BNA INSIGHTS: Compensation Risk: Regulatory Requirements and Practical Applications

The near collapse of financial markets and the global financial crises in 2009 focused the public, media, Washington, and individual investors, among others, on outsized Wall Street compensation packages related to…

Reorganizations, Intercompany Debt Addressed in Private Letter Rulings

The Internal Revenue Service in private letter rulings regarding corporate reorganizations released April 23 addressed transactions constituting “A” and “D” reorganizations, as well a transaction undertaken by…

Uncertain Tax Positions Reporting Not Road Map for Adjustments, IRS Chief Counsel Says

Internal Revenue Service Chief Counsel William Wilkins April 23 reiterated that the agency does not plan to use the information it gets from taxpayers on uncertain tax positions as a road map for…

BNA INSIGHTS: The Market Meltdown and Mutual Fund Investors: Likely Claims and Several Potential Defenses

According to the Financial Industry Regulatory Authority (FINRA), 2009 witnessed a significant increase in arbitration filings and complaints by mutual fund investors. Contrary to past experience, mutual funds now…

BNA INSIGHTS: Imputation and the In Pari Delicto Defense in Auditor Liability Cases: The Pennsylvania Supreme Court Preserves but Narrows the Traditional Defense

Bankrupt companies regularly sue their outside professionals for contributing to the bankruptcy. The parties in these cases often clash over a question that can be decisive: To defend itself, can a professional firm…

Strong Derivatives Bill Recommended by Senate Agriculture Committee; Merger with Dodd Bill Expected

The Senate Agriculture Committee recommended April 21, with one Republican joining 12 Democrats, a bill that is touted by its sponsor, panel chairman Blanche Lincoln (D-Ark.), as bringing “100 percent…

Full Senate to Take up Financial Overhaul April 26 with or without Bipartisan Deal, Majority Leader Reid Says

Senate Majority Leader Harry Reid (D-Nev.) April 22 announced plans for the Senate to begin work on financial regulatory reform April 26—with or without an agreement with Republicans on a bipartisan bill…

SEC Prosecution of Goldman Sachs to Have Major Impact on Private Suits, Firm Conduct, Lawyers Say

The Securities and Exchange Commission’s high profile enforcement action against Goldman Sachs & Co. (GS) likely will prompt more shareholder litigation, increase regulatory and congressional…

Republican Senator Graham Withdraws Support for Climate Bill; Kerry Delays Unveiling of Legislation

Just days before the unveiling of a climate and energy bill he had helped to draft, Sen. Lindsey Graham (R-S.C.) April 24 pulled his support for the effort after demanding, and not getting, assurances that…