Texas Supreme Court Refuses to Rule On Whether Texas Recognizes Tortious Interference with Inheritance Rights and Affirms a Constructive Trust Based On a Finding of Mental Incompetence

In Jackson Walker LLPO v. Kinsel, Lesey and E.A. Kinsel owned a ranch, and when E.A. died, he divided his half between his children and Lesey. Jackson Walker, LLPO v. Kinsel, No. 07-13-00130-CV, 2015 Tex. App. LEXIS 3586 (Tex. View Full Post
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A “Death Sentence” for Financial Institutions: The D.C. Circuit Dismisses Andorran Bank Shareholders’ Challenge to FinCEN’s Imposition of a Special Measure Under Section 311

On May 23, the federal court of appeals for the District of Columbia Circuit rejected an appeal by the majority shareholders in Banca Privada d’Andorra S.A. (“BPA”) regarding claims that FinCEN violated the Administrative Procedure Act when issuing a March 2015 Notice of Finding that the Andorran bank was a financial institution “of primary money laundering concern” and a Notice of Proposed Rulemaking to impose a special measure pursuant to Section 311 of the USA PATRIOT Act, effectively cutting off the bank’s access to the U.S. View Full Post
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New CFTC Rules Formalize Whistleblower Protections for Employees of Hedge Fund Managers and Other Registrants

On May 22, 2017, the U.S. Commodity Futures Trading Commission amended and supplemented several CFTC regulations to strengthen anti-retaliation protections for whistleblowers under the Commodity Exchange Act. These amendments, in general, make the CFTC’s whistleblower protections consistent with those afforded by Securities and Exchange Commission rules and reinforce the need for private fund managers that are registered as commodity pool operators or commodity trading advisors to take affirmative steps to avoid violating federal regulations regarding whistleblowing. View Full Post
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D.C. Circuit Poised to Decide Constitutionality of CFPB Structure in PHH Case

  On May 24, 2017, the US Court of Appeals for the D.C. Circuit (D.C. Circuit) held oral argument in the PHH case, which we have blogged about extensively. The constitutionality of the CFPB’s structure was the central issue at the oral argument, occupying the vast majority of the time and the judges’ questions. View Full Post
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TSXV Codified Past Practice with Amendments to Change of Business and Reverse Takeover Policy

Effective December 15, 2016, the TSX Venture Exchange implemented amendments to its Policy 5.2 Changes of Business and Reverse Takeovers which, among other things, formalized existing working practices related to certain transactions and considerations that had not previously been included in the Policy, and corrected certain oversights related to procedural matters. View Full Post
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BDC Fees and Structures Evolving: Multiple Drivers Spurring Change

A proliferation of different fee levels and structures is evident throughout the alternative investment industry, and business development companies (BDCs) are no exception. For instance, management and incentive fees within the BDC space vary widely between issuers, with management fees ranging from as low as 1 percent to as high as 2 percent of gross assets. View Full Post
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CFPB’s Office of Servicemember Affairs Issues Annual Report

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families. This year, however, the Bureau took a novel approach by presenting the report “within the construct of the ‘military lifecycle’” in an attempt to “consider issues and complaints in the very context in which they arise.” The “military lifecycle” takes readers through the stages of a military career, beginning with the signing of an enlistment contract at the recruiter’s office and ending with veteran status and retirement. View Full Post
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