News from the economy, politics and the financial markets
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The $5 Million Hush Money Payment in White Lotus Season 3
The explosive finale of White Lotus Season 3 left fans with more than just plot twists—it raised fascinating legal and tax questions. Chief among them: what are the implications of Greg’s $5 million wire transfer to Belinda, intended to ensure her silence regarding his late wife’s mysterious death?...By: Mandelbaum Barrett PC
SEC Clarifies Disclosure Requirements for Crypto Asset Securities
On April 10, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) issued a statement aimed at providing greater clarity on the application of federal securities laws to crypto assets. These offerings may involve equity or debt securities of issuers whose operations relate to networks, applications, and/or crypto assets....By: Troutman Pepper Locke
All’s Well That Ends Well for Keepwell Providers?
No loss to issuers puts note trustees in the spotlight. The Hong Kong Court of Final Appeal (CFA) has overturned the Court of Appeal’s order that Peking University Founder Group Company Limited (PUFG), as the keepwell provider, breached the terms of the keepwell deeds and was liable to three of its offshore subsidiaries that were the issuers and a guarantor of the keepwell bonds (together, the Issuers), for the total outstanding amounts of those bonds....By: Latham & Watkins LLP
Appeals court temporarily bars mass firings at CFPB
The U.S. Circuit Court of Appeals for the District of Columbia has upheld a temporary injunction issued by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia prohibiting the CFPB from firing more than 1,400 employees, leaving only about 200 employees at the agency....By: Ballard Spahr LLP
Capital Markets & Governance Insights - April 2025
In This Edition SEC Climate Disclosure Rule Developments In early March 2024, the Securities and Exchange Commission (SEC) adopted rules to enhance and standardize climate-related disclosures by public companies and in public offerings. Less than a month later, the SEC voluntarily stayed the application of those rules pending completion of judicial review by the Eighth Circuit....By: Ropes & Gray LLP
Director & Officer Duties: What Every Leader Should Know
Earlier this year, the FDIC, acting as receiver for Silicon Valley Bank (“SVB”), filed a breach of fiduciary duty lawsuit against six officers and eleven directors of the bank. The FDIC alleged that these individuals ignored internal risk warnings, prudent banking standards, and SVB’s own risk management policies in pursuit of short-term profits and a boost to the stock price of SVB Financial Group (SVBFG)....By: Offit Kurman
HUD Modifies Exclusive REO Listing Period and Eliminates Exclusive Sales Period
Recently, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-13 to revise the exclusive listing period for certain parties in connection with HUD real estate owned (REO) properties, and eliminate the exclusive sales period for the same parties in connection with the FHA loan claims without conveyance of title (CWCOT) post foreclosure sales process....By: Ballard Spahr LLP
Recent SEC AML Enforcement Actions and Likely Continued AML Emphasis Under New Administration
Registered investment advisers have until January 1, 2026, to comply with the anti-money laundering (AML) compliance provisions of the Bank Secrecy Act (BSA). However, the SEC has recently charged two investment advisers with securities law violations arising out of their failed AML compliance programs....By: Carlton Fields
Appeals Court Blocks CFPB Layoffs Pending Further Review
The U.S. Court of Appeals for the District of Columbia Circuit issued an order temporarily halting the Consumer Financial Protection Bureau’s (CFPB or Bureau) mass layoffs. The court granted an emergency motion to enforce or clarify its previous order, reinstating the preliminary injunction that prevents the CFPB from executing reductions in force (RIFs)....By: Troutman Pepper Locke
TIAA ranked as top recordkeeper website
A new report by research consultant Corporate Insight (CI) highlights that TIAA, Fidelity, and T. Rowe Price provide the best digital experiences among U.S. recordkeepers....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
UK Government Announces Draft Legislation for Regulating Cryptoassets
On 29 April, UK Chancellor Rachel Reeves unveiled draft legislation aimed at regulating cryptoassets at the International Fintech Growth Summit (IFGS) in London, sponsored by Latham & Watkins. The proposed legislation will bring cryptoassets (including stablecoins) and cryptoasset-related activities in scope of the UK regulatory perimeter, providing the fundamental legislative framework for the UK’s future financial services regime for cryptoassets....By: Latham & Watkins LLP
Top Tips for Doing Capital Markets Deals in Germany (Updated)
This practical note was originally published by Practical Law Capital Markets. A practice note setting out top tips from German counsel for doing capital markets deals in Germany. It highlights issues of which lawyers from outside Germany should be aware when doing capital markets work in Germany. The note is based mainly on insights shared by German counsel, Prof. Dr. Michael Schlitt, partner , Dr. Susanne Ries, LL.M. (London), of counsel, and Julius Koenebruch, research assistant, all Hogan...By: Hogan Lovells
Executive Order Seeks to Eliminate Federal Deployment of Disparate Impact Theory of Discrimination
In an April 23 executive order titled, “Restoring Equality of Opportunity and Meritocracy,” the Trump administration declared it federal policy to eliminate the use of disparate impact liability “in all contexts to the maximum degree possible.” The directive applies across the entire government – meaning that this order will significantly impact litigation, compliance and enforcement priorities for federal agencies in the employment and financial services spaces, both of which have historically...By: Cooley LLP
Be open and honest
Someone from my past was in a new line of work and I wanted to help them out. They were presenting a new 401(k) tool, which I thought was perfect. I thought it was a solution that could help third-party administrators (TPAs) immensely in the conversion process. Since I try to help people out, I offered that person a free spot at one of my conferences....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Complex and Divided Securities Enforcement Falling to States
The Trump administration is bringing significant personnel and policy changes across the federal government’s financial regulators. President Donald Trump has signed an executive order putting agencies and regulators—such as the Securities and Exchange Commission—under direct presidential oversight. Cryptocurrency regulation is already undergoing a significant change in enforcement priorities. The Trump administration appears to have reversed the SEC’s course on aggressively pursuing crypto...By: WilmerHale
Bermuda investment funds - Spring 2025 update
Our investment funds team outline the latest developments within the investment funds market in Bermuda, covering the Bermuda Monetary Authority ("BMA") business plan 2025, BMA Consultation Paper - operational resilience and outsourcing, BMA’s Coordinated Portfolio Investment Survey Report and investment business licence application updates....By: Carey Olsen
Healthcare & Life Sciences Private Equity Deal Tracker: New Mountain Invests in SmarterDx
New Mountain Capital has completed a strategic investment in SmarterDx, according to a news release. SmarterDx, founded in 2020 and based in New York, develops clinical artificial intelligence focused on revenue integrity and care quality....By: McGuireWoods LLP
Trump’s New Executive Order Targeting Disparate Impact Liability May Target Fair Lending as Well
On April 23, 2025, President Trump issued an executive order (EO) titled “Restoring Equality of Opportunity and Meritocracy,” which seeks to eliminate disparate impact liability, denouncing it as a threat to equal opportunity under the law. Disparate impact is a theory that provides relief in cases where a policy or practice that appears neutral has an adverse impact on protected classes, such as race and gender....By: Frost Brown Todd
Cryptocurrency in Divorce
Cryptocurrency is an increasingly common investment in spouses’ portfolios. While cryptocurrency can present unique challenges due to the various exchanges, different forms of recordkeeping, and new vocabulary, the key questions for purposes of divorce are the same as for more traditional assets:......By: Lasher Holzapfel Sperry & Ebberson PLLC
A Borrower Defaulted: Now What? Your Critical First Steps
When a borrower defaults under a loan agreement, you face a dual challenge: time pressure demands swift action, while legal complexities require precision. Whether confronting missed payments, breached financial covenants, or maturity defaults, your immediate response will either preserve your rights or potentially compromise your position....By: Shipman & Goodwin LLP
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