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New California Law Will Restrict Cities' Access To Bankruptcy Under Chapter 9
Like many other states, California is in the midst of a financial crisis often referred to as "the next Greece." California’s fiscal crisis has heightened fears that its other cities or municipal agencies will follow the City of Vallejo into federal bankruptcy protection under Chapter 9 ("Chapter 9") of Title 11 of the United States Code (the "Bankruptcy Code").
United States
27 Oct 2011
Federal District Court Grants in Part Motion to Dismiss Securities Lending Case
In "Diebold, et al. v. Northern Trust Investments N.A., et al.", No. 09-c-1934 (N.D. Ill. Sept. 7, 2010), the U.S. District Court for the Northern District of Illinois granted in part and denied in part a motion to dismiss ERISA breach of fiduciary duty and prohibited transaction claims involving an investment manager’s securities lending program.
United States
4 Oct 2010
ARRA Update from Council of Economic Advisors
The President’s Council of Economic Advisors (the "CEA") released its latest quarterly report on July 14, 2010, regarding the impact of the American Recovery and Reinvestment Act of 2009 ("ARRA").
United States
20 Sep 2010
Federal District Court Dismisses with Leave to Amend Derivative Suit Based on Alleged Unlawfulness of Asset-Based Rule 12b-1 Payments by Mutual Fund Distributor to Selling Broker-Dealers
The U.S. District Court for the Northern District of California granted a motion to dismiss sought by a mutual fund distributor and the fund’s independent trustees in a derivative suit brought by a fund shareholder alleging (a) a violation of Section 47(b) of the Investment Company Act of 1940, as amended (the "1940 Act"), by the distributor, and (b) state law claims of (i) breach of contract by the distributor, (ii) breach of fiduciary duty by the defendant trustees, and (iii) waste of fund ass
United States
16 Jun 2010
Quartlery Financial Services Alert - May 11, 2010
Round-up of issues during the most recent quarter.
United States
13 May 2010
FinCEN Adopts Rule To Expand Section 314(a) Information Sharing Procedure
The U.S. Treasury Department’s Financial Crimes Enforcement Network ("FinCEN") adopted a rule (the "Final Rule") to expand the range of law enforcement agencies eligible to make requests for information under the information sharing procedures adopted by FinCEN pursuant to Section 314(a) of the USA Patriot Act.
United States
17 Feb 2010
FDIC Issues Letter Extending Supervisory Procedures For De Novo FDIC - Supervised Depository Institutions
The FDIC issued a financial institution letter (FIL-50-2009, the “Letter”) in which it advised the banking industry that it was extending its special supervisory period for "de novo" state member depository institutions (“DIs”) from three to seven years.
United States
2 Sep 2009
Treasury Releases Interim Final Rule On Compensation And Corporate Governance Standards For TARP Recipients
The Treasury has released an interim final rule on compensation and corporate governance standards for Troubled Asset Relief Program (“TARP”) recipients (the “Interim Final Rule”).
United States
23 Jun 2009
Eighth Circuit Reverses District Court Dismissal Of Mutual Fund Excessive Fee Suit
The U.S. Court of Appeals for the Eighth Circuit (the “Appeals Court”) reversed a decision by the District Court for the District of Minnesota (the “District Court”) in which the District Court dismissed plaintiffs’ claims in a shareholder suit brought against an investment adviser (the “Adviser”) alleging that the fees the Adviser charged 11 mutual funds (the “Funds”) violated Section 36(b) of the Investment Company Act of 1940, as amended (the “1940 Act”).
United States
21 Apr 2009
Opportunities For Real Estate Funds In Troubled Assets Program
This week, the U.S. Treasury announced the much-anticipated details of the Public Private Investment Program (“PPIP”) that was introduced in summary form by Treasury Secretary Timothy Geithner last month.
United States
30 Mar 2009
Treasury Releases Details On Public-Private Investment Program Targeted At Troubled Assets
The Treasury announced further details on its Public-Private Investment Program (“PPIP”), which is a component of the Financial Stability Plan.
United States
25 Mar 2009
Treasury Unveils The Capital Assistance Program
Today the Treasury announced the terms for the Capital Assistance Program (“CAP”), which is the new capital assistance program that was announced as part of the Financial Stability Plan on February 10th.
United States
26 Feb 2009
Obama Administration Announces Homeowner Affordability And Stability Plan
The Obama administration unveiled the Homeowner Affordability and Stability Plan (“HASP”), which is part of the Financial Stability Plan (“FSP”).
United States
25 Feb 2009
Recently Announced Financial Stability Plan To Include Support For Purchase Of CMBS
In Goodwin Procter’s November 2008 Real Estate Capital Markets Advisor, we presented thoughts on the then current economic environment relating to the commercial real estate industry, focusing principally on mortgage debt.
United States
16 Feb 2009
Real Estate Activities Under The Framework Of The Bank Holding Company Act: Limits And Opportunities
In the last two months, a number of firms – ranging from American Express to Goldman Sachs to Merrill Lynch – either have chosen to become bank holding companies (“BHCs”) or have become subsidiaries of BHCs.
United States
15 Jan 2009
Strategies For Responding To Liquidity Needs Of Investors In Real Estate Funds
As a result of the current economic downturn and global economic credit crisis, some investors find themselves over-allocated to investments in private real estate funds because their private real estate investments have not been written down in value to the same degree as their public investments (the so-called “denominator effect”).
United States
9 Jan 2009
SEC Staff Grants No-Action Relief Allowing Non-U.S. Funds To Participate With Affiliated U.S. Mutual Funds In Joint Credit Facility
The staff of the SEC’s Division of Investment Management (the “Staff”) issued a no-action letter in which it provided assurances that it would not recommend enforcement action under Section 17(d) of the Investment Company Act of 1940.
United States
3 Dec 2008
Portfolio Company Debt: A New Investment Focus
The current freeze in the credit markets and the resulting general downturn in the leveraged buy-out market have led private equity firms to search for new investment opportunities.
United States
2 Dec 2008
FDIC Issues Interim Rule To Implement The Temporary Liquidity Guarantee Program
The FDIC approved an interim rule (the “Rule”) to govern the Temporary Liquidity Guarantee Program (“TLGP”).
United States
29 Oct 2008
Certain Matters For Banking Organizations To Consider When Deciding Whether To Raise Capital Through The Troubled Asset Relief Program’s Capital Purchase Program
The Emergency Economic Stabilization Act of 2008 (the “EESA”), enacted on October 3, 2008, established the Troubled Asset Relief Program (“TARP”), as reported in the October 3, 2008 "Alert".
United States
28 Oct 2008
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