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February 8, 2013

Legal News in Brief

Corporate Spotlight

Major ratings agencies face N.Y. investigation, source says
Standard & Poor's, Moody's Investors Service and Fitch Ratings are facing an investigation by New York Attorney General Eric Schneiderman, a source says. Schneiderman's move follows a U.S. Justice Department lawsuit against S&P over its rating of mortgage bonds before the global financial crisis. The Justice Department's decision to sue S&P and not other rating agencies has prompted questions and speculation among investors and other market participants. Reuters (2/7), Bloomberg (2/7)

FINRA concedes RIAs will remain beyond its purview
After repeated attempts, the Financial Industry Regulatory Authority has concluded that the House Financial Services Committee is not going to expand FINRA's powers to include oversight of registered investment advisers. "I'm not a big believer in beating a head against the wall. We'll focus on things we can impact," FINRA CEO Richard Ketchum said. Reuters (2/7)

National News

Analysis: Fed governor is on the lookout for bubbles
Jeremy Stein, who joined the Federal Reserve last year, says he considers spotting and preventing bubbles a top priority. Stein is focusing on areas that he considers of particular concern, including high-yield bonds and mortgage-backed securities. His vigilance is somewhat at odds with traditional central-banking policy, which shies from using interest rates to combat distortion in specific asset classes. The New York Times (tiered subscription model)/DealBook blog (2/7)

Legislative Dispatch

Senate panel sets hearing to check Dodd-Frank progress
Next week, the Senate banking committee will hear from seven regulatory officials on their progress in instituting Dodd-Frank Act rules. Elisse Walter, chairman of the Securities and Exchange Commission; Gary Gensler, chairman of the Commodity Futures Trading Commission; and Richard Cordray, director of the Consumer Financial Protection Bureau, are among those scheduled to testify. Reuters (2/7)

Employment Focus

Supreme Court declines case involving NLRB recess appointments
The U.S. Supreme Court has declined to hear a case that would require it to rule on the constitutionality of President Barack Obama's recess appointments to the National Labor Relations Board. Roll Call (free content) (2/6)

Supreme Court and Federal Court Watch

Ruling goes against Cisco in counterattack on "patent trolls"
A legal challenge by Cisco Systems to a campaign by a patent-licensing firm suffered a setback when a federal judge in Chicago ruled that aggressive patent claims are protected by the First Amendment. Innovatio IP Ventures was legally entitled to send out 8,000 letters to Cisco, Motorola Solutions and Netgear customers, claiming that they may be violating Innovatio's patents, U.S. District Judge James Holderman decided. The Wall Street Journal (2/6)

Professional and Business Development

Your best collaborators are people you dislike
It can be a good idea to work with someone you hate because that person is sure to offer a different perspective that will help you learn something, and you won't be distracted with too much socializing, Suzanne Lucas writes. "If your relationship is purely business, if it's not working out, it's easier to part ways ... [T]he stress reduction from having purely business relationships is tremendous," she writes. Inc. online (free registration)/Evil HR Lady blog (2/6)

4 ways to adapt to a new work scenario
When starting a new work schedule, don't try to take on too much in the beginning, and look for ways to set priorities and ask for help, Debra Auerbach writes. It's also a good idea to do a dry run in the weeks preceding your launch date so your body can adjust to a new morning routine. The Work Buzz (2/6)

PLI News

Free Friday Sees a Silver Lining
At the free on-demand Web segment Clouds without Borders -- How to Ensure Privacy and Security in the Cloud, taken from Thirteenth Annual Institute on Privacy and Data Security Law, learn about jurisdictional uncertainties, regulatory compliance concerns in borderless clouds and best practices in selecting services providers.

The Impact of the HITECH Requirements
After waiting for almost four years, the Department of Health and Human Services has now released its "Omnibus" final regulation implementing the HITECH requirements of the HIPAA Privacy and Security Rules. The Feb. 8 audio briefing Making Sense of the New HIPAA/HITECH Era will provide an overview of the key changes, identify the primary compliance challenges and identify the most significant new obligations stemming from these rules.

Lawyer Life

Port-au-Prince, Haiti, offers an urban adventure
The winding streets of Port-au-Prince, Haiti, hide a variety of unexpected sights and experiences for visitors, this feature says. Local activity and the mix of urban and rural scenery add a unique flavor to a day of exploration. The coastal scenery outside the city also serves as a reminder of the country's Caribbean roots. Los Angeles Times (tiered subscription model) (2/3)

Chef Wylie Dufresne to serve pub fare with a twist
Chef Wylie Dufresne of New York City's famous WD-50 restaurant is opening Alder this month, a more down-to-earth restaurant that will serve traditional pub grub with a spin: The restaurant's Caesar salad is actually a finger food, and the pub cheese uses aged cheddar served with potato rolls transformed into chips. The New York Times (tiered subscription model) (2/5)

SmartQuote

If you want to make enemies, try to change something."

--Woodrow Wilson,
28th U.S. president

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