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Civil Liability of Rating Agencies
In the wake of the financial crisis, credit rating agencies have been named in dozens of lawsuits by investors seeking to recover on the huge losses suffered when the subprime market collapsed. Despite widely reported shortcomings in recent years, the rating agencies have largely prevailed in these cases on motions to dismiss. In the few cases in which plaintiffs have been allowed to proceed to discovery, it is hardly certain that the rating agencies will face substantial liability for their contribution to the subprime collapse.
While courts have begun to address claims for alleged past misconduct, the new Dodd-Frank Wall Street Reform and Consumer Protection Act relaxes the pleading standard in future private securities cases against rating agencies and rescinds a Securities and Exchange Commission rule which previously exempted rating agencies from liability for false ratings in public registration statements. The new law increases the rating agencies' future exposure to civil liability. Below, we examine how rating agencies have fared in the courts to date and how they might fare under the new rules.
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.
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.
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.
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.
When Is a Repair Structural or Nonstructural Under a Commercial Lease?
A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is "structural" or "nonstructural."