A few weeks ago, eighteen law professors, including Berkeley Law Professor Robert Bartlett, filed an amicus brief in support of respondents in the pending Supreme Court case, Amgen, Inc. v. Conn. Retirement Plans and Trust Funds. Before the Court is whether plaintiffs using a “fraud-on-the-market” theory of reliance in a securities fraud (10b-5) class action […]
The JOBS Act’s Public/Private Contradiction
The JOBS Act, which became law on April 5, 2012, is designed to lessen the burden for small companies to gain access to investor capital in hopes that these firms will drive American job creation. The law is really more of a series of distinct initiatives rather than a cohesive piece of legislation that points in […]
Firm Advice: Your Weekly Update
DOJ and FTC leniency for failing to file Hart-Scott-Rodino notifications may be over. The passive investment exception to the Hart-Scott-Rodino Act’s reporting requirements excuses notification when the acquirer will hold not more than 10 percent of the outstanding shares solely for investment purposes. Biglari Holdings, Inc. viewed its investment in Cracker Barrel as passive and […]
BCLBE Symposium Recap: New Models and Multifamily Properties
This is a second post summarizing the Berkeley Center for Law, Business and the Economy and Philomathia Foundation Forum on unlocking capital for energy efficient improvements. The previous post is here. Throughout the forum, many presenters agreed that multifamily units present an especially appealing opportunity for increasing investments in green renovations. With reasonable up-front capital […]
The Current State of the JOBS Act, Part II
IV. The JOBS Act’s Implications The Act makes it easier for smaller companies to gain access to financing through the public market. These small companies will be able to expand, generating more jobs and leading to economic growth. However, some companies may not be ready to go public from a disclosure standpoint. If a small company wants […]
Mortgage Closing Costs May Rise Under the New Rules to Prevent Illegal House “Flipping”
In August 2012, six federal financial regulatory agencies issued a proposed rule to implement Section 1471 of the Dodd-Frank Act which sets forth appraisal requirements for “higher-risk” mortgage loans. The intended purpose of the proposed rule is to tighten valuation standards for homes in order to reduce the risk of appraisal fraud, a move meant […]
Firm Advice: Your Weekly Update
Last week, we learned that whistleblowers that use snail mail for disclosing alleged violations to the SEC are still protected. This week, Bingham suggests that three courts have adopted even more relaxed disclosure restrictions, which in some cases, include “internal reports of wrongdoing.” Bingham reviews all three cases here. Earlier this year, the SEC directed […]
The Current State of the JOBS Act
I. Background of JOBS act. On April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act (the “Act”) (H.R. 3606) into law. This bipartisan legislation is intended to stimulate jobs growth in the United States by allowing smaller companies to raise capital, both privately and publicly, with greater ease and fewer restrictions by relieving […]
BCLBE Symposium Recap: Unlocking Capital for Efficiency Improvements
Last Friday, October 5, 2012, the Berkeley Center for Law, Business and the Economy co-hosted a symposium in San Francisco, entitled: “Where is the money? Unlocking Capital for Real Estate Efficiency Improvements.” The event included presentations from leaders in law, finance, energy, and policy—all addressing the lack of adequate funding models for energy efficient remodels […]
London’s Changing Market Regulation
Since the start of the financial crisis in 2007, England’s tripartite model of financial regulation—where the HM treasury, Bank of England and Financial Services Authority (FSA) shared responsibility for financial regulation—has been widely criticized for failing to prevent or adequately respond to the financial crisis. Critics argue that the crisis revealed the need to incorporate […]