PETER J. BISCONTINI
The United States Court of Appeals for the Second Circuit affirmed decision of district court granting summary judgment in favor of news service on grounds that documents news service requested from Board of Governors of Federal Reserve System pertaining to loans made to private banks were not exempt from disclosure under the Freedom of Information Act because they were neither “obtained from” the borrowing banks nor “privileged or confidential” within the meaning of the Act’s exemption for trade secrets and commercial or financial information.
BY CHRISTIAN EVANS
The financial crisis of 2008 has been called the worst economic disaster since the Great Depression. In the 1930s, during the Great Depression, President Roosevelt looked to Congress to overhaul the financial sector. He wanted the regulatory loopholes that contributed to the crisis sealed off. In response, Congress assembled a bill that was designed to prevent a future financial catastrophe of that magnitude by mandating the separation of commercial and investment banks. It was referred to as the Glass-Steagall Act.
BY KAREN KANE
The Supreme Court of the United States affirmed a judgment of the Court of Appeals for the Third Circuit against Merck & Co. by holding that the complaint filed by the investors was not barred by the limitations period but was timely because the investors had not discovered the scienter facts material to the violation by either actual or constructive discovery.
BY JAMES F. KOEHLER, ESQ. AND P. WESLEY LAMBERT, ESQ.
On July 21, 2010, the President signed into law the most sweeping piece of financial reform legislation experienced by this country since the Great Depression. This legislation, titled the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (the “Dodd-Frank Act”) contains over two thousand pages of legislation ostensibly designed to…
BY JESSE KRUEGER
The United States Court of Appeals for the Third Circuit affirmed denial of class certification to note purchaser on basis that reasonable reliance could not be presumed based on the fraud created the market theory and that the fraud created the market theory does not apply…
BY JAMES W. RATHZ
As the United States financial markets approach the end of the first decade of the 21st century, financial compliance as implemented by the regulated enterprise remains as varied as the businesses subject to regulatory oversight.