Cleveland Law Library Weblog

SEC Is Migrating from Static "EDGAR" System to Interactive "IDEA" Database

According to an SEC Press Release, by the end of this year, the Securities and Exchange Commission hopes to migrate its information on public companies and mutual funds from the EDGAR system to an entirely new database called IDEA. IDEA stands for Interactive Data Electronic Applications. The acronym means what it says, and in contrast to EDGAR's form-based system of 10K's, 10Q's and other online documents, IDEA will allow users to search a database of data on all companies, collate information, and create reports and analyses like never before. To make its conversion even easier, the SEC is even toying with requiring public companies and funds to submit their data filings using interactive data. The SEC has not indicated when it will discontinue access to EDGAR. Some of the features that will be available in the new SEC database have already been provided (for a subscription fee) by vendors such as 10-K Wizard, Edgar Online, Inc. and Global Securities Inc. (now owned by Thomson), which provides LIVEDGAR.

OPERS Sues Freddie Mac in Class Action For Securities Fraud In Mortgage Industry

On behalf of the Ohio Public Employees Retirement System, commonly known as OPERS, Attorney General Marc Dann has sued Freddie Mac in Youngstown federal court, for securities fraud in the mortgage industry. The docket in the case can be found on PACER under Case No.4:2008cv00160. The nickname of Freddie Mac belongs to the Federal Home Loan Mortgage Corporation. Specifically, the suit seeks to recover millions in losses to Ohio's pensions funds caused by allegedly secret and deceptive lending practices that lead to sub-prime lending and high foreclosure rates. Click here to read the Attorney General's Press Release. Click here to read an article from the Columbus Dispatch, and click here to read an article from the Washington Business Journal.