The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more
A recent decision by the U.S. Court of Appeals for the Second Circuit has implications for whistleblowers under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “The Act”). In Hong v. SEC,...more
The Commercial Mortgage Market Since the Covid-19 Pandemic - The COVID-19 pandemic has caused disruption to many facets of what was once everyday life. As Americans sheltered in place, brick-and-mortar retail shopping and...more
In his remarks this week to the Economic Club of New York, Securities and Exchange Commission Chair Jay Clayton reviewed the many rulemaking and other accomplishments of the SEC in recent years. Following the impressive...more
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 and examination developments, and cases...more
Since its adoption in 2010, the Federal Deposit Insurance Corporation’s (the “FDIC”) securitization safe harbor rule, 12 C.F.R. § 360.6 (the “Rule”), which relates to the treatment of financial assets transferred in...more
U.S. and Chinese trade negotiators are “laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15” as the countries continue to work through how a Chinese promise to make huge ag purchases from...more
Uber reported another quarter of billion+ dollar losses, but as so many things on Wall Street & Silicon Valley tend to go, the news wasn’t all bad because those numbers were far better than the $5.2 billion it lost in Q2....more
Securities and Exchange Commission Chairman Jay Clayton issued a public statement October 30, 2019, seeking market input on the asset-level disclosure requirements for SEC-registered residential mortgage-backed securities...more
The White House is reportedly extending the temporary license for some US businesses to work with Huawei, a move that would likely help smooth the way for trade negotiators between the US and China to see their way back to...more
DOJ News & Litigation Updates - ITT Cannon to Pay $11 Million to Settle False Claims Allegations - ITT Cannon (ITT), a division of ITT Inc., has agreed to pay $11 million to settle whistleblower claims that it supplied...more
Treasury Secretary Steven Mnuchin is the latest prominent government official to express concerns about Facebook’s coming Libra launch. Speaking at a briefing yesterday, Mnuchin focused on national security issues related to...more
In case you haven’t had your eye on matters of global intrigue of late, figured we’d get you a bit caught up so that you know why your gas prices are heading north in the next couple of weeks....more
The SEC will vote today on what it’s calling Regulation Best Interest, “which says brokers can’t put their own paychecks ahead of a customer’s needs”—the more-industry-acceptable revision of an Obama-era fiduciary duty rule...more
Elon Musk and the SEC have reached an agreement to revise their earlier agreement to settle the latest round of issues caused by Musk’s Twitter habit. Under its terms, a Tesla securities attorney must now “preapprove any of...more
Quite a start to the week for consulting powerhouse McKinsey & Co., with a Times expose on the questionable relationship between McKinsey’s clients and the investments its hedge fund has made in those same clients, not to...more
Nissan’s Carlos Ghosn problems now extend to the United States, where the Securities and Exchange Commission has opened a probe into the accuracy of the company’s financial disclosures and internal controls....more
Individual responsibility and accountability became a critical issue in the wake of the great financial crisis. From Capitol Hill to the cross-streets of small-town America it frequently seemed that the question of the day...more
As widely expected, the Fed held rates steady when it wrapped its Open Market Committee meeting yesterday afternoon and deemed the economy “in good health,” laying the groundwork for another rate increase next month....more
In order to comply with European antitrust rulings against it earlier this year, Google announced that for the first time it will begin charging telephone handset manufacturers to install Gmail, Google Maps, and other popular...more
Markets are joining the American mid-Atlantic and East Coast in bracing for Hurricane Florence and the estimated $27 billion in damages it could bring with it....more
Walmart’s broader foray into the grocery biz—letting customers order online and pick up in person and expanding home delivery—is paying dividends for the retailer and helping push its revenue up 3.8% from this period a year...more
The rise of tariffs as a trade weapon has put the WTO in a very difficult position as “chief judge in an intense fight among its most powerful members”....more
On Wednesday, Wells Fargo revealed that it reached a settlement with the DOJ after months of negotiating that will see the bank pay $2.09 billion to resolve allegations over its sales of toxic mortgage-backed securities in...more
U.S. Financial Industry Developments - CFTC and SEC Announce Approval of New MOU - On June 28, 2018, the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC") announced that...more