July 31, 2009

Our “Q&A Forum”: The Big 5000!

In our “Q&A Forum,” we have reached query #5000 (although the “real” number is really much higher since many of these have follow-ups). I know this is patting ourselves on the back, but it’s nearly eight years of sharing expert knowledge and is quite a resource. Combined with the Q&A Forums on our other sites, there have been over 17,000 questions answered.

You are reminded that we welcome your own input into any query you see. And remember there is no need to identify yourself if you are inclined to remain anonymous when you post a reply (or a question). And of course, remember the disclaimer that you need to conduct your own analysis and that any answers don’t contain legal advice.

You’ve never seen me so happy! They’re bringing Jimmy back! New “Rockford Files” coming soon…

Changes in the SEC’s Misappropriations Theory? SEC v. Cuban

Many have been following the battle between Mark Cuban and the SEC over Cuban’s alleged insider trading, partly due to Cuban’s prolific personality as I blogged about a few months ago.

A few weeks ago, a federal court – US District Court for the Northern District of Texas – dismissed the SEC’s insider-trading complaint against Cuban in SEC v. Cuban. The decision has stirred quite a bit of debate over the future of the misappropriations theory. We are posting memos analyzing the case in our “Insider Trading” Practice Area.

In this podcast, Ken Winer of Foley & Lardner discusses the court’s decision in Cuban, including:

– Case’s implications for executives who are about to provide material, nonpublic information to a third party
– Whether the dismissal means that it will be safe for someone in Cuban’s position to trade based on information obtained from an executive

Consideration Delayed: Formation of a New “Consumer Protection Agency”

While the House gears up today to vote on a say-on-pay bill (here is the latest version of the bill; here is Mark Borges’ analysis of what amendments will be offered on the floor today), Rep. Barney Frank and his House Financial Services Committee have delayed a vote on the bill that would create a new “Consumer Protection Agency” amid concerns from the business community. A number of Senators (including Democrats) have already expressed concern over this agency. Over 20 business groups have also urged a delay including the Chamber of Commerce and the AICPA, as noted in this article.

As an aside, check out this recent blog from the FEI’s Edith Orenstein about the yin-yang of regulation.

– Broc Romanek