The New York Department of Financial Services proposed updating the existing suitability regulation in order to establish a "best interest" standard for life insurance and annuity product licensed sellers.
In a decision that has implications for determining what constitutes a controlling Board interest, the Delaware Court of Chancery denied a motion to dismiss a suit alleging that Tesla's Board of Directors and its Chairman and CEO Elon Musk breached their fiduciary duties by approving the acquisition of SolarCity.
Two recent decisions from the Delaware Court of Chancery reached opposite results in the application of the business judgment rule under the Delaware Supreme Court's holding in Corwin v. KKR Financial Holdings LLC.
Based on the findings of a 50-state review of local government disclosure, issuance and audit practices, SIFMA asserted that state governments are in a "unique position" to ensure that local governments issuing bonds make complete and timely disclosure of financial information and comply with all federal contracting requirements.
Following an investigation by New York Attorney General ("NYAG") Eric T. Schneiderman, Peabody Energy Corporation (“Peabody”) agreed to resolve allegations that it failed to adequately disclose the company's financial risks related to climate change. Peabody, "the largest publicly traded coal...