Day: January 16, 2017

BNY Mellon pays $6.6 million to resolve SEC charges

[JURIST] The Bank of New York Mellon Corp. [corporate website] agreed to pay $6.6 million to resolve charges [press release; SEC order] from the Securities and Exchange Commission (SEC) [official website] on Thursday. The civil chargers were filed after the bank miscalculated its risk-based capital ratio. The SEC claims [Reuters report] that BNY Mellon excluded approximately $14 billion in collateralized loan obligation assets from its calculations. An SEC investigation found that the miscalculation caused BNY Mellon to understate its risk-weight assets and overstate some of its risk-based capital ratios in quarterly and annual reports from 2010 to 2014. This caused…

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Washington Supreme Court rules against plans for oil terminal

[JURIST] The Washington Supreme Court [official website] ruled [opinion, PDF] against plans for a big oil terminal on the West Coast on Thursday. The court ruled [Seattle Times report] that the proposal must be reviewed under the Oceans Resources Management Act [Statutes 43.143], effectively canceling the plans for an oil terminal at the Port of Grays Harbor. The Ocean Resources Management Act is a 1989 state law designed to protect marine life after the Exxon Valdez oil spill in Alaska [BBC profile]. The Act was originally passed to regulate offshore oil developments. Therefore, a Washington State Board and a Washington…

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US House approves bill requiring cost-benefit analysis of new securites regulations

[JURIST] The US House of Representatives [official website] approved the SEC Regulatory Accountability Act [materials] on Thursday, which requires the Securities and Exchange Commission [official website] to perform a cost-benefit analysis before implementing any new regulations. According to the summary of the bill, the SEC “shall consider [the bill’s] impact on investor choice, market liquidity, and small businesses” in performing the analysis. The SEC shall also review existing regulations to determine if they are insufficient or impractical, and modify or repeal regulations that do not meet this standard. The bill passed [Reuters report] by a vote of 243-183, with only…

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Obama ends longstanding Cuban immigration policy

[JURIST] US President Barack Obama [official website] said on Thursday that he is ending the “wet-foot, dry-foot” policy [press release], which automatically allowed Cuban migrants to stay in the US. This repeal will be effective immediately. Obama said Cuban migrants will now be treated “the same way we treat migrants from other countries.” The Cuban government has agreed [Chicago Tribune report] to take back migrants if the time from the migrants’ departure from Cuba and deportation are less than four years. The Cuban government called the repeal “an important step in advancing relations” between the two countries. However, the “wet-foot,…

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Federal lawsuit filed over Chicago police cellphone tracking system

[JURIST] Loevy and Loevy [official website], a civil rights law firm, filed a federal lawsuit [complaint, PDF] Thursday challenging the use of a secret cellphone tracking system by the Chicago Police Department [official website]. The suit was filed on behalf of attorney Jerry Boyle, a volunteer for the National Lawyers Guild [advocacy website], who claims police intercepted information from his cellphone at a Black Lives Matter protest for Martin Luther King Jr. Day in 2015. Boyle claims that, as a result of the interception, his Fourth and First Amendment rights were violated. The tracking system in question is known as…

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EPA claims Fiat Chrysler failed to disclose engine software that increased pollutants

[JURIST] The US Environmental Protection Agency [official website] released a statement [text] Thursday accusing Fiat Chrysler Automobiles (FCA) [corporate website] of installing and failing to disclose engine software that lead to increased emission of nitrogen oxides in roughly 104,000 diesel-powered vehicles. The affected vehicles include Jeep Grand Cherokees and Dodge Ram 1500 trucks from model years 2014 to 2016. Cynthia Giles [official profile], an administrator with the EPA’s Office of Enforcement and Compliance Assurance [official website], says the failure to disclose the software was a violation of provisions of the Clean Air Act [text, PDF], and FCA could be liable…

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DOJ: Chicago police routinely violated rights

[JURIST] The US Department of Justice (DOJ) [official website] reported [press release] on Friday that it found evidence supporting that the Chicago Police Department (CPD) [official website] engages in a pattern of using force, including deadly force, in violation of the Fourth Amendment. The DOJ reported that CPD officers unnecessarily endanger themselves resulting in the use of unnecessary force. According to the DOJ, a lack of adequate training and accountability cause the pattern of force. Attorney General Loretta Lynch [official website] stated: One of my highest priorities as Attorney General has been to ensure that every American enjoys police protection…

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Federal judge orders EPA to evaluate economic impact of Clean Air Act

[JURIST] A judge for the US District Court for the Northern District of West Virginia ordered [text, PDF] the Environmental Protection Agency (EPA) [official website] on Wednesday to evaluate how many power plant and coal mining jobs have been lost due to air pollution regulations. EPA Administrator Gina McCarthy [official profile] had previously declared it would take about two years to establish a system that accomplishes such a goal. Judge John Preston Bailey found the EPA’s excuse inadequate, ruling that the agency is required by law to continuously analyze economic shifts when enforcing the Clean Air Act [materials]. Bailey ordered…

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