On Monday, Southern District of New York Judge Shira Scheindlin dismissed the entire suit in Gusinsky v. Barclays, without leave to amend and with prejudice. The plaintiffs, holders of American Depository Shares in Barclays Bank, had brought claims under Section 10(b) and Rule 10b-5 of the ’34 Act against Barclays, and Section 20(a) control person liability claims against individual directors of the bank for the bank’s role in the manipulation of LIBOR. …
Read More With Securities Case Dismissal, Another Loss in the Southern District for LIBOR Plaintiffs

On 13 May 2013, HM Treasury published the response to its further consultation on the transposition into UK law of the Alternative Investment Fund Managers Directive. Published with the response were the amended regulations, representing the near-final draft form of the regulations as the Treasury plans to implement them. …
Read More HM Treasury Publishes Amended Draft Regulations for the Alternative Investment Fund Managers Directive

The Financial Stability Oversight Council released its third annual report on April 25, 2013, which fulfills its Congressional mandate under the Dodd-Frank Wall Street Reform and Consumer Protection Act to annually report on its activities, describe significant financial market and regulatory developments, analyze potential emerging threats, and make recommendations for additional steps that should be taken to strengthen the financial system. …
Read More FSOC Issues Its Third Annual Report

On May 9, 2013, the Office of Foreign Asset Control (“OFAC”) announced a settlement with the American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the “American Club”) under the OFAC sanction programs against Cuba, Sudan and Iran. The American Club is a non-profit international marine mutual insurance association of merchant ship owners and charterers with its principal offices in New York. …
Read More Shipping Insurer Settles with OFAC under Iranian, Cuban and Sudanese Sanctions

At Connecticut’s first Captive Insurance Day at the Capitol May 14, 2013, representatives of the Connecticut Insurance Department (the “CID”), the Connecticut Captive Insurance Association, the Department of Economic and Community Development, and the co-chairs of the Connecticut General Assembly’s Insurance and Real Estate Committee emphasized Connecticut’s continuing efforts to attract new captive insurers to the state, including through SB 1093. …
Read More Connecticut Continues Efforts to Attract Captives

In PHL Variable Insurance Company v. The P. Bowie 2008 Irrevocable Trust (May 13, 2013), the United States Court of Appeals for the First Circuit issued an order holding that a life insurer may retain premium in a case involving a stranger originated life insurance transaction.
Read More Court Allows Insurer to Retain Premium in a STOLI Case

Last week, Representative Bennie Thompson, a Democrat Congressman from Mississippi, introduced the Fostering Resilience to Terrorism Act of 2013, which would extend the Terrorism Risk Insurance Act by ten years. TRIA, which is set to expire at the end of 2014, was the subject of another proposed extension earlier this year but that proposal merely extended the program five years. …
Read More TRIA Extension Bill Is Introduced in Congress in the Wake of the Boston Attacks

Edwards Wildman Speakers: Darlene K. Alt, Stephen M. Prignano, Brian J. Green, Laura E. Bange

Thursday, May 23, 2013
12:00 PM – 1:00 PM (EDT)
Complimentary webinar  …
Read More Complimentary Webinar – Potential Claim and Insurance Implications of the Boston Marathon Bombings

On May 7, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced the first criminal prosecution of a debt-relief service provider that arose specifically from an investigation conducted by the CFPB. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB was created to supervise banks, credit unions and other financial companies, such as debt-relief service providers and consumer credit reporting firms, and to enforce federal consumer financial laws. …
Read More CFPB Refers First Debt Collection Case For Criminal Prosecution