Daily Archives: November 6, 2008, 5:20 pm

Democrats Planning Immediate and Major Revamp of Financial Markets Regulation

A major revamp of the regulation of financial markets is reportedly in Democrat’s immediate plans.  The WSJ reports that House Financial Services Chairman Barney Frank said in an interview that a central point of Democrats’ plans would be the creation of a “systemic-risk regulator.” It could have unprecedented powers over a wide range of financial institutions, from insurance firms to…

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UK: London Lawyers Report Surge in Financial Crisis-Related Litigation

Litigation departments at London’s leading law firms report that they have grown significantly busier in recent weeks with litigation resulting from the financial crisis, the Times Online reports.  Jonathan Kelly, a partner at Simmons & Simmons, said that a range of institutional investors have now begun considering legal action as the market starts to settle.  The article states that Kelly…

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Electing to Stand on Your Dismissed Complaint

On September 23, 2008, Judge Irma Gonzalez of the US District Court for the Southern District of California dismissed plaintiffs’ Second Amended Complaint in the securities class action against Neurocrine Biosciences, Inc.  The court granted plaintiffs leave to file a Third Amended Complaint within 30 days of its order. On October 31, however, the court noted that rather than amending…

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U.S. Does Not Support Global Financial Market Regulator

On November 14-15, the leaders of 20 countries will meet in Washington, DC for an emergency summit meeting on the financial crisis.  In advance of the meeting, a senior Bush administration official told the NY Times yesterday that the US did not support the idea of a new international market regulator with cross-border authority. “This meeting is not about discarding…

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