By Josh Lawler and Joel B. Ginsberg of Zuber & Taillieu LLP
The Second Circuit has held that secondary actors can be held liable for Rule 10b-5 damages actions only for false statements attributed directly to the secondary actor at the time of their dissemination. In Pacific Investment Management Co. v. Mayer Brown, 603 F.3d 144 (2nd Cir. 2010), the Court of… More...
The House Financial Services Committee has passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom. More...
Leading members of the Senate Judiciary Committee has introduced legislation to strike Freedom of Information Act (FOIA) exemptions for the Securities and Exchange Commission that were included in the recently enacted Wall Street Reform bill. More...
The House of Representatives has passed H.R. 5503, the Securing Protections for the Injured from Limitations on Liability Act (SPILL Act). Introduced by Judiciary Committee Chairman John Conyers, Jr. (D-Mich.) and Louisiana Gulf Coast Congressman Charlie Melancon (D-La.), this legislation focuses on fixing loopholes in liability statutes so that the victims of the Deep Horizon explosion can be fairly treated. More...
By a vote of 237-192, largely on party lines, the U.S. House of Representatives has approved a landmark legislation that boldly seeks to restore responsibility and accountability in the country’s financial system. More...
By a vote of 241 to 182, with 9 members abstaining, the U.S. House of Representatives has passed the Small Business Lending Fund Act, H.R. 5297, a plan proposed earlier this year by President Barack Obama to establish a $30 billion pool of capital for community banks. More...
U.S. Senators Charles E. Schumer (D-NY), Russ Feingold (D-WI), Ron Wyden (D-OR), Evan Bayh (D-IN) and Al Franken (D-MN) have unveiled a new legislation to blunt the harmful impacts from the Supreme Court’s decision allowing corporations and other special interests to spend unlimited sums to influence elections. More...
The European Parliament (“EP”) Economic and Monetary Affairs Committee has approved a draft European Union (“EU”) law regulating managers of alternative investment funds, including hedge funds. More...
Leading members of the Senate Judiciary Committee have filed an amendment to the Wall Street reform legislation that will increase law enforcement resources to root out and prosecute financial and securities fraud, and will strengthen protections for whistleblowers who help expose financial fraud. More...
Senate Committee on the Judiciary Patrick Leahy (D-Vt.) has filed an amendment to the pending Wall Street reform legislation (“Restoring American Financial Stability Act of 2010,” S. 3217) to repeal the health insurance industry’s exemption from federal antitrust laws. More...
Voting 13 to 8, the Senate Committee on Agriculture, Nutrition and Forestry passed the Wall Street Transparency and Accountability Act of 2010, a legislation designed to reform the unregulated $600 trillion over-the-counter derivatives market. More...
