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Why Kokesh Really Matters

by WilmerHale on

For U.S. Securities and Exchange Commission enforcement practitioners, perhaps the blockbuster decision of the last U.S. Supreme Court term was Kokesh v. SEC — but not for the reason that you might suspect. In Kokesh, the...more

5th Circuit Hints SEC ALJs Unconstitutional

by Burr & Forman on

In an Opinion highlighting the Circuit split over the constitutionality of SEC administrative law judges (“ALJs”), the Fifth Circuit recently stayed an FDIC civil-penalty and bar order against a Bank director, pending...more

SEC ALJs Before the Supreme Court: Will the Court Take The Issue?

by Dorsey & Whitney LLP on

The validity of the SEC ALJs’ under the Constitution’s Appointments Clause is a critical issue the Supreme Court is considering for addition to its docket this term which will begin on the first Monday in October. Petition...more

Chris Lazarini Analyzes Challenge to Amended MSRB Political Contribution Rules

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a challenge brought by three Republican state party organizations related to the legality of the 2016 Amendments to MSRB Rule G-37 barring brokers and dealers from...more

8th Circuit Finds Standing in Data Breach Case but Dismisses on Pleading Deficiencies

In one of the first federal appellate court rulings following the Ninth Circuit’s decision in Robins v. Spokeo, the Eighth Circuit delivered a pyrrhic victory for customers victimized by a data breach....more

Eighth Circuit Finds Standing in Data Breach Case for Privacy Policy Violation, Dismisses for Lack of Specificity

by Fenwick & West LLP on

The U.S. Court of Appeals for the Eighth Circuit has held that allegations that the security provisions of a privacy policy were violated are sufficient for standing in a data breach case, but that plaintiffs’ contractual...more

Delaware Court Of Chancery Recommends Limiting The Preclusive Effect Of Prior Decisions On Demand Futility In Derivative Lawsuits ...

by Shearman & Sterling LLP on

On July 25, 2017, Chancellor Andre G. Bouchard of the Delaware Court of Chancery issued a supplemental opinion, responding to a remand order from the Delaware Supreme Court, in which Chancellor Bouchard recommended that the...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

SEC Sustains Dismissal of Wells Fargo Insider Trading Case

by Dorsey & Whitney LLP on

The rash of lawsuits challenging the SEC’s venue selection decisions may ultimately end with the Supreme Court reviewing the propriety of the retention process for Commission ALJs under the Constitution’s Appointments Clause...more

En banc D.C. Circuit split leaves intact the panel ruling that SEC ALJs are not inferior officers

by Ballard Spahr LLP on

On June 26, 2017, the en banc D.C. Circuit was equally divided on the question of whether SEC administrative law judges (“ALJs”) are “inferior officers.” This leaves intact the D.C. Circuit panel decision in Lucia which held...more

In Split 5-to-5 Decision, En Banc D.C. Circuit Denies Petition for Review in Lucia v. SEC

On June 26, 2017, the D.C. Circuit, en banc, split 5-to-5 on whether to grant a petition seeking to overturn an August 2016 ruling by a three-judge panel of the D.C. Circuit that determined that SEC administrative law judges...more

Northern District Of California Dismisses Securities Fraud Class Action, Finding Plaintiffs Had Alleged "Injury In Fact"...

by Shearman & Sterling LLP on

On June 12, 2017, Judge Richard Seeborg of the United States District Court for the Northern District of California dismissed without prejudice a putative securities class action against Charles Schwab & Co. (“Schwab”) under...more

SEC Stays ALJ Cases Subject to 10th Circuit Review

by Burr & Forman on

On Monday, May 22, the SEC stayed all its administrative proceedings assigned to an ALJ in which a Respondent has an option for review by the 10th Circuit. (Securities laws provide appellate review of SEC administrative...more

Federal Circuit Rules that Starr International Lacks Standing to Pursue Class Claims Stemming from the U.S. Government’s...

On May 9, 2017, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) affirmed in part and reversed in part an earlier decision from the U.S. Court of Federal Claims, which had held that aspects of the...more

New York Court Dismisses Royal Park’s RMBS Cases for Lack of Standing

On April 12, 2017, Judge Charles E. Ramos of the New York State Supreme Court for New York County dismissed Royal Park’s RMBS lawsuits alleging fraud and other tort causes of action against Morgan Stanley, Deutsche Bank,...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Update: Briefs Filed in CalPERS v. ANZ Securities

The Supreme Court is set to hear arguments on Monday in CalPERS v. ANZ Securities. Previously we provided a comprehensive overview of CalPERS’s brief. In anticipation of oral arguments, below we discuss the arguments raised...more

SEC Provides Relief from Enforcement Actions Regarding Certain Portions of the Conflict Minerals Rule

On April 3, 2017, the District Court for the District of Columbia (the “District Court”) entered a final judgment (the “Final Judgment”) in the case of National Association of Manufacturers, et al., v. SEC. The Final Judgment...more

Southern District Of Texas Dismisses Class Action Against Plains All American Pipeline, Dismissing Exchange And Securities Act...

by Shearman & Sterling LLP on

On March 29, 2017, Chief District Judge Lee Rosenthal of the United States District Court for the Southern District of Texas, Houston Division dismissed a putative class action against Plains All American Pipeline, a major...more

Financial Services Weekly News - April 2017

by Goodwin on

Editor's Note - A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more

PHH v. CFPB: CFPB Not Dodging Constitutionality Questions

by Hinshaw & Culbertson LLP on

Friday March 31st marked the deadline for CFPB to file its brief in response to PHH in the en banc hearing. In granting en banc review, the court sought guidance from the parties on 3 specific questions. Here's a quick...more

Hold the Phone: SEC Takes One Last Stand Before the Tenth Circuit regarding the Constitutionality of the SEC’s Administrative Law...

Last week, the United States Securities and Exchange Commission filed a petition for rehearing en banc with the Tenth Circuit Court of Appeals, imploring the court to reconsider a divided panel’s ruling on the...more

Corporate Communicator - Spring 2017 - Recent Developments Regarding the Conflict Minerals Reporting Requirements

by Snell & Wilmer on

On January 31, 2017, Michael Piwowar, Acting Chairman of the Securities and Exchange Commission (the “SEC”), issued two Statements regarding the current status of guidance on and implementation of the conflict minerals rules....more

Delaware Court of Chancery Holds that Cancellation of Shares Through Merger Deprives Stockholder of Standing in Section 220 Action

In Weingarten v. Monster Worldwide, Inc., C.A. No. 12931-VCG, 2017 WL 752179 (Del. Ch. Feb. 27, 2017), the Delaware Court of Chancery (Glasscock, V.C.) clarified when a plaintiff has standing to vitiate inspection rights...more

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