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November 19, 2012

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Legal News in Brief

Corporate Spotlight

JPMorgan and Credit Suisse settle MBS case with SEC
The Securities and Exchange Commission has settled with JPMorgan Chase and Credit Suisse, after the banks allegedly misled investors about more than $1 billion in securities backed primarily by subprime mortgages. JPMorgan will pay $296.9 million, while Credit Suisse will pay $120 million. The money will be turned over to affected investors. The Wall Street Journal (11/16)

FSB seeks controls on shadow banking
The Financial Stability Board issued a proposal to regulate shadow banking, worth an estimated $67 trillion last year. "The objective is to ensure that shadow banking is subject to appropriate oversight and regulation to address bank-like risks to financial stability emerging outside the regular banking system while not inhibiting sustainable non-bank financing models that do not pose such risks," according to the FSB. Google/Agence France-Presse (11/18), Bloomberg (11/18), Financial Times (tiered subscription model) (11/18)

Building on BU's Longstanding History in Graduate Legal Education
The online option for BU's renowned Graduate Tax Program (GTP) provides the same rigorous course of study as the residential program through an award winning online platform. This option is ideal for both U.S. and foreign-trained lawyers seeking to expand their expertise in tax law, but whose jobs preclude them from attending classes held on our Boston campus.

National News

Pace of U.S. business investment drops
Major U.S. companies are slashing investment plans at a rapid pace amid uncertainty over taxes and their economic prospects. Among the 40 largest publicly traded companies, half said they plan to scale back capital investment this year or in 2013. The Wall Street Journal (11/19)

Legislative Dispatch

As U.S. leaders prepare to talk, no "fiscal cliff" resolution in sight


Geithner, Boehner, Obama, Reid/Reuters

Ahead of talks between congressional leaders and the White House this week, the administration is indicating that any resolution of the "fiscal cliff" is "not near the finish line, by any means," as the White House press secretary put it. On Friday, key House and Senate leaders discussed a framework plan presented by House Speaker John Boehner that Boehner said includes tax reforms and spending cuts. At stake is whether the U.S. avoids the automatic, sudden austerity shock of tax boosts and budget cuts at the dawn of the new year. Reuters (11/17)

Employment Focus

Employees see more freedom in choosing health care plans
More employers are switching to defined-contribution health insurance, in which workers are given a fixed amount of money to purchase a health plan of their choosing. A Mercer survey of 2,809 employers found that 45% are considering offering this type of coverage. The increasing popularity of defined-contribution insurance is prompting a rise in private online exchanges set up by insurers and benefits companies, this article says. The Washington Post/The Associated Press (11/15)

Supreme Court and Federal Court Watch

Mich. affirmative action ban is unconstitutional, court rules
The U.S. Court of Appeals for the Sixth Circuit has deemed unconstitutional a Michigan law barring affirmative action in university admissions. The case stems from a ballot initiative passed in the state in 2006. The Ninth Circuit previously upheld a similar proposition in California. The National Law Journal (free registration) (11/16)

Lehman trustee and Citi resolve battle over $1 billion
The trustee for Lehman Brothers Holdings has forged a deal with Citigroup to distribute $435 million to the failed brokerage's creditors and customers, according to a settlement filed in U.S. Bankruptcy Court in Manhattan. The week it filed for bankruptcy protection, Lehman deposited more than $1 billion at the bank. The settlement could be approved at a Dec. 12 hearing. The Wall Street Journal/Dow Jones Newswires (11/18)

Other Legal News

Government explores how patent-holding firms affect competition
The government is taking a closer look at the impact that patent-holding firms have on competition. "There has been a great deal of controversy and disagreement about whether they stifle innovation and whether they are an anticompetitive problem," said Jon Leibowitz, chairman of the Federal Trade Commission. The FTC and the Justice Department are inviting interested parties to attend hearings on the issue. The Wall Street Journal (11/18)

Professional and Business Development

How to become a thought leader
Producing an idea that changes the way people think and work is doable by following certain practices, writes H. James Wilson of Babson Executive Education. Linking old ideas to new ones; picking an apt objective, such as greater efficiency or lower costs; and adapting ideas to make them more timely will lead to their adoption, Wilson writes. Harvard Business Review online/HBR Blog Network (free registration) (11/13)

How to prove you're the ideal candidate for a job
Research prospective employers so you can present yourself as someone who can meet their business needs, Stacy Harshman writes. By doing so, "you are learning to treat the employer the way the employer wants to be treated," she writes. Careerealism.com (11/14)

PLI News

A Vital Planning Tool for Estates, Trusts and Tax Planning Specialists
Stocker and Rikoon on Drawing Wills and Trusts has been a staple in the libraries of attorneys and estate planners for more than 50 years. It offers you uniquely clear, field-tested drafting guidance that ensures wills and trusts fully express clients' wishes without provoking costly legal challenges.

Hear From the Nation's Top Securities Enforcers
At PLI's recent Institute on Securities Regulation, a panel of all-stars was brought together to discuss the latest developments in the area of securities law enforcement. The panel featured, among others, Robert Khuzami, director of the SEC's Division of Enforcement, and Preet Bharara, the U.S. attorney for the SDNY. In case you missed it, PLI's Securities Law Practice Center was there covering all of the hot topics discussed, including insider trading, the financial crisis and more.

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