Latest From Skadden

  • House Committee Holds Hearing on Export Control Reform Bill
    Skadden, Arps, Slate, Meagher & Flom LLP
    Donald L. Vieira, Jennifer Ho, Nicholas A. Klein
    The newly introduced Export Control Reform Act, a bipartisan effort to modernize U.S. export control regulations, would establish mechanisms designed to preserve U.S. technological advantages in industries critical to national security and foreign policy. U.S. companies owned or controlled by foreign entities and companies engaged in the development of new technology could be significantly impacted if the bill becomes law.
  • Supreme Court Holds That Class Actions Brought Under Securities Act in State Court Are Not Removable
    Skadden, Arps, Slate, Meagher & Flom LLP
    Jay B. Kasner, Scott D. Musoff, Noelle M. Reed, Susan L. Saltzstein
    Today, in a unanimous decision, the U.S. Supreme Court held in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund, et al. that state and federal courts have concurrent jurisdiction over class actions based only on claims brought under the Securities Act, and that such claims are not removable to federal court. This decision brings to an end an almost two-decades-long split among federal district courts over the jurisdictional provisions of SLUSA.
  • Fifth Circuit Vacates Department of Labor’s Fiduciary Rule
    Skadden, Arps, Slate, Meagher & Flom LLP
    Michael D. Dorum, Jeffrey A. Lieberman
    In a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit has vacated entirely the Department of Labor's fiduciary rule. It is not yet clear if the DOL (or another party) will challenge the ruling, which could include appealing to the U.S. Supreme Court. DOL spokespersons have indicated that, at least for the moment, the department will not enforce the rule.