Posts Tagged ‘securities litigation’

Banking and finance roundup

Banking and finance roundup

  • “The Rise of Financial Regulation by Settlement” [Matthew C. Turk, Columbia Law School Blue Sky Blog]
  • Before buying into the idea that fractional reserve banking has some sort of fraudulent roots, consider the common law concepts of detinue, bailment, and debt [George Selgin, Cato]
  • Cato files brief urging Supreme Court to clarify constitutional status of SEC’s use of in-house administrative law judges [Thaya Brook Knight on Lucia v. SEC]
  • Between FATCA and the Patriot Act, American extraterritorial banking rules keep wreaking havoc on other countries [Ernesto Londoño, New York Times on Uruguay legal marijuana businesses]
  • “Congress Can Rescind the CFPB’s Gift to Trial Lawyers” [Ted Frank, WSJ]
  • “Absent Reform, Little Relief in Sight from Chronic “Merger Tax” Class-Action Litigation” [Anthony Rickey, WLF]

Banking and finance roundup

  • “Unintended Consequences of Military Lending Act Hurt Some Families” [R.J. Lehmann]
  • Tenth Circuit: Fed must provide all depository institutiona access to the clearing system, whether they serve marijuana businesses or any other kind [George Selgin, Cato]
  • “Moneylending has been taboo for most of human history. So how did usury stop being a sin and become respectable finance?” [Alex Mayyasi, Aeon]
  • Financial regulation: too many cooks in the compliance kitchen [Cato Daily Podcast with Thaya Brook Knight and Caleb Brown] “DOL Fiduciary Rule: It’s Not Always Fun to be Right” [Knight]
  • “2016 was an unprecedented year in securities class actions filings.” [Baker Hostetler, JD Supra]
  • Trusts and the offshore wealth trade: from Edmund Burke to the Cayman Islands [Graham McAleer, Law and Liberty]

Medical roundup

  • “Apple Watch can detect an early sign of heart disease…. Apple has been communicating privately with the FDA for years about medical devices and so far the FDA has taken a light touch to Apple but these issues are coming to a head.” [Tyler Cowen]
  • “[Investor] lawsuits targeting life sciences firms jumped 70 percent from 2014, according to a survey provided earlier this year by Dechert.” [Amanda Bronstad, New York Law Journal]
  • Iowa Gov. Terry Branstad signs medical malpractice reforms into law [Brianne Pfannenstiel, Des Moines Register]
  • Summing up what is known re: talc and ovarian cancer as background to jury’s $105 million verdict against Johnson & Johnson [BBC (in story’s second half), earlier here, here, and here]
  • $5,300 for an MRI that would cost Medicaid $500? Personal attendants for crash victims, even the ones well enough to participate in mixed martial arts? All part of Michigan no-fault crash system [Detroit Free Press investigative series, see yesterday’s post]
  • Dear D.C.: ditch the FDA deeming regs and let vaping save smokers’ lives [Jeff Stier/Henry Miller, NRO, Tony Abboud/The Hill (vaping trade association), Juliet Eilperin/Washington Post (FDA temporarily suspends enforcement)]

May 3 roundup

Banking and finance roundup

  • “The real-world impact of Dodd-Frank, stress tests and other regs” [M&T Bank slideshow, American Banker] “Six feet of new mortgage regulations help explain slower housing market” [Ira Stoll]
  • Will Trump administration allow banking for cannabis-related businesses? [Kevin Funnell]
  • “‘Sustainability Standards’ Open A Pandora’s Box Of Politically Correct Accounting” [Howard Husock and Jim Copland]
  • An assumption of complete transparency would take away “the reason for financial intermediation in the first place” [Arnold Kling]
  • Statutes of repose in securities actions are important in protecting interests on both sides [WLF on CalPERS v. ANZ Securities, Inc.]
  • Encrypted messaging services allow Wall Streeters to bypass all sorts of regulatory scrutiny and speak freely, can’t have that [Bloomberg]

Jim Copland: Congress should override NY’s Martin Act

Especially given the role of the Constitution’s Commerce Clause, federalism provides no good reason why successive holders of the office of New York attorney general, through the state’s ultra-broad Martin Act, should regulate national business practices in ways at odds with federal regulation and the wishes of the other 49 states:

national financial markets have been overseen since the Depression by the SEC under federal law. In 1996 Congress enacted the National Securities Improvement Act to exempt nationally traded securities from state registration and review requirements. Congress should go further and pre-empt state securities laws that seek to require disclosures exceeding federal standards or that have looser proof requirements on questions like intent.

[Jim Copland, WSJ ($) via Manhattan Institute; earlier on Martin Act]

Banking and finance roundup

Banking and finance roundup

Banking and finance roundup

  • Bank of England deputy governor: banks have incurred an estimated $275 billion in legal costs since 2008 and that’s been a drag on economic growth [Katy Burne and Aruna Viswanatha, WSJ]
  • Economist Ken Rogoff proposes doing away with most large-denomination paper money so as to stifle crime, tax evasion and the like, and George Selgin of Cato pushes back;
  • “M&A Lawsuits Plunge As Delaware Judges Make Them Harder To Settle” [Daniel Fisher]
  • CFPB keeps pushing to expand its authority, but on lending rate caps it runs into a direct statutory limit [Thaya Brook Knight]
  • House Financial Services Committee votes to repeal the awful conflict minerals rule [Marcia Narine via Bainbridge and more, earlier] And maybe the rest of Dodd-Frank too? [Mark Calabria]
  • How the Swiss–American Chamber of Commerce sees FATCA, the overseas banking law vexing expats and legitimate business overseas [American Swiss Foundation]