Has legislative history become history? A critical examination

Article Abstract:

The US Supreme Court's ruling in Central Bank v. First Interstate Bank was an unjustified departure from established principles of using legislative history to evaluate private rights of action under securities laws. While the Court reached the proper conclusion in denying aider and abettor liability under section 10(b) of the Securities Exchange Act, its focus on statutory language may pose a threat to other secondary liability theories that are based more on common law than on statute. Implied private rights of action against principals may also be threatened by this narrow ruling.

Legislative histories, Right of action, Accomplices

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An overdue declaration of the overextension of the common bond

Article Abstract:

Congress may amend legislation in the area of credit unions' common bond organization after an appeal to do so by the US DC Circuit Court of Appeals in First National Bank & Trust v. National Credit Union Admin. The case arose from industry argument over perceived overextension of the federally authorized common bond organization. The court determined that the National Credit Union Assn interpretation of the common bond provision does not reflect congressional intent. Most credit unions are adversely affected by the holding and are awaiting the case's appeal or congressional action.

Credit unions

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Banking law - "Superholder" in due course protection of FDIC extended: Kilpatrick v. Riddle bars investors' federal securities fraud claims under the D'Oench, Duhme doctrine

Article Abstract:

The 5th Circuit's decision in Kilpatrick v Riddle barred assertion by a borrower of a federal securities law violation by the borrower's bank against collection of a note acquired by the Federal Deposit Insurance Corp (FDIC). This substantially extended the doctrine which had been established in the US Supreme Court's 1942 decision in D'Oench, Duhme & Co v FDIC. The court has overstepped the bounds of reasonable protection of the FDIC in Kilpatrick. The knowledge that the FDIC has concerning fraud may be relevant in determining whether a borrower may bring a statutory action.

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