Securities and Exchange Commission
The broker windows approach of filing groups of actions together which center on common theme is expanding to auditor independence.
On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) voted 3–2 to significantly amend the regulatory framework of money market mutual funds (MMFs), particularly Rule 2a-7 under the Investment Company Act of 1940, as amended (the 1940 Act).1 These changes come four years after the SEC last adopted several amendments to Rule 2a-7 and follow a lengthy debate surrounding MMF reform among regulators and industry participants. The amendments and related regulations will drastically alter the MMF industry and force MMFs and their boards of directors and advisers to make substantial changes to their product offerings, operations, and compliance processes.
For about the 40th time in the last five years, Kinney Recruiting’s got a team flying to Hong Kong for visits with clients and candidates. Please feel free to reach out to Evan and Robert at firstname.lastname@example.org and set up a meeting with them if you would like to discuss your career and the market.
As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which petitions for certiorari are currently pending before the Court. As discussed below, these cases raise significant questions concerning the standards for claims under Section 11 of the Securities Act of 1933, prosecution of insider trading, and the scope of disgorgement penalties in an SEC enforcement action. We also discuss IndyMac, another securities case that had been scheduled to be heard as the first case of the new term on October 6th, but was abruptly dismissed by the Court earlier this week.
* Law student wants some goddamned pizza. [Huffington Post]
* Elie called for ExamSoft to refund the victims in the so-called #Barghazi incident. Now there’s a petition for that. [Change.org]
* Litigiousness: now in infographic form! [Thomas Barry Solicitors]
* In New York, an appellate court upheld a decision requiring a bank to forfeit interest and attorney fees for dragging out a foreclosure settlement conference through 18 court dates spanning 16 months. If you outlaw needlessly dragging out litigation to bully the other side, only outlaws will drag out litigation to bully the other side. [WiseLawNY]
* The importance of the Sarah Jones appeal. [The Legal Blitz]
* If you’re looking for a job, the SEC is announcing a new initiative to hire a bunch of lawyers. Including lawyers from the class of 2015! [USAJobs]
* Jury duty is the only major civic duty that no one ever talks about. Professor Andrew Ferguson would like to change that by encouraging jurors to speak up about their experience. Enjoy learning how the sausage of justice is made! [Huffington Post] * Verizon threatens to sue Netflix for honestly reporting how bad Verizon’s […]
* Sad day for Jonathan Lee Riches. His lawsuit over Johnny Manziel’s penis has been thrown out of court. [Black Sports Online]
* Hot on the heels of yesterday’s item about SCOTUS porn parties, Professor Tribe guest blogs about his new book (affiliate link) and coercion, bribery, and influence. [The Volokh Conspiracy / Washington Post]
* Former Brooklyn DA and aspiring TV star Charles Hynes is staring down larceny accusations. [Gothamist]
* Texas basically assigns a cop to actively discourage investigate indigent parties seeking assigned counsel. [Socialist Gumshoe]
* The Supreme Court doesn’t like talking about patents — its opinions on the subject are getting shorter and shorter. [Patently-O]
* A lawyer is in hot water for allowing underaged drinking at a post prom party. The point was to keep the kids from driving. But no good deed goes unpunished. [Turn to 10]
* An interesting profile of one of my favorite professors, Ken Feinberg, labeling him “the lawyer who decides what a life is worth.” Yikes. [KDVR]
* The business strategy of just telling clients what they want to hear deflates. [Dealbreaker]
* Who says no one reads law reviews? The porn industry does and they really like this student Note. [XBiz]
* This is why we can’t have nice things. Second Circuit explains that if a revolving door agency of sycophants says it’s OK, it’s OK. Full opinion below…. [New York Times]
Blogging, California, Crime, Dewey & LeBoeuf, Gay Marriage, Law Professors, Media and Journalism, Morning Docket, Politics, SCOTUS, Securities and Exchange Commission, Securities Law, State Judges Are Clowns, Supreme Court, Ted Olson
* “I don’t think the government should be in the credentialing business.” Thanks to the whims of politicians, SCOTUSblog is having trouble getting media credentials to continue its coverage of the Supreme Court’s cases. [New York Times]
* How you like me now? In Redeeming the Dream (affiliate link), a new book co-authored with David Boies, Ted Olson says he experienced “some blowback” when he announced he was taking on the Prop 8 gay marriage case. [WSJ Law Blog]
* Steve Davis and Steve DiCarmine of failed firm fame think it’s “unfair” they have to defend themselves in a criminal case and an SEC case at the same time. They want the SEC case to be halted. Dewey think the judge will say yes? [Law360 (sub. req.)]
* Back in 2011, Pillsbury decided to ship its back-office operations to Nashville, and now it’s hiring a small contingent of lawyers to work there. FYI, an Ivy League degree may not be necessary. [Washington Post]
* Only in Florida would a judge allegedly challenge a public defender to a fight out back during a hearing and start throwing punches. We’ll definitely have more on this fiasco later today. [WFTV Eyewitness News]
* Peter Mutharika, a former law professor who taught at Washington University in St. Louis Law for about 40 years, is now the new president of Malawi, where it’s illegal to fart. Congrats! [St. Louis Post-Dispatch]
The adage that law turns slowly does not hold in eDiscovery. This year saw unprecedented sanction awards for falling behind the curve. Courts did not hesitate to engage with advanced and nuanced technological issues. For lawyers and other eDiscovery professionals who plan on maintaining basic competence, these cases and trends shouldn’t be overlooked. For a full exploration of trends and developments in this area of case law, check out this on-demand webinar.
* As you may have heard, Apple is buying Beats Electronics for $3 billion. Apple is being represented by Weil, but don’t worry, no one forgot about Dre — he’s got Munger Tolles and Skadden Arps on his side. [Am Law Daily]
* Haynes and Boone will have a new managing partner as of January 1, 2015, and to make sure he fulfills the good old Texas stereotype of things being bigger, he wants to grow the hell out of the firm’s Houston office. [Dallas Business Journal]
* Stephanie Avakian, a WilmerHale partner in the New York office, was tapped by the Securities and Exchange Commission to become its deputy director of enforcement. Yay! [DealBook / New York Times]
* “We can’t turn law schools into graduate school for the study of law,” says a law prof who thinks legal education is straying from being professional education. Aww, write a paper about it. [Harvard Crimson]
* A Los Angeles couple has been accused in the hit-and-run death of Judge Dean Pregerson’s son. The judge isn’t “looking for blood,” but some jail time would probably help. [L.A. Now / Los Angeles Times]
* “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]
* The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]
* Mary Jo White of the SEC promised to dust off an often ignored — but “potentially  very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]
* We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]
* If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]
* Pet therapy? This is what you’re doing with your time? This is why Cardozo can’t have nice things. [Cardozo Law]
* Nobody likes name-calling, but opting for the death penalty just because you don’t want to be called “retarded”? That’s, um, what’s the word I’m looking for? [Cincinnati Enquirer]
* Remember when Mary Jo White was going to bring teeth to the SEC? Well, that’s all over. [New Republic]
* Live tweeting a prostitution sting. Yeah there’s no way this could go wrong. [Slate]
* Law student says cops beat him so hard he lost a testicle. Um. That’s horrible. [KOB]
* Do you fancy yourself a funny lawyer? Then enter New York’s Funniest Professional competition. Lawyers square off later this month. [Gotham Comedy Club / Manhattan Comedy School]
* Judge sentences rapist to 45-days and community service… working in a rape crisis center. How could anyone be this tone-deaf? Oh, it’s in Texas? Never mind. [CNN]
* California lawyers now must promise to be courteous. Play nice, kids. [LA Times]
* Finally, it’s time to wish a happy birthday to Winston & Strawn’s Jonathan Amoona, who was on the 2014 Forbes 30 Under 30 list. I guess he won’t be anymore. His 30th birthday invitation went out to the managing partner and a bunch of the top rainmakers, which isn’t toolish at all. The invite is available after the jump….
Now this is how you walk out the door…
* DEA Administrator decides to up the ante on the stupidest argument against marijuana legalization ever: it’s harmful to dogs. The DEA’s plan to ban chocolate is still in draft. [The Volokh Conspiracy / Washington Post]
* Everyone’s up to date on the Florida lawyer and right-wing congressional candidate with the vampiric cosplay rape fantasies, right? Okay good. [Gawker]
* Jurors say police used excessive force but that the beating didn’t injure the plaintiff. In other news, Florida has a senility problem. [The Florida Times-Union]
* Did anybody notice that Chief Justice Roberts — the author of Shelby County — opened McCutcheon by labeling the right to participate in electing leaders as fundamental with absolutely no irony. [Reuters]
* Anti-gay job discrimination may already be illegal. [Slate]
* The bad economy pits criminal defense lawyers against each other. They shouldn’t do that. [Katz Justice]
* The SEC doesn’t have to abide by the Brady rule and Mark Cuban’s not happy about it. [Wall Street Journal]
Additional information about defendant number 4 in the Dewey criminal case, including testimonials from people who know him and information about his family’s finances.
What do we know about this handsome and highly accomplished young lawyer? He’s extremely bright and he’s legal-world aristocracy, for starters.
Brainstorming some reasons why these charges were brought by the D.A. and not the U.S. Attorney.