Today I decided to study the constitutional origins of corporate rights. SCOTUS has extended constitutional rights to corporations in controversial recent cases like Citizens United and Hobby Lobby, and, admittedly, since it is election season, I wanted to see if Mitt Romney’s statement during the last election cycle that “corporations are people” was correct.  It turns…

Bloomberg reports that Cayman Islands-based Caledonian Bank Ltd. filed for bankruptcy in New York, saying a federal court’s freeze on its U.S. assets triggered a run on the bank by customers. The U.S. Securities and Exchange Commission sued the bank Feb. 6 over claims it profited from stock sales of invalidly registered shell companies. The bank…

In 2014, the SEC’s enforcement division brought 755 cases and collected an agency record $4.1 billion, Mary Jo White said at the Practicing Law Institute’s SEC Speaks conference. To put it in a year-over-year comparison, the SEC brought 686 enforcement actions in 2013, which resulted in $3.4 billion in disgorgement and penalties. Mary Jo White,…

Today (February 20, 2015) the Chair of the Securities and Exchange Commission (“SEC”) Mary Jo White gave her opening remarks at the annual “SEC Speaks” conference. Bloomberg summarizes her speech here. She outlined three main goals of rule making for 2015.  One of these goals was to “Facilitate capital formation for smaller issuers” (i.e., make…

The New York Time DealBook Blog discusses the Boom in Private Equity’s Secondary Market. There is a surge in the secondary market for stakes in private equity funds. According to DealBook: “Investors in private equity funds typically have to wait as long as a decade to get their money back. But many are now cashing…

In January 2015, the House of Representatives passed H.R. 37 named the Promoting Job Creation and Reducing Small Business Burden Act. The bill, among other things, proposes to ease reporting obligations for emerging growth companies (“EGCs”) and small issuers generally. Emerging Growth Company status is a temporary status given to smaller issuers wanting to go…

Background In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies. Under the Act, those minerals include tantalum, tin, gold or tungsten. Congress enacted…

A proposed portion of the Jumpstart Our Business Startups Act, or JOBS Act, has many people buzzing about a whole new opportunity. This new section in Title III of the Act will make it possible for the sale of crowdfunded equity securities through a medium called Funding Portals. People have been comparing these proposed Funding…

In Florida a man (“Mr. Snay”) sued his employer for age discrimination. They settled (like most lawsuits do) and pursuant to a confidentiality agreement, the employer paid Mr. Snay $80,000. Enter Mr. Snay’s teenage daughter write her 1200 Facebook friends, stating “Mama and Papa Snay won the case against Gulliver. Gulliver is now officially paying for…

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: LYONDELL CHEMICAL COMPANY, et al., Debtors. EDWARD S. WEISFELNER, AS LITIGATION TRUSTEE OF THE LB CREDITOR TRUST, Plaintiff, v. FUND 1., et al., Defendants. Chapter 11 Case No. 09-10023 Jointly Administered Adversary Proceeding  Case No. 10-4609 (REG) DECISION AND ORDER ON MOTIONS TO DISMISS APPEARANCES: BROWN…

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