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November 14, 2012
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Legal News in Brief

  Corporate Spotlight 
  • SEC broadens Knight inquiry to include risk controls
    The Securities and Exchange Commission is examining risk controls at Knight Capital Group to determine whether the firm adequately supervised trading before a large loss in August. The regulator wants to know whether Knight complies with the SEC's market-access rule, which requires companies to take precaution against serious technology problems, including computer failure. The Wall Street Journal (11/13) LinkedInFacebookTwitterEmail this Story
  • CFTC's Chilton urges disaster preparedness
    Bart Chilton of the Commodity Futures Trading Commission called for creation of a private-public task force to improve market preparation in the event of another natural catastrophe. "Now that we have this stark and frankly frightening example to work from, we'd be negligent not to move quickly to make sure that our emergency systems are comprehensive and fully tested," Chilton said, citing superstorm Sandy. The New York Times (tiered subscription model)/DealBook blog (11/13), CNBC (11/13) LinkedInFacebookTwitterEmail this Story
  • Lockup of 777 million Facebook shares ends today
    The lockup of 777 million Facebook shares, held mostly by rank-and-file employees, ends today, making them available for trading. The prospect of so many shares coming to market has investors nervous. In August, when the first lockup ended, the share price dropped 6%, to a then-record-low $19.87. USA Today (11/13) LinkedInFacebookTwitterEmail this Story
  National News 
  • Obama to aim for higher taxes for wealthy and corporations
    President Barack Obama will open negotiations with congressional Republicans on the "fiscal cliff" with a proposal that the rich and corporations pay $1.6 trillion in additional taxes during the next decade, White House officials said. That is twice as much as House Speaker John Boehner, R-Ohio, agreed to during talks with the Obama administration last year. The Washington Post (11/13), CNN (11/14), The Hill (11/13) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  • Plan emerges to keep Warren off banking panel
    Now that Elizabeth Warren is on her way to the U.S. Senate, there has been much concern that she might get a seat on the banking committee. Warren's critics -- who successfully kept her from leading the agency she helped set up, the Consumer Financial Protection Bureau -- have a plan: Offer her something better than the banking committee. CNBC/NetNet blog (11/13) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • Court: Mass. law extends to agency that crafts promotion exams
    Massachusetts' Human Resources Division can be sued for employment discrimination over its civil-service promotion tests, the state's Supreme Judicial Court has ruled. The ruling stems from a lawsuit in which minority police officers said the civil-service exams created by the agency were discriminatory. The Boston Globe (tiered subscription model) (11/9) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Court: Starbucks must pay Mass. baristas $14.1M over policy on tips
    The U.S. Court of Appeals for the First Circuit has decided that Starbucks must compensate its baristas in Massachusetts with $14.1 million for giving some of their tip money to their shift supervisors. Starbucks had argued that the class-action lawsuit shouldn't be allowed to proceed because some baristas are promoted and have an interest in the policy, but the court rejected that line of thinking. In addition, two similar cases have recently been certified by the Second Circuit. The National Law Journal (free registration) (11/12) LinkedInFacebookTwitterEmail this Story
  Other Legal News 
  • Law firm works on program that grants visas for investment
    A few years ago, Chicago-based Arnstein & Lehr worked on three transactions related to the EB-5 program, which allows individuals who invest in commercial enterprises in the U.S. to get visas. The firm has been involved with 51 such transactions so far this year. Much of the investment money that goes through the program comes from China, says Ronald Fieldstone, who leads the firm's EB-5 division. The National Law Journal (free registration) (11/12) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • Should you hire a professional résumé writer?
    Professional résumé writers can help you cut out useless information and create a more targeted document. They might be worth the cost if you believe they can boost your submission rate response by 5% to 10%, Perry Newman writes. "[I]t can be the difference between being chosen or rejected for the job you covet the most," he writes. (11/12) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • Pensions and Corporate Finance: How to Avoid Buyer's Remorse
    Ever since the PBGC's 2007 opinion that a private equity fund with a controlling interest can be liable for a portfolio company's pension problems, there is increased evidence that corporate transactions can go seriously awry if ERISA benefit plans are not properly addressed. Learn more at this Nov. 15 One-Hour Audio Briefing. LinkedInFacebookTwitterEmail this Story
  • Export Control Reform Initiatives
    The Dec. 10 to 11 program Coping with U.S. Export Controls 2012 in Washington, D.C., enables attendees to "get inside" export controls through give-and-take among key officials from the government agencies that regulate exports, experienced company managers and top lawyers in the field. LinkedInFacebookTwitterEmail this Story
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The best way to find out if you can trust somebody is to trust them."
--Ernest Hemingway,
American author and journalist

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