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INDEX
Vol. 41, Nos. 1-21, pp. 1-996
Jan. 5 -- May 25, 2009

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

    MADOFF FRAUD
      – Asset freeze, injunction ordered against Madoff and firm (S.D.N.Y.), 10; continuation of freeze, permanent bar against future violations consented to, 253
      – Auditors
        – – Ancillary lawsuits, auditors are likely targets, panelist tells conferees, 50
        – – False representations, civil and criminal charges filed against Madoff auditor (S.D.N.Y.), 533
        – – Fund of fund sues auditors for reliance on account statements (Conn. Super. Ct.), 208
      – Bankruptcy, SEC opposes motion due to DOJ forfeiture actions (S.D.N.Y.), 652; Chapter 7 filed by customers, 702
      – Class actions
        – – Funds of funds settlement offer rejected (S.D. Fla.), 208
        – – Variable universal life insurance, policyholders claim fiduciary breach for Madoff investments (S.D.N.Y.), 214
      – Clawbacks will be sought from those receiving phantom returns, but not from net losers, 806; trustee files claims to recover false profits, 911
      – Criminal complaint, motion to detain denied after asset transfer, additional bail set (S.D.N.Y.), 84; guilty plea entered by Madoff, 445; risk of flight not error, denial of bail affirmed (2d Cir.), 491; sentencing delayed, victim comment procedure established, 910
      – Custodial abuse, SEC considering contacting investors and changing exam practices for advisers, 601; meeting set to weigh proposed changes to adviser custody rule, 853
      – Custodians, use of independent clearing might have prevented Ponzi scheme, 150; Madoff scheme prompts association to ask SEC to tighten custodial rules for dual registrants, 453
      – Due diligence, investors file suit against managers who invested in Madoff funds (N.Y. Sup. Ct., S.D.N.Y.), 21
      – France, UBS named in investor complaint, 160
      – Luxembourg censures UBS for management of feeder fund, 352
      – Massachusetts
        – – Common enterprise, state securities regulators file charges (Mass. Sec. Div.), 275; ruling in favor of state, firm must provide accounting for all referrals to Madoff, 937
        – – Due diligence, state charges fund with misrepresentation (Mass. Sec. Div.), 626
      – Negligent oversight, administrative claim against SEC, 6
      – N.Y., Merkin faces state fraud charges over transfers to Madoff (N.Y. Sup. Ct.), 673
      – Preferred customers
        – – Compensation arrangements and returns should have been red flags, trustee alleges (S.D.N.Y.), 871
        – – Unregistered adviser, trustee claims allege unrealistic returns should have been indicia of fraud (S.D.N.Y.), 870
      – Receivership, legal fees in unrelated Ponzi scheme case may cause additional scrutiny (S.D.N.Y.), 44
      – Regulatory oversight
        – – Investigation into failures at SEC, FINRA, 41; regulators testify at Senate hearing, 150; SEC and FINRA testify at House hearing, 194; Schapiro and lawmakers vow to have open dialogue, 394
        – – Schapiro outlines structural gaps in confirmation hearing, 77
        – – Single regulator might have caught fraud earlier, Special Report, 121; correction, 169
        – – Trading execution, FINRA received 19 complaints, 84
      – Related fiduciary breach cases may have bigger impact than original criminal proceedings, Special Report, 840
      – SIPC relief
        – – Assessments, SIPC announces new charges to sustain fund due to liquidations, 415
        – – Caps, lack of trading may limit recovery by investors, 336
        – – Early payouts possible for easily traceable accounts, 42
        – – Feeder fund investors may receive help (S.D.N.Y.), 7
        – – Sufficient funds to satisfy claims, 911
        – – Victims of fraud will be made partially whole, SIPC president tells conferees, 491
      – Top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
      – Uninvested funds, small business seeks to recover (S.D.N.Y.), 58; monies held aside, 161
      – United Kingdom, investigation opened, 62
      – Whistleblowers, inquiry into handling of complaints at Senate hearing, 549
    MAIL FRAUD
      – AIG vice president sentenced in loss reserves inflation scheme (D. Conn.), 183
      – Honest services to third parties, tax avoidance is harm to shareholders (U.S., rev grant), 960
      – Ponzi schemes
        – – Armenians targeted by fraudster pleading guilty to multiple charges (C.D. Cal.), 617
        – – Hedge fund, phony operator sentenced to ten years (N.D. Ga.), 617
      – Pyramid scheme, fake commodity pool operator charged with wire and mail fraud (D. Minn.), 234; guilty plea entered, 734
      – Stock options backdating scheme, CEO of home builder indicted (C.D. Cal.), 431
    MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
      – Electronic post mark, failure to disclose sales metrics not fraudulent absent duty (S.D.N.Y.), 568
    MARK-TO-MARKET
    MARKET MANIPULATION
    MARKET TIMING
      – Annuities
        – – Investment adviser for funds underlying variable annuities consents to sanctions (SEC), 769
        – – SLUSA preempts claims, dismissal proper (4th Cir.), 210
      – Fair Funds, disbursements made in Alliance claims, 303
      – Janus and Putnam, investor damages covered by regulatory settlements, summary judgment ordered on several claims (D. Md.), 55; claims partially reinstated (4th Cir.), 918
      – Scienter, credibility is to be decided by trier of fact (5th Cir.), 750
    MEETINGS
    MERGERS AND ACQUISITIONS
      – Accounting rules, SEC aligns with FASB standards on business combinations, 735
      – Arbitration is remedy for post-closing claims in healthcare merger (Del. Ch.), 92
      – Attorneys' fees, increase in tender offer price cannot be attributed to intervening party, fee request denied (Del. Ch.), 674
      – Auto rental company, challenge to merger cannot be made after tender of shares (4th Cir.), 22
      – Banking
        – – Merrill Lynch, Bank of America CEO alleges Fed threatened to remove management if deal was canceled, 752
        – – Registration statement, omission of prior deal terms not misleading (9th Cir.), 112
      – “Blank check vehicle” created for business combination must hold annual meeting to elect directors (Del. Ch.), 885
      – Books and records, semiconductor investor files claim over retained unelected directors and rejection of acquisition (Del. Ch.), 627
      – Contingent items, FASB finalizing accounting guidance, 384; final guidance published, 633
      – Deconsolidation of subsidiaries, FASB to clarify accounting provisions, 835
      – Del., sale of company, failure by directors to take unspecified steps to ensure best price did not breach duty (Del.), 578
      – Discovery, shareholders may review post-deal financial data (Del. Ch. Ct.), 729
      – Failed going-private deal, board conflict not valid argument for lack of presuit demand (Del. Ch.), 313
      – Fair value, impact on business combinations, Special Report, 170
      – Fiduciary duties, sufficient facts pleaded to overcome business judgment presumption (Del.), 174; application of the business judgment rule to officers, Analysis and Perspective, 622
      – FINRA creation, former NASD member sues over alleged falsehoods (S.D.N.Y.), 52; appeal rejecting challenge dismissed as moot, substantive issues still remain (2d Cir.), 516
      – France, AMF fines CEO for false reporting of hostile bid for Euro Disney, 868
      – Hostile takeover, shareholder request to expedite board elections denied (Del. Ch.), 730
      – Insider trading
      – Mars/Wrigley merger, settlement approved (Del. Ch.), 226
      – Option to purchase, shareholders who received no consideration on exercise fail to state claim (Del. Ch.), 24
      – Philadelphia Stock Exch., post-acquisition settlement allocation plan approved (Del.), 225
      – Preferred shares, valuation set by contract in certificate of designation (Del. Ch.), 786
      – Redemption of retiree shares before acquisition was within contract, claims dismissed (Del. Ch.), 881
      – REITs
        – – Acquisition, sending proxies shortly before shareholder meeting did not render them misleading (7th Cir.), 560
        – – Units, suit over merger subject to CAFA removal (7th Cir.), 59
      – Reverse merger, stock promoters charged in biotechnology pump-and-dump scheme (D. Colo.), 464
      – SEC/CFTC potential merger
      – SLUSA, medical management company, post-acquisition action falls under Delaware carve-out (9th Cir.), 258
      – Standing, continuing ownership disrupted by acquisition, derivative actions dismissed (S.D.N.Y.), 311
      – Tender offer fraud, hedge funds acting without reliance may not bring suit (7th Cir.), 60
      – Tortious interference claim against UBS for aborted merger barred by res judicata (E.D.N.Y.), 135
      – Wis., minority shareholder, direct claim not extinguished by cash-out merger (Wis.), 826
    MINING
      – Tender offer fraud, hedge funds acting without reliance may not bring suit (7th Cir.), 60
    MONEY LAUNDERING
      – Broker-dealers, E*Trade settles FINRA charges over failure to institute policies and procedures, 86
      – Exchange-information agreement between Treasury and CFTC created, 137
      – Fake promissory notes, superseding indictment is brought against lawyer for fraud (S.D.N.Y.), 509
      – Hedge funds, bill to require prevention programs
        See LEGISLATION, FEDERAL, S 344
      – N.Y., former pension officials face civil and criminal charges in conspiracy (S.D.N.Y., N.Y. Sup. Ct.), 526
      – Tax evasion
        See LEGISLATION, FEDERAL, HR 1748, S 386
    MONTENEGRO
      – Cross-border enforcement, IOSCO announces new signatories to multilateral MOU, 613
    MORTGAGES
    MOTOR VEHICLES
      – Car wash venture, lifetime bar for promoter who misappropriated funds is upheld (6th Cir.), 511
      – False financial statements, Delphi executive settles charges (E.D. Mich.), 639
      – Fiat settles FCPA claims re Oil for Food kickbacks (D.D.C.), 10
      – General Motors settles SEC claims re pensions accounting (D.D.C.), 139
      – Parts company, DOJ drops criminal charges against Stockman, SEC case continues (S.D.N.Y.), 49; SEC must comply with specific discovery requests, 235
      – Rental company, challenge to merger cannot be made after tender of shares (4th Cir.), 22
    MUNICIPAL SECURITIES
      – Advisers, majority are unregistered and unregulated, report shows, 656
      – Ala., “pay-to-play” scheme, Bachus (R-Ala) faults SEC for inaction, 80; SEC official says ability to detect fraud in muni market is limited, 199
      – Build America bonds, MSRB reminds dealers that all rules apply, 808
      – CDS hedging of munis, N.J. assemblyman questions conflict of interest at Goldman Sachs, 223
      – Electronic Municipal Market Access (EMMA)
        – – Auction Rate Securities, transparency implementation imminent for ARS, delayed for VDO, 116
        – – Securities Evaluation, MSRB files with SEC to make EMMA official channel, 553
        – – Voluntary additional disclosures, MSRB agrees to ask SEC to allow posting on EMMA, 656; MSRB requests SEC permission to accept and disseminate voluntary disclosures, 697
      – Guarantees
        See LEGISLATION, FEDERAL, HR 1669
      – Insurance, MBIA restructures public finance business into separate entity, 316
      – Italy, derivatives sale fraud, assets seized from non-Italian banks, 820
      – Liquidity, SIFMA letter to Congress urges federal involvement, 200; House Financial Services Comm. circulates draft bills, 963
      – New-issue securities, Edward D. Jones settles claims re failure to deliver timely statements (FINRA), 664
      – Political contributions, MSRB considers restrictions on bond ballot measures, 199
      – Ratings, Moody's receives criticism for negative outlook on entire muni sector, 655
      – Transparency
        See Electronic Municipal Market Access (EMMA), this heading
      – Unregulated market participants, MSRB calls for oversight, 54; MSRB intends to send follow-up letter to Congress, 199; letter sent, muni “czar” requested, 269; SEC may seek legislation to cover unregulated entities, official tells conferees, 746; House hearing scheduled to examine industry oversight, 905
      – VRDOs, MSRB asks Geithner to extend Treasury program for money market mutual funds, 415
    MUTUAL FUNDS
      – Adviser fees
        – – Conduct as well as market need to be examined, claim reinstated (8th Cir.), 657
        – – Marketplace competition standard used to examine reasonableness (U.S., rev grant), 447; SEC will file amicus brief, 855
      – Breakpoint discount compliance, broker-dealers settle claims, 554
      – Derivatives, Donohue solicits attorney input on reconsideration of rules, 696
      – EU approves simplified rules for cross-border funds, 82
      – Fair funds
        – – Alliance claim, disbursements made, 303
        – – Distribution process, Aguilar calls for quicker build-out of SEC Office of Collections, Distributions and Financial Management, 492
      – Fees, claim alleging excessive marketing and distribution payments dismissed (S.D.N.Y.), 616
      – Gambling companies, investment too indirect to support RICO claims against fund managers (S.D.N.Y.), 668
      – Independent directors, SEC considering changes to rules and oversight, 79
      – Investment policy, investors may sue on deviation from objectives (N.D. Cal.), 405
      – Market timing
      – Misleading prospectuses, views sought from SEC and amici on extent of liability (1st Cir.), 344
      – Money market funds
        – – Eligibility and economic parameters widened by Fed, 53
        – – Floating net asset value, industry panelists express doubt about effectiveness, 965
        – – Guarantee, Treasury extends program, 613
        – – Portfolio restrictions, proposal forthcoming, Schapiro tells conferees, 804
        – – Regulatory future unclear, SEC staff tells conferees, 251; Investment Company Inst. endorses working group recommendations to strengthen regulation, 508; SEC conducting wholesale review of funds, official tells conferees, 603
        – – Reserve Fund advisers may face SEC enforcement action, 8; local government suit (Colo. Dist. Ct.), 64; Mass. regulators file fraud charges (Mass. Sec. Div.), 91; SEC files charges against fund and top officials, 874
        – – Tax, IRS safe harbor for payments to maintain $1 share value, 33
        – – Valuation, SEC official tells conferees guidance is a priority, 555
        – – VRDOs, MSRB asks Geithner to extend Treasury program for money market mutual funds, 415
      – Prospectuses, top 10 SEC enforcement developments of 2008, Analysis and Perspective, 360
      – Retirement accounts, signing audit letters was not furtherance of fraud re “as-of” transactions (1st Cir.), 259
      – Risk profile, class action alleges misrepresentation by Schwab (N.D. Cal.), 272
      – Shelf space, Web site disclosures foreclose claims of secret payments (2d Cir.), 292
      – SLUSA, preclusion of some claims does not mandate complete dismissal (3d Cir.), 162
      – Suitability, Wachovia fined for violations (FINRA), 257
      – Systemic risk oversight, ICI white paper outlines regulatory framework suggestions, 396; Aguilar urges mutual fund directors to engage in regulatory reform debate, 745; Paredes airs concerns on definition and scope of systemic risk regulation, 864; House to create systemic risk regulator, Frank (D-Mass) tells conferees, 904
      – Target date funds, Kohl (D-Wis) urges SEC to investigate disclosures and holdings, 399; SEC is examining disclosure practices and asset allocations, 855; joint meeting with SEC and Labor Dept. announced, 920
      – Wrap program, performance falsified to lure investors to CD scheme (N.D. Tex.), 289; receiver freezes customer assets, 346; CIO indicted for obstruction of SEC investigation, 912
      – XBRL, SEC adopts rule changes for risk/return data, 306

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