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After arguing successfully in the Second Circuit and then unsucess-fully in the Ninth Circuit that a sale for present purposes simply requires a "consummated transaction," the DOL advanced a different interpretation in this Court.
Tr. of Oral Arg. 17. 14 Neither petitioners nor the DOL asks us to accord controlling deference to the "consummated transaction" interpretation the Department advanced in its briefs in the Second Circuit and Ninth Circuit, nor could we given that the Department has now abandoned that interpretation.
(a) The DOL filed amicus briefs in the Second Circuit and the Ninth Circuit in which it took the view that "a 'sale' for the purposes of the outside sales exemption requires a consummated transaction directly involving the employee for whom the exemption is sought". Brief for Secretary of Labor as Amicus Curiae in In re Novartis Wage and Hour Litigation, No. 09 0437 (CA2), p. 11.
While the Birnbaum rule that a plaintiff be an actual purchaser or seller has been debilitated and the definition of "purchase or sale" considerably expanded, the necessity for some consummated transaction in securities has remained effectively unchallenged.
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Indeed, Bill Baer, the Head of the Antitrust Division, recently re-emphasized the agency's willingness to investigate consummated transactions that appear to violate the antitrust laws.
I have observed a sharp increase in both interest in and consummated transactions on South Florida properties by buyers from New York, Connecticut, California and other states.
The disclosure came as part of a formal public notice by the commission that it has un der consideration an applica tion for exemptions from some statutory requirements that otherwise would prohibit Good body from consummating transaction for additional funds for the Utilities & Industries Corporation.
"There's been a tremendous change in the last 30 to 45 days, in terms of aggressiveness and the desire to consummate transactions," he said.
Finder activities are activities in which you introduce or otherwise bring together outside vendors with your members so that the two parties may negotiate and consummate transactions and include vendors of non-financial products, vendors that are other financial institutions, and vendors of financial products such as insurance and securities.
"The SoftBank-Sprint transaction is in the advanced stages of receiving the necessary approvals and we expect to consummate the transaction on July 1," SoftBank said in a statement.
However, Cook acknowledged in an update on Monday that "our confidence that we can consummate this transaction has diminished".
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