Bruce Sabados

Bruce Sabados

Katten Muchin Rosenman LLP

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Texas District Court Denies Class Certification in IPO Securities Suit

The US District Court for the Northern District of Texas recently denied class certification for a securities action arising from alleged false and misleading statements in Kosmos Energy Limited’s initial public offering....more

4/2/2014 - Class Action IPO Securities Litigation

Money Manager Sues SEC to Stop Administrative Action in $1.5 Billion CDO Case

A money manager and his firm recently sued the Securities and Exchange Commission claiming that the agency violated their constitutional rights by bringing an administrative proceeding for securities claims in connection with...more

4/2/2014 - Administrative Hearings Collateralized Debt Obligations SEC

Corporate and Financial Weekly Digest - Volume IX, Issue 13

In this issue: - SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks - Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes - FINRA...more

3/31/2014 - CFTC Class Action Class Certification Collateralized Debt Obligations Cyber Attacks Cybersecurity Data Breach Data Protection FINRA ICE IPO SEC Swaps

DC Circuit Upholds Ruling That IRS Cannot Regulate Tax-return Preparers

The US Court of Appeals for the District of Columbia Circuit recently held that the Internal Revenue Service did not have the statutory authority to regulate tax-return preparers....more

2/26/2014 - Income Taxes IRS Tax Preparers Tax Returns

Corporate and Financial Weekly Digest - Volume IX, Issue 8

In this issue: - OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks - SEC Approves Changes to FINRA BrokerCheck Disclosure Rule 8312 - SEC to Examine Never-Before Examined...more

2/24/2014 - Bank Holding Company Banking Sector Broker-Dealer Disclosure Requirements Dodd-Frank Federal Reserve Financial Regulatory Reform FINRA Foreign Banks Investment Adviser IRS OTC SEC Tax Preparers Tax Returns

Second Circuit Upholds Insider Trading Claim for Unregistered Securities

The US Court of Appeals for the Second Circuit recently held that the duty of corporate insiders to either disclose material nonpublic information or abstain from trading applies to unregistered securities. The Second Circuit...more

2/6/2014 - Insider Trading Registration

Shareholder Derivative Suit Dismissed for Failure to Show Demand Futility

The Supreme Court of the State of New York, County of New York recently dismissed a shareholder derivative suit on behalf of Travelzoo, Inc. because plaintiff shareholder failed to plead that demand on the board to sue would...more

2/6/2014 - Derivative Suit Derivatives Shareholder Litigation Shareholders

District Court Denies Class Certification For Text Message Recipients Where Issue of Consent Predominate

The United States District Court for the Northern District of California recently denied class certification for plaintiffs alleging a claim under the Telephone Consumer Protection Act (TCPA). ...more

12/12/2013 - Class Action Class Certification Consent Robocalling TCPA Texting

Delaware Supreme Court Defines Unexhausted Insurance Policies as Property of Dissolved Corporations

The Supreme Court of the State of Delaware recently reversed a Court of Chancery decision declining to appoint a receiver for a dissolved Delaware corporation, Krafft-Murphy Company, Inc. (Krafft). The Chancery Court...more

12/11/2013 - Corporate Dissolution Receivership Wind-Up Process

District Court Dismisses a Shareholder Suit for Failing to Plead Scienter

The US District Court for New Jersey recently granted a motion to dismiss by defendants, Columbia Laboratories, Inc. (Columbia) and Watson Pharmaceuticals, Inc. (Watson). The plaintiff group brought an action under Section...more

11/7/2013 - Dismissals Fraud Misrepresentation Pleadings Rule 10b-5 Scienter Securities Exchange Act Shareholder Litigation Shareholders

Second Circuit Affirms Dismissal of Qui Tam Case Based on Attorney’s Use of Confidential Information

The US Court of Appeals for the Second Circuit recently affirmed the decision of the District Court for the Southern District of New York to disqualify Fair Laboratory Practices Associates (FLPA) from its qui tam suit against...more

11/6/2013 - Attorney-Client Privilege Confidential Information False Claims Act Legal Ethics Qui Tam

Delaware Court Awards Attorneys’ Fees for Opposition’s Bad Faith Litigation Conduct

The Delaware Court of Chancery recently held that a prevailing party in a lawsuit may be awarded attorneys’ fees when the opposing party engaged in bad faith litigation tactics, even when the prevailing party does not...more

10/2/2013 - Attorney's Fees Bad Faith Equitable Relief Expert Testimony Joint Venture Litigation Strategies

Ninth Circuit Rejects Securities Fraud Suit for Failure to Demonstrate Loss Causation

The US Court of Appeals for the Ninth Circuit recently affirmed the lower court’s granting of summary judgment to the defendants in a federal securities fraud suit, holding that the plaintiffs had failed to provide sufficient...more

10/1/2013

SEC’s Alleged Failure to Notify SIPC of Ponzi Scheme Does Not Create Liability

A Florida federal court has dismissed a class action alleging that the Securities and Exchange Commission was negligent for failing to report that Robert Allen Stanford’s $7 billion fund was a Ponzi scheme, finding the...more

8/27/2013 - FTCA Liability Negligent Misrepresentation Ponzi Scheme SEC SIPC

Sixth Circuit Reaffirms Class Certification in Light of Amgen and Comcast

The US Court of Appeals for the Sixth Circuit has reaffirmed the certification of a class of purchasers of Whirlpool appliances in light of the Supreme Court’s recent decision in Comcast Corp. v. Behrend, 133 S. Ct. 1426...more

7/31/2013 - Amgen Inc. v Connecticut Retirement Plans Class Certification Comcast v. Behrend SCOTUS Whirlpool

Order for Insider Trader to Pay $10.2 Million in Restitution to Morgan Stanley Affirmed

The US Court of Appeals for the Second Circuit has affirmed the lower court’s order directing Joseph Skowron III, a convicted insider trader and former portfolio manager at Morgan Stanley, to pay his former employer $10.2...more

7/31/2013 - Fines Insider Trading Mandatory Victim's Restitution Act Morgan Stanley Portfolio Managers

“Sophisticated Plaintiff” Found to Be Adequate Class Representative

The US District Court for the Western District of Texas certified a class of common stock purchasers in an action against Pain Therapeutics, Inc. (PTI) and its directors. The plaintiff’s complaint, which alleges that PTI...more

6/18/2013 - Board of Directors Class Action Class Certification Common Stock FDA Investors Misleading Statements Prescription Drugs

Securities Class Representative Cannot Object to Bankruptcy Release on Behalf of Class

The US District Court for the Southern District of New York affirmed an order rejecting an objection to the confirmation of a Chapter 11 Plan of Reorganization for Dynegy, Inc. and Dynegy Holdings, LLC (together, Dynegy) for...more

6/18/2013 - Chapter 11 Class Action Release Agreements Standing

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous...more

5/21/2013 - Alter Ego Chapter 7 Motion to Dismiss Payment-In-Kind Promissory Notes Subordination Troy Entities

Mississippi District Court Defers to New York Court in Bond Action

The United States District Court for the Northern District of Mississippi denied the motion of defendant ACA Financial Guaranty Corporation (ACA) to dismiss a class action complaint, finding that the issues were previously...more

5/21/2013 - Motion to Dismiss Municipal Bonds Putative Class Actions

Texas District Court Addresses Misappropriation Theory of Insider Trading

The US District Court for the Northern District of Texas recently denied a defendant’s motion for summary judgment in a Securities and Exchange Commission civil enforcement action under the “misappropriation” theory of...more

3/20/2013 - Insider Trading Mark Cuban Misappropriation SEC

Delaware Chancery Court Addresses Records Inspection Requests Standards

The Delaware Chancery Court recently addressed the limits of shareholder inspection rights, holding that such requests must be specifically related to a proper purpose....more

3/13/2013 - Corporate Records Inspections Shareholder Rights Shareholders

Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties

The US Supreme Court recently held that the Securities and Exchange Commission has five years from the date an alleged fraud occurs, not from the date of its discovery, to bring an enforcement action for civil penalties....more

3/13/2013 - Discovery Rule Gabelli v SEC SCOTUS SEC Securities Fraud Statute of Limitations

Fourth Circuit Refuses to Pierce the Corporate Veil in Oil Spill Case

The US Court of Appeals for the Fourth Circuit has refused to enforce a judgment against an entity with ties to the judgment debtor, finding that the judgment creditor had not adequately pled an alter ego claim....more

2/20/2013 - Alter Ego Capri Marine Ltd Corporate Veil Judgment Creditors Judgment Debtors Oil & Gas Oil Spills Pleadings Vessels

Seventh Circuit Addresses FLSA Class Certification Standards

The US Court of Appeals for the Seventh Circuit has held that the same standards governing Rule 23 class certification claims apply to wage-and-hour “collective action” claims brought under the Fair Labor Standards Act...more

2/19/2013 - Appeals Class Action Class Certification Decertify FLSA Rule 23 Standard of Review Wage and Hour

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