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TN COA Tosses Fraud & Securities Claims Over “Crazy” Scam

Tennessee fraudulent misrepresentation claims – and “investment contract” claims under the State’s Blue Sky Law – fail the “reasonable reliance” requirement, where the plaintiff himself asserts it’s a fraud because nobody...more

Supreme Court Order Allows Victims of Terrorism to Collect from Frozen Funds of Iranian Central Bank

On April 20, the Supreme Court held in Bank Markazi v. Peterson that Section 8772 of the Iran Threat Reduction and Syria Human Rights Act of 2012 does not violate separation of powers principles. Bank Markazi v. Peterson, No....more

Underwriters May Have Expertise But That Does Not Make Them “Experts”

In the LBP Holdings v. Allied Nevada Gold Corp. decision released on April 27, 2016, the Ontario Superior Court of Justice refused to allow the underwriters of a secondary public offering (SPO) to be added as defendants to a...more

UK Financial Regulatory Developments - April 2016 #19

FCA decides to ban former LIBOR trader - FCA has published its Decision Notice concerning a former derivatives trader at UBS, Arif Hussein, banning him from performing any significant influence function relating to any...more

This Week In Securities Litigation

The Commission prevailed at trial in a market manipulation case. The trial followed a series of settlements and a grant of summary judgment in the Commission’s favor as to one defendant. The remaining defendant, a former NFL...more

Lessons From The First S7 UK Bribery Act Case

Sweett Group plc has been ordered to pay GBP 2.25 million in penalties after pleading guilty to a failure to prevent bribery. From a hotel in the United Arab Emirates to Southwark Crown Court, the reach of the “toughest...more

Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

Government Seeks Civil Forfeiture of Funds Stolen in Business E-Mail Fraud

On April 14, 2016, the U.S. Attorney for the Southern District of New York filed a civil forfeiture action seeking to recover nearly $100 million stolen from an unidentified U.S. company through a form of wire fraud or...more

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

SEC Files Another In A Series of Actions Tied to Secret Commissions

The Commission brought another in a series of actions centered on ConvergEx Execution Solutions LLC and its affiliates. As with the prior actions, this one centered on secretly adding substantial commissions to transactions...more

First Successful Prosecution For A Recommendation Based On Inside Information

French Administrative Supreme Court, 10 July 2015, n°369454 - A recommendation to acquire or dispose of a financial instrument on the basis of inside information is market abuse, even if no inside information is...more

The Vegas Sands FCPA Action: Good Controls are Good Business

FCPA cases typically center on the payment of bribes to obtain or retain business. The bribes paid are usually small in comparison to the profits achieved – the obvious motive for the wrongful conduct. The profits of course...more

Avoiding the “Al Capone” version of an FCPA enforcement action—Are your internal controls in order?

Notorious gangster Al Capone likely was guilty of numerous crimes, including bootlegging, maintaining a house of prostitution, bribery, racketeering and multiple counts of murder. Yet he was never convicted of those crimes. ...more

Repurchase Of CPECS From Shareholders Is Not Illegal, Rules Luxembourg Court

Decision of the 15th Chamber of the District Court of Luxembourg, n°1648/2015, 23 December 2015 (appeal ongoing) - The Luxembourg District Court ruled that, from a company law perspective, Convertible Preferred Equity...more

Investors Bring Banking Licence Claims Against Foreign Banks

Federal Court of Justice (BGH), judgment dated 7 July 2015, file no. VI ZR 372/14: German clients of foreign banks have increasingly been trying to shift their losses by claiming damages for the banks failing to have a...more

X-tra, X-tra, Read All About It!

Mr Justice Snowden has handed down judgment of the High Court in the much anticipated Windermere VII Class X Notes dispute. For those of you who haven’t been following it, the dispute relates to the Windermere VII Pan...more

This Week In Securities Litigation

The Foreign Corrupt Practices Act was a key focus this week. The DOJ announced a new one year Pilot Program which holds the promise of a significant reduction in penalties if the firm self-reports and takes a series of steps....more

NC Business Court Refuses To Enjoin Similar British Lawsuit

It's possible to get an NC state court to enjoin a party from pursuing parallel litigation in another American state. But what about enjoining a party before an NC court from pursuing a parallel case in another country?...more

Sub-Participation Agreement: Recharacterisation Risk Before Spanish Court

Financial players in the distressed market in Spain are commonly using the LMA sub-participation agreement. However, “sub-participation” is not a concept that has been traditionally recognised under Spanish law. This has...more

Corporate Trustees: how gross must negligence be?

Surprisingly, the distinction between negligence and gross negligence in English contract and trust law is unclear. On one view, reflected in the older cases, there is little or no difference at all....more

DOJ’s New FCPA Pilot Program: The Offer of Enhanced Credit

DOJ’s continuing focus on individuals has spawned a new one year FCPA Pilot Program which offers companies enhanced cooperation credit The new Pilot Program is part of an overall effort to bolster FCPA compliance. Those...more

London's Financial List: A choice of forum crossroads

On 1 October 2015, a specialist banking and financial markets dispute resolution forum known as the Financial List came into operation. The Financial List is situated in the Rolls Building in London, and proceedings may be...more

This Week In Securities Litigation

The Supreme Court declined to hear Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015), a suit challenging the SEC’s venue selection. The Court’s order left standing the decision of the circuit court affirming the dismissal of the...more

Senior Managers And Certification Regime: Food For Thought For In-House Lawyers

The new Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) senior managers and certification regime (the new regime) will come into force on 7 March 2016. Many firms will see this date as marking...more

Orrick's Financial Industry Week in Review

Litigation Finance: A Brief History of a Growing Industry - Litigation costs money. Litigation finance can provide the cash a plaintiff needs to prevail in court. Plaintiffs holding valid—and potentially quite...more

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