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Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System: Supreme Court Vacates Class Certification Order in Decade-Long Class Action, Clarifying That Courts May Consider the Materiality of Alleged Misstatements in Applying Fraud-on-the-Market Pres Wednesday, June 30, 2021
On June 21, 2021, the United States Supreme Court issued a decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,
1 vacating a decision of the Second Circuit that affirmed certification of a securities fraud class action against The Goldman Sachs Group, Inc. The Court directed the Second Circuit to consider the “generic” nature of Goldman’s alleged misrepresentations in assessing whether Goldman had successfully rebutted the fraud on the market presumption of reliance for purposes of plaintiff’s claim under Section 10(b) of the Securities Exchange Act of 1934, and therefore, whether class certification is appropriate. In an opinion by Justice Am
Wednesday, May 12, 2021
On May 5, 2021, the United States District Court for the District of Columbia (“DC Court”) vacated a nationwide eviction moratorium order issued by the Centers for Disease Control (“CDC”) to help mitigate the spread of COVID-19 in
Alabama Association of Realtors, et al. v. United States Department of Health and Human Services, et al.
1 (the “Decision”). The DC Court found that the CDC exceeded its authority in issuing such moratorium on nationwide evictions of rental properties and that the CDC Order should be set aside. The Decision was immediately appealed by the Justice Department on behalf of the CDC and the ruling has been stayed pending such appeal.
Thursday, April 1, 2021
On March 26, 2021, Judge Maryellen Noreika of the U.S. District Court for the District of Delaware dismissed a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB”) in
Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts,
1 finding,
inter alia, that the CFPB’s suit was constitutionally defective due to the CFPB’s untimely attempt to ratify the prosecution of the litigation in the wake of the Supreme Court’s decision in
Seila Law LLC v. Consumer Financial Protection Bureau. This case has been closely watched by many participants in the structured finance industry, because the litigants had disputed over the question of whether the trusts at issue in the litigation are “covered persons” liable under the Consumer Financial Protection Act despite their status as passive securitization trust entities a question that has important and wide-reaching implications for the structu
Wednesday, March 10, 2021
Regulation”) was published in the Official Journal on 22 June 2020 and entered into force on 12 July 2020. The Regulation established an EU-wide framework for classifying economic activity as environmentally sustainable and aims at (1) reducing “greenwashing”, where financial products are marketed as environmentally sustainable without sufficient factual basis for their claims and (2) improving the efficiency of private investment in sustainable projects.
An economic activity is classified as an environmentally sustainable activity (an “
Activity”) if it:
contributes substantially to one or more of the environmental objectives (set out in Article 9 of the Regulation) (the “
Objectives”), or directly enables other activities to make a substantial contribution to one or more of them;
All three KPIs:
non-financial undertakings shall apply their best judgement in splitting turnover between CapEx and OpEx across their activities, but while doing this shall avoid (1) unduly inflating the proportion of the Activities and (2) double-counting; and
the Commission shall establish requirements for KPIs to be accompanied by information on how the KPIs were prepared and what they cover;
(ii)
Turnover KPI:
non-financial undertakings should use the definition of net turnover in Article 2(5) of the Accounting Directive as the reference point when calculating their turnover;
(iii)
CapEx should be defined as:
where IFRS is applied: the costs accounted for based on specific paragraphs of IAS 16, IAS 38 and IAS 40-41 and IFRS 16; and