Jay Kasner

Jay Kasner

Skadden, Arps, Slate, Meagher & Flom LLP

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Inside the Courts: An Update From Skadden Securities Litigators - November 2015 / Volume 7 / Issue 4

We are pleased to present Inside the Courts (Volume 7, Issue 4), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

11/19/2015 - Auction Breach of Duty Class Action ERISA Fiduciary Duty Fraud-on-the-Market Market Manipulation Misrepresentation Pleading Standards Scienter Securities Fraud Securities Litigation Standing Statute of Limitations Statute of Repose Venue Whistleblower Protection Policies

"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 Misrepresentation Omissions Pleading Standards Scienter SCOTUS Securities Fraud Settlements Statute of Limitations Statute of Repose Whistleblowers

"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 Material Disclosures Misleading Statements Omnicare Pleading Standards Registration Statement SCOTUS Section 11 Securities Fraud Securities Litigation Statement of Opinion

"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 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: 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

"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

"Securities Litigation Landscape Continues to Evolve in 2014"

In 2013, the U.S. Supreme Court weighed in on significant securities litigation issues, including the fraud-on-the-market presumption and the SEC’s use of the discovery rule. With numerous important cases pending on topics...more

1/22/2014 - Discovery Rule Enforcement Actions Fraud-on-the-Market Sarbanes-Oxley SCOTUS 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

"Appellate Court Provides Clarity on Statute of Limitations in Mortgage "Putback" Cases"

For those of you who were able to attend our annual Securities Litigation and Enforcement Seminar on December 6, you may recall that one expected development in 2014 would be a decision on whether the New York statute of...more

12/19/2013 - Mortgages Putback Claims Statute of Limitations

"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

"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 - Corporate Officers Derivatives Directors Fraud Mergers Standing Stocks

"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

Inside The Courts - December 2012

This issue of Inside the Courts, Skadden's securities litigation newsletter, includes summaries and associated court opinions of selected noteworthy cases principally decided from July to November 2012. This edition addresses...more

1/7/2013 - Annual Meeting Auditors Burden of Proof CAFA Class Action Demand Futility Derivatives Directors Dodd-Frank Economic Loss Doctrine ERISA Fiduciary Duty Foreign Corporations Fraud Insider Trading Investment Company Act of 1940 Loss Causation Materiality Misrepresentation Pleadings PLSRA RMBS Scienter Shareholders Underwriting

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