Bruce Sabados

Bruce Sabados

Katten Muchin Rosenman LLP

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Corporate and Financial Weekly Digest - Volume IX, Issue 38

In this issue: - SEC Releases Strategic Plan for 2014–2018 - House Passes Bill H.R. 5405 “Promoting Job Creation and Reducing Small Business Burdens Act” - FINRA Board Approves Several Rulemaking Items...more

9/29/2014 - BEPS Block Trades CFTC Credit Default Swaps ESMA FCPA FINRA Foreign Official Job Creation New Legislation OECD OTC Ponzi Scheme Rulemaking Process SEC SEFs Small Business Strategic Enforcement Plan

SEC Charges Executive With Insider Trading Ahead of Client Announcements

The Securities and Exchange Commission recently filed a complaint in the US District Court for the Southern District of New York against a director at an investor relations firm charging him with multiple instances of insider...more

9/4/2014 - Criminal Prosecution Insider Trading SEC Securities Act of 1933 Securities Exchange Act

Delaware Court Denies Attorneys’ Fees for Stockholders in Appraisal Proceedings

The Delaware Court of Chancery recently held that certain stockholders who launched appraisal proceedings challenging a merger lacked standing to obtain reimbursement of attorneys’ fees from a $10.7 million settlement in a...more

9/4/2014 - Appraisal Attorney's Fees Class Action Controlling Stockholders Shareholder Litigation Shareholders

Corporate and Financial Weekly Digest - Volume IX, Issue 34

In this issue: - Oregon State Court Refuses to Enforce Forum Selection Bylaw - SEC Announces Pilot Program to Widen Tick Sizes for Smaller Companies - NFA Issues Notice Setting Effective Date for Risk...more

9/2/2014 - Arbitration Attorney's Fees CFTC Compliance Confidentiality Agreements ESMA EU FCA FINRA Forum Selection Clause Mandatory Arbitration Clauses NFA Restrictive Covenants Risk Management SEC Shareholder Litigation Shareholders Small Business

Ninth Circuit Defines Vicarious Liability Standard Under the TCPA

The US Court of Appeals for the Ninth Circuit recently affirmed a US District Court for the Central District of California decision dismissing a Telephone Consumer Protection Act (TCPA) claim. The Ninth Circuit agreed with...more

7/24/2014 - Restaurant Industry TCPA Vicarious Liability

District Court Clarifies Statute of Repose Timeline in Material Misstatement Case

The US District Court for the Eastern District of New York recently dismissed a class action claim, determining the reasserted claim violated the applicable statute of repose that requires all claims be brought within three...more

7/24/2014 - Class Action Material Misstatements Mergers Omissions Proxy Statements Statute of Repose

Corporate and Financial Weekly Digest - Volume IX, Issue 28

In this issue: - FINRA Proposes to Adopt Rules on Quotation Requirements for OTC Equity Securities - CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal - New York DFS Proposes First...more

7/21/2014 - CFTC Equity Securities EU FDIC FINRA Margin Requirements Material Misstatements OTC Statute of Repose TCPA Vicarious Liability Virtual Currency

Eleventh Circuit Upholds Convictions in “Pump-and-Dump” Stock Fraud Scheme

The US Court of Appeals for the Eleventh Circuit recently upheld convictions for defendants who engaged in an illegal pump-and-dump stock manipulation scheme. Defendants, who participated with seven others in a conspiracy to...more

6/11/2014 - Conspiracies Criminal Prosecution Mail Fraud Market Manipulation Securities Fraud Stocks Wire Fraud

Delaware Court of Chancery Invalidates Consent Due to Inadequate Disclosures

The Delaware Court of Chancery recently invalidated a written consent of a Delaware pharmaceutical corporation due to inadequate disclosures to stockholders. ...more

6/11/2014 - Consent Disclosure Requirements Pharmaceutical Shareholders Written Consent

Corporate and Financial Weekly Digest - Volume IX, Issue 23

In this issue: - SEC Chair Gives Speech on Equity Market Structure - New CFTC Commissioners Confirmed; Chairman Sworn In - CFTC Extends No-Action Relief for Certain Transaction-Level Requirements...more

6/9/2014 - CFTC Commodity Pool CPO Cross-Border Derivatives Clearing Organizations Equity Markets Fraud NFA No-Action Relief SEC Swap Dealers Swaps

Eleventh Circuit Vacates Dismissal of Breach of Contract Claim

The US Court of Appeals for the Eleventh Circuit found that the US District Court for the Southern District of Florida abused its discretion by dismissing an action for forum non conveniens without evaluating the significance...more

5/7/2014 - Appeals Breach of Contract Forum Non Conveniens Forum Selection Clause

District Court Sustains Attachment and Garnishment Writs Under Equitable Powers

The US District Court for the Southern District of New York recently held that it was within the court’s equitable power to sustain a writ of garnishment and a writ of attachment in a securities case. On March 13, 2014, the...more

5/7/2014

Corporate and Financial Weekly Digest - Volume IX, Issue 18

In this issue: - SEC Issues Statement on the Effect of the Recent US Court of Appeals Decision on the Conflict Minerals Rule - CFTC Extends Relief From Oral Communication Recording Requirement - CFTC...more

5/5/2014 - CFTC Conflict Mineral Rules Corporate Sales Transactions Designated Contract Market No-Action Letters Reporting Requirements SEC SEFs

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

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