Washington, D.C., Nov. 19, 2008 (LAWFUEL) – The Securities and Exchange Commission today voted unanimously to improve mutual fund disclosure by requiring that funds provide investors with a concise summary – in plain English – of the key information they need to make informed investment decisions. The new summary prospectus will appear at the front of a fund’s prospectus.

The Commission also approved amendments to encourage funds to make greater use of the Internet so investors can receive more detailed information in a way that best suits their needs.

“Today’s action will help mutual fund investors more easily obtain the key information they need – such as the description of the fund’s investment objectives and strategies, fees, risks, and performance,” said SEC Chairman Christopher Cox. “The summary prospectus will quickly give investors a basic understanding of the fund and will permit them readily to compare one fund to another. Investors will also have access to more searchable information about mutual funds on the Internet – an important improvement in their ability to comparison shop.”

Andrew J. Donohue, Director of the SEC’s Division of Investment Management, added, “Many investors often find current fund prospectuses to be lengthy, legalistic and confusing. This mutual fund disclosure framework will provide information that is easier to use and more readily accessible, while retaining the comprehensive quality of the mutual fund information available today.”

Specifically, the Commission adopted the following improvements to mutual fund disclosure:

Summary Information at the Front of the Prospectus

The Commission adopted amendments to Form N-1A, the registration form for mutual funds, to require that every mutual fund include key information at the front of its statutory prospectus about the fund’s investment objectives and strategies, risks, and costs. The summary will also include brief information regarding investment advisers and portfolio managers, purchase and sale procedures, tax consequences, and financial intermediary compensation. Funds will be required to provide the summary information in plain English and in a standardized order.

New Prospectus Delivery Option for Mutual Fund Securities

The Commission adopted a new rule that permits sending a summary prospectus to satisfy prospectus delivery requirements provided that the mutual fund’s summary prospectus, statutory prospectus, and other specified information are available online. The summary prospectus must have the same information in the same order as the summary at the front of the statutory prospectus. In addition:

The online materials must be in a user-friendly format that permits investors and other users to move back and forth between the summary prospectus and the statutory prospectus. This will allow investors and others to efficiently access particular information that is of interest to them.

Investors have to be able to download and retain an electronic version of the information.

The statutory prospectus and other information must be provided in paper or by e-mail upon request so investors can choose the format in which they receive more detailed information.

The full text of the Commission’s new disclosure requirements will be posted to the SEC Web site as soon as possible.

Group Led by Litigator Barry Felder, Former Co-Chair of Thelen’s Commercial Litigation Practice

New York (LAWFUEL) — Foley & Lardner LLP today announced that six former Thelen LLP attorneys, led by prominent litigator and former co-chair of Thelen’s Commercial Litigation Practice, Barry Felder, have joined the firm’s Litigation and Intellectual Property Departments.

Felder is joined by former Thelen partners Steven J. Rizzi and Catherine McGrath, who all reside in the firm’s New York office. Felder joins Foley’s national Litigation Department, while Rizzi and McGrath join Foley’s national Intellectual Property Department. In addition, former Thelen associates Akiva Cohen and Rachel Kramer have also joined Foley’s New York office in the Litigation Department. On the West Coast, former Thelen partner Robert Camors has joined Foley’s national Intellectual Property Department and resides in the Silicon Valley office.

“We were attracted to Foley not only because of the firm’s tremendous depth and reputation, but also due to the collegial atmosphere and human spirit that immediately became apparent during our interviewing process,” said Felder. “Foley offers us the optimal platform to seamlessly continue and
expand our practices on the national stage both in terms of intellectual property litigation and general commercial matters.”

Felder, former name partner of Brown Raysman Millstein Felder & Steiner LLP prior to its 2006 merger with Thelen Reid, brings more than 30 years of trial experience to Foley. His experience handling complex litigation ranges from his successful role as co-trial counsel in People v. Sihpol, the first “late-trading” case brought to trial by Eliot Spitzer’s office to representing Playboy Enterprises in cutting-edge litigation challenging as trademark infringement and dilution surrounding the sale of the term “playboy” as a keyword by an Internet search engine. Felder has been selected as a New York Super Lawyer in the area of intellectual property litigation for 2006, 2007 and 2008.

“Barry, Steve and Catherine’s reputations as premiere litigators complement our existing national litigation practice, while also further expanding the firm’s patent litigation experience in New York,” said Peter Wang, managing partner of Foley’s New York office. “We are delighted to welcome this team to our New York office and look forward to their contributions.”

“Adding such an outstanding group of trial attorneys to our offices in New York and Silicon Valley strengthens our already impressive national litigation department, while specifically enhancing our patent and commercial litigation capabilities,” added Jon Wilson, chair of Foley’s national Litigation Department.

“Foley’s patent litigation practice continues to enjoy national and international prominence which is further enhanced by the arrival of Barry and this team from Thelen,” said Sharon R. Barner, chair of the firm’s Intellectual Property Department. “Foley’s Intellectual Property practice has been ranked in the top 10 nationally for the past seven years for both patent litigation and patent prosecution, and this team adds to our reputation for handling these types of high-profile patent matters.”

Rizzi, previously a partner with Weil Gotshal & Manges LLP prior to joining Thelen, focuses his practice on representing clients in various patent litigation, counseling and licensing matters involving electrical, mechanical and computer-related disciplines, with a particular emphasis on matters involving the Internet, semiconductor, telecommunications and television-related technologies. Rizzi was selected as a New York Super Lawyer in the area of intellectual property litigation for 2008. He has experience in all aspects of patent litigation, including primary responsibility for briefing and oral argument in connection with claim construction proceedings and dispositive motions in cases.

McGrath focuses her practice on complex litigation, including class actions and matters involving high technology, patents, trademarks and copyrights, computer software development projects, and commercial disputes. McGrath’s trial and litigation practice also includes matters concerning the operations and dissolution of closely held corporations; banking; trusts; and commercial torts such as fraud, diversion of opportunity, breach of fiduciary duty, and theft of trade secret claims. McGrath also represents clients at the appellate levels in the New York State and Federal Court systems, as well as before the American Arbitration Association and other arbitration and mediation authorities.

Camors focuses his practice on litigating patent, trademark, copyright and intellectual property matters, including the resolution of more than 200 cases by trial, motion or settlement. He was named to the 2007 Northern California Super Lawyers list.

Foley’s Litigation practice is one of the largest in the country, including more than 450 attorneys nationwide with extensive experience in all aspects of complex litigation, arbitration, mediation and alternative dispute resolution. Foley represents corporations in nearly every industry, handling some of the largest and most sophisticated commercial lawsuits for major domestic and international clients.

Comprised of nearly 240 attorneys, Foley’s Intellectual Property practice is a recognized leader in IP legal services. For the seventh consecutive year, Foley was ranked by IP Today as one of the top 10 firms for the number of patents issued and by IP Law & Business magazine as one of the top patent litigation firms in the nation. These rankings make Foley the only general practice firm to appear in the top 10 for both patent litigation and patent procurement.

Foley & Lardner LLP continually evolves to meet the changing legal needs of our clients. Our team-based approach, proprietary client service technology, and practice depth enhance client relationships while seeing clients through their most complex legal challenges. The BTI Consulting Group (Wellesley, Massachusetts) recently recognized Foley as one of the top four law firms shaping the U.S. legal market, while CIO magazine has named Foley to its CIO 100 list six times for our client-focused technology.

With more than 1,000 attorneys in 22 offices and more than 50 practices, count on Foley for high-caliber business and legal insight. Learn more at Foley.com.