Law Reports

Tatiana Rodriguez | Bloomberg Law SEC v. Citigroup Global Markets Inc., No. 11-CV-07387 (S.D.N.Y. Filed Oct. 19, 2011) In rejecting the recent consent judgment between the Securities and Exchange Commission (SEC) and Citigroup Global Markets Inc. (Citigroup), Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York brought to [...]

Laura McQuade | Bloomberg Law Scarlet Extended SA v. Société Belge des Auteurs Compositeurs et Éditeurs, Case C-70/10 (Eur. Ct. Justice Nov. 24, 2010) The European Court of Justice (ECJ) held that European Union law prohibits an injunction requiring an Internet Service Provider (ISP) to install, for an unlimited period and at the ISP’s own [...]

Raphael Rosenblatt | Bloomberg Law CFTC Speech, Commissioner Scott O’Malia, Keynote Address of the 7th Annual FIA Asia Derivatives Conference (Nov. 30, 2011) Commissioner Scott D. O’Malia of the U.S. Commodity Futures Trading Commission (CFTC) delivered the keynote address at the 7th Annual FIA Asia Derivatives Conference. Noting that three years have passed since the financial crisis [...]

Sima Saran Ahuja | Bloomberg Law CFTC Speech, Bart Chilton, Remarks at New York Law School, Center on Financial Services Law (Nov. 15, 2011) In his remarks at New York Law School, Commodities Futures Trading Commission (CFTC) Commissioner Bart Chilton discussed financial scams and compared the recent rise in Ponzi schemes to a “pandemic of [...]

Blayne V. Scofield | Bloomberg Law Financial Stability Board, Policy Measures to Address Systemically Important Financial Institutions (SIFIs) (Nov. 4, 2011) Basel Committee on Banking Supervision, Rules Text, Global Systemically Important Banks: Assessment Methodology and the Additional Loss Absorbency Requirement (Nov. 2011) On November 4, 2011 the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (Basel [...]

Fanni Koszeg | Bloomberg Law Ambac Assurance Corporation v. Adelanto Public Utility Authority, No. 09-CV-05087 (S.D.N.Y. Nov. 14, 2011) The U.S. District Court for the Southern District of New York rejected claims by Adelanto Public Utility Authority (Adelanto) for, among others, breach of contract against Ambac Assurance Corporation (Ambac). The Court held that Ambac complied [...]

Susan M. Greenwood | Bloomberg Law Solow v. Citigroup, Inc., No. 10-CV-02927 (S.D.N.Y. Nov. 22, 2011) The U.S. District Court for the Southern District of New York dismissed without prejudice a securities fraud action by real estate developer Sheldon H. Solow against Citigroup, Inc. (Citigroup) and CEO Vikram Pandit (together, Defendants). Among other things, the [...]

Blayne V. Scofield | Bloomberg Law Board of Governors of the Federal Reserve System, Order Approving the Formation of a Bank Holding Company (Nov. 23, 2011) On November 23, 2011 the Board of Governors of the Federal Reserve System (FRB) approved Green Dot Corporation’s application to become a bank holding company. The approval allows Green Dot to [...]

Yoomi Lee | Bloomberg Law FINRA News Release, FINRA Fines Wells Investment Securities $300,000 for Use of Misleading Marketing Materials for REIT Offering(Nov. 22, 2011); FINRA Letter of Acceptance, Waiver and Consent No. 2009019893801 (Nov. 21, 2011) The Financial Industry Regulatory Authority (FINRA) announced that Wells Investment Securities, Inc. (WIS) submitted a Letter of Acceptance, Waiver and [...]

Blayne V. Scofield | Bloomberg Law Residential Funding Co, L.L.C. v. Saurman, No. 143178-9, 2011 BL 295470 (Mich. Nov. 16, 2011) On November 16, 2011 the Michigan Supreme Court, in a 4-3 decision, reversed a Court of Appeals decision and ruled that the Mortgage Electronic Registration System (MERS) is authorized to conduct nonjudicial foreclosures under [...]

Jonathan D. Gupta | Bloomberg Law ISDA Press Release (Nov. 23, 2011) The International Swaps and Derivatives Association (ISDA or Association) discussed the translation of the principles for managing provider-distributor and provider-individual investor relationships in retail structured products (Principles)—developed by the Joint Associations Committee on Retail Structured Products (JAC)—into French and German. ISDA explained that these [...]

Dena Kaufman | Bloomberg Law In re The Great Atlantic & Pacific Tea Company, Inc., 2011 BL 291498 (S.D.N.Y. Nov. 14, 2011)] The United States District Court for the Southern District of New York affirmed a final order of the bankruptcy court determining that the deposit of an amount representing two weeks of utility service [...]

Andrea J. Chiller | Bloomberg Law Plumbers & Pipefitters Local Union No. 630 Pension-Annuity Trust Fund v. Arbitron, Inc., No. 08-cv-04063, 2011 BL 291048 (S.D.N.Y. Nov. 14, 2011) A securities class action suit was brought against Arbitron, Inc., based on allegedly false and misleading statements it made about the rollout of a new product. The [...]

Raphael Rosenblatt | Bloomberg Law DOJ Speech, Assistant Attorney General Lanny A. Breuer Speaks at the American Lawyer/National Law Journal Summit (Nov. 15, 2011) Addressing a group of litigators, Assistant Attorney General Lanny A. Breuer welcomed the opportunity to speak about “an issue of criminal law policy that does not frequently come up in conferences [...]

Alexandra Kay | Bloomberg Law Press Release, U.S. Federal Trade Commission, Florida-Based Sea Star Line LLC Agrees to Plead Guilty and its Former President is Indicted for Price Fixing on Coastal Freight Services Between the Continental United States and Puerto Rico The U.S. Federal Trade Commission recently announced that Sea Star Line LLC agreed to [...]

Overly v. KeyBank N.A., No. 10-CV-2705002, 2011 BL 289920 (7th Cir. Nov. 10, 2011) The U.S. Court of Appeals for the Seventh Circuit held that Krysten Overly was not entitled to a trial on her claims that Key Investment Services LLC, its corporate parent, and several affiliates (collectively, KeyBank) discriminated against her because of her [...]

Ashok Chandra | Bloomberg Law A bill recently introduced in the U.S. House of Representatives, the Stop Online Piracy Act (“SOPA”),1 has gained considerable attention from both proponents and detractors. SOPA, introduced by Representative Lamar Smith, is intended to combat online piracy and intellectual property theft. The bill would expand the criminal penalties for copyright [...]

Yoomi Lee | Bloomberg Law SEC Litigation Release No. LR-22161 (Nov. 18, 2011); SEC v. Konyndyk, No. 11-CV-02055 (D.D.C. filed Nov. 18, 2011) The Securities and Exchange Commission (SEC) announced that Mark A. Konyndyk, CPA, a manager in the Transaction Advisory Services Group at Ernst & Young LLP (E&Y), settled charges for insider trading in advance [...]

Alex Kreonidis | Bloomberg Law SEC Press Release No. PR-2011-244 (Nov. 16, 2011); SEC Release Nos. IA-3315 and IC-29862 (Nov. 16, 2011); Administrative Proceeding File No. 3-14628 The Securities and Exchange Commission (SEC) settled charges against Morgan Stanley Investment Management Inc. (MSIM), the primary investment adviser to The Malaysia Fund, Inc. (Fund), a registered closed-end fund. The [...]

Patrick Collins, Inc. v. Does 1-11, No. 11–CV–01776, 2011 BL 287186 (D. Md. Nov. 8, 2011) Patrick Collins, Inc. v. Doe, No. 11–CV–01772, 2011 BL 287264 (D. Md. Nov. 8, 2011) In two related cases (“Collins ’72″ and “Collins ’76″), the U.S. District Court for the District of Maryland denied motions by defendants who allegedly [...]