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March 15, 2013
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Legal News in Brief

  Corporate Spotlight 
  • FINRA's Ketchum calls for harmonization of rules
    Investment advisers and brokers should be governed by the same set of rules, and the Securities and Exchange Commission's oversight has fallen short, says Richard Ketchum, the chairman and CEO of the Financial Industry Regulatory Authority. "If investors are to be protected, investment advisers need to be examined regularly and vigorously. It's as simple as that, and it is not happening under our current system," Ketchum said at an industry conference. Taking over supervision of investment advisers, however, is not a priority for FINRA, he has said. The Wall Street Journal (3/14) LinkedInFacebookTwitterEmail this Story
  National News 
  • Congress works on tax-code overhaul
    Bipartisan work on a comprehensive overhaul of U.S. tax law got under way in the Senate Finance Committee with Democrats and Republicans agreeing on one issue: The economy would benefit from eliminating tax breaks worth tens of billions of dollars, they said. They disagree, however, on what to do with the money saved. The Washington Post (3/14) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  • Senate report criticizes JPMorgan risk management
    A Senate Permanent Subcommittee on Investigations report on JPMorgan Chase's derivatives-trading losses is critical of the bank's risk oversight and regulators that permitted the trades. The case "provides a startling and instructive case history of how synthetic credit derivatives have become a multibillion-dollar source of risk within the U.S. banking system," according to the report. CNBC (3/14), Reuters (3/14), The Wall Street Journal (3/14) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • Employers face fines in states that forgo Medicaid expansion
    Employers in states that refuse to expand their Medicaid programs may be liable for up to $1.3 billion in federal fines, according to a report by Jackson Hewitt Tax Service. The Affordable Care Act will penalize employers that don't provide health coverage to workers, but employers are exempt from the penalty if workers qualify for Medicaid. Bloomberg (3/13) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • SEC doesn't have to turn over FINRA documents, court says
    A court ruled this week that documents relating to the Securities and Exchange Commission's oversight of the Financial Industry Regulatory Authority do not need to be disclosed under the Freedom of Information Act. "All the records relating to the SEC's examination reports -- including reports related to the administrative function of FINRA -- are exempt from disclosure under FOIA," U.S. District Judge Beryl Howell wrote in her decision. Reuters (3/14) LinkedInFacebookTwitterEmail this Story
  • Jury in patent lawsuit finds in Cisco's favor
    Cisco Systems has prevailed in a patent-infringement lawsuit brought by VirnetX Holding. VirnetX had alleged that Cisco was violating a VirnetX patent by selling routers for virtual private networks. Three years ago, VirnetX obtained $200 million in a settlement with Microsoft. The Wall Street Journal (3/14) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • Want that promotion? Step up your leadership game
    Leadership advancement begins with wanting to advance, Jennifer Miller writes. Then, you need to cultivate advocates in senior management, be active in strategic meetings and be connected within the organization and not just within your silo, Miller says. "It's not enough for you to be ready to take on a bigger role at work; you also must be seen as being ready," she writes. SmartBrief/SmartBlog on Leadership (3/12) LinkedInFacebookTwitterEmail this Story
  • Keep tabs on your job application without being a pest
    After applying for a job, you can't do much beyond sending a note highlighting your interest, but you can take more action once you've had an interview, Alison Green writes. She suggests asking about the hiring timeline in your interview, then following up later with an e-mail "explaining that you remain very interested in the job and asking if they have an updated timeline," she writes. U.S. News & World Report/On Careers blog (3/13) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • Free Friday Offers a View From On High
    At the free on-demand presentation of Ethics/View from the Bench, taken from Class Action Litigation 2012, learn what issues judges are seeing in class action cases, how class certification issues have changed litigation, what messages are being sent by recent Supreme Court rulings and how district court judges are interpreting them, and more. LinkedInFacebookTwitterEmail this Story
  • Next Up: Europe ... Going Once, Going Twice ...
    At the March 18 One-Hour Audio Briefing Europe for Sale? European M&A Opportunities and Challenges in 2013, partners from Dechert's offices in the U.K., France and Germany will discuss the current M&A environment across Europe, including changes in deal terms as well as short- and medium-term opportunities and challenges for U.S. companies. LinkedInFacebookTwitterEmail this Story
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  Lawyer Life 
  • A paradise in the sky awaits visitors to Ecuador's cloud forest
    Cloud forests located high up in the Andes in Ecuador offer scenes of lush plant life covered in a near-permanent blanket of clouds, this feature says. At the Mashpi Lodge, tourists have a chance to view the diverse wildlife as well as the unique cloud-covered scenery aboard special sky bikes. TravelPulse (3/11) LinkedInFacebookTwitterEmail this Story
  • Japanese whiskey is a sweet alternative for bourbon lovers
    Japanese whiskey used to be rare in the U.S., but imports of the sweet spirit are on the rise as mixologists introduce it to curious bourbon-loving patrons. "It's a great introduction to single malt whiskey," said Gardner Dunn, a brand ambassador for Japanese whiskey-maker Suntory. "It's a little sweeter with a lot of honey notes to it." Daily News (New York) (3/10) LinkedInFacebookTwitterEmail this Story
Adventure is not outside man; it is within."
--George Eliot,
British writer

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