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Corporate Governance

PomTalk

Commentary and analysis of developments in the fields of corporate governance, executive compensation, securities regulation and related areas geared towards institutional investors (hedge fund, pension fund, etc.).
By Murielle Steven, Jason S. Cowart, Jeremy Lieberman and and Fei-Lu Quan.

Post Frequency: 1/day

Last Entry: October 17, 2012 at 09:39:54

Reports of Credit Discrimination Against New Parents

Posted on July 21, 2010
The New York Times reports that mortgage lenders are discriminating against borrowers who are out on leave from their jobs, including new parents who are out on maternity or paternity leave. According to mortgage brokers and lenders quoted by the...

SEC Seeks Comments on Proxy System

Posted on July 15, 2010
As part of the SEC?s examination of corporate governance reform, the Commission unanimously voted today to issue a concept release seeking public comments for the next 90 days on the U.S. proxy system and asking whether rule revisions should be...

In Midst of Avandia Probe, GlaxoSmithKline Shares Rise with the Market

Posted on July 14, 2010
An FDA panel spent much of yesterday examining whether GlaxoSmithKline?s blockbuster diabetes drug Avandia should be pulled from the market. The probe includes an examination both of Avandia?s safety, and Glaxo?s trustworthiness with regards to drug testing...

Securities Class Action Filings Down For the Year

Posted on July 07, 2010
As reported by the D&O Diary, despite a large number of significant, high-profile securities class action lawsuits filed during the first-half of 2010, overall filing levels for the first six months of 2010 are down from last year. With the...

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Important SEC Vote Restricts Pay-to-Play

Posted on July 02, 2010
Big News: SEC members voted 5-0 to ban executives at private-equity firms and hedge funds from managing pension-fund assets for two years if they give money to elected officials with influence in awarding investment contracts. Importantly however, the use of...

Court says: Don't Enter Here

Posted on July 01, 2010
The Supreme Court has been pretty tough on plaintiffs lately. In Rent-a-Center, West, Inc. v. Jackson, the Court held that federal courts cannot hear a party's challenge to the enforceability of an arbitration agreement unless the party specifically challenges the...

Investors Will Gain More Rights from Financial Reform

Posted on June 30, 2010
It has been a long process, but the end is near as Senate and House negotiators recently reached agreement on the major financial regulatory reform legislation called Dodd-Frank Wall Street Reform and Consumer Protection Act. In a press release by...

Supreme Court Nominee Elena Kagan and Institutional Investors

Posted on June 29, 2010
On Monday, the Senate Judiciary Committee opened its hearings on Supreme Court nominee Elena Kagan. So what? Everybody knows the solicitor general is magna cum laude from Harvard Law, clerked for Justice Marhshall, taught law at Chicago, was a poicy....

What Comes of Free Enterprise Fund v. PCAOB?

Posted on June 29, 2010
Yesterday?s Supreme Court decision concerning the constitutionality of the Public Company Accounting Oversight Board (?PCAOB?) is perhaps most important for what it didn?t hold. Many have noted that the decision?striking down a provision of the Sarbanes-Oxley Act (?SOX?) that provided...

Free Pass for Wrongdoers or Invitation to Best Practices for Institutional Investors?

Posted on June 24, 2010
Remember the old Westerns where the bad guys raced to the border and got away if they made it across? With Morrision v. National Australia Bank, the Supreme Court today gave a huge gift to corporate wrongdoers. In a ruling...

Class Action Lawyer Nominated for R.I. District Court Clears Senate Panel

Posted on June 22, 2010
Two weeks ago, we commented on the judicial nomination of attorney John J. McConnell, Jr., for the federal District Court in the District of Rhode Island. Last week, McConnell?s nomination was approved by the Senate Judiciary Committee on June 17...

White House Betrays Shareholders

Posted on June 17, 2010
As the Huffington Post reported today a ?lightning bolt" struck important investor protection provisions from the Wall Street reform bill when the conference committee unexpectedly voted against language which would have affirmed the SEC's authority to allow investors to have...

Bicameral Congressional Committee Takes Up ?Anti-Stoneridge? Legislation

Posted on June 17, 2010
On Tuesday, members of the House and Senate finance committees began the process of reconciling two versions of the Wall Street Reform and Consumer Protection Act. Of particular interest to the Pomerantz firm, the legislators began negotiations on reform measures...

Board Members Speak Out

Posted on June 15, 2010
According to a new study by the accounting and business advisory firm Eisner LLP, two thirds of board members are worried about maintaining compliance with new regulations from the SEC and the Financial Accounting Standards Board. In the study of...

What does usual, customary and reasonable have to do with the financial crisis?

Posted on June 14, 2010
What do the latest financial crisis and healthcare litigation have in common? The big picture is the same: It?s about disclosure. What you don?t know can hurt you. In several suits against health insurance companies, plaintiffs on behalf of classes...

When Directors Go - What Do They Know?

Posted on June 11, 2010
Its official, the surprise resignation of an outside director is a harbinger of bad news. The D&O diary reports this week on the findings of an academic paper entitled "The Dark Side of Outside Directors: Do They Quit When They...

Reconciling Financial Reform

Posted on June 09, 2010
Tomorrow, lawmakers will meet to attempt to reconcile the different versions of financial reform bills before the House and the Senate. With regard to the issue of executive pay, the Senate version of the bill states that shareholders would have...

Future of Derivatives May Hinge on Outcome of Ark. Primary

Posted on June 08, 2010
Arkansas Senator Blanche Lincoln (D) faces a tough primary runoff today, and the Wall Street Journal notes that important legislation may hinge on the outcome. Lincoln is the author of a controversial provision in the Senate version of the financial....

Nomination of Class Action Lawyer for R.I. District Court Draws Interested Opposition

Posted on June 07, 2010
This Thursday, June 10, 2010, the Senate Judiciary Committee meets in an Executive Business Meeting to further deliberate on, among other things, President Obama?s nomination of John J. (?Jack?) McConnell of Motley Rice for the District Court of the District...

?Pay-for-Delay? Settlements Costs Health and Welfare Funds

Posted on June 04, 2010
At Pomerantz, our Antitrust lawyers represent the interests of labor union health and welfare funds that seek compensation for having to pay anticompetitive high prices for well known branded pharmaceutical drugs as a result of what has become known as...

At Pomerantz, our Antitrust lawyers

Warren Buffet Testifies on Financial Crisis

Posted on June 03, 2010
Further to our post of yesterday on the Financial Crisis Inquiry Commission?s public hearing on the credit rating agencies, we report that billionaire investor Warren Buffet took the stand. His message was straightforward: no one should be punished for missing...

Rating Agencies Still in the Hot Seat

Posted on June 02, 2010
As part of the ongoing investigation into the causes of the financial crisis, the Financial Crisis Inquiry Commission is holding a public hearing focusing on credit rating agencies. Phil Angelides, the Chairman of the Commission began today?s hearing by criticizing...

Senate Financial Reform Bill Signals Important Changes to Corporate Governance Rules

Posted on June 02, 2010
The final version of the financial reform bill passed by the U.S. Senate on May 20, 2010 would alter existing corporate governance rules on matters such as mandatory proxy access, majority voting requirements, separation of certain managerial positions, and broker...

While Industry Rallies, Problem Banks Outed

Posted on May 28, 2010
Despite trends towards recovery from the financial crisis, data suggests we?re not out of the woods yet. As reported at D&O Diary on May 21st, the latest FDIC?s Quarterly banking profile showed an increase in ?problem institutions? and tallied assets...

Poll Results Warn Senators: Hold Fraudsters Accountable

Posted on May 24, 2010
www.ourfinancialsecurity.org FOR IMMEDIATE RELEASE CONTACT: Lauren Weiner202-470-5870 DATE: May 17, 2010 Poll Results Warn Senators: Hold Fraudsters Accountable CLICK HERE FOR POLL: MORE THAN TWO-THIRDS OF AMERICANS UNLIKELY TO VOTE FOR SENATORS WHO OPPOSE AMENDMENT TO FINANCIAL REFORM BILL TO...

Rating Agencies Continue to be the Targets

Posted on May 20, 2010
By now, most of our readers are familiar that the credit rating agencies have been accused of rating many mortgage-backed securities issued by the major banks with AAA ratings even though they consisted of bad mortgage loans and in return...

NASCAT Reacts to Court of Appeals Ruling in Refco Fraud Case (Full Text Follows...)

Posted on April 29, 2010
FEDERAL APPEALS COURT PANEL TOSSES INVESTOR CLAIMS AGAINST CONVICTED ENABLER OF REFCO, INC. FRAUD SCHEME; SECOND CIRCUIT RULING REJECTS SEC?S POSITION IN DENYING REMEDY FOR DEFRAUDED SHAREHOLDERS AND BONDHOLDERS Ruling Highlights Need for Congress to Restore Accountability to Investors for...

Capital Market Migration: The Loss of the U.S. Capital Market Crown

Posted on April 27, 2010
In a 2007 study, Goldman Sachs analyzes the reasons why corporations are migrating overseas and compromising the United States standing among the leading financial markets. While acknowledging that ?regulatory climate does matter?, the study does not blame harsher U...

From the Pages of The Pomerantz Monitor: Supreme Court Hears F-Cubed Case

Posted on April 15, 2010
As Jay Dean reports in the March/April issue of The Pomerantz Monitor, on March 29, the U.S. Supreme Court heard arguments on whether U.S. courts have jurisdiction over cases involving international investors purchasing securities traded on exchanges outside the United...

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