Investment Management, Securities and Exchange Commission (SEC), Appeals

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

Ropes & Gray LLP on 7/3/2025

On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Leveling the Playing Field for Closed-End Funds: Shareholder Rights Plans as an Alternative to State Control Share Statutes

Skadden, Arps, Slate, Meagher & Flom LLP on 12/7/2023

On December 5, 2023, the U.S. District Court for the Southern District of New York (SDNY) granted summary judgment in favor of a group of plaintiffs led by Saba Capital Management, L.P. in its case challenging a number of...more

The End of the DOL’s Fiduciary Rule - Employee Benefits Alert

Bradley Arant Boult Cummings LLP on 6/27/2018

On June 21, 2018, the Fifth Circuit Court of Appeals issued a mandate vacating the controversial fiduciary rule issued by the U.S. Department of Labor (DOL) in 2016. The mandate follows the court’s opinion issued on March 15,...more

Investment Services Regulatory Update - September 2017

Vedder Price on 9/20/2017

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

Investment Services Regulatory Update - August 2017

Vedder Price on 8/29/2017

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Sixth Circuit Declines to Address the Definition of Dodd Frank “Whistleblower”

Proskauer - Whistleblower Defense on 1/19/2017

On January 13, 2017, the Sixth Circuit in Verble v. Morgan Stanley Smith Barney, LLC, declined an opportunity to be the third federal appellate court to address the definition of “whistleblower” under Dodd Frank’s...more