Charles Smith

Charles Smith

Skadden, Arps, Slate, Meagher & Flom LLP

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"Inside the Courts: Sweeping Changes Proposed to the Federal Rules of Civil Procedure"

Significant amendments to the Federal Rules of Civil Procedure submitted to Congress in April 2015 could change discovery practices in securities litigation before the end of this year. Absent legislation to reject, modify or...more

10/2/2015 - Case Management Discovery Duty to Preserve Electronically Stored Information Federal Rules of Civil Procedure FRCP 26(b)(1) New Legislation Scope of Discovery Requests Securities Litigation

Inside the Courts - An Update From Skadden Securities Litigators - May 2015 / Volume 7 / Issue 2

In This Issue: - U.S. Supreme Court: ..Omnicare, Inc. v. Laborers Dist. Council Constr. Indus. Pension Fund, 135 S. Ct. 1318 (4th Cir. Mar. 16, 2015) - Auditor Liability: ..In re Advanced Battery Techs.,...more

6/2/2015 - Auditors Books & Records CAFA Class Action Class Certification Derivative Suit Fiduciary Duty Justifiable Reliance Liability Misrepresentation Omissions Pleading Standards Scienter SCOTUS Securities Fraud Settlements Statute of Limitations Statute of Repose Whistleblowers

"SEC Enforces Whistleblower Protection Rule Against Restrictive Confidentiality Agreement"

On April 1, 2015, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a company for a restrictive provision in confidentiality agreements that could deter employees from using the...more

4/7/2015 - Cease and Desist Orders Confidentiality Agreements Dodd-Frank Enforcement Actions Internal Investigations KBR (formerly Kellogg Brown & Root) SEC Whistleblower Protection Policies

"Omnicare Decision Clarifies Pleading Standard for Section 11 Claims Based on Statements of Opinion in Registration Statements"

In an opinion issued yesterday, the U.S. Supreme Court held in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund that an issuer may be held liable under Section 11 of the Securities Act of 1933...more

3/25/2015 - Disclosure Issuers Material Disclosures Misleading Statements Omnicare Pleading Standards Registration Statement SCOTUS Section 11 Securities Fraud Securities Litigation Statement of Opinion

Inside The Courts - March 2015 | Volume 7 | Issue 1

In This Issue: - U.S. SUPREME COURT: ..Gelboim v. Bank of Am. Corp., No. 13-1174 (U.S. Jan. 21, 2015) - DEMAND FUTILITY: ..Arduini v. Hart, No. 12-15750 (9th Cir. Dec. 17, 2014) - EXCHANGE...more

3/5/2015 - Demand Futility Fiduciary Duty Gelboim v Bank of America Insider Trading Rule 10b-5 SCOTUS Standing Tender Offers Whistleblower Protection Policies Whistleblowers

Inside The Courts - November 2014 | Volume 6 | Issue 4

In This Issue: CLASS CERTIFICATION: Fort Worth Emps. Ret. Fund v. J.P. Morgan Chase & Co., No. 09-cv-3701 (JPO) (S.D.N.Y. Sept. 30, 2014) Discovery: ..Freedman v. Weatherford Int’l Ltd., No. 12...more

11/19/2014 - Books & Records Class Action Class Certification Fiduciary Duty Investment Company Act of 1940 JPMorgan Chase Loss Causation Omnicare Scienter Securities Act of 1933 Securities Exchange Act Standing Statute of Limitations Statute of Repose Zillow

Inside The Courts - September 2014 | Volume 6 | Issue 3

In This Issue: - CLASS CERTIFICATION: ..Goodman v. Genworth Fin. Wealth Mgmt. Inc., No. 09-CV-5603, 2014 WL 1452048 (JFB) (GRB) (E.D.N.Y. Apr. 15, 2014) - DEMAND FUTILITY: ..Rosenbloom v. Pyott,...more

9/18/2014 - Bylaws Class Action Class Certification Enforcement Actions ERISA Expert Witness Fiduciary Duty Loss Causation Retailers SEC Securities Exchange Act Wal-Mart

"Supreme Court Holds No Presumption of Prudence for ESOP Fiduciaries"

Today, in a unanimous decision, the Supreme Court of the United States held in Fifth Third Bancorp v. Dudenhoeffer that fiduciaries of employee stock ownership plans (ESOPs) that invest in the employer’s securities are not...more

6/25/2014 - Duty of Prudence Employee Benefits ERISA ESOP Fiduciary Duty Fiduciary Liability FIfth Third Bancorp v Dudenhoeffer SCOTUS

"Supreme Court Allows Rebuttal of Fraud on the Market at Class Certification Stage in Halliburton Co. v. Erica P. John Fund"

The Supreme Court of the United States today in Halliburton Co. v. Erica P. John Fund upheld the fraud-on-the-market presumption of reliance first recognized by the Court in Basic v. Levinson, but gave defendants a new tool...more

6/23/2014 - Basic v Levinson Board of Directors Class Action D&O Insurance Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund SCOTUS Securities Fraud

Inside The Courts - May 2014 | Volume 6 | Issue 2

In This Issue: - AUDITOR LIABILITY: ..Athale v. Sinotech Energy Ltd., No. 11 Civ. 05831(AJN) (S.D.N.Y. Feb. 21, 2014) - BYLAWS: ..ATP Tour, Inc. v. Deutscher Tennis Bund (German Tennis...more

5/30/2014 - Appeals Auditors Bylaws Class Action Class Certification Enforcement Enforcement Actions Fee-Shifting Statutes Fiduciary Duty FINRA Foreign Corporations Insider Trading Professional Liability Sarbanes-Oxley Scienter SEC Securities Exchange Act

"Eleventh Circuit Addresses Scope of FCPA Coverage of Activity Involving State-Controlled Business Enterprises"

On May 16, 2014, a three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit provided the first appellate court interpretation of the reach of the U.S. Foreign Corrupt Practices Act (FCPA) to conduct involving...more

5/21/2014 - Appeals Controlled Foreign Corporations DOJ FCPA Foreign Official Instrumentality SEC Telecommunications Terra Telecommunications

"Inside the Courts: Supreme Court Agrees to Review American Pipe Tolling Issue"

This morning, the Supreme Court granted the writ of certiorari in Public Employees Retirement System of Mississippi v. IndyMacMBS, Inc. The petition raises an issue regarding the application of American Pipe tolling to claims...more

3/10/2014 - American Pipe & Construction Co. v. Utah Class Action Securities Act of 1933 Statute of Limitations Tolling

Inside The Courts - March 2014 | Volume 6 | Issue 1

In This Issue: - U.S. SUPREME COURT: ..Lawson v. FMR LLC, No. 12-3 (U.S. March 4, 2014) ..Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014) - CLASS CERTIFICATION: ..In re BP...more

3/5/2014 - Breach of Duty Chadbourne & Parke LLP v Troice Claim Preclusion Class Action Class Certification Demand Futility Deutsche Bank Fiduciary Duty Hewlett-Packard Lawson v FMR Pensions Preemption SCOTUS SEC Securities Exchange Act Shareholder Litigation Shareholders SLUSA

"Supreme Court Clarifies Scope of Sarbanes-Oxley Whistleblower Protections to Include Employees at Private Firms That Contract...

Today, in a 6-3 decision, the U.S. Supreme Court held in Lawson v. FMR LLC that the Sarbanes-Oxley Act’s whistleblower protections apply to employees of a public company’s private contractors and subcontractors. Justice...more

3/4/2014 - Contractors Lawson v FMR Publicly-Traded Companies Sarbanes-Oxley SCOTUS Subcontractors Whistleblower Protection Policies

"Inside the Courts: Supreme Court Decides Scope of ‘In Connection With’ Requirement of the Securities Litigation Uniform Standards...

Today, in a 7-2 decision, the United States Supreme Court appeared to narrow the scope of the “in connection with the purchase or sale of a covered security” as used in SLUSA. Justice Breyer delivered the opinion of the Court...more

2/26/2014 - SCOTUS Securities Fraud Securities Litigation SLUSA

"Inside the Courts: Daimler AG v. Bauman: US Supreme Court Rejects Broad ‘Agency Theory’ of General Jurisdiction"

Today, the Supreme Court of the United States held in Daimler AG v. Bauman, et al. that due process prevents a court from applying an "agency" theory to exercise general personal jurisdiction over a foreign corporation based...more

1/14/2014 - DaimlerChrysler DaimlerChrysler v Bauman Jurisdiction SCOTUS Subsidiaries

"Inside the Courts: Supreme Court to Hear Class Action Certification Appeal in Halliburton"

Today, in a case that could have significant implications for putative federal securities class actions, the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. In its petition for...more

11/15/2013 - Class Action Class Certification Fraud-on-the-Market Halliburton Misrepresentation SCOTUS

"The SEC’s Renewed Scrutiny on Accounting Cases: Expected Focus Areas and How Companies Can Prepare"

The U.S. Securities and Exchange Commission (SEC or Commission) has announced plans to reinvigorate its enforcement efforts with respect to accounting issues. These plans include adding dedicated personnel and using data...more

9/23/2013 - Accounting Audits Data Mining Enforcement Actions Financial Reporting SEC Whistleblowers

"Inside the Courts: Delaware Supreme Court Reaffirms Core Derivative Standing Principles"

Yesterday, the Delaware Supreme Court issued a much-anticipated opinion addressing the continuous ownership requirement for stockholders in derivative lawsuits, derivative standing, and the fraud exception to the continuous...more

9/11/2013 - Derivatives Directors Fraud Mergers Officers Standing Stocks

"SEC Announces First Non-Prosecution Agreement in an FCPA Matter"

On April 22, the U.S. Securities and Exchange Commission (SEC) announced its first non-prosecution agreement (NPA) with a company in a matter involving alleged violations of the U.S. Foreign Corrupt Practices Act (FCPA). The...more

4/29/2013 - Compliance Customs FCPA Illegal Imports Non-Prosecution Agreements Ralph Lauren SEC Self-Reporting

"Inside the Courts: Supreme Court Clarifies Amount in Controversy Removal Threshold for Class Actions"

Standard Fire Ins. Co. v. Knowles, No. 11-1450 (Mar. 19, 2013) - This morning, the U.S. Supreme Court unanimously held that a plaintiff in a class action cannot defeat removal under the Class Action Fairness Act of...more

3/19/2013 - Amount in Controversy CAFA Class Action Damages SCOTUS

"Supreme Court Rejects Discovery Rule on Statute of Limitations for SEC Civil Penalty Enforcement Actions"

Gabelli v. Sec. & Exch. Comm'n, No. 11-1274 (U.S. Feb. 27, 2013) - In a unanimous opinion authored by Chief Justice Roberts, the U.S. Supreme Court today held that the five-year limitations period that governs SEC...more

2/27/2013 - Discovery Rule Enforcement Actions Gabelli v SEC Penalties SCOTUS SEC Securities Fraud Statute of Limitations

"Supreme Court Holds Securities Fraud Plaintiffs Are Not Required to Prove Materiality of Allegedly False Statements to Certify a...

Today, in a 6-3 decision, the Supreme Court of the United States held in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds that a securities fraud plaintiff alleging fraud on the market need not establish the...more

2/27/2013 - Amgen Inc. v Connecticut Retirement Plans Burden of Proof Class Action Class Certification False Statements Fraud-on-the-Market Insider Trading Materiality Pleadings Rule 10b-5 SCOTUS Securities Fraud

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