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Certifying Professionals May Be Subject to Lawsuits
In their Real Estate Trends column, Adam Leitman Bailey, the founding partner of Adam Leitman Bailey, P.C., and John M. Desiderio, a partner at the firm, write that questions of Martin Act preemption are still raised in cases involving architect and engineer certifications that the attorney general's regulations require to be included in offering plans filed by developers of condominium and cooperative apartments in newly built or renovated buildingsBanks Looking Toward 'Footnote 513' To Keep Swaps Private
Banking lawyers have seized on the wording of the footnote, which contains language that certain swaps still don't fall under the agency's new trading rules.Insuring Defense Costs Arising From Disgorgement Claims
John S. Siffert and Matthew G. Coogan, partners at Lankler Siffert & Wohl, review two New York decisions that have interpreted prevalent Errors & Omissions and Directors & Officers policy language to hold that defense costs incurred in reaching a settlement involving disgorgement are not covered even where a company's policy language expressly lists defense costs as a covered loss.SEC's Top Cop Stepping Down After Overhauling Enforcement Division
Securities and Exchange Commission Enforcement Division head Robert Khuzami is leaving the agency after a nearly four-year tenure that included a massive restructuring and record number of new casesBefore a packed audience, the U.S. Court of Appeals for the Second Circuit heard arguments Monday on whether the conservator for Freddie Mac and Fannie Mae waited too long to launch its megabillions litigation campaign against banks that marketed toxic residential mortgage-backed securities.
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