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Results: 1-10 of 78

Court gives preliminary approval to Merrill Lynch's settlement of a subprime-related securities class action

  • Locke Lord LLP
  • -
  • USA
  • -
  • September 18 2009

On August 24, 2009, the US District Court for the Southern District of New York preliminarily approved a $150 million settlement of a subprime-related securities class action pending against Merrill Lynch and several of its directors and officers styled, Louisiana Sheriff's Pension and Relief Fund v. Conway et al

Second Circuit allows securities fraud claim alleging misrepresentations regarding nature, but not amount, of mutual fund’s fees

  • Locke Lord LLP
  • -
  • USA
  • -
  • April 27 2010

The Second Circuit recently overturned the Southern District of New York’s dismissal of a claim under 10(b) Securities Exchange Act of 1934 relating to management fees charged to a mutual fund in Operating Local 649 Annuity Trust Fund v. Smith Barney Fund Management LLC

Second Circuit upholds dismissal for advisor who recommended Bayou Group hedge fund

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2009

In a highly anticipated decision, the United States Court of Appeals for the Second Circuit affirmed last week that investment advisor Hennessee Group LLC could not be liable on the claims asserted by one of its clients for recommending that the client invest in a hedge fund that turned out to be nothing more than a Ponzi scheme perpetrated by Bayou Group LLC

White House proposes SEC registration and oversight of private equity, venture capital and hedge fund advisors

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 21 2009

The White House proposed legislation to Congress last week that would require investment advisors to private equity, venture capital and hedge funds with more than $30 million in assets under management to register with the Securities and Exchange Commission (SEC

Treasury Department sends systemic risk regulation proposal to Congress, and other financial regulatory overhaul news

  • Locke Lord LLP
  • -
  • USA
  • -
  • July 24 2009

On Wednesday, July 22, 2009, the Treasury Department sent draft legislation to Capitol Hill that would bring all financial firms under federal supervision and regulation, and would establish a new regulatory council the Financial Services Oversight Council to identify and manage emerging risks

Court of Appeal considers parallel proceedings and non-exclusive jurisdiction clauses

  • Locke Lord LLP
  • -
  • United Kingdom
  • -
  • July 30 2009

In Highland Crusader Offshore Partners v Deutsche Bank AG (2009 EWCA Civ 725) the Court of Appeal considered the operation of a non-exclusive jurisdiction clause, whereby the parties submitted to English jurisdiction (but were not permitted from proceeding in another country of competent jurisdiction), against the background of proceedings in Texas and London

Financial Services Authority responds to Conservative Party's plan to abolish it

  • Locke Lord LLP
  • -
  • United Kingdom
  • -
  • August 3 2009

On 20 July 2009 the opposition Conservative party published a White Paper entitled 'Plan for Sound Banking' which proposes an overhaul of financial regulation, including the abolition of the FSA

Financial Services Authority confirms changes to the rules for approved persons

  • Locke Lord LLP
  • -
  • United Kingdom
  • -
  • August 4 2009

On 27 July 2009, the Financial Services Authority (the FSA) issued PS0914: "The approved persons regime - significant influence function review" (the Policy Statement) confirming that it will extend the approved persons regime for those that perform a 'significant influence' function at firms

Financial Services Authority punishes failure to protect confidential customer information with hefty fines

  • Locke Lord LLP
  • -
  • United Kingdom
  • -
  • July 27 2009

On 22 July 2009 three HSBC companies: HSBC Life UK Ltd; HSBC Actuaries and Consultants Ltd; and HSBC Insurance Brokers Ltd, were fined £1.6m, £875,000, and £700,000 respectively by the UK Financial Services Authority (FSA

Hedge fund closes two of its funds and liquidates holdings

  • Locke Lord LLP
  • -
  • USA
  • -
  • September 3 2009

According to press reports, Atticus Capital announced recently that it would shut down two of its three funds and liquidate their $3 billion in holdings