Earlier this month in Marion v. TDI, Inc., the Court of
Appeals for the Third Circuit overturned a $32.7 million jury
verdict against defendants accused of deepening the insolvency of
Bentley Financial Services ("BFS") by giving it access to
more cash and investors. The suit was brought by the receiver for
BFS, a Pennsylvania corporation, after BFS's chief officer used
the corporation to run a Ponzi scheme for five years, defrauding
more than 200 investors and causing $375 million in losses. The
receiver claimed that the defendants, together with BFS's chief
officer, had harmed the corporation by saddling it with additional
liability to victims of the scheme.
Robert Bentley formed BFS in 1986 to broker bank-issued
certificates of deposit (CDs). Bentley also later formed Entrust
Group, a Pennsylvania sole proprietorship to act as custodian on
BFS-brokered transactions....
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On Wednesday, April 7, 2010, the U.S. Securities and Exchange Commission (SEC) announced proposed revisions to Regulation AB and other rules, including Rule 144A and Regulation D, regarding the offering process, disclosure and reporting requirements for asset-backed securities (the Proposed Rule).
Under Turkish law, in order to establish a pledge over moveable assets, physical possession of such assets shall be transferred to the pledgee in order to perfect the pledge.
The Securities and Exchange Commission announced July 21, 2010, that its staff was proposing a new rule and rule amendments that would place limits on the cumulative sales charges investors pay and encourage competition by allowing funds to permit broker-dealers to establish their own sales charges.
On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") which significantly amends Federal oversight of the financial industry.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted on July 21, 2010 (the "Act"), will have a substantial impact on the investment management industry.
On July 21, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Financial Reform Act), which includes new whistleblower protections that could potentially increase reporting of alleged Foreign Corrupt Practices Act (FCPA) violations.
Demerger of the capital stock companies is a model of restructuring of the companies. Despite of being an important part of the Commercial Law, demergers were not regulated under Turkish Commercial Code.
The historic Dodd-Frank Wall Street Reform and Consumer Protection Act passed last week by the Senate and signed into law on Wednesday, July 21, 2010 by President Obama, includes among its many provisions sweeping amendments to the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 (Exchange Act).
