Lessons from the Archdiocese Case
During the nearly three-year pendency of the case, the battles between the Archdiocese of St. Paul and Minneapolis and the committee representing the survivors of sexual abuse have resulted in court decisions on two subjects of broad importance in chapter 11 cases generally.
Squandered Claim? Creditor’s “Veil Piercing” Cause of Action Held to Be Receivership Property – Even After the Receivership Ended
In a new development to receivership law, the Minnesota Court of Appeals affirmed a receiver’s power to pursue a creditor’s “veil piercing” claims against insiders of the company in receivership, and blocked the creditor from pursuing those same claims after the receivership ended.
New Faces on the Minnesota Bench
Three new judges have recently joined the Minnesota federal bench, returning the District of Minnesota to full strength for the first time in more than two years.
SEC Extends Filing Deadlines for Victims of Hurricane Florence; Updated Fees for SEC Filers
In a September 19 press release the SEC indicated that companies hit by Hurricane Florence will receive an extension on certain filing deadlines.
Trump Administration’s Agenda Receives Boost as SEC Returns to Full Complement of Five Commissioners; SEC Chairman Cautions Against Reliance on Staff Views
On September 11, the SEC announced that Elad Roisman had been sworn into office as an SEC Commissioner by SEC Chairman Jay Clayton.
Notable Whistleblower Awards; Outcry Against SEC’s Proposed Cap
On September 6, the SEC announced an award of $39 million to one whistleblower and $15 million to another, stating that the whistleblowers’ “critical information and continued assistance helped the agency bring an important enforcement action.”
ISS Releases Summary of Results of its 2018 Governance Principles Survey
On September 18, Institutional Shareholder Services released the results of its 2018 Governance Principles Survey.
Glass Lewis to Incorporate SASB Industry-Specific ESG Guidance in Proxy Analytic Materials
On September 12, proxy advisory firm Glass Lewis issued a release indicating that it will incorporate guidance on material environmental, social and governance matters from the Sustainability Accountability Standards Board in several of its research and advisory products.
SEC Adopts Simplified Disclosure Requirements
On August 17, the SEC adopted amendments to Regulation S-K intended to simplify and update disclosure requirements, including disclosure requirements that had become duplicative or outdated.
Expansion of National Security Review of Foreign Investments
On August 13, President Trump signed into law the Foreign Investment Risk Review Modernization Act, which expands the role of the Committee on Foreign Investment in the United States in reviewing national security concerns arising from transactions in which foreign individuals or entities invest in or acquire U.S. businesses.
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