Stephen Knaster

Stephen Knaster

Orrick, Herrington & Sutcliffe LLP

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Latest Publications


Fannie and Freddie Shareholders Sue FHFA and Treasury Department Over Payment of Profits to U.S. Government

On May 28, 2015, three Fannie Mae and Freddie Mac (the “Companies”) shareholders filed a complaint in the United States District Court for the Northern District of Iowa against the Federal Housing Finance Agency (“FHFA”), its...more

6/3/2015 - Fannie Mae FHFA Freddie Mac HERA Popular Shareholder Litigation Shareholders U.S. Treasury

Reversals of Fortune: Putting the Brakes on Section 10(b) and Section 11 Claims Against Auditors of China-Based Companies

A federal court’s recent dismissal of Securities Exchange Act claims against the auditor of a Chinese company prompted us to examine the state of recent U.S. civil securities litigation against accounting firms that audited...more

2/4/2015 - Accountants Audits China Dismissals Foreign Corporations Securities Securities Exchange Act Securities Litigation

D.C. Circuit to Re-Consider Whether SEC Disclosure Rule Aimed at Curbing Human Rights Abuses in the Democratic Republic of the...

In an interesting and uncommon intersection between securities law, curbing human rights abuses and freedom of speech under the First Amendment, the United States Court of Appeals for the District of Columbia recently agreed...more

11/26/2014 - American Meat Institute Amnesty International Appeals Conflict Mineral Rules Department of Agriculture Disclosure Requirements En Banc Review First Amendment Human Rights NAM Petition For Rehearing SEC

Is Your Bank Stressed Out? OCC Follows Fed on Proposed Stress-Test Changes

On September 10, the Office of the Comptroller of the Currency (“OCC”) published proposed revisions to its information collecting regulations related to the Dodd-Frank Act’s “stress test” for large national banks and federal...more

9/17/2014 - Banks Compliance Dodd-Frank OCC Stress Tests

Supreme Court Narrows The Scope Of SLUSA Preemption, Green-Lighting State Law Class Action Claims Alleging Ponzi Scheme

On February 26, 2014, the U. S. Supreme Court (“the Court”) held that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) did not preclude Stanford Ponzi scheme plaintiffs’ state-law class action claims because...more

3/5/2014 - Chadbourne & Parke LLP v Troice Class Action Ponzi Scheme Preemption SCOTUS SLUSA

Extra, Extra! – Extraterritoriality And Criminal Actions As To Alleged Securities Fraud

In its seminal decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), regarding antifraud provisions of the U.S. securities laws, the Supreme Court held that “Section 10(b) [of the Securities Exchange...more

9/11/2013 - Dodd-Frank Extraterritoriality Rules SEC Securities Exchange Act Securities Fraud Stocks

SEC Considering More Stringent Requirements For Cybersecurity Disclosures In The Wake Of Stock Manipulating Hacking Case

Following up on clues earlier this year that the SEC may increase its scrutiny of cybersecurity disclosures, SEC Chairman Mary Jo White has asked the Commission to evaluate current guidance for cybersecurity disclosures and...more

5/21/2013 - Cybersecurity Disclosure Requirements Hackers Mary Jo White SEC Stocks

Tracing Meets Twombly: Ninth Circuit Sets Section 11 Pleading Standards For Aftermarket Purchasers

In a precedent setting decision, the Ninth Circuit affirmed dismissal of a putative class action in In re Century Aluminum Co. Securities Litigation, significantly raising the pleading bar in Section 11 cases. Plaintiffs...more

2/5/2013 - Aftermarket Purchases Section 11 Shareholders Twombly/Iqbal Pleading Standard

The SEC Wants To Know About Your Whistleblower Policy

SEC Regional Office Director David Bergers recently emphasized the importance of a company’s whistleblower policy when deciding whether to file an enforcement action against a company. Bergers made his comments at an internal...more

12/19/2012 - Enforcement Actions SEC Whistleblower Protection Policies Whistleblowers

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