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Compliance Hotline
Investment Bank Is Dismissed from WorldCom Lawsuits
The District Court for the Southern District of New York has granted a motion to dismiss an investment bank from the WorldCom class action that issued notes tracking the market price of WorldCom stock. The court ruled that the bank's accurate statements about the historical stock price could not support a claim under the securities laws even though those prices turned out to be fraudulently inflated. In re WorldCom Inc. Securities Litigation, No. Civ. 3288 (DLC), (Jan. 6, 2004).
The plaintiffs were investors who alleged that the bank was party to the WorldCom fraud and violated ' 11 of the Securities Act of 1933 because the historical stock price of WorldCom was artificially inflated through the perpetration of a monumental fraud. The bank had issued GOALs securities, which paid an annual interest rate of 12% over 2 years. The amount of the principal that was to be repaid as they matured was dependent on the performance of WorldCom stock.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?