Investment Management Update - January 2015
Investment Management Update – Fees and Expenses
In the massive antitrust class action against Visa, Mastercard and more than 25 banks, the deadline has been extended for victims of overpaid credit or debit card transaction fees to file a claim to their share of the $5.54...more
In the final decision of the Supreme Court’s term, the Court again considered the Administrative Procedure Act (“APA”). Like earlier decisions this term considering the APA (see here and here), the opinion in Corner Post,...more
Three cases, all argued this term before the United States Supreme Court and likely to be decided in June, carry major implications for litigation between federal agencies and regulated entities. Depending on the Court’s...more
A U.S. Tax Court decision entered on Feb. 20, 2024, in 23rd Chelsea Associates LLC v. Commissioner of Internal Revenue held that bond issuance and related financing costs incurred in connection with the development of a...more
The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more
The Haifa District Court recently handed down a ruling in a motion to certify a class action filed against Ofir Tours Ltd. by its customer. The plaintiff bought an Eilat hotel vacation through Ofir Tours, paying in credit...more
On December 19, the U.S. District Court for the Central District of California granted final approval of a settlement in a $2 million class action resolving allegations that a national bank violated California’s Rosenthal...more
In a further effort to create and preserve affordable housing, the Massachusetts House of Representatives recently advanced House Bill 4637, “An Act Relative to Real Estate Transfer Fees and Senior Property Tax Relief” (“H.B....more
Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, courts around the country continue to articulate the pleading requirements for a breach of duty of prudence claim under the Employee Retirement...more
In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more
Most of the Federal Trade Commission’s (FTC) law enforcement actions involving payment processors have exclusively focused on allegations that processors did not do sufficient due diligence before onboarding questionable...more
Take-aways From Director Chopra’s Semi-Annual Report to Congress - On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) issued its semi-annual report to Congress required under Dodd-Frank....more
Headlines - ..FDIC Proposes Substantial Increase in Deposit Insurance Assessment Rates ..Federal Reserve Releases New CECL Implementation Tool: Expected Losses ..Estimator OCC Report Highlights Risks Facing the Federal...more
Spurred in part by the pandemic, regulators and legislators have been increasingly focused on the accessibility and transparency of loans to small-to-medium businesses. On the federal level, the CFPB is considering a rule...more
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
In recent years, the SEC has been conducting a nationwide and industry-wide “sweep” of investment advisory firms, pursuant to which it has opened investigations and brought enforcement actions against a multitude of...more
Federal Reserve Considers Merits of Creating a U.S. Dollar Digital Currency The Federal Reserve has published a discussion paper that examines the pros and cons associated with the creation of a U.S. central bank digital...more
CFPB Initiates Inquiry into Big Tech Payment Platforms - On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) ordered six large technology companies—Google, Apple, Facebook, Amazon, Square, and PayPal—to...more
This week has seen a major breakthrough in the UK’s fledgling class action regime, which brought opt-out collective proceedings to the UK for the first time back in 2015. The first opt-out collective action has now been...more
On January 14, 2021, Minnesota Attorney General Keith Ellison (Minnesota AG) announced that his office reached a settlement with a California-based student loan debt-relief company that allegedly collected unlawful fees...more
It is not uncommon for companies exploring expansion or other ways of raising capital to engage financial advisers to provide a range of consultancy services, including the introduction of potential investors or deals of...more
The United States Court of Appeals for the Tenth Circuit (“Court”) addressed in a November 4th Order and Judgment (“Order”) damage issues caused by an adjacent convenience store (“Store”). See Sonrisa Holding, LLC v. Circle K...more
Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees - A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more
I. INTRODUCTION AND SUMMARY - The Securities and Exchange Commission (SEC) has proposed a bold new approach to shareholder and investor communications by investment companies registered on Form N-1A under the Investment...more