Securities Regulation & Law Report Index-Summary

MAIL FRAUD

– Amerindo, DOJ wins multiple convictions (S.D.N.Y.), 1930
– Cold-calling investment scam, participant prison sentence affirmed (2d Cir.), 1259
– Export scheme, settlement reached (S.D. Fla.), 1794
– Hollinger Inc. settles charges re Canadian and U.S. newspaper sales (N.D. Ill.), 507; related convictions affirmed (7th Cir.), 1008
– Phony stock purchase scheme, defendant's assets frozen (S.D. Ill.), 1887
– Securitizations of accounts receivables, NCFE execs convicted of defrauding buyers (S.D. Ohio), 451; sentencing, 1254; “no violation of law” opinions, Analysis and Perspective, 1264; related suit re credit rating of NCFE notes may proceed, 1270; CEO denied dismissal of related suit, 1606

MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)

– Clean slate, SEC official says economic crisis requires management to rethink disclosure, 2135
– Economic change should spur fresh look at disclosure, Analysis and Perspective, 1803
– Fair value, SEC staffer advises disclosing assumptions, 2083
– Financial crisis, considerations for public companies, Analysis and Perspective, 2012
– SEC offers advice to 30 firms carrying certain risks and assets, 537; second reminder sent, 1514
– TARP firms should consider starting with a clean slate, official tells conferees, 1968
– Year-end planning, SEC official offers advice, 1964

MARGIN RULES

– Failure to meet margin call, trader liable to FCM (7th Cir.), 258
– FCM may liquidate under-margined trader account without prior notice (N.D. Ill.), 985
– Petroleum futures trading, bill to mandate larger margins

See LEGISLATION, FEDERAL, S 2991

MARKET TIMING

– A.G. Edwards brokers fined (SEC), 403
– Chronos Asset Mgmt. and principal settle charges (SEC), 154
– CIBC World Markets Corp. employee agrees to sanctions in settlement re improper trading practices (SEC), 1173
– Janus Capital officials sanctioned, adviser cleared (SEC), 702
– Oppenheimer & Co. settle FINRA charges, 284
– Pentagon Capital Mgmt. and CEO charged (S.D.N.Y.), 535; second firm and exec charged, 581; adviser settles charges, fund manager and COO face related charges, 664
– Prospectuses, SEC action reinstated re misleading fund documents (1st Cir.), 2051
– Prudential stockbroker indicted (D. Mass.), 10; industry bar issued (SEC), 285; appeal filed (1st Cir.), 670; no factual issue re deception, SEC argues in appeal brief, 895; related claims may proceed, 1434; broker pleads guilty, 1509; no issue re scienter, ban upheld (1st Cir.), 1740
– Samaritan Asset Mgmt., suit may proceed, fraud sufficiently alleged (N.Y. Sup. Ct.), 1852
– Southwest broker liable (N.D. Tex.), 624

MD&A

See MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)

MEDIA

– Crown Media Holdings investor suit re misstatements about status of auction may proceed (N.D. Ill.), 205
– Failure to disclose threatened lawsuit against acquired firm, buyer suit reinstated (D.C. Cir.), 1082
– Hollinger Inc. settles charges re Canadian and U.S. newspaper sales (N.D. Ill.), 507; related convictions affirmed (7th Cir.), 1008
– Insider trading re Adidas acquisition of Reebok, Goldman Sachs associate sentenced after guilty plea (S.D.N.Y.), 10; final consent judgments entered, 891
– Newspaper circulation figures, Tribune Co. shareholder class action dismissed for pleading deficiencies (7th Cir.), 589
– Stock price manipulation, television production firm founder and CEO indicted (C.D. Cal.), 510
– TouchStand music kiosks scheme, operator indicted (Colo. Dist. Ct.), 417

MEDIATION

– Fees, FINRA announces new deduction procedures, 1425

MERGERS AND ACQUISITIONS

– Appraisal, Del. action only remedy for shareholder unhappy with price (E.D. Pa.), 2078
– Asset swap deal, class action alleging offering document omissions dismissed (S.D.N.Y.), 489
– Attempted liquidation, transaction causation not found in shareholder suit (S.D.N.Y.), 2000
– Attorneys' fees, request reduced in settled action (Del. Ch.), 639
– Bad faith withdrawal motion, plaintiffs and counsel sanctioned (Del. Ch.), 415; defense attorneys awarded fees and costs, 1386
– Banco Santander S.A. granted exemption from Regulation M requirements for acquisition of Alliance 7 Leicester plc (SEC No-Action Letter), 1359
– Bank of America announces plan to buy Merrill Lynch, 1480; suit challenging merger, stay or dismissal denied (Del. Ch.), 1906; MOU signed to settle litigation, additional disclosures to be made, 1999; Fed approves merger, 1999
– Bidder may have interfered with contract by skirting auction process (W.D. Ky.), 95
– Breach of agreement, prevailing plaintiff indemnification claim for attorneys' fees and expenses barred by res judicata (Del. Super. Ct.), 1268
– Concealment of product flaws to avoid jeopardizing merger, investor suit dismissed re failure to meet PSLRA scienter pleading standard (S.D. Ind.), 358
– Congressional Outlook 2008, Special Report, 82
– Construction firm merger covered under SLUSA “Delaware carve-out,” must be remanded to state court (D. Mass.), 2121
– Contingencies, FASB starts new guidance process, 1816
– Continuous ownership, plaintiffs in derivative suit lose standing post-merger (D. Del.), 1854
– Cross-border takeovers

– – Italy, regulator enables corporate defenses against hostile takeovers, 1784
– – Regulators meet to discuss increasing effectiveness, 827; Analysis and Perspective, 1087

– Datascope, irreparable harm from tender not found, request to enjoin denied (N.J. Super. Ct.), 1905
– Debt funding of multiple subsidiaries, SEC fellow discusses accounting treatment, 2086
– Derivative actions, software firm shareholder plaintiff lost standing after sale of stock in merger transaction (Cal.), 288
– Directors and officers' personal responsibility in suits after Ryan v. Lyondell, Analysis and Perspective, 1697
– Directors of English firm not bound by agreement consenting to Del. jurisdiction, breach claims dismissed (Del. Ch.), 255
– Earnout calculation, one-time employee bonus incorrectly classified as operating expense (Del. Ch.), 1904
– Failure to disclose threatened lawsuit against acquired firm, buyer suit reinstated (D.C. Cir.), 1082
– Fairness opinion, HA-LO Industries may not bring negligence suit against Credit Suisse Securities under N.Y. law (7th Cir.), 290
– FASB business combinations project

See FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)

– Fiduciary duty breach

– – NPC Intl. acquisition, fee renegotiation claims against Merrill dismissed (D. Minn.), 1049
– – Wash. suit properly dismissed under Del. law (Wash. Ct. App.), 597

– Finish Line Inc. ordered to specifically perform agreement to acquire Genesco Inc. (Tenn.), 55
– Foreign capital, mergers, and acquisitions, Japanese panel cites importance to health of economy, 827
– Foreign Corrupt Practices Act

– – Due diligence in business combinations, DOJ issues clarification, Analysis and Perspective, 1340
– – Sarbanes-Oxley certificates alone are insufficient to infer scienter (9th Cir.), 1993

– GeoStar/Great Lakes Geophysical merger, shareholder interests survived (E.D. Mich.), 1506
– Guidant Corp./Boston Scientific merger strips shareholder of standing to bring derivative action (S.D. Ind.), 553
– Hexion Specialty Chemicals must proceed with agreement to buy Huntsman after bad financial results (Del. Ch.), 1614; banks financing merger cannot sue to block (Tex. App.), 1806
– Increased price, out-of-state plaintiff entitled to attorneys' fee presumption (Del.), 94
– Insider trading

See INSIDER TRADING

– Investment bank advising parties to merger owed no duty to shareholders (7th Cir.), 1350
– JPMorgan Chase

– – Bear Stearns acquisition

– – – Bear asset transfer, completion date set, 849; Bear assets lost $1 billion in value, Fed reports, 1083
– – – CSE liquidity standards, Baucus (D-Mont) and Grassley (R-Iowa) quiz SEC re plans to reassess, 527; SEC reviewing, 655
– – – Direct lending by Fed, Paulson supports, raises policy questions, 477; N.Y. Fed and JPMorgan Chase agree on details, 479; emergency loans may be extended, Bernanke says, 1068
– – – Directors shielded by business judgment rule, investor suit dismissed (N.Y. Sup. Ct.), 2076
– – – FDIC prepares for failure of larger banks, 895
– – – Fed and SEC nearing agreement on closer regulatory cooperation, 959
– – – Federal government role in buyout, Congressional leaders to explore, 480; regulators defend decision, Senators question Fed powers, 526; Grassley (R-Iowa) seeks probe re SEC decision not to sue Bear Stearns, 529; Reed (D-RI) and Dodd (D-Conn) seek GAO report re SEC enforcement, 530
– – – Insider trading, Tester (D-Mont) seeks SEC probe re role in Bear downfall, 623
– – – New firm faces risk of litigation, CFO says, 433; first class claims filed, more expected (S.D.N.Y.), 434; challenge stayed pending N.Y. suit (Del. Ch.), 598; Mich. retirement fund seeks lead plaintiff status, 830
– – – Pre-takeover trading by Bear, Frank (D-Mass) urges SEC to expand probe, 577
– – – SEC answers FAQs re deal, 435
– – – Tipping of JP Morgan by SEC insiders, Grassley (R-Iowa) urges investigation, 1729

– – Washington Mutual acquisition leaves JPMorgan with wider branch network, extends reach into 7 new states, 1535

– KPMG not liable for tech firm bankruptcy after bad merger choice (7th Cir.), 506
– Late-filed election of consideration forms, breach of good faith claim re acceptance of some and rejection of others may proceed (Del. Ch.), 1563
– Lear Corp. approval of termination fee, derivative suit dismissed (Del. Ch.), 1613
– Limited partnership, merger involving parent of one member did not activate right of first refusal (7th Cir.), 327
– Lyondell Chemical sale to Basell AF, directors may face personal liability re breach of Revlon duties (Del. Ch.), 1266; review of order allowing suit granted (Del.), 1560
– Macy's, post-merger stock value inflation allegations, derivative suit fails for lack of presuit demand on board (S.D.N.Y.), 1763
– Management stock options, shareholder post-merger inadequate consideration claim derivative (Del.), 903
– Minority shareholders objecting to total transfer of corporate assets not limited to appraisal as remedy (Fla. Dist. Ct. App.), 556
– Mitsubishi bid to purchase Morgan Stanley, Fed statement explains approval, 1654
– Netcentives/UVN merger suit, sixth amended complaint goes too far, denied (N.D. Cal.), 2010
– Nonprofit organizations, FASB to issue final guidance, 1913
– Orphan Medical merger proxy statements, investor suit properly dismissed for pleading deficiencies under PSLRA (8th Cir.), 1294
– Pension fund bid to intervene in class action challenging untimely (7th Cir.), 1085
– Rejection of offer and reclassification of shares, shareholder suit dismissed re failure to allege facts to overcome business judgment rule presumption (Del. Ch.), 373
– Reverse mergers

– – Contract, breach of duty, and fraud claims dismissed against firm that brokered public shells (N.Y. Sup. Ct.), 1564
– – Promoter liable, penalties overturned (9th Cir.), 1369
– – Shareholder suit dismissed for failure to plead fraud or loss causation (D. Conn.), 1217

– Short-form mergers

– – Common stockholder cannot block with rights of unknown preferred holders (Del.), 93
– – Disclosure breach, quasi-appraisal appropriate remedy (Del. Ch.), 905; attorneys fees awarded, 1561
– – Stock option backdating, Boston Communications Group derivative suit dismissed after merger (D. Mass.), 163

– Short sales, Wall St. trader settles SEC charges re Alliance Data Systems shares (S.D.N.Y.), 665
– Special purpose acquisition vehicles (SPACs)

– – Nasdaq seeks approval to list, 279; SEC seeks comment on proposal, Federal Brief, 713
– – NYSE seeks approval to list, 404

– Stock markets

– – Amex

See AMERICAN STOCK EXCHANGE (AMEX)

– – ISE

See INTERNATIONAL SECURITIES EXCHANGE (ISE)

– – Nasdaq

See NASDAQ

– – NYSE

See NEW YORK STOCK EXCHANGE (NYSE)

– TARP

– – Bank bailout funds, Boehner (R-Ohio) concerned re use for acquisitions, 1787
– – Shareholder motion to block bank merger for failure to disclose potential effect of TARP denied (Del. Ch.), 1764

– Thane Intl.-Reliant merger prospectus misleading, suit reinstated (U.S., rev den), 1647
– Tortious interference, class action against UBS re Genesco/Finish Line merger may proceed (E.D.N.Y.), 772
– Transferability of acquired stock, firm president suit properly dismissed (Cal. Ct. App.), 130
– Transkaryotic Therapies-Shire Pharmaceuticals Group merger, unlawful merger claim may proceed (Del. Ch.), 1092
– Treasury Dept. proposed SEC/CFTC merger frowned upon, 558
– United Rental bid to force specific performance of RAM deal rejected (Del. Ch.), 22
– Vivendi-Activision deal, shareholder vote may proceed (Del. Ch.), 1050
– Wachovia/Wells Fargo deal, business judgment rule prevents shareholder request to enjoin, settlement reached (N.C. Sup. Ct.), 2124
– Work product protections do not apply to engagement letter sought in merger dispute (Del. Ch.), 1507

MEXICO

– Produce company, shareholders lack standing to bring direct suit on sale of corporate asset (Fla. Dist. App. Ct.), 1904

MICROCAPS

– Misappropriating identities of inactive public firms, trading halted in stock of 26 issuers, 404
– Registration scheme, firms and broker-dealer charged, some settle (C.D. Cal., SEC), 1257
– SEC focus coming back, official tells conferees, 482

MILITARY

See ARMED SERVICES

MINING

– Attorneys' fees, firm official and auditor awarded in dismissed suit under Equal Access to Justice Act (D. Colo.), 1647
– Fraudulent offering of unregistered diamond and gold mining firm stock, individuals and firms charged by SEC (D. Nev.), 580
– Gray market trades, SEC granted emergency relief against couple who violated earlier deal (D.D.C.), 120
– Insider trading, exec settles charges re investment in merger target (S.D.N.Y.), 1225

MISAPPROPRIATION OF FUNDS

– Asset freeze ordered against individuals and firm (N.D. Ill.), 749
– Blank document scam, broker charged (E.D. Tex.), 1259
– Campaign finance violations, SEC charges Hsu with operating massive Ponzi scheme (C.D. Cal.), 1646
– Churning, investment adviser properly sentenced after guilty plea (2d Cir.), 745; receiver lacked authority to set aside asset transfer, 1020
– Client funds, investment adviser faces SEC charges (D. Mass.), 829
– Elderly nursing home resident, N.J. broker charged (FINRA), 287
– Foreign currency, 2 fined by CFTC (S.D. Fla.), 1512
– Foreign currency futures contracts, controller and three firms settle CFTC fraud charges (N.D. Ill.), 215
– Gray market trades, SEC granted emergency relief against couple who violated earlier deal (D.D.C.), 120
– Hedge funds, lying to investors and operating fraudulent fund, investment firm VP settles charges (C.D. Cal.), 79; founder sentenced on related charges, 322
– Investment adviser charged (N.D. Cal.), 1167
– REIT exec settles charges (E.D.N.Y.), 1493
– Unregistered commodity pool operator settles charges (CFTC), 134

MONEY LAUNDERING

– Amerindo, DOJ wins multiple convictions (S.D.N.Y.), 1930
– Cold-calling investment scam, participant prison sentence affirmed (2d Cir.), 1259
– Customer identity, E*Trade settles charges it ignored verification procedures (SEC), 1219
– Escrow account siphoning for personal use, former Baker & McKenzie partner indicted (E.D.N.Y.), 860
– Forfeiture of assets, reversal of conviction reverses (D. Kan.), 76
– GunnAllen Financial and traders settle FINRA charges re inadequate protections, 749
– Hollinger Inc. settles charges re Canadian and U.S. newspaper sales (N.D. Ill.), 507; related convictions affirmed (7th Cir.), 1008
– Municipal securities bribery scheme, mayor, friends indicted (N.D. Ala.), 1990
– National Century Fin. Enter. CEO convicted on multiple charges (S.D. Ohio), 1863
– Penny stocks, Brazilian nationals indicted re telemarketing scam (S.D. Fla.), 490
– Publicly-traded firm, jury finds 2 guilty (D. Ariz.), 1503
– Securitizations of accounts receivables, NCFE execs convicted of defrauding buyers (S.D. Ohio), 451; sentencing, 1254; “no violation of law” opinions, Analysis and Perspective, 1264; related suit re credit rating of NCFE notes may proceed, 1270; CEO denied dismissal of related suit, 1606
– Suspicious activity rules, SEC launches online resource to aid in mutual fund compliance efforts, 1252
– TriCapital Advisers president sentenced to prison (D. Md.), 669

MORTGAGES

See REAL ESTATE

MOTION PICTURES

– Box office futures exchange, Cantor applies with CFTC to operate, 2082

MOTOR VEHICLES

– Chancellor CEO, disgorgement ordered re asset inflation scheme (D. Mass.), 101
– Delphi audits, Deloitte & Touche to settle class claims, 31; partners agree to bar from practice (SEC), 336; dismissal denied (E.D. Mich.), 1823
– GMAC bonds, lack of disclosure re parent company not violation of '33 Act (6th Cir.), 2061
– Health care reform proposal, firm may not omit from proxy materials (SEC No-Action Letter), 877
– Luxury motor coach timeshare LLC, out of state managers without personal involvement cannot be sued in Florida (Fla. D. Ct. App.), 2026
– Parts supplier, plaintiff's scienter argument must be most plausible for dismissal, suit reinstated (6th Cir.), 1934
– Subprime auto loans, NCUA alerts renewed private fund manager's investor notification obligations (S.D.N.Y.), 627
– TARP, manufacturers seek relief, 1789; officials discuss possible industries, 1800; Paulson says funds should not be used to rescue automakers, 1936

MOVIES

See MOTION PICTURES

MSRB (MUNICIPAL SECURITIES RULEMAKING BOARD)

See MUNICIPAL SECURITIES

MUNICIPAL SECURITIES

– Auction rate securities (ARS)

See AUCTION RATE SECURITIES (ARS)

– Bank tying and underpricing of credit, MSRB issues reminder to dealers re prohibition, 1287
– Bar orders in settlement overly broad, non-settling defendant may pursue claims against settling defendants (9th Cir.), 1600
– Bond rating practices, state treasurers urge credit rating agencies to change, 373; Conn. Attorney General files suit against agencies, 1229
– Bribery scheme, mayor and friends indicted (N.D. Ala.), 1990
– Cal. governor signs bill to allow local governments to buy back bond debt, 502
– Closed-end funds, Mass. officials launch inquiry re auctions, 292; subpoenas issued to UBS, Merrill Lynch, and Bank of America, 502; UBS reaches settlement, 773; UBS settlement terms approved (Mass. Super. Ct.), 1231; Morgan Stanley reaches settlement, 1266; class actions filed (D. Mass.), 1299; Bank of America agrees to buy back to settle charges, 1444
– Collateralized debt obligations, Mass. regulator issues subpoenas to insurers, 131
– Compliance seminar, MSRB and SIFMA announced, 1696
– Credit rating and insurance industry review

See LEGISLATION, FEDERAL, HR 6308

– Defaulted bonds for housing development, suit dismissed for failure to show loss causation (N.D. Iowa), 1606
– Directors and officers

– – Former chair resigns, new members seated, 1611
– – New officers and board members, 1376
– – Senior management changes, new members, 1696

– Disclosure, pilot program providing real-time trade price data cleared by SEC, 541; obligors deficient in meeting rule, report says, 1432
– Electronic Municipal Market Access (EMMA) system received well, new issue info system delayed, MSRB official says, 590; SEC proposes rule changes making MSRB central repository for disclosures, 1206; inadequate data available re muni market, study finds, 1487; comments received, 1550; MSRB issues draft specifications for online access, 1550; MSRB asks SEC to delay implementation, 1893; SEC approves rule changes to implement system, 2052
– Failure to disclose key data in offering documents, underwriter properly sanctioned (D.C. Cir.), 71
– Financial crisis

– – Dealers push for federal purchase of ARS, VDN, 1782
– – Fed and Treasury should consider muni market in bailout, official tells conferees, 1800
– – State, local governments, MSRB in discussion with federal government about possible use of TARP, other funds to assist, 1781

– Insurance policy precluded violations, contractual ambiguity cannot be created by extrinsic evidence (8th Cir.), 1790
– Investor protection rules, notice issued, 120
– Lehman Brothers bankruptcy, issuers should prepare for aftereffects, SEC warns, 1488
– Monoline insurers, downgrades mean changes for muni borrowers, experts say, 1011
– New interface system introduced, Federal Brief, 1696
– New Issue Information Dissemination System (NIIDS), reminder of rule changes on underwriter use, 1431
– Offerings disclosures

– – Mayor and brokerage official face SEC charges in Blount Parrish & Co. probe (N.D. Ala.), 694; SEC urges court to disregard SIFMA amicus brief supporting dismissal, 1428
– – San Diego officials charged in ongoing SEC action (S.D. Cal.), 581

– Reinsurance, Frank (D-Mass) to explore possibility with Fed, 394
– “Risky” behavior led to current economic turmoil, Bachus (R-Ala) tells conferees, 393
– SEC enforcement, 2008 agenda released, 232
– Stock market turbulence not expected to have an effect, MSRB says, 1482
– Transparency, MSRB seeks to collect, disseminate ARS and VRDO information, 1943; specifications published, Federal Brief, 2069
– Underwriting fees, arbitration award to brokerage upheld (S.D. Fla.), 1258

MUTUAL FUNDS

– Abusive sales practices to military personnel, class properly certified in suit against broker-dealer (U.S., rev den), 43
– Affiliated funds, Banc of America subsidiaries settle charges re disclosure violations (SEC), 708
– Arbitrage scheme, Ill. damages award reversed (7th Cir.), 329
– Arbitration award in favor of broker, general dissatisfaction insufficient to reverse (S.D.N.Y.), 1842
– Bank of America purchases, SLUSA preempts trust beneficiary claims (8th Cir.), 830; related suit preempted, 1010; (U.S., rev den), 1926
– Best execution

– – Fidelity Investments settles charges (SEC), 355
– – SLUSA bars suit against fund manager re breach of implied duty (S.D. Ill.), 966

– Congressional Outlook 2008, Special Report, 82
– Directed brokerage commissions, American Funds Distributors fine affirmed, 700
– Disclosure

– – Open-end investment companies, bill to improve disclosure of fees and expenses

See LEGISLATION, FEDERAL, HR 3225

– – Quarterly updates proposal, ICI and SIFMA question need, 321; investors prefer summary prospectus, ICI survey shows, 450
– – Summary prospectus requirement, SEC reopens comment period for proposal, 1210; SEC to decide on rule changes, 1872; rule adopted, 1922
– – XBRL use, SEC examining draft decision memo, 168; proposal issued, 821; gradual replacement of EDGAR planned, 1330

– Disclosure of shelf-space agreements

– – Adviser and distributor had no duty to disclose, investor class action dismissed (D.N.J.), 709
– – Edward Jones reaches administrative settlement with Cal. attorney general, 1445
– – UBS did not have duty to proactively disclose, class action dismissed (S.D.N.Y.), 1791

– E-filing, '40 Act exemptions must now be filed electronically, 1786
– EC proposes overhaul of rules in effort to boost cross-border trade, 1115; legislation approved to support “management company passport,” 2056
– Entertainment of traders, Lazard Capital Markets LLC settles charges (SEC), 1793
– Fair fund distributions

– – Franklin-Templeton investors, distribution begins, 1558
– – Putnam Investment Management investors, distribution begins, 1336
– – Vivendi fraud victims, distribution begins, 1319

– Fraud, former Cornerstone compliance officer seeks reversal of ALJ findings (SEC), 1423
– Globalization should be increased, Atkins tells conferees, 452
– Independent directors, SEC staff initiative to enhance effectiveness, 1782
– Investment adviser fees, investor suit properly dismissed (7th Cir.), 822; en banc rehearing denied, 1293; correction, 1339
– Investment Company Institute forms industry panel for risk minimization recommendations, 1836
– Kickbacks and excessive fees, investor class action against American Funds dismissed as untimely (C.D. Cal.), 1010
– Late trading

See LATE TRADING

– Market timing

See MARKET TIMING

– Money laundering

See MONEY LAUNDERING

– Money market funds

– – Lehman debt, fund carrying “breaks buck,” SEC clarifies accounting issues, 1479; entity to liquidate 14 funds, 1691; Treasury agrees to be buyer of last resort, 1946
– – Liquidity program, Fed directs loans to prime funds, 1744; purchases to begin, 1892
– – Share price, Treasury Dept. begins program to guarantee stability, 1589; program expanded, 1652; guarantees to continue through April, 1989
– – Treasury Dept. unveils insurance plan over objections of commercial banking industry, 1472; new safeguards may be required, Fed says, 1475; FINRA issues Investor Alert re program, 1590

– Mutual Fund Trader Web site, SEC launches to facilitate investor analysis and comparison of fund data, 578
– PAX World Mgmt. settles charges re failure to follow own rules when choosing shares (SEC), 1228
– Proxy votes, funds cast in keeping with shareholder interests, ICI study finds, 1072
– Sales and supervisory violations, five broker-dealers settle FINRA charges, 322
– SEC enforcement, 2008 agenda released, 232; reform efforts, officials outline, 666; proposal likely soon, official says, 690; exam practices evolve with markets, regulatory work continues, officials tell conferees, 937
– Shareholder fees, investment advisers charged re misuse (SEC), 1549
– Soft dollars, framework for directors due this summer, Donohue tells conferees, 740; SEC issues guidance, 1205
– Suitability

– – Brokerage fined $1.1M for Class B share sales advice, 1686
– – Stockbroker sanctions upheld (D.C. Cir.), 2061

– Wells Fargo misrepresentations and omissions, trust beneficiary suit re asset transfers precluded (Cal. Ct. App.), 161; rev den (Cal.), 715