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CASE BRIEFS
A New York trial court will decide whether the 'disgorgement' portion of the largest securities regulatory settlement in history is covered under a $100 million Professional Liability policy. In a time of increasingly aggressive securities regulation the court's decision will likely have a wide impact on firms that have or are considering regulatory settlements.
The case stems from an investigation by the Securities and Exchange Commission and the NASD into how Credit Suisse First Boston (CSFB) allocated shares in 'hot' IPOs for which it served as an underwriter. In a civil suit filed in January 2002, the SEC charged that CSFB had violated federal securities laws and regulations as well as NASD rules by allocating IPO shares to customers who agreed to pay excessive commissions in unrelated securities transactions. Shortly after the suit was filed CSFB agreed to settle. Without conceding any of the SEC's substantive allegations, CSFB nevertheless consented to the entry of a permanent injunction against 'sharing profits of CSFB customers in exchange for allocations of shares in [IPOs] underwritten by CSFB.' It also agreed to make payments of $100 million to the U.S. Treasury, the SEC and the NASD. Of that amount, $30 million was deemed to be a 'civil penalty' and $70 million was deemed to represent 'disgorgement of monies obtained improperly by CSFB ' '
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.