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March 25, 2013
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Legal News in Brief

  Corporate Spotlight 
  • SEC is turning its attention to fund directors
    The Securities and Exchange Commission is pursuing action against the former directors of Morgan Keegan mutual funds, a decision that experts say might be indicative of an increase in regulatory scrutiny at the fund-director level. The decision to target Morgan Keegan directors should be a "significant deterrence message ... to the industry," said the SEC's asset-management enforcement head, Bruce Karpati. The Wall Street Journal (3/24) LinkedInFacebookTwitterEmail this Story
  • FINRA seeks ability to publicize complaints
    A Financial Industry Regulatory Authority proposal released last week for comment by the Securities and Exchange Commission would allow FINRA to publicize its monthly notices of disciplinary actions as well as its online reporting system in an effort to highlight pending regulatory complaints. The change would bring FINRA's policy closer to that of the SEC. However, some industry experts worry that the differing nature of the organizations makes the changes a bad fit for FINRA. InvestmentNews (free registration) (3/22) LinkedInFacebookTwitterEmail this Story
  National News 
  • New rules could change mortgage industry
    Two new regulations, one already written by the Consumer Financial Protection Bureau and one pending from regulators including the Federal Reserve and the Federal Deposit Insurance Corp., will define the extent to which lenders and originators are protected from potential default. In January, the CFPB released its definition of a qualified mortgage, a loan that doesn't require lenders to independently verify a borrower's ability to repay it. The industry is waiting for regulators to release the definition of a qualified residential mortgage that would spell out which loans banks can sell without having to maintain any exposure to default risks. Politico (Washington, D.C.) (3/24) LinkedInFacebookTwitterEmail this Story
  Legislative Dispatch 
  Employment Focus 
  • Durbin calls for a task force on Social Security reform
    Sen. Dick Durbin, D-Ill., wants to create a bipartisan panel, similar to the Simpson-Bowles deficit-reduction commission, that would seek ways to keep Social Security on solid financial footing for the next 75 years. Durbin says he will introduce legislation to create such a panel and to allow six months for the group to propose changes. "People have been receptive to it. I think we can move forward," he said. Reuters (3/20) LinkedInFacebookTwitterEmail this Story
  Supreme Court and Federal Court Watch 
  • "Pay to delay" case involving drugmakers goes before high court
    The Supreme Court is hearing arguments on the practice known as "pay to delay," sometimes used to settle patent disputes between pharmaceutical companies. The term refers to situations where brand-name drug companies pay generic-drug competitors to keep their products off the market for a certain period of time. Advocates of the practice say both sides benefit; opponents argue that the practice inhibits competition. National Public Radio (3/25) LinkedInFacebookTwitterEmail this Story
  Professional and Business Development 
  • How to write a flattering bio without boasting
    When writing your bio, let others do the talking, Jonathan Rick writes. He offers examples of successful bios, noting they each "restrain the hyperbole, cite high-authority sources, and claim expertise in a limited realm." Keep in mind your intended audience and consider hiring an editor, he writes. Fast Company online (3/20) LinkedInFacebookTwitterEmail this Story
  • Are you too nice?
    "We want to be nice all of the time, whether at home or at work," writes Amy Keyishian for Forbes, but being too nice at work can be a problem. She lays out nine strategies for overcoming "niceness" in the workplace, including projecting confidence when you feel insecure and invoicing all of your billable hours. Forbes/LearnVest (3/21) LinkedInFacebookTwitterEmail this Story
  PLI News 
  • Supreme Court Issues a Narrow Ruling in Amgen
    The U.S. Supreme Court doubled down on securities law recently by issuing two decisions in one week. In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, the court affirmed the Ninth Circuit's conclusion that a plaintiff need not prove the materiality of the alleged misstatements in a securities class action to certify a class of investors. On PLI's Securities Law Practice Center, experts from Alston & Bird discuss the implications of the decision. LinkedInFacebookTwitterEmail this Story
  • Venture Capital 2013: Nuts and Bolts
    A thorough understanding of current market practice, deal terms and conditions, transaction documents and applicable securities, regulatory and ethical issues is critical in the venture capital business. This April 9 program, taking place in East Palo Alto, Calif., and designed for those seeking a secure foundation in the venture capital field, will teach you the essentials of venture capital. LinkedInFacebookTwitterEmail this Story
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  SmartQuote 
A thing is mighty big when time and distance cannot shrink it."
--Zora Neale Hurston,
American author


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