Legal updates for: trusts

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The Impact of Newman on SEC Enforcement: Part I

by Dorsey & Whitney LLP on

... is the first segment of a five part series discussing the impact of the Second Circuit’s ruling in Newman on SEC insider trading cases. Introduction - In seeking rehearing and an en banc hearing before the Second Circuit Court of Appeals the Manhattan U.S. Attorney’s Office told the Court that the panel decision in U.S. v.... more

Financial Services Weekly News Roundup - May 2015 #4

by Manatt, Phelps & Phillips, LLP on

... Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress - Why it matters: In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5 million for charging customers overdraft fees when they had not chosen to receive overdraft coverage. Regions will also refund... more

"Supreme Court Clarifies Scope of Bankruptcy Court Authority, Allows Court Adjudication of ‘Stern Claims’ if Parties Consent"

by Skadden, Arps, Slate, Meagher & Flom LLP on

... May 26, 2015, the U.S. Supreme Court issued its ruling in Wellness International Network, Ltd., et al. v. Sharif. The Wellness decision clarifies one of the most significant open issues created four years ago by the Court’s highly controversial decision in Stern v. Marshall. Specifically, the Court in Wellness strengthened the scope of... more

Taiwan Act Governing Electronic Payment Institutions

by K&L Gates LLP on

...On February 4, 2015, Taiwan promulgated the Act Governing Electronic Payment Institutions, and pursuant to the Act, the Financial Supervisory Commission on April 27, 2015 announced a series of enforcement rules of the Act, including the Rules Governing EPI Businesses. Both the Act and its enforcement rules have come into effect on May 3 2015.... more

Northstar v. Schwab: The Ninth Circuit’s End Run Around Derivative Lawsuits in the Mutual Fund Context

by Carlton Fields Jorden Burt on

... is well recognized that only investors have standing to sue a mutual fund on behalf of a class of investors and that a fiduciary duty claim accusing fund trustees of mismanagement is the property of the fund, and not of the investors. Yet the Ninth Circuit recently allowed an end run around both of these clear principles. First, the Circuit... more

Construction Contract Claims Against a Third-Party Lender? The Unforeseen Consequences of a Standard Practice

by Spilman Thomas & Battle, PLLC on

... those of us who commonly represent lenders, there is nothing more unsettling than hearing the words “course and pattern of conduct” or “dominion and control” or some variation of the same. Any suit where someone seeks to impose liability on a bank for something above and beyond the amounts loaned and repaid is a scary one... more

Blink and You’ll Miss It: In Lanier v. BATS Exchange, Inc., the Southern District of New York Dismisses Case Alleging Damages as a Result of Co-Location Agreements and Preferred Status Given to High-Frequency Traders

by Carlton Fields Jorden Burt on

... the blink of an eye, high-frequency trading systems can engage in a staggering number of securities transactions. The subject of Michael Lewis’s popular book, Flash Boys, high-frequency traders seek to maximize profits by capitalizing on speed in buying and selling securities and adjusting to market data before their competitors. Critics,... more