A U.S. District Court held that compliance communications are not protected by attorney-client privilege or the work-product doctrine, and that the SEC can force an investment advisor to produce documentation of such communications.
The U.S. Court of Appeals for the Second Circuit affirmed a lower court's dismissal of a shareholder's lawsuit, which alleged that a health insurer and its executives misled investors regarding compliance with Medicare regulations.
SIFMA and the Security Traders Association raised concerns about legislative proposals on capital formation and corporate governance currently under consideration by the U.S. Senate Committee on Banking, Housing and Urban Affairs.
The Office of the Comptroller of the Currency updated the following booklets of the Comptroller's Handbook: "Bank Premises and Equipment," "Consigned Items and Other Customer Services," and "Litigation and Other Legal Matters."
SEC Chair Jay Clayton and Commissioner Kara M. Stein highlighted the increasing number of investor requests for improved environmental, social and governance disclosures, and the need to improve the arbitration awards process.
A U.S. District Court granted the SEC's Motion to Dismiss an enforcement action against a brokerage firm and investment bank trader for allegedly lying to customers about bond prices in trades of mortgage-backed securities.
A U.S. District Court ruled in favor of the Board of Trade of the City of Chicago, Inc. and Chicago Mercantile Exchange, Inc. from allegations that they conspired to stop the CFTC from approving the application of a competing exchange.
The New York State Court of Appeals upheld a decision that contractual attempts to extend the statute of limitations for causes of action dealing with breaches of contracts are unenforceable on the grounds that they violate New York law and public policy.
SEC Commissioner Hester Peirce asserted that Commissioners should not substitute their judgment for decisions made by investors, specifically regarding (i) arbitration between public companies and shareholders and (ii) investments in digital assets.