6th Cir.: American Pipe Doesn’t Toll Statutes of Repose
Affirming dismissal of some lingering Morgan Keegan bond fund actions, the Sixth Circuit joined the Second in holding that American Pipe class-action tolling does not affect the expiration of a statute...
View ArticleSEC Approves FINRA Rule 2273
The SEC has approved FINRA Rule 2273, which requires a transferring representative to send customers an educational communication regarding firm recruitment practices and account transfers. The rule is...
View ArticleSIFMA Releases Draft Municipal Advisor Rule G-42 Compliance Documents
Starting June 23, municipal advisors will be subject to revised Rule 42 and its heightened engagement letter and disclosure obligations. SIFMA has released exposure drafts of compliance documents to...
View ArticleI Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment
It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the...
View ArticleDOL Fiduciary Rule Re-Makes Retail IRA Advice
Congress voted this week to de-rail the Department of Labor’s sweeping fiduciary-duty suite of rule-making, but doesn’t have the votes to override the President’s threatened veto. The Rule (over a...
View ArticleIt’s Good to be the King: Nullus Tempus Allows TN Fund’s Suit on Decade-Old...
Chancellor Carol McCoy allowed a Tennessee state retirement fund’s securities suit over decades-old RMBS purchases to continue last week, holding that time doesn’t run against the king – even on...
View Article11th Cir: SEC Disgorgement, Declarative Relief Subject to 5-Yr Bar
Last week, the 11th Circuit held that the limitations period of 28 U.S.C. § 2462 bars disgorgement or declarative relief for acts having occurred five years before the SEC files an action. The Court...
View Article2nd Cir. Joins 7th & D.C. Requiring Exhaustion to Challenge SEC ALJs
The Second Circuit has affirmed dismissal of “diva of distressed” Lynn Tilton’s constitutional challenge to the SEC’s administrative forum, holding that issue isn’t reviewable by the courts until an...
View ArticleGroups Sue to Block DOL Fiduciary Reg
Last week, industry groups filed two suits seeking to block the Labor Department’s new fiduciary rule governing IRA and other retirement-fund investment recommendations. In the first, the U.S. and...
View ArticleChameleon SROs: The Gov’t, But Not Really
For years, self-regulatory agencies (like FINRA or the Exchanges) have wielded the statutory authority granted them by Congress – and backed by the SEC – exercising governmental power to compel...
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