On August 31, the California Supreme Court declined to review the Court of Appeal’s decision in Lincoln Life and Annuity Co. v. Berck, commonly referred to as the Teren case. Click here to read more.
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Eighth Circuit Decision Creates Risk and Uncertainty
On July 14, 2011, the United States Court of Appeals for the Eighth Circuit issued a decision that will adversely affect the legal rights of premium finance lenders and investors in life settlements originated in Minnesota. For a complete summary of the ruling, please click here.
Bill to Reinstate Rule 436(g) Introduced
On April 14, Representative Steve Stivers introduced a bill to reinstate Rule 436(g) of the Securities Act. The bill would repeal Section 939G of the Dodd-Frank Act, under which Section 436(g) was repealed. The reinstatement of Rule 436(g) would exclude NRSROs from being treated as “experts” when their ratings are included in a registration statement. A copy of the bill will be posted on Thomas.
Updated Attorney General Post-Election Reference Guide
Orrick has developed an Attorney General Post-Election Reference Guide to assist clients in learning about the Attorneys General (AGs) in all 50 states and the District of Columbia, including the 19 new incoming AGs. This past election was one of great significance because more than ever before in our nation’s history, AGs are recognized for playing an increasingly powerful and multifaceted role in their states. Guide.
**Due to inaccuracies in the previous version of the Guide, an updated guide is now available. For more information, please contact Lori Kalani.
Attorney General Post-Election Reference Guide
Orrick has developed an Attorney General Post-Election Reference Guide to assist clients in learning about the Attorneys General (AGs) in all 50 states and the District of Columbia, including the 19 new incoming AGs. This past election was one of great significance because more than ever before in our nation’s history, AGs are recognized for playing an increasingly powerful and multifaceted role in their states. Guide.
**The Guide will be updated as new AGs are appointed by incoming Governors, and the updated Guide will be made available in the State Governments tab above. For more information, please contact Lori Kalani.
Rating Agency Developments
On September 7, Moody’s requested comments on a proposed new methodology and rating scale for money market funds. Comments should be received within 60 days. Moody’s Release.
On September 7, S&P revised its recovery rates for CMBS collateral in resecuritizations. S&P Release.
Note: Free registration is required for S&P and Moody’s releases and reports.