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A new U.S.
Supreme Court decision makes it slightly harder for companies in
some states to push back against securities lawsuits becoming
classified as class actions. In a unanimous decision, the justices
rejected a lower court's decision that Halliburton shareholders
could not sue the oil giant as a group.
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(Source: CFO.com,
2011-06-08)
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A judge in
Virginia affirmed his ruling that the federal ban on direct corporate
contributions to political candidates is unconstitutional, turning
down the government's request that he reconsider. U.S. District
Judge James Cacheris said in the new
opinion that it applies only to the case at issue, involving two
men accused of making illegal donations to the 2006 Senate and 2008
presidential campaigns of Secretary of State Hillary Rodham Clinton
(D).
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(Source: The Washington
Post (free reg. req'd), 2011-06-07)
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Regulators
scrambled to warn of the risks surrounding Chinese companies that
have listed in the United States through reverse mergers, though
critics said the intervention was too little, too late following a
series of accounting scandals. Brokerages also continued to crack
down by preventing investors from borrowing on margin to buy many
Chinese stocks amid concerns about whether they were overvalued.
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(Source: CNBC,
2011-06-09)
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Business
groups are generally happy with the U.S. Securities and Exchange
Commission's proposal requiring independence of board compensation
committees, although they are resisting new disclosures about
compensation consultants. The SEC's
proposed rule is another of the many proposed and final rules
flowing out of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, which added Section 10C to the Securities
Exchange Act of 1934.
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(Source: Human Resource
Executive Online, 2011-06-07)
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Private
equity managers are trying to boost returns by going where rivals
can't because they lack the firepower, or by taking advantage of
distressed sellers. Even so, private equity firms may not find
asset management and real estate as profitable as buyouts.
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(Source: Bloomberg Businessweek, 2011-06-02)
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Health
care-focused venture capitalists have long been telling anyone on
Capitol Hill who will listen that problems at the Food and Drug
Administration are stifling innovation and deal flow, as they say
the agency is inconsistent and vague on the rules for approving new
medical technologies. But a recent trip to Washington by a group of
top life sciences investors -- which calls itself the Medical
Device Venture Council -- showed that some power brokers inside the
Beltway might be taking up the battle cry.
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(Source: The Wall Street
Journal, 2011-06-08)
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It's getting
harder for small businesses to clean up overdue tax bills. During
the financial crisis, hosts of small companies fell behind on their
taxes for the first time, accountants and lawyers say. Their timing
couldn't have been worse.
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(Source: The Wall Street
Journal, 2011-06-13)
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Inventors
and entrepreneurs who would like to see the U.S. Patent and
Trademark Office keep the fees it collects -- rather than have the
agency further decimated by congressional raids on its funds --
have a powerful and newly outspoken opponent. U.S. Rep. Paul Ryan
(R-Wis.) has signed a strongly worded letter to the chairman of the
House Judiciary Committee, objecting to a key provision in pending
patent-reform legislation that would let the patent office retain
those fees and spend them on rebuilding itself after years of
underfunding.
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(Source: Milwaukee
Journal Sentinel (free reg. req'd.),
2011-06-12)
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Maria Pallante is starting her new job as head of the
U.S. Copyright Office just as tensions over copyright law are
flaring. Lawmakers are debating legislation aimed at protecting
copyrighted material and goods online -- an issue that has major
Web companies and Hollywood studios butting heads.
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(Source: Seattle
Post-Intelligencer, 2011-06-06)
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After a
decade of conceding on various shareholder demands (majority
voting, annual director elections, expanded disclosures) and nearly
one year after the Dodd-Frank Act gave investors a say on pay,
companies are rethinking how they communicate with shareholders --
and whether they should do it more often. Dodd-Frank's requirement
that shareholders get a regular -- albeit nonbinding -- vote on
executive pay packages has added to the sense of empowerment that
shareholders have gained in recent years, say corporate-governance
experts.
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(Source: CFO.com,
2011-06-01)
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Business Confidence Rising in Indiana with More CEOs Planning to
Add Jobs
Corporate optimism is growing among Indiana's chief executive
officers, senior executives and business owners. The results of
"The State of Our Business – A Perspective from Indiana
Executives," survey shows the highest level of confidence since
the annual report from the Butler University College of Business, Ice
Miller LLP and Inside INdiana Business
launched in 2007.
The project partners addressed several themes to examine in greater
detail including: CEO challenges and issues; Indiana's economic
climate; the state's role in economic development; human resources and
workforce issues; Indiana's education system; and planning, managing
and assessing information technology.
Read
the Full Report
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Steven Humke is recommended in The Legal 500 United States 2011
editorial for mergers, acquisitions and buyouts within the
middle-market. In addition Ice Miller has been recommended in the
mergers, acquisitions and buyouts practice area for middle-market.
The Legal 500 Series, now in its 25th year, is widely acknowledged
as the world’s largest legal referral guide. This year, more than
180,000 in-house counsel and lawyers have been surveyed and interviewed
globally. The Legal 500 is an independent guide, and firms and
individuals are recommended purely on merit.
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GF Data’s First Quarter 2011 Report
reveals deal volume in the middle market leveled off at a little less
than half of the 60 deals reported in the fourth quarter of 2010, an all-time
high that was fueled by anticipated (yet never enacted) tax law
changes. The 159 private equity firms currently contributing to GF Data reported 29 completed transactions in the
first quarter of 2011, indicating a steady return to normalcy in middle
market deal activity.
Source: News release from The Association for Corporate Growth®
(ACG) based on data from GF
Data Resources.
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June
June 15 - CEO Survey Event
June 22 - Indianapolis Bar Association's Women and Law Division
Summer Reception
June 27,28 - Eiteljorg Museum's Indian
Market and Festival
June 29 - TechPoint's Measured
Marketing Roundtable
July
July 20 - Office of Energy
Development's WIndiana
July 21 - Fever's Inspiring Women Night
July 21 - ACG Indiana's 8th Annual
Golf Outing
July 27 - Indiana Chamber's Wage and Hour Seminar
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Ice Miller has been one of the most active law firms in the private
equity industry over the last decade, representing both entrepreneurs
building great companies and the private equity firms and individuals
that invest in them. We have extensive experience with all types
of funds (formations and operations); mezzanine and senior secured
financing; leveraged buyouts, roll-ups, build-ups, and consolidations;
divestitures and exits; and complex litigation on behalf of investors
and privately financed companies. In addition, over the past 10
years, Ice Miller has represented hundreds of emerging growth
businesses in various industries on such matters as entity formation,
capitalization, capital raising, alternative financing, intellectual
property rights and protection, growth and exit strategies, corporate
governance, tax matters, and many other legal issues that are critical
to the growth and success of an emerging company.
Read the complete profile of the Private Equity and Venture Services Group.
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