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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


Treasury Department releases proposal to create Office of National Insurance
  • Locke Lord LLP
  • USA
  • July 24 2009

On Wednesday, July 22, 2009, the Obama Administration sent draft legislation to Capitol Hill that would create an Office of National Insurance within the Treasury Department


NY appellate court: insurer’s disclaimer timely and proper despite lack of prejudice resulting from insured’s late notice of claim
  • Locke Lord LLP
  • USA
  • July 22 2009

On July 10, 2009, the appellate division reversed the motion court’s ruling in Sevenson Envtl. Serrvices, Inc. v. Sirius Am. Ins. Co., Case No. 0226008 (4th Dept.), and held that (1) the insured’s 15-month delay in providing notice of the claim was unreasonable as a matter of law; (2) the insurer need not prove that it was prejudiced by the insured’s untimely notice to disclaim coverage; and (3) the insurer’s disclaimer of coverage on late notice grounds 24 days after receiving notice of the claim was timely as a matter of law


California appellate court applies government contractor immunity defense to boilers on naval vessels in asbestos-related decision
  • Locke Lord LLP
  • USA
  • September 24 2009

Earlier this month, a California appellate court held that the government contractor immunity defense applies to a boiler manufactured to United States Navy specifications, shielding the manufacturer from a design defect claim


PCI compliance survey finds companies need improvement
  • Locke Lord LLP
  • USA
  • October 2 2009

The Ponemon Institute recently published a survey on Payment Card Industry Data Security Standards ("PCI DSS") compliance


Financial regulatory reform outlook
  • Locke Lord LLP
  • USA
  • October 1 2009

Though currently shadowed by healthcare reform efforts that have dominated the congressional schedule this fall, the push to enact a financial regulatory overhaul has been making steady progress in Congress


Virginia issues guidance on information security program requirement
  • Locke Lord LLP
  • USA
  • October 2 2009

The Virginia State Corporation Commission Bureau of Insurance (the "Bureau") recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties


Bipartisan agreement on healthcare reform remains elusive; Democrats considering splitting bill into two pieces
  • Locke Lord LLP
  • USA
  • August 21 2009

The first half of the month-long congressional recess has significantly dimmed hopes for a bipartisan agreement on healthcare reform in the Senate, due to contentious, rancorous town hall meetings and new polls suggesting eroding public support for the Democrats’ healthcare reform proposals