subsequently picked up by The Wall Street Journal. Mr. Partnoy argues that the...more

Focusing on the Mission While Watching Macro Trends

by Moore & Van Allen PLLC on

The flow of media coming at us reminds us that we continue to live in the challenging times that began in 2007. For our clients and companies, we can provide effective leadership and advice by maintaining focus on our...more

Alleged FCRA Violation Sufficiently Concrete for Article III Standing, Ninth Circuit Holds in Spokeo II

by Ballard Spahr LLP on

On remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held in Spokeo v. Robins that an alleged Fair Credit Reporting Act (FCRA) violation was sufficiently concrete to support Article III...more

Second term for Uhuru Kenyatta begins with work clearly cut out

by Hogan Lovells on

Kenya’s 2017 General Elections have been one of the most anticipated and closely monitored. For the first time, the sitting president, Uhuru Kenyatta was working to defend his position against a united opposition. Close to...more

Voluntary Benefits: Time For An ERISA Checkup

by Burr & Forman on

Multiple benefit consultants report that participation by employees in voluntary benefits is on the rise, in part due to increases in cost sharing under group major medical plans as a result of healthcare reform. Both...more

Clues That There are Problems With A 401(k) Plan Provider

by Ary Rosenbaum on

When it comes to illnesses and diseases, there are usually warning signs out there. Whether you can come out healthy from a debilitating illness or disease is dependent on whether you can tell the warning signs. I’ve seen...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We got our dose of Fed minutes yesterday, and it appears that the Fed—like the rest of us—is scratching its head over the “new reality” of concurrent low inflation and low unemployment. Fed officials are hoping that the low...more

They can’t see it, since they caused it

by Ary Rosenbaum on

A few years back, I had the worst call with a prospective client in the 19 years I have been an ERISA attorney. This 401(k) plan sponsor was like many prospective clients, poor participation and paying too much in fees....more

Five state regulators enter into settlement agreement with debt collectors for alleged federal and state law violations

by Ballard Spahr LLP on

Regulators from the states of Connecticut, Idaho, Massachusetts, Minnesota and North Dakota (“Participating States”) have entered into a settlement agreement with three affiliated debt collection companies to settle...more

Forum Selection in New York

Credit documents in lending transactions commonly contain a choice of forum provision setting forth the agreement of the parties to submit to the jurisdiction of the New York state courts and federal courts sitting in the...more

Why Wells Fargo Needs Compliance Expertise on its Board

by Thomas Fox on

In a New York Times (NYT) Dealb%k article, entitled “Wells Fargo Vice Chairwoman to Succeed Departing Chairman”, Stacy Cowley reported that the Wells Fargo Board of Directors Chairperson, Stephen W. Sanger, will retire at the...more

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