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March 18, 2013
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Legal News in Brief

  Corporate Spotlight 
  • 2 hedge fund managers agree to settlement in insider-trading case
    Insider-trading charges brought by the Securities and Exchange Commission have resulted in $616 million in settlements to be paid by affiliates of S.A.C. Capital Advisors. CR Intrinsic Partners has agreed to pay $602 million, the largest insider-trading settlement ever obtained by the SEC, over allegations of participating in a scheme to use nonpublic information about an Alzheimer's disease drug developed by Elan and Wyeth. Sigma Capital Management has agreed to pay about $14 million to resolve allegations of using nonpublic information about Dell and Nvidia. Pensions & Investments (free registration) (3/15) LinkedInFacebookTwitterEmail this Story
  • Analysis: White would face big challenges at SEC
    Mary Jo White, President Barack Obama's nominee to lead the Securities and Exchange Commission, was vague on many issues in her confirmation hearing, but at least she was clear on the importance of implementing the Dodd-Frank Act in a timely manner, according to The Economist. "Many of the rule-writing jobs dumped in the lap of agencies are on issues that were too complex for Congress to resolve, from the operations of credit-rating agencies to the definition of proprietary trading," the magazine notes. "Ms White's SEC career will only get tougher from here." The Economist (tiered subscription model) (3/16) LinkedInFacebookTwitterEmail this Story
  National News 
  • Lew to warn Chinese to stop cyberattacks
    China will receive a warning about cyberattacks on U.S. businesses when Treasury Secretary Jack Lew visits Chinese leaders this week. Lew will tell Chinese officials that the issue is straining their country's economic relationship with the U.S., according to a Treasury official. Last week President Barack Obama met with financial leaders to spur support of cybersecurity legislation. The Hill/Hillicon Valley blog (3/15) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  • CFTC may face legal challenge in Dodd-Frank implementation
    Bloomberg recently threatened to sue the Commodity Futures Trading Commission over the differences in the proposed treatment of swaps and swap-futures margins. Swaps and swap-execution facilities like the one Bloomberg is planning to launch will have higher margin requirements than swap futures. While some analysts view this as a positive, believing it will funnel more trading to more uniform swap-futures products, others believe it will reduce investors' abilities to accurately hedge their trades and increase systemic risk. The Trade News (U.K.) (3/15) LinkedInFacebookTwitterEmail this Story
  Employment Focus 
  • Firms use contract workers despite payroll audits
    Small companies are relying increasingly on independent contractors, even as the Internal Revenue Service cracks down on employers who have incorrectly classified their workers. "As economic situations get tougher, that's when everyone is looking to cut costs," according to Lisa Petkun, a partner at the law firm Pepper Hamilton. "It's significantly cheaper to have an independent contractor." The standards for determining whether a worker is an employee or an independent contractor can be confusing, which may contribute to improper classification. The Wall Street Journal (3/13) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • Appeals court: $30M fine was beyond energy regulators' authority
    The Federal Energy Regulatory Commission has come up on the losing side of a turf battle with the Commodity Futures Trading Commission in the U.S. Court of Appeals for the D.C. Circuit. After the energy commission fined a trader $30 million, the trading commission intervened on the trader's behalf. A three-judge panel of the appeals court ruled against the energy commission. The Blog of Legal Times (3/15) LinkedInFacebookTwitterEmail this Story
  Other Legal News 
  Professional and Business Development 
  • Why the fast lane is overrated
    Workers who try to climb too quickly are in danger of catastrophic career failure, Daniel Gulati writes. Research across several disciplines shows that people who achieve success slowly do better in the long run than those who rise quickly. "If capping your downside and increasing your odds of leaving a legacy weren't enough, being professionally patient will liberate your mind and allow you to enjoy your professional life more deeply," Gulati writes. Harvard Business Review online/HBR Blog Network (3/14) LinkedInFacebookTwitterEmail this Story
  • Facebook users find jobs faster, study finds
    Job seekers who regularly engage on Facebook find jobs faster, are more motivated and less stressed, and expand their networks, according to a study by Facebook and a Carnegie Mellon University researcher. A small group of job seekers in the study, however, became more stressed when family and friends continually inquired about the job search or provided unsolicited job advice, the study found. (3/14), CNN (3/15) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • Are you current? Consumer Financial Services Regulation Was Completely Changed by Dodd-Frank Act
    The "Consumer Financial Protection Act of 2010" (CFPA), Title X of the Dodd-Frank Act, made major changes in how consumer financial services are regulated. The Consumer Financial Services Answer Book 2012-13 describes in concise detail the regulatory structure and requirements after these major revisions. LinkedInFacebookTwitterEmail this Story
  • Snooping Around the House
    Few corporations are as prepared to handle congressional investigations as they are to contend with civil litigation or even criminal investigations. The March 19 audio briefing Defending Corporations and Executives in Congressional Investigations 2013 will look at the legal authority of congressional committees to compel testimony and document production as well as strategies for protecting sensitive information from disclosure. LinkedInFacebookTwitterEmail this Story
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What men value in this world is not rights but privileges."
--H.L. Mencken,
American journalist and essayist

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