Conflicts of Interest

News & Analysis as of

Organizational Conflicts of Interest: An Issue That Requires Government Contractors To Be Proactive

In an effort to ensure there is no OCI or that your mitigation plan is effective and timely implemented, government contractors must be proactive when reviewing the agency’s needs in light of its mission, the solicitation,...more

Saudi Arabia Approves New Corporate Governance Regulations

The publication of the Regulations is driven by the continued effort to attract additional foreign investment into the Kingdom and to harmonize the CMA’s own rules with those of the newly revised Companies Law2, as overseen...more

Update – A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule

As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. ...more

New NLRB Chair's Dissent May Point to Future Board Position on Challenges to Employee Handbook Policies

Over the past several years, the National Labor Relations Board (NLRB) has repeatedly found that standard employee handbook provisions violate employees’ rights under Section 7 of the NLRA. These cases conclude that a variety...more

House Passes Bill Proposing Sweeping Changes to Class Action Litigation

The House of Representatives has passed legislation that will fundamentally change class actions as we know them. The Fairness in Class Action Litigation Act of 2017 (the “Act” or “H.R. 985”) leaves no stage of class action...more

This Week In Securities Litigation

This week the Commission brought three actions. One, a financial fraud case, centered on one of Mexico’s largest home builder that inflated sales numbers. A second was brought against an investment adviser who failed to...more

CelestialRX Investments, LLC v. Krivulka, C.A. No. 11733-VCG (Del. Ch. Jan. 31, 2017) (Glasscock, V.C.): Delaware Law Firm

In this memorandum opinion, the Court of Chancery addressed a motion for partial summary judgment concerning the construction of a limited liability company agreement to determine whether it eliminated common-law fiduciary...more

“Generic,” “Cut-and-Paste” Reservation of Rights Letter Ineffective

Insureds won a round the other day when the South Carolina Supreme Court held that reservation of rights letters, which it characterized as nothing but “generic statements of potential non-coverage coupled with” large...more

Developments in Disclosure of Financial Advisor Fees in M&A Transactions

Recent developments, including the U.S. Securities and Exchange Commission settlement with CVR Energy and related SEC Staff guidance, reinforce a trend towards more extensive disclosure of financial advisor fees in M&A...more

Proposed Legislation May Significantly Limit Class Action Litigation in Federal Court

Twelve years after he introduced the Class Action Fairness Act of 2005, Representative Bob Goodlatte (R-VA) has introduced the Fairness in Class Action Litigation Act of 2017 (“the Act”), which would significantly change the...more

Proposed Class Action Fairness Act Could Negatively Affect Institutions’ Securities Class Action Recovery

Recently introduced legislation pending before the U.S. House of Representatives attempts to make wide-sweeping reforms to the procedural rules governing class actions and, if implemented, could permanently alter the class...more

U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions

On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more

DOL Proposes 60-Day Delay of Fiduciary Rule

The US Department of Labor today proposed a 60-day extension (through June 9) for the effective date of its Fiduciary Duty Rule and related exemptions. The extension would give DOL some time to complete the re-analyses...more

"DOL Proposes Delay of Fiduciary Rule Applicability Date"

The Department of Labor (DOL) today announced a proposed 60-day delay of the April 10, 2017, applicability date of its conflicts of interest regulation (the so-called fiduciary rule) and related prohibited transaction...more

U.S. DOL Proposes Delay of Conflict of Interest Rule and Related Exemptions

On March 1, 2017, the U.S. Department of Labor proposed a 60-day delay of the conflict of interest rule and related exemptions (currently set to be applicable on April 10, 2017). The Department opened two comment periods...more

KL Snapshot #12 – Janvier-Février 2017

Banque & Finance – Hubert de Vauplane - Rapport Terra Nova : Les conflits d'intérêts, nouvelle frontière de la démocratie de février 2017 - Hubert De Vauplane a été auditionné le 20/03/15 dans le cadre de la...more

FinCEN Enforcement Action Highlights AML Compliance Program Failures and Conflicts of Interest for High-Risk MSB Customers

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional...more

DOL Proposes to Delay Fiduciary and Beryllium Rules

In response to recent presidential directives, the U.S. Department of Labor is taking steps to delay the applicability and effective dates of two rules. First, the DOL's Employee Benefits Security Administration (EBSA) has...more

Big Pharma enlists more useful allies: pay-for-hire academic economists

It’s a $50-million business with a roster of blue-chip consultants who would be an envied faculty at most any major university. But look closely at the activities of Precision Health Economics because this firm’s esteemed...more

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

Ethics Chief Gets Permanent Appointment; Case Overview Shows Agency's Vital Role

A week ago today, on Feb. 17, the Massachusetts State Ethics Commission announced the appointment of David A. Wilson as its executive director, where he’s responsible for administering and enforcing the state’s conflict of...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

GAO Upholds Waiver(s) of OCI Allegations

On January 30, the U.S. Government Accountability Office (GAO) issued its decision denying Concurrent Technologies Corp.’s (CTC) protest of the U.S. Navy’s award of a support contract for the Navy Manufacturing Technology...more

Big Changes Could Be Coming in Class Action Litigation

On February 10, 2017, U.S. Rep. and House Judiciary Committee Chairman, Bob Goodlatte (R-Va), introduced a new version of his Fairness in Class Action Litigation Act of 2017 (H.R. 985) (the "Act"). The Act, while bearing the...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 2

Identifying Conflicts of Interest in Structured Products Offerings - With FINRA and other regulators focused on conflicts of interest in the broker-dealer industry, market participants are working diligently to identify...more

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