Daily Archives: February 26, 2009, 11:59 pm

Securities Docket News Wire for Feb. 26, 2009

Pres. Obama’s Budget Expected to Bring 13% Increase in SEC Funding. http://tinyurl.com/bytbpf # Connecticut Proposes Legislation to Regulate Hedge Funds. http://is.gd/kWWk # D&O Diary Introduces Running List of Stanford Group-Related Litigation. http://is.gd/kWWe # Luxembourg: Regulator Faults UBS’ Due Diligence in Custodianship of Madoff-Related Investments. http://is.gd/kWW7 # Advisen Ltd. Report Analyzes 2008 Securities Class Actions, Predicts Spread Beyond Financial Services Area…

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Carpenter Moore Study Finds Financial Services Cos. Now Pay Highest D&O Premiums

Carpenter Moore’s new “2008 Directors & Officers Liability Insurance Peer Benchmarking Report” finds that financial services companies now pay the highest average premiums for directors and officers (D&O) liability insurance, surpassing rates paid by life sciences and technology firms. Insurance Journal reports that this shift in D&O pricing trends accelerated in the fourth quarter of 2008 as the financial and…

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Debevoise & Plimpton Launches New International Corporate Investigations and Defense Practice

Debevoise & Plimpton announced today that it has launched a new International Corporate Investigations and Defense practice.  The Am Law Daily reports that Debevoise’s goal is to “formalize the firm’s existing network of specialists, including 12 former district attorneys, the former attorneys general of the U.S. and Britain, and other white collar lawyers on the ground in Paris and Frankfurt.”…

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Pres. Obama’s Budget Expected to Bring 13% Increase in SEC Funding

Under President Obama’s proposed budget, the SEC is expected to receive a 13% increase in funding next year, which would bring its 2010 budget to about $1.02 billion. After several years of relatively little increase in its budget, the boost would allow the SEC to increase its resources including staff and technology to “pursue a risk-based, efficient regulatory structure that will better detect fraud and strengthen markets,” the Obama Administration stated.

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Luxembourg: Regulator Faults UBS’ Due Diligence in Custodianship of Madoff-Related Investments

Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator, accused UBS of “serious failure” yesterday as part of its investigation into investments that funds based in Luxembourg made in Bernard Madoff’s alleged $50 billion Ponzi scheme. The Times Online reports that the regulator particularly criticized UBS’ weak due diligence with respect to its custodianship of a $1.4 billion fund, Luxalpha,…

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D&O Diary Introduces Running List of Stanford Group-Related Litigation

Securities class actions against R. Allen Stanford and the Stanford Financial Group continue to pile up, and you know what that means:  The tireless Kevin LaCroix (pictured) of OakBridge Insurance Services is making another list. On Tuesday, LaCroix introduced a new list that he is maintaining at his tremendous D&O Diary blog of Stanford Group-related litigation.  The list (available here)…

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Advisen Ltd. Report Analyzes 2008 Securities Class Actions, Predicts Spread Beyond Financial Services Area in 2009

A new report released Wednesday by New York-based Advisen Ltd. finds that the number of securities class action suits filed in 2008 changed little from 2007.  However, the report also find that changes in the industry and the economy may have other types of impact.  Business Insurance reports that among other things, the report finds that: the fall of two…

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Connecticut Proposes Legislation to Regulate Hedge Funds

Connecticut lawmakers have introduced three bills that would impose state regulation over the hedge fund industry. The Hartford Business Journal reports that the proposed legislation would require each hedge fund to obtain a state license, provide for an independent annual financial audit and disclose fees and significant changes in management or management strategy. One bill would reportedly ban investments in…

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