BofA ordered to fix California unemployment card issues reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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The California flag flies above City Hall in Santa Monica, California February 6, 2009. REUTERS/Lucy Nicholson (UNITED STATES)
(Reuters) - California’s financial regulator has tapped an attorney with a background in consumer protection to lead a new office aimed at fostering responsible innovation in fintech.
The California Department of Financial Protection and Innovation said Monday that Christina Tetreault, who most recently served as manager of financial policy for Consumer Reports, would lead its Office of Financial Technology and Innovation.
The new office was mandated by a law that took effect in January. The law expanded the DFPI’s authority to oversee fintech companies, debt collectors and other previously unregulated businesses.
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Delaware Chancery Court has handed a win to the seller in a $550 million dispute over an agreement to acquire a cake decoration supplier in the early days of the pandemic, saying a dip in sales did not give the buyer reason to renege.
In one of her last rulings as a Vice Chancellor, incoming Chancellor Kathaleen McCormick on Friday ordered private equity firm Kohlberg & Company to close on its March 2020 acquisition of Decopac Holdings from another private equity firm Snow Phipps Group, represented by Quinn Emanuel Urquhart & Sullivan, calling the ruling “a victory for deal certainty.”
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For the first time in several years, securities fraud cases declined in 2020, largely due to the pandemic.
1 However, we don’t expect this decrease to continue. Just three months into 2021, there are a number of issues trending in this practice area, including:
Securities litigation against non-U.S.-based issuers;
Securities and derivative litigation arising from SPACs and de-SPAC transactions;
Securities and derivative litigation arising from COVID-19; and
Derivative litigation raising issues relating to diversity.
Increase in Securities Fraud Class Actions Against Non-U.S. Issuers
As reported in Dechert’s Annual Survey, securities class actions filed against non-U.S. issuers actually increased in 2020 going from 64 filed in 2019 to 88 filed in 2020, an increase of 37.5%,
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In light of the dramatic upswing in the use of special purpose acquisition companies (SPACs), the staff of the Securities and Exchange Commission (SEC) has issued several public statements highlighting concerns and issues related to SPACs and private operating companies that are going public through business combinations with SPACs. These business combinations are referred to as de-SPAC transactions.
On April 8, 2021, John Coates, Acting Director of the SEC s Division of Corporation Finance, published a statement titled
SPACs, IPOs and Liability Risk Under the Securities Laws, discussing the legal liability risks of de-SPAC transactions and traditional initial public offerings (IPOs).