President Barack Obama signed the Investor Protection and Securities Reform Act of 2010 (the Act), also known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, into law on July 21, 2010.
What the Financial Reform Act means for public companies
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Circular beach towel's trademark is invalid (Kelley Drye & Warren LLP)
In the late 1980s, Clemens Franek sought and received trademark registration status for his "radical" round beach towel.
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Western District of New York upholds non-compete and grants TRO (Seyfarth Shaw LLP)
Plaintiff IDG USA, LLC (“IDG”), a Georgia company with its principal place of business in North Carolina, commenced an action against a former employee, Kevin J. Schupp (“Schupp”), a New York resident, alleging breaches of a Non-Compete Agreement, breach of a Confidentiality Agreement, unfair competition, and theft of trade secrets.
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Shutting down corporate pick-pockets (Gardere Wynne Sewell LLP)
A 10-year employee accounting manager systematically transfers amounts via ACH to her personal checking account.
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Employer wins “cat's paw” case (Foley & Lardner LLP)
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Massachusetts personnel records statute amended to require employers to notify employees when negative information is placed in personnel records (Goodwin Procter LLP)
Massachusetts recently enacted an economic development statute which contains an important amendment to the Massachusetts Personnel Records Statute, G.L. c. 149, § 52C.
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When the hedge fails (Day Pitney LLP)
Hedge-fund managers can become fiduciaries of their investors, opening them up to prosecution under the antifraud provisions of the federal Investment Advisers Act, 15 U.S.C. § 80b-6.
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SEC adopts controversial proxy access rules (McDermott Will & Emery)
After the enactment of the Dodd-Frank financial reform bill confirmed its authority to do so, the SEC moved quickly and has adopted proxy access rules—though the debate on this issue is far from over.
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The abolition of the FSA? (Mills & Reeve LLP)
In his Mansion House speech George Osborne, the Chancellor of the Exchequer, said he would abolish the Financial Services Authority and give most of its power to the Bank of England, undoing the regulatory system set up by Gordon Brown when the Labour party came to power in 1997.
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Madoff and charities: some due diligence on the investment adviser for Howard Hughes Medical Institute - Ivy Asset Management LLC - Installment 34 (Fox Rothschild LLP)
This is the thirty-fourth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal.
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SEC adopts final proxy access rules (Cleary Gottlieb Steen & Hamilton LLP)
On August 25, the SEC adopted final "proxy access" rules by a 3-2 vote.
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Western District of New York upholds non-compete and grants TRO (Seyfarth Shaw LLP)
Plaintiff IDG USA, LLC (“IDG”), a Georgia company with its principal place of business in North Carolina, commenced an action against a former employee, Kevin J. Schupp (“Schupp”), a New York resident, alleging breaches of a Non-Compete Agreement, breach of a Confidentiality Agreement, unfair competition, and theft of trade secrets.
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The Court of Appeal provides guidance on the rules on equitable set-off; Geldof Metaalconstructie NV v Simon Carves Ltd (2010) (Mills & Reeve LLP)
Set-off effectively allows one person to deduct from sums he owes to another, amounts that the other person owes to him.
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Phone cards found to be misleading and deceptive (Blake Dawson)
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When the hedge fails (Day Pitney LLP)
Hedge-fund managers can become fiduciaries of their investors, opening them up to prosecution under the antifraud provisions of the federal Investment Advisers Act, 15 U.S.C. § 80b-6.
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SEC staff provides money market funds with no-action relief from the NRSRO designation requirements of Rule 2a-7 (Drinker Biddle & Reath LLP)
The staff of the Securities and Exchange Commission (Commission) has issued a no-action letter to the Investment Company Institute stating that it would not recommend that the Commission institute an enforcement action under section 2(a)(41) of the Investment Company Act of 1940 (1940 Act) if a money market fund board did not designate nationally recognized statistical rating organizations (NRSROs) or make related disclosures in its statement of additional information (SAI) before the Commission has completed its review of rule 2a-7 required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
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Federal court dismisses investors’ claims against auditors of Madoff feeder funds (Drinker Biddle & Reath LLP)
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IRS concedes on certain FICA refund claims for medical residents (Drinker Biddle & Reath LLP)
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Corporate citizenship simplified: The Hertz Corp. v. Friend (Drinker Biddle & Reath LLP)
The U.S. Supreme Court has brought clarity and predictability to an area of law that seldom can boast either.
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