Law Reports

U.S. v. Godwin, FTC File No. 1123033 (N.D. Ga. Nov. 8, 2011) The operator of an online social networking site has settled with the FTC over charges that it collected personal information from over 5,000 children in violation of the Children’s Online Privacy Protection Act (“COPPA”) 15 U.S.C. § 6501, et seq. Jones O. Godwin, an [...]

Yoomi Lee | Bloomberg Law SEC Press Release No. PR-2011-240 (Nov. 10, 2011); Administrative Proceeding File No. 3-14620 (Nov. 10, 2011) The Securities and Exchange Commission (SEC) announced that UBS Securities LLC (UBS) settled charges for inaccurately providing and recording “locates” to its customers seeking to execute short sales. The SEC charged that UBS violated Section 17(a) [...]

Sarah Jane Leake | Bloomberg Law Accountability of the Bank of England – House of Commons Treasury Select Committee Twenty-first Report of Session 2010-12 Volume 1: Report, together with formal minutes, oral and written evidence, 19 October 2011 Over the next few years, the existing tripartite system of financial regulation, comprising the Bank of England [...]

In the Matter of Google Inc., No. C–4336 (Oct. 13, 2011) After a period of public comment, the Federal Trade Commission and Google, Inc. agreed to settle charges it made false and misleading statements about its collection and use of users’ personal information during the launch of its Google Buzz platform. The FTC claimed Google [...]

Raphael Rosenblatt | Bloomberg Law Fulton Bank, N.A. v. UBS Securities, LLC, No. 10-CV-01093, 2011 BL 286582 (E.D. Pa. Nov. 7, 2011) Attempting to allocate blame for its auction rate securities (ARS) losses after the global collapse of the ARS market, Fulton Bank, N.A., as successor to Fulton Financial Advisors, N.A. (Fulton Bank), brought an [...]

Yoomi Lee | Bloomberg Law SEC Press Release No. PR-2011-235 (Nov. 9, 2011); SEC Release No. 34-65708 (Nov. 8, 2011); SEC Release No. 34-65709 (Nov. 8, 2011); SEC Release No. 34-65710 (Nov. 8, 2011) The Securities and Exchange Commission (SEC) approved rules adopting stringent requirements that companies going public through a reverse merger must meet to be listed [...]

Susan M. Greenwood | Bloomberg Law Brown v. Calamos, No. 11-01785, 2011 BL 289753 (7th Cir. Nov. 10. 2011) n an opinion by Honorable Richard A. Posner, the U.S. Court of Appeals for the Seventh Circuit affirmed dismissal of an action for breach of fiduciary duty pursuant to the Securities Litigation Uniform Standards Act of 1998 [...]

Sarah Jane Leake | Bloomberg Law Final Notice to Rameshkumar Satyanarayan Goenka – Financial Services Authority, 17 October 2011   The Financial Services Authority (FSA) has recently fined Rameshkumar Goenka, a Dubai-based private investor, $9,621,240 (approximately £6 million), the largest fine imposed by the FSA on an individual, for manipulating the closing price of Reliance [...]

Andrea J. Chiller | Bloomberg Law Weingarten Realty Investors v. Miller, No. 11-20676, 2011 BL 281972 (5th Cir. Nov. 1, 2011) Weingarten Realty Investors (WRI) and Miller Sheriden, LLC, entered into a joint venture, to which WRI lent $75 million. The loan agreement contained an arbitration clause, but a related guarantee on the loan executed [...]

Blayne V. Scofield | Bloomberg Law Federal Deposit Insurance Corporation v. LSI Appraisal, Inc., 11-cv-00706 (C.D. Cal. Nov. 2, 2011) (Docket No. 35) On November 2, 2011 the U.S. District Court for the Central District of California dismissed two of the four claims filed against an appraisal management company by the Federal Deposit Insurance Corporation [...]

A Coordination Framework for Monitoring the Implementation of Agreed G20/FSB Financial Reforms – Financial Stability Board Report, 18 October 2011 The Financial Stability Board (FSB) has created a co-ordination framework for implementation monitoring (CFIM) to improve the co-ordination and monitoring of G-20 financial reforms and reporting. In particular, Basel III, over-the-counter (OTC) derivatives and compensation [...]

Yoomi Lee | Bloomberg Law SEC Speech, Mary L. Schapiro, Remarks at SIFMA’s 2001 Annual Meeting (Nov. 7, 2011) Securities and Exchange Commission (SEC) Chairman Mary L. Schapiro spoke at the Securities Industry and Financial Markets Association’s (SIFMA) 2011 Annual Meeting regarding money market funds and the SEC’s ongoing efforts in coordination with the Financial [...]

Jonathan D. Gupta | Bloomberg Law ISDA Press Release (Nov. 3, 2011) The International Swaps and Derivatives Association (ISDA or Association) outlined key provisions of its proposal for a standard credit support annex (SCSA), as part of its efforts to bring efficiency and standardization to over-the-counter (OTC) derivatives markets.1 Three Objectives ISDA explained that there [...]

Sarah Jane Leake | Bloomberg Law Final Notice to Coutts & Company – Final Notice, 7 November 2011 The Financial Services Authority (FSA) has fined Coutts & Co., the private bank that counts the Queen among its clients, £6.3 million for failing to take reasonable care to ensure the suitability of its advice in connection [...]

Susan M. Greenwood | Bloomberg Law Roberts v. McAfee, Inc., Nos. 10-15561, 10-15670, 2011 BL 285614 (9th Cir. Nov. 7, 2011) The U.S. Court of Appeals for the Ninth Circuit held that McAfee, Inc. (McAfee) did not maliciously prosecute and defame its former general counsel Kent Roberts in an alleged “attempt to deflect attention from [...]

Reiffin v. Microsoft Corp., No. 11-CV-03505, 2011 BL 275803 (N.D. Cal Oct. 26, 2011) In a patent infringement suit against Microsoft, the U.S. District Court for the Northern District of California dismissed plaintiff’s motion to file a new suit to vacate a prior judgment under Fed. R. Civ. Pro. 60(d)(3), finding plaintiff’s claims had been previously [...]

Sarah Jane Leake | Bloomberg Law Update on EU Fund Management Regulatory Developments – Speech by Sheila Nicoll, FSA Director of Conduct Policy, 1 November 2011   In a recent speech given at the annual Terrapin Hedge conference, Sheila Nicoll, Director of Conduct Policy at the Financial Services Authority (FSA), discussed the changing regulatory landscape [...]

Ashok Chandra | Bloomberg Law Black v. Google, Inc., No. 10-16992, 2011 BL 281010 (9th Cir. Nov. 1, 2011) In an unpublished opinion, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court decision dismissing defamation claims brought against Google, Inc., finding that Google was immune from liability for a negative third [...]

Yoomi Lee | Bloomberg Law FINRA Letter of Acceptance, Waiver and Consent No.2009017240702 (Nov. 2, 2011) The Financial Industry Regulatory Authority (FINRA) announced that broker-dealer Equity Services, Inc. (ESI) submitted a Letter of Acceptance, Waiver and Consent to settle charges that it sold unregistered and unsuitable securities to five retail investors. FINRA asserted that ESI [...]

Sarah Jane Leake | Bloomberg Law Update on EU Fund Management Regulatory Developments – Speech by Sheila Nicoll, FSA Director of Conduct Policy, 1 November 2011 In a recent speech given at the annual Terrapin Hedge conference, Sheila Nicoll, Director of Conduct Policy at the Financial Services Authority (FSA), discussed the changing regulatory landscape for [...]