The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
SEC Chair Jay Clayton and the Office of Municipal Securities Director Rebecca Olsen urged municipal securities issuers to provide improved forward-looking disclosures to investors during the COVID-19 pandemic.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
The MSRB proposal to more prominently display certain financial disclosures and related information on the organization's Electronic Municipal Market Access system was published in the Federal Register.
Cadwalader attorneys analyzed a recent Illinois Circuit Court decision denying a petition filed by a political activist and a hedge fund claiming that $16 billion of Illinois's general obligation bonds violated the state constitution.
State Attorneys General have stepped into what they describe as a "void" in antitrust enforcement at the federal level. Cadwalader attorneys surveyed recent high-profile state antitrust enforcement actions.
The MSRB provided additional support to help market participants comply with rules that require municipal securities issuers and obligated persons to disclose material financial obligations to investors.