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March 21, 2013
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Legal News in Brief

  Corporate Spotlight 
  • Treasury: Money-laundering rule won't be one-size-fits-all
    The Treasury Department says it will issue a proposal in the coming weeks requiring financial institutions to report the true owners of certain accounts. The forthcoming rule, which Treasury announced early last year, is part of a regulatory push to uncover efforts to launder money. David Cohen, undersecretary for terrorism and financial intelligence, said the rule will call for varying degrees of detail. "There is a recognition that the financial sector is complex, and one-size-fits-all is not suitable here," he said. Reuters (3/20) LinkedInFacebookTwitterEmail this Story
  • Hedge fund directors worry about FATCA
    The Foreign Account Tax Compliance Act is a large concern for many hedge fund directors, according to an industry poll. "These managers went from light regulation to having to comply with significant new regulations, reporting requirements and government oversight," respondent Derek Delaney said. "This stretched many investment managers from an operational support perspective." The Wall Street Journal/Corruption Currents blog (3/19) LinkedInFacebookTwitterEmail this Story
  National News 
  Legislative Dispatch 
  • Senate passes stopgap bill to head off government shutdown
    Senators have approved legislation to avert a government shutdown next week. The measure must be approved by the House, where Appropriations Committee Chairman Hal Rogers, R-Ky., says he thinks the bill has enough support to pass. The measure would fund government programs and agencies through Sept. 30. The Washington Post (3/21), Reuters (3/20) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  Supreme Court and Federal Court Watch 
  • High court resolves jurisdictional issue in class action cases
    In a unanimous decision, the Supreme Court sided with businesses in a dispute over class action lawsuits. The case was related to the Class Action Fairness Act, which stipulates that federal courts have jurisdiction in class action cases when the amount at issue exceeds $5 million. The lead plaintiff in an Arkansas insurance case promised that a lawsuit would not seek money in excess of that threshold. But the Supreme Court determined the plaintiff was unable to make a binding promise to that effect on behalf of other plaintiffs. The Wall Street Journal/Law blog (3/19) LinkedInFacebookTwitterEmail this Story
  • Supreme Court considers generic-drug liability case
    The Supreme Court heard arguments on Tuesday in a case involving Mutual Pharmaceutical, considering whether generic-drug makers can be held liable under state law for alleged flaws in the designs of drugs. Justices questioned if the federal Food, Drug and Cosmetic Act, the federal mandate that requires generics to have the same design as the brand-name version, inhibits plaintiffs from making such claims under state law. Federal law surpasses state law claims as the drug has already obtained approval from the FDA, Mutual argued. A decision is anticipated by the end of June. Reuters (3/19), The Wall Street Journal (3/19) LinkedInFacebookTwitterEmail this Story
  Other Legal News 
  • Report: Number of securities class action settlements fell in 2012
    Last year's number of settlements in securities class action lawsuits was the lowest in 14 years, but the value of the average settlement jumped to $54.7 million, according to a report. "Based on the volume of recent securities class action filings, the unusually low number of settlements reported in 2012 is unlikely to persist in the future," according to Laura Simmons of Cornerstone Research. Bloomberg (3/20) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • How to break free from the pack
    Getting that first promotion will require you to rise above the other talented people in your organization, John Beeson writes. Demonstrate the ability to marshal company resources by identifying and fixing inefficiencies; in the process, you might need to build inroads into other departments. "If you think all this sounds like extra work, you're absolutely right ... those who emerge from the pack will be the ones willing to go the extra mile," he writes. Harvard Business Review online/HBR Blog Network (3/18) LinkedInFacebookTwitterEmail this Story
  • 3 ways to be more assertive
    Bosses can't get away with failing to assert themselves, writes Joel Garfinkle. It's important to acknowledge, address and overcome social anxieties and to have confidence in your ideas. "We all have times when we'd prefer to be low key. But if this is a pattern [that] is getting in the way of upward mobility, you need to take corrective action," Garfinkle writes. SmartBrief/SmartBlog on Leadership (3/18) LinkedInFacebookTwitterEmail this Story

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  PLI News 
  • Monsanto Shines Before the U.S. Supreme Court
    Last week, the Supreme Court heard oral arguments in the matter of Bowman v. Monsanto, a case in which a farmer who did not want to buy Monsanto's patented seed took steps to get the seed anyway. According to Gene Quinn, things did not start well for Bowman on his day in court, and in fact got much worse as the justices hammered his lawyer with questions. On PLI's Patent Law Practice Center, Quinn discusses the case. LinkedInFacebookTwitterEmail this Story
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