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Legal Articles: Sullivan & Cromwell LLP

 







Document(s) published by this organization: 142


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Adobe PDFKey Supreme Court Ruling Concerning ERISA “Stock Drop” Class Actions: Court Erects Substantial Hurdles to “Stock Drop” Class Actions But Rejects Lower Court Rulings That Investing ERISA Retirement Funds in Employer Stock Is Presumed to be Prudent
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on June 26, 2014
On June 25, 2014, in Fifth Third Bancorp et al., Petitioners v. John Dudenhoeffer et al., the U.S. Supreme Court issued an important opinion concerning so-called ERISA “stock drop” class actions, wherein participants in an ERISA retirement plan sue the plan’s fiduciaries for...

 

Adobe PDFHouse Passes CFTC Reauthorization Bill: U.S. House of Representatives Passes the “Customer Protection and End-User Relief Act” That Would Amend Certain Provisions of the Commodity Exchange Act Implemented After Dodd-Frank
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on July 1, 2014
On June 24, 2014, the House of Representatives voted 265 to 144 to pass H.R. 4413, entitled the “Customer Protection and End-User Relief Act” (the “Reauthorization Act”). The Reauthorization Act reauthorizes the operations of the Commodity Futures Trading Commission (the...

 

Adobe PDFSupreme Court Details Limits on President’s Recess Appointments Power: Court Unanimously Rules that Senate, Not President, Decides When Senate Is In Session; Pro Forma Sessions Preclude Recess Appointments
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on June 27, 2014
The U.S. Supreme Court has clarified the circumstances under which the Recess Appointments Clause of the Constitution empowers the President to appoint executive branch officials and judges without confirmation by the Senate. In National Labor Relations Board v. Noel Canning, No. 12-1281 (June 26,...

 

Adobe PDFSTOCK Act Update: SEC Confirms Criminal and Civil Investigations of Potential STOCK Act Violation; Moves to Enforce Subpoena to Congressional Committee and Staffer
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on July 1, 2014
A recent SEC court filing confirmed the existence of enforcement investigations into a potential violation of the Stop Trading on Congressional Knowledge (STOCK) Act. In a subpoena enforcement action filed against the House Ways and Means Committee and the staff director of its Health Subcommittee,...

 

Adobe PDFBank Capital Plans and Stress Tests: Federal Reserve Proposes New Submission Deadlines and Other Revisions to Its Capital Plan Rule; Federal Banking Agencies Propose New Submission Deadlines for Dodd-Frank Act Company-Run Stress Tests
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on June 30, 2014
The Board of Governors of the Federal Reserve System (the “FRB”) recently released a notice of proposed rulemaking (the “FRB NPR”, and the rules set forth therein, the “FRB Proposed Rules”) that would amend the FRB’s capital plan rule (the “Capital...

 

Adobe PDFSupreme Court Holds Online Broadcaster Aereo In Violation of Copyright Act: In Narrow Decision, Court Holds That Aereo Violates TV Broadcasters’ Exclusive Public Performance Rights
Sullivan Cromwell LLP;
Legal Alert/Article
July 9, 2014, previously published on June 26, 2014
The U.S. Supreme Court has effectively shuttered online broadcaster Aereo, finding that its novel service of transmitting broadcast television to subscribers’ digital devices violates federal copyright law. In American Broadcasting Companies v. Aereo, Inc., the Court overturned the United...

 

Adobe PDFU.S. Supreme Court Rules on Critical Reliance Issue for Securities Class Actions: Court Reaffirms Basic's Fraud-on-the-Market Presumption but Allows Defendants To Rebut that Presumption at Class Certification Stage
Sullivan Cromwell LLP;
Legal Alert/Article
June 27, 2014, previously published on June 23, 2014
In its much anticipated opinion in Halliburton v. Erica P. John Fund, Inc., the U.S. Supreme Court declined to overrule the fraud-on-the-market presumption of classwide reliance in securities fraud cases. The Court, however, clarified current law by holding that defendants may rebut that...

 

Adobe PDFPCAOB Auditing Standards: PCAOB Adopts New Auditing Standard for Related Party Transactions and Amendments Regarding Transactions and Relationships with Executive Officers and Significant Unusual Transactions
Sullivan Cromwell LLP;
Legal Alert/Article
June 27, 2014, previously published on June 19, 2014
The Public Company Accounting Oversight Board has adopted Auditing Standard No. 18, Related Parties, addressing audit procedures used to evaluate transactions and relationships between a company and its related parties. Under the new standard, the auditors must (i) perform specific procedures to...

 

Adobe PDFPatent Protection for Computer-Implemented Business Methods: Supreme Court Holds That Abstract Ideas, Which Include “Funda­mental Economic Practices,” Are Not Rendered Patentable by Implementation on a Computer
Sullivan Cromwell LLP;
Legal Alert/Article
June 27, 2014, previously published on June 20, 2014
In Alice Corp Pty Ltd. v. CLS Bank Int’l, the U.S. Supreme Court held that a computer-implemented method for mitigating risk of default in financial transactions was not eligible for patent protection. The Court reasoned that abstract ideas, including “fundamental economic...

 

Adobe PDFU.S. Supreme Court Rejects Limits on Post-Judgment Discovery Into Foreign States’ Assets: Supreme Court Holds That Post-Judgment Discovery Into the Overseas Assets of a Foreign State Is Not Barred by the Foreign Sovereign Immunities Act
Sullivan Cromwell LLP;
Legal Alert/Article
June 27, 2014, previously published on June 16, 2014
The U.S. Supreme Court held today that the Foreign Sovereign Immunities Act (FSIA), 28 U.S.C. § 1602 et seq., does not bar post-judgment discovery into the overseas assets of a foreign state. In Argentina v. NML Capital Ltd., No. 12-842 (June 16, 2014), a divided Court affirmed the Second...

 


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