SEC mutual fund governance ruling [DC Circuit] News
SEC mutual fund governance ruling [DC Circuit]

Chamber of Commerce of the USA v. SEC, United States Court of Appeals for the District of Columbia Circuit, June 21, 2005 [ruling that the US SEC should reconsider its rule that requires mutual funds to be run by boards with independent chairmen]. Excerpt:

We hold the Commission did not exceed its statutory authority in adopting the two conditions, and the Commission's rationales for the two conditions satisfy the APA. We agree with the Chamber, however, that the Commission did violate the APA by failing adequately to consider the costs mutual funds would incur in order to comply with the conditions and by failing adequately to consider a proposed alternative to the independent chairman condition. We therefore grant in part the Chamber's petition for review.

Read the full text of the opinion here [PDF]. Reported in JURIST's Paper Chase here.

THIS DAY @ LAW

38 Santee Sioux hanged by US for rebellion

On December 26, 1862, 38 Santee Sioux men were hanged in a mass execution for their roles in a rebellion against US authorities in Minnesota which left hundreds dead and made refugees of some 40,000 white settlers. Government annuities promised under a treaty with the Sioux had failed to arrive on schedule and credit for purchases was not advanced in the meantime, threatening the tribe with starvation. The Santee Sioux Tribe's members were deported first to South Dakota and ultimately to Nebraska, where they remain today. Learn more about the 1862 Minnesota Sioux Rebellion.

Louis XVI put on trial during French Revolution

On December 26, 1792, Romain de Sèze, a defense attorney for deposed King Louis XVI, presented a defense of his client. The former King was on trial before a French Revolutionary court on thirty-three charges, including treason and other crimes against the state. He was convicted on January 15, 1793 executed by guillotine on the following January 21.