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SEC Proposes New Rules Directed At Hedge Funds And Their Advisers - Part I
In late December 2006, the Securities and Exchange Commission (SEC) proposed new rules that would impact certain hedge funds and their investment advisers.1 The rules, proposed under the Investment Advisers Act of 19402 and the Securities Act of 1933,3 are part of the SEC's response to the June...
Read MoreGPL Version 3: Posing A Threat To Interoperability, Open Innovation, And Customer Choice
The information technology ("IT") industry is experiencing the highest level of interoperability in its history. A key path to achieving interoperability is often the collaboration among otherwise ardent competitors. This unprecedented level of cooperation has led to significant technological...
Read MoreSupreme Court Reverses Rule That A Patent Licensee In Good Standing Cannot Seek A Declaratory Judgment That The Licensed Patent Is Invalid, Unenforceable, Or Not Infringed
The Supreme Court's January 9, 2007 opinion in MedImmune, Inc. v. Genentech, Inc.1 alters the balance of power between patent holders and their licensees. A patent licensee is no longer required to terminate or breach its license agreement in order to seek a declaratory judgment that the licensed...
Read MoreScheme Liability Under Rule 10b-5: An Emerging Cause Of Action - Part III
Parts I and II of this article appeared in the December and January issues, respectively, of The Metropolitan Corporate Counsel. A Difference of Opinion: The Appellate Courts Weigh In Within the last few months, appellate courts have begun to weigh in on the viability of scheme liability under...
Read MoreScheme Liability Under Rule 10b-5: An Emerging Cause Of Action - Part II
Part I of this article appeared in the December issue of The Metropolitan Corporate Counsel; Part III will appear in the February issue. Scheme Liability: The District Courts Speak Notwithstanding the availability in some jurisdictions of the "substantial participation" test, Central Bank 's bar...
Read MoreScheme Liability Under Rule 10b-5: An Emerging Cause Of Action - Part I
Over a decade ago, the United States Supreme Court in Central Bank of Denver N.A. v. First Interstate Bank of Denver, N.A., 511 U.S. 164 (1994) ruled that there is no private cause of action for aiding and abetting securities fraud under Section 10(b) of the Securities Exchange Act and Rule 10b-5....
Read MorePension Protection Act Of 2006 Makes Major Changes To ERISA Fiduciary Requirements
The recently enacted Pension Protection Act of 2006 (the 'Act') dramatically changed several longstanding fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended ('ERISA'). Of particular importance, the Act: modifies the so-called '25% benefit...
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