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December 4, 2012
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Legal News in Brief

  Corporate Spotlight 
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year for the Securities and Exchange Commission, the regulator says. The SEC's next chairman, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  • Corporations lack cash in U.S. but hold money offshore
    Major U.S. companies are holding a large amount of cash offshore to avoid taxes while letting cash at home dwindle to a point of borrowing for basic functions such as paying dividends, buying back shares and paying taxes. The emerging picture of corporate cash abroad is in response to pressure on companies from the Securities and Exchange Commission to give investors an accurate evaluation of liquidity. The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
  National News 
  • Fed unsatisfied with how lenders are handling low rates
    Federal Reserve policymakers want to know why, even as lenders are benefiting from low rates, the breaks aren't filtering down to homebuyers. Since the Fed targeted the U.S. mortgage market in September with large-scale bond purchases, the spread between what investors reap on mortgage-backed securities and the interest rates homeowners pay has widened to record levels. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  • White House rejects GOP plan to avert "fiscal cliff"
    The White House turned down a proposal by House Republicans aimed at averting the "fiscal cliff" because it didn't include tax increases for the wealthiest Americans. "The Republican letter released today does not meet the test of balance," said White House Communications Director Dan Pfeiffer. "In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." Reuters (12/3), The Washington Post (12/3), Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • "Fiscal cliff" fears hurt hiring, economists say
    Many employers who would ordinarily be hiring are refraining because of uncertainty over whether Congress will find a way to avert the U.S. "fiscal cliff," economists say. Between July and September, worker productivity rose at an annualized rate of 1.9%, indicating that employers are squeezing as much from workers as they can realistically expect to get, some experts say. However, hiring hasn't picked up. NBC News/Economy Watch blog (12/3) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Appeals court sides with credit rating agencies
    The 6th U.S. Court of Appeals in Ohio on Monday upheld the dismissal of litigation against the big three credit rating agencies. Five Ohio pension funds sought to get back millions of dollars lost on mortgages that went bad, claiming that the ratings by Moody's Investors Service, Fitch Ratings and Standard & Poor's were faulty on those mortgage investments. Reuters (12/3) LinkedInFacebookTwitterEmail this Story
  • Apple: Suit against jury foreman wasn't known of during trial
    Apple says it didn't know that the foreman on the jury that awarded the company more than $1 billion in a patent-infringement case had been sued by his former employer. Samsung Electronics is attempting to invalidate the verdict because the foreman didn't disclose the lawsuit. A hearing is scheduled for this week to weigh Samsung's claims and to decide whether to permanently bar U.S. sales of several Samsung products. Bloomberg (12/1) LinkedInFacebookTwitterEmail this Story
  • Other News
  Professional and Business Development 
  • How to get your career out of a negativity rut
    If you feel yourself getting mired in negativity that stymies your career, some ways to get unstuck include doing something creative that brings you joy or saying "yes" to something unusual for you, Kathy Caprino writes. "You'll discover just how versatile, courageous, powerful, contributive and unique you truly are," she writes. Forbes (11/30) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • The role of the BIS, the DDTC and the OFAC
    U.S. and multinational corporations are increasingly affected by the range of U.S. laws and regulations governing international trade. Basics of Export Controls 2012, taking place today at PLI Online, will provide a thorough understanding of these various regulatory regimes, which is an essential foundation for developing an effective internal trade compliance program. LinkedInFacebookTwitterEmail this Story
  • ISS Exerts Influence with New Voting Recommendations
    Institutional Shareholder Services (ISS), an influential proxy advisory firm, annually updates the policies that underlie its voting recommendations to its institutional investor clients. ISS recently released its new policy updates for the 2013 proxy season. On PLI's Securities Law Practice Center, Brian Breheny and experts from Skadden discuss the key corporate governance and executive compensation policy updates applicable to publicly traded U.S. companies. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
It is astonishing what force, purity and wisdom it requires for a human being to keep clear of falsehoods."
--Margaret Fuller,
American journalist and women's rights activist


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