2013年上半期で重要なデラウェア州の判決

Kevin F. Brady氏およびFrancis G.X. Pileggi氏によるまとめです。次の判例が紹介されています。

  • In Re MFW Shareholder Litigation, C.A. No. 6566-CS (Del. Ch. May 29, 2013)

  • Boilermakers Local 154 Retirement Fund v. Chevron Corp., C.A. No. 7220-CS and ICLUB Investment Partnership v. Fedex Corp., C.A. No. 7238-CS (Del. Ch. June 25, 2013)

  • Gerber v. Enterprise Products Holdings, LLC, Del. Supr., No. 46, 2012 (June 10, 2013)

via ABA

SEC Freezes Assets in Ponzi Scheme Targeting Investors in Japan

The Securities and Exchange Commission today announced an emergency action to freeze the assets of a Las Vegas-based firm and its sole owner charged with perpetrating a Ponzi scheme against thousands of investors living primarily in Japan.

The SEC alleges that Edwin Fujinaga and his company MRI International raised more than $800 million from investors who were told that their money would be used to buy accounts from U.S. medical providers with outstanding balances to collect from insurance companies. Fujinaga and MRI falsely represented that they purchased the accounts at a discount so they could recover the full amount and turn a profit for investors. They purchased no such accounts in reality, and merely used investor money to pay the principal and interest due to earlier investors in typical Ponzi fashion. Investor funds also were used to buy luxury cars and pay Fujinaga’s credit card bills, alimony, and child support.

via SEC.gov

エクイティ・リサーチ

The Economist writes

A fall in trading revenues makes the economics of providing research less attractive. …

The attitude of asset managers is also hardening. With research expenses “bundled” into commissions for executing trades, brokers tend to flood their clients with research reports in order to try to grab a larger slice of trading revenues. Asset managers leave most of them unread. …

Old-style research is not about to die. Big banks retain 56.2% of the “research vote” (smaller brokers take another large chunk). Bank bosses still value the support research analysts can give their profitable investment-banking and corporate-advisory businesses. But with budgets under pressure and competition growing, the market is becoming more efficient.

via The Economist