The rule, a key pillar of the 2010 Dodd-Frank law, will apply to companies like Goldman Sachs and Morgan Stanley, which serve as market makers in the swaps market.
Tripoli v. Questcor (C.D. Cal.)
COMPLAINT - A shareholder derivative action has been filed against officers and directors of Questcor, alleging defendants pursued a sales and marketing strategy they knew would be successful only until insurance companies began refusing to pay for drug that was not the most effective or cost-effective.
Copeland v. Lane (N.D. Cal.)
OPINION – Plaintiff alleged violations of section 14(a) of the Exchange Act by the board of Hewlett-Packard due to omissions in company proxy statements. But the harm claimed by plaintiff was individual, and he pleaded no facts showing that he could receive an individual remedy by a section 14(a) action. Claim dismissed.
S.E.C. v. Kovzan (D. Kan.)
OPINION – The magistrate judge denied Kovzan’s discovery request of S.E.C. documents regarding internal guidance on executive compensation in reports filed with the S.E.C. Despite the deference due to the magistrate judge’s decision, the district court set aside that part of the order denying the discovery request. The requested documents are relevant.
The decision is likely to be cited by other lenders being sued by insurers over mortgage-backed securities they guaranteed before the housing market collapsed.
The state carved out its own settlement with major banks to compensate victims of unfair foreclosure practices that could be worth 10 times or more what a national deal offers.
The lawsuit was filed in New York against 12 major banks, including Barclays and UBS, alleging that Libor manipulation made mortgage repayments more expensive.
The ACLU says its suit is the first to directly accuse an investment bank, rather than a lender, over loans that violate federal civil rights laws.
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