• checklist


    Investment Management Director Offers Top 10 Lessons Learned in 2014

    In a December 10, 2014 speech, Norm Champ, the Director of the SEC’s Division of Investment Management, offered a glimpse at the top 10 industry lessons learned in 2014. While admitting that his Top Ten list “may not be as entertaining as one you would see on Letterman,” Champ said the list provides a view into both how the Division operates and its future goals.

    / Dec 19, 2014 at 9:30 AM
  • Law and money


    How to Aggressively Defend Against Lender Liability Lawsuits

    Following an economic downturn, lenders are inundated with lender liability suits typically based on purported promises to extend the maturity dates of loans, alter the terms of loan agreements, or to forbear from foreclosing on real property collateral.

    / Dec 18, 2014 at 1:13 PM
  • Data RF

    Finance, Technology

    Lawmakers Query Banks About Data Security

    Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a victim of data breach.

    / Dec 18, 2014 at 12:53 PM
  • money cash pile of money benjamins


    Second Circuit Reverses Major Insider Trading Convictions (or Preet Bharara’s Terrible, Horrible, No Good, Very Bad Day)

    In a widely anticipated decision, the Second Circuit on Wednesday clarified the standard for insider trading actions against tippees, downstream recipients of inside information who trade on that information.

    / Dec 16, 2014 at 12:17 PM
  • tax-law-taxation

    Bankruptcy, Finance

    Possible Tax Consequences of Debt Settlement

    People want to pay their debts. If there is one thing I have learned over the last 11 years of practicing law is that people generally want to pay the debts that they have incurred. People usually hire me when they simply can’t.

    / Dec 12, 2014 at 9:00 AM
  • 600px-US-SecuritiesAndExchangeCommission-Seal.svg

    Finance, Securities and Exchange Commission

    SEC Charges Eight Audit Firms Charged With Independence Violations

    The broker windows approach of filing groups of actions together which center on common theme is expanding to auditor independence.

    / Dec 11, 2014 at 4:51 PM
  • gavel money


    Orrick’s Financial Industry Week in Review

    ‎On December 2, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

    / Dec 11, 2014 at 3:58 PM
  • Training

    ATL Career Center Survey, Biglaw

    Training: The Key To A Strong Biglaw Culture?

    Not all that we hear about associate training is negative. When there is a strong commitment to training, associates appreciate it.

    5 Comments / / Dec 9, 2014 at 4:29 PM
  • Height Chart

    Biglaw, Boutique Law Firms, Small Law Firms

    Beyond Biglaw: Market Analysis

    If there were a law firm stock market, would you be buying or selling your firm’s shares?

    6 Comments / / Dec 9, 2014 at 10:15 AM
  • welcome-to-detroit-signfrugal-cafecom-RF

    Bankruptcy, Federal Government, Finance, Lawyers

    The Triumph of Art Over The Rational Man Standard

    When I heard that the city of Detroit was going bankrupt, I was intrigued.

    / Dec 8, 2014 at 4:26 PM
  • money in the hands


    Lender-to-thy-Neighbor: P2P Lending in Perspective

    Closely related to the crowdfunding phenomenon has been the evolution of the peer-to-peer (P2P) lending model.1 As the early standard-bearers of P2P prepare to enter the public markets, the model itself is poised for greater industry and regulatory visibility. So what has the undoubtedly impressive growth of P2P revealed thus far and what might it portend for a rapidly shifting and decentralized financial sector?

    / Dec 4, 2014 at 11:23 AM
  • credit cards


    CFPB Issues Proposed Rules for Prepaid Products

    On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed new rules for prepaid accounts, to be effectuated through amendments to the regulations implementing the Electronic Fund Transfer Act and the Truth in Lending Act (Regulation E and Regulation Z, respectively). The proposed rules can be accessed here. The CFPB’s press release regarding the proposed rules can be accessed here. Comments to the proposed rules must be submitted within 90 days of the date the proposed rules are published in the Federal Register. The proposed rules are a follow-up to the advanced notice of proposed rulemaking regarding prepaid cards issued by the CFPB in May 2012.

    / Dec 2, 2014 at 10:59 AM
  • Thinking of money


    Year-End Tax Planning 2014

    Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year). These breaks include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line-deduction for qualified higher education expenses; tax-free IRA distributions for charitable purposes by those age 70-1/2 or older; and the exclusion for up-to-$2 million of mortgage debt forgiveness on a principal residence. For businesses, tax breaks that expired at the end of last year and may be retroactively reinstated and extended include: 50% bonus first year depreciation for most new machinery, equipment, and software; the $500,000 annual expensing limitation; the research tax credit; and the 15-year write-off for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.

    / Nov 21, 2014 at 9:57 AM
  • Please come work for Kirkland.


    SEC Scrutiny of Crowdinvesting Sites Not Registered as Broker-Dealers

    On November 10, 2014, the SEC announced a settlement with Eureeca Capital SPC, which is a crowdinvesting portal incorporated in the Cayman Islands. Eureeca’s website seeks to match foreign-based issuers with investors interested in making equity investments. The website provides information about various issuers and their offerings. This information was accessible to U.S. residents, despite the fact that the securities offered through the site were not registered with the SEC. In alleging that Eureeca violated Section 5 of the Securities Act by offering unregistered securities for sale, the SEC noted that Eureeca took no steps to comply with the exemption from registration found in Rule 506(c). Specifically, the SEC alleged that Eureeca took insufficient steps to confirm that the U.S. investors were accredited investors. The SEC also alleged that Eureeca was acting as an unregistered broker-dealer by, among other things, (i) encouraging investments in the offerings on its site, (ii) completing the final legal requirements for the transaction (i.e. accommodating the swap of funds for equity), and (iii) receiving a percentage of the funds from all fully funded offerings as a fee.

    / Nov 19, 2014 at 11:02 AM
  • bankruptcy RF

    Bankruptcy, Finance

    When Things Do Not Go As Planned In A Bankruptcy Sale

    Buying distressed assets is big business. Many distressed assets are acquired through the seller’s Chapter 11 bankruptcy case. In those instances, a buyer will enter into a purchase and sale agreement with the seller/debtor and the agreement is generally subject to notice and opportunity for overbids by third parties and ultimate bankruptcy court approval.

    The somewhat problematic issue is determining what rights or obligations, if any, do the parties have under the agreement between the date of execution and the date the Court enters an order approving the sale? This is precisely the issue the parties encountered in the chapter 11 bankruptcy case of Hot Dog on a Stick, which is pending before the U.S. Bankruptcy Court for the Central District of California.

    / Nov 12, 2014 at 3:23 PM
  • Law and money


    Financial Services Weekly News Roundup – November 2014

    The Day After: There are still a few undecided races but we know that Republicans will control the House and the Senate in the next session of Congress. This may provide an opportunity for more bipartisan legislation in the financial services area. There is reason to hope that Congress will be able to pass legislation that President Obama will sign that could soften some of the hard edges of the Dodd-Frank Act, such as the effect of regulations intended for large banks on small and regional banks, the application of SIFI rules to insurance companies, the regulation of end-users of derivatives, the broad definition of municipal advisor and the required disclosure of the origin of conflict minerals. In addition, the SEC may now adopt, pare back or drop some proposals that have been on hold, like the crowdfunding rules, amendments to Rule 506 and Form D, and fiduciary standards for brokers. Whatever happens, we’ll be here to cover it.

    / Nov 10, 2014 at 12:56 PM
  • concept of bankruptcy

    Bankruptcy, Federal Government, Finance

    Despite Earlier Ruling, Stockton Judge Confirms Plan Leaving Pension Obligations Intact

    One month ago, Judge Christopher Klein ruled in the city of Stockton, CA bankruptcy case that public employee pension obligations can be impaired in municipal bankruptcy cases under Chapter 9 of the Bankruptcy Code. Last week, however, Judge Klein approved the plan of adjustment for Stockton that left public pension obligations intact over the vociferous objection of Franklin Investments, a major city bondholder whose claim was substantially reduced.

    / Nov 10, 2014 at 11:32 AM
  • 2nd Circuit, Books, Holidays and Seasons, Murder, Non-Sequiturs, Ruth Bader Ginsburg, Wall Street

    Non-Sequiturs: 10.31.14

    * Thanks to Wonkette for pointing out that we were on this whole Ruth Baby Ginsburg thing last year. [Wonkette]

    * Speaking of our legally themed Halloween costume contest, please send us your nominations. [Above the Law]

    * Salacious allegations about a high-flying investment banker invite comparisons to The Wolf of Wall Street. [Dealbreaker]

    * The Second Circuit puts a stop to a legal challenge to the stop-and-frisk settlement. [How Appealing]

    * You’d expect a former lawmaker to have a better understanding of… the law. [Lexington Herald-Leader]

    * The Wall Street Journal reviews Paul Barrett’s new book (affiliate link) about the never-ending Chevron/Ecuador litigation. [Wall Street Journal]

    * Speaking of the Chevron/Ecuador matter, here’s more about the Canadian Bar Association’s controversial involvement, which Canada columnist Steve Dykstra covered earlier. [rabble.ca]

    * Some thoughts from Jonathan Mermin on something lawyers see every day: bad arguments. [Green Bag]

    * Here’s a great new resource for our fellow aficionados of appellate arguments. [Free Law Project]

    2 Comments / / Oct 31, 2014 at 4:47 PM