Securities Law Updates | New Proposed Legislation

July 12, 2010

House Passes Conyers Oil Spill Liability Bill

Securing Protections for the Injured from Limitations on Liability Act
H. R. 5503, 7/1/2010

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.

The SPILL Act addresses out-of-date legislation from the mid 1800s to the early 1900s: Death on High Seas Act (1920), Jones Act (1920), and the Limitation on Liability Act (1851), the House Judiciary Committee explained.

H.R. 5503 makes six changes to…

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Companies Mentioned

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The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Jan Charles Finance S.A.

Park East, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

Credit Lyonnais Securities (USA) Inc.

Florida State Board of Administration

Credit Suisse Securities (USA) LLC

Deutsche Bank AG

The Cleaners & Caulkers Local 1 Pension Fund

Credit Suisse, New York Branch

Ameriprise Financial, Inc. f.k.a. American Express Financial Corp.

Harris Nesbitt Corp.

California Department of Corporations

The Royal Bank of Scotland plc

RiverSource Investments, LLC

Asset Management Holding AG

Deutsche Bank

Consolidated Management Group, LLC

The Bank of Nova Scotia

Alex Brown, Inc.

Toronto Dominion Texas, LLC f.k.a. Toronto Dominion Texas, Inc.

SG Cowen Securities Corp.

Tellabs, Inc.

Deutsche Bank Securities, Inc.

Mizuho International PLC

Lydia Capital, LLC

Suntrust Capital Markets, Inc.

Makor Issues & Rights, Ltd.

ABN AMRO Inc.

Tribune Company

Fleet Securities, Inc. n.k.a. Bank of America, N.A.

City of Philadelphia Board of Pensions and Retirement

Staples, Inc.

The Bank of New York Company, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Salomon Smith Barney, Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

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