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In the Courts
SEC Settlement Discretion Affirmed in Citigroup Reversal
On June 4, 2014, Judge Rosemary Pooler of the United States Court of Appeals for the Second Circuit reversed District Court Judge Jed Rakoff's highly publicized rejection of the Securities and Exchange Commission's (SEC's) $285 million settlement with Citigroup. The case, SEC v. Citigroup Global Markets, 11-5227-CV L, 2014 WL 2486793 (2d Cir. June 4, 2014), dates back to a 2011 consent decree in which Citigroup agreed to pay a $95 million civil penalty and disgorge $190 million in realized profits and interest for allegedly misrepresenting its role in selling ' and shorting ' an investment fund collateralized by subprime mortgage securities.
As previously reported in these pages, Judge Rakoff refused to approve the settlement agreement in October 2011. SEC v. Citigroup Global Markets Inc., 827 F. Supp. 2d (S.D.N.Y. 2011). The judge's opinion in the case was heralded by some as a direct challenge to the SEC practice of negotiating settlement agreements that require no admission of guilt or liability.
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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.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?