- “The Dodd-Frank Say-on-Pay Cases Are on the Brink of Death” [Kevin LaCroix]
- Kevin Funnell of Bank Lawyers Blog interviewed [Crystal Gimesh via BLB]
- How taxpayer lending props up business model of banks, fast-food franchisors [Dayton Daily News on SBA via Tad DeHaven]
- Independent currency = money laundering? “How Bitcoin Dies” [Econ Policy Journal] Or death by trial lawyer? [Coyote, Andrew Sullivan]
- Nose of the camel: Obama budget plans to limit IRAs to $3 million [Politico]
- How Swiss bank secrecy protected freedom [Daniel Fisher]
- Sure, what could go wrong? Obama push for more mortgage lending to borrowers with weaker credit [Gideon Kanner, Coyote] More: Arnold Kling testifies before Congress on housing finance, and feels a resulting “need to scream” [ASKBlog, more]
- More: Per NYT’s expert, “Shareholders have been demanding” disclosure on corporate political spending. Well, 18% of shareholders anyway [Jim Copland]
Tagged as:
banks,
Dodd-Frank,
mortgages,
Securities and Exchange Commission,
Switzerland
- After bank trespass, Occupy Philadelphia benefits from jury nullification and a cordial judge [Kevin Funnell]
- Cato commentaries on Cyprus crisis [Steve Hanke and more, Dan Mitchell, Richard Rahn podcast]
- “NY Court Reinstates Foreclosure, Chides Judge For `Robosigning’ Sanctions” [Daniel Fisher] “Impeding Foreclosure Hurts Homeowners As Well As Lenders” [Funnell]
- SEC charging Illinois with pension misrepresentation? Call it a stunt [Prof. Bainbridge]
- “Plaintiff Lawyers Seek Their Cut On Virtually All Big Mergers, Study Shows” [Fisher] As mergers draw suits, D&O underwriting scrutiny escalates [Funnell] “Courts beginning to reject M&A strike suits” [Ted Frank]
- Will Dodd-Frank conflict minerals rules actually help folks in places like Congo? [Marcia Narine, Regent U. L. Rev. via Bainbridge, earlier here]
- “Securities Lawyers Gave To Detroit Mayor’s Slush Fund”; city served as plaintiff for Bernstein Litowitz [Fisher]
Tagged as:
banks,
Detroit,
Dodd-Frank,
Illinois,
mortgages,
Philadelphia,
Securities and Exchange Commission,
securities litigation
The Economist on an unplanned (at least one hopes it was unplanned) effect of Dodd-Frank:
THE Dodd-Frank law of 2010 requires a “say-on-pay” vote for shareholders of American companies. Clever lawyers scent a payday for themselves.
One law firm in particular, Faruqi & Faruqi, has filed a series of class-action suits demanding more information about how companies decide what to pay their senior executives. It seeks to prevent its targets from holding their annual meetings until the extra information turns up. One such suit, against Brocade Communications, a Californian company, forced the suspension of the annual meeting last February. Brocade quickly settled. Faruqi’s fees were $625,000. Several other companies, not wanting to delay their meetings, have settled similar suits.
Prof. Bainbridge is reminded of the specialized group of non-lawyers in Japan known as sokaiya, who extract money from target companies by threatening (among other things) to disrupt annual meetings.
Tagged as:
Dodd-Frank,
securities litigation
