Administrative Agency Business Torts

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
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CorpCast Episode 4: Better Know a Judge: Vice Chancellor J. Travis Laster of the Delaware Court of Chancery [Video]

On this episode of CorpCast, we’re honored to welcome Vice Chancellor J. Travis Laster of Delaware’s Court of Chancery. In addition to discussing the reasons he came to Delaware to practice law, the Vice Chancellor shares...more

SEC Files Offering Fraud and Ponzi Scheme Cases

A staple of SEC enforcement in recent years has been offering fraud and Ponzi scheme cases. This week the Commission filed two more of these actions, one an offering fraud targeting military personnel and a second and...more

SEC Files Offering Fraud Action

The Commission filed another offering fraud action tied to the sale of interests in the development of oil and gas wells prior to the recent downturn in the price of oil. Beginning in 2010 the defendants raised about $4.4...more

SEC Files Fraud Action Tied To Sale of Cellular Licensing

The sale of spectrum to operate cell phones can yield millions of dollars in profits. This notion was at the center of an action brought by the SEC against six individuals and eleven entities. Investors who purchased...more

SEC Uses Books and Records and Internal Control Regulations to Extend Reach of Actions Beyond Fraud

Last year, we predicted that the SEC would increase its use of administrative proceedings to enforce strict liability violations such as books and records and internal controls. See Mary P. Hansen & William L. Carr, The...more

DOJ's Pursuit Of Admissions — And The Risks Of Settling

On March 19, 2015, the U.S. Attorney’s Office for the Southern District of New York announced a proposed settlement of a civil fraud lawsuit against a large financial institution (bank). As with many of the U.S. Department of...more

Commenters Don’t Hold Back: Responses to Civil Liability and Enforcement Provisions of Draft Cooperative Capital Markets...

The consultation drafts of the proposed uniform provincial capital markets legislation, Provincial Capital Markets Act (PCMA), and federal capital markets legislation, Capital Markets Stability Act (CMSA), (Consultation...more

This Week In Securities Litigation

The Second Circuit rejected a petition for rehearing by the U.S. Attorney’s Office in the Newman case. There the Court reversed and dismissed the insider trading actions against two traders based on the failure of the court...more

NCUA Sues HSBC For Alleged Breaches of Duties as Trustee for 37 RMBS Trusts

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia. NCUA alleged that HSBC breached...more

SEC Charges Former CEO, Firm Based On Concealed Perks

The former President and CEO of a public company repeatedly charged personal expenses to the firm largely by falsifying documents and records. Although the executive admitted certain misdeeds to internal investigators...more

SEC Enforcement Division Outlines Focus for 2015

Action Item: Companies and individuals should continue to be mindful that the Enforcement Division will aggressively pursue securities fraud violations and will be increasing its personnel and technology resources to...more

An Atypical View of Causation and Harm from South Carolina

We have had some time now to ruminate over the South Carolina Supreme Court’s opinion in State of South Carolina ex rel. Wilson v. Ortho-McNeil-Janssen Pharmaceuticals, Inc., No. 2012-206987, 2015 WL 775094 (S.C. Feb. 25,...more

Texas High Court Confirms Exclusivity of Texas Workers’ Compensation Claim Remedy, Even for Alleged “Independent Injuries”

In a highly anticipated decision, the Texas Supreme Court emphasized its commitment to the exclusive jurisdiction of the Texas Division of Workers’ Compensation Act (Act) to deal with and respond to claims arising out of the...more

Can Comments By a Federal Employee Result in a Taking Requiring Compensation Under the Fifth Amendment?

It depends. A recent decision out of the Federal Circuit tackled this very issue, and the court’s decision strongly suggests that a taking could arise under the right circumstances. (Filler v. U.S. (Fed. Cir. Mar. 10, 2015)...more

Generic top-level domains – the evolution of trademark protection

In early 2012 the Internet Corporation for Assigned Names and Numbers (ICANN) received over 1,900 applications for unlimited generic top-level domains (gTLDs). Since then, over 325 new TLDs have launched with a total of...more

Record penalty against payday lender

As previously reported, on 26 August 2014, the Federal Court determined that The Cash Store Pty Ltd (in liquidation), a payday lender, and Assistive Finance Australia Pty Ltd, a loan funder, committed seven separate breaches...more

The En Banc Federal Circuit Hears Argument in Suprema, Inc. v. ITC

On Thursday, February 5, 2015, the en banc Federal Circuit heard oral argument in the matter of Suprema, Inc. v. ITC, reviewing its controversial panel decision holding that in ITC investigations induced infringement cannot...more

SEC Brings Another Insider Trading Case As Administrative Proceeding

There is little doubt that the SEC is bringing more cases in an administrative forum. While the agency has not acknowledge the trend, over the last several months it has filed a series of insider trading cases as...more

SEC Secures Federal Judge Order Against Mayor Based on Control Person Liability

On January 28, 2015, the United States District Court for the Eastern District of Michigan entered a final judgment against Gary Burtka, the former mayor of Allen Park, Michigan, upholding the Security and Exchange Commission...more

This Week In Securities Litigation

The SEC settled another action this week based on admissions of fact and that the Federal securities laws were filed, this time involving Oppenheimer. The action was based on the fact that the firm permitted an off-shore and...more

SEC Files Prime Bank Fraud and Offering Fraud Actions as Administrative Proceedings

The trend of selecting administrative proceedings rather than Federal court by the SEC appears to be continuing. Since last September, for example, the SEC has filed at least seven insider trading cases as administrative...more

Canada Begins Border Enforcement for Counterfeits

On January 1, 2015, the Government of Canada declared into force new border controls designed to prevent counterfeit and copyright infringing goods from entering and exiting Canada. The new border controls empower officers of...more

NY regulator settles lawsuit filed using Dodd-Frank authority

A settlement has been announced in the lawsuit filed by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank Section 1042 authority. Section 1042 allows state attorneys...more

Insurance Regulator Too 'Aggressive,' Insurers Say

Four insurance companies sued the California Department of Insurance, claiming the agency has become "increasingly aggressive" in its efforts to enforce the state's Unfair Insurance Practices Act....more

Alberta Securities Commission Applies to SCC for Leave to Appeal Insider Trading Decision in Walton

The Alberta Securities Commission (ASC) has applied to the Supreme Court of Canada for leave to appeal the August 2014 decision of the Alberta Court of Appeal (Court) in Walton v Alberta (Securities Commission), 2014 ABCA 723...more

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