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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.
David Becker, the former SEC general counsel and current partner at Cleary Gottlieb Steen & Hamilton, has come under fire for not recusing himself from Madoff investor decisions when he was at the SEC. But there's a bigger problem highlighted by the SEC Inspector General's report.
2nd Circuit Abandons 2002 Ruling That Boosted Attachments
The 2nd U.S. Circuit Court of Appeals overruled a case Friday it said triggered a flood of maritime attachment orders and posed a threat to both the strength of the U.S. dollar and New York City's standing as an international financial center. Reversing course, the circuit said the incidental and momentary passage of electronic fund transfers through intermediary New York banks will no longer be sufficient to vest jurisdiction in maritime disputes.Creating a Culture of Compliance
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Corporate Transparency Act Resource Kit
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