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Investment Management Legal + Regulatory Update -- May 2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

SEC Charges City of Harrisburg with Fraud

On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more

Harrisburg Charged With Securities Fraud - Securities and Exchange Commission Says City Made Misleading Financial Statements

The inclusion of the public statements of an elected official in allegations of securities fraud could change the traditional relationship between the politicians and their constituency versus issuers and the bond market....more

Delaware Supreme Court Upholds Collateral Estoppel in Multiforum Litigation

The Delaware Supreme Court recently held that the dismissal of a shareholder derivative suit by a California federal court had a preclusive effect on a substantially similar suit pending in the Delaware Chancery Court against...more

Securities Class Actions Increasingly Target The C-Suite

According to a recently-published PricewaterhouseCoopers report, corporate executives are being named in an alarmingly high percentage of securities class action filings. In 2012, 94 percent of such filings explicitly named...more

Delaware Supreme Court Says No To Botox And No To Multi-Forum Litigation: Court Dismisses Derivative Suit Against Botox-Maker...

In a recent decision, the Delaware Supreme Court reversed the Court of Chancery in Pyott, et al. v. Louisiana Mun. Police Emp. Ret. Sys., et al., holding that a derivative suit against Botox-maker Allergan, Inc. should be...more

SEC Charges Private Equity Firm, Former Executive, and Consultant for Improperly Soliciting Investments

On March 11, the SEC announced charges against a private equity firm, a former senior executive of the firm and an individual based solely on the allegation that the individual acted as an unregistered broker-dealer in...more

SEC Speaks: Agency Takes Back-To-Basics Approach In Face Of Changing Leadership, Congressional Mandates And New Technologies

The annual “SEC Speaks” conference, in which Securities and Exchange Commission (SEC) representatives review the agency’s efforts over the past year and preview the year to come, was held on February 22-23, 2013. A...more

Baker & McKenzie: Telecommunications Regulatory Update – October 2012

In this issue: > Telstra issued with direction to comply with TCP Code > Trader pays $19,800 for misrepresenting broadband services > ACCC makes final access determination for non-NBN local bitstream...more

The Key to Compliance

On August 18 2011, the Financial Industry Regulatory Authority, Inc (Finra) issued Regulatory Notice 11-39 providing guidance to its broker-dealer members on social networking websites and business communications. The...more

The Facebook, Inc., Mark Zuckerberg v. Winklevoss

The Facebook, Inc., Mark Zuckerberg v. Winklevoss: 9th Circuit Opinion Affirming Decision of Distict Court

On April 11, 2011, The Ninth Circuit Court of Appeals affirmed the District Court decision that denied the Winklevoss twins bid to void their settlement agreement with Facebook and Mark Zuckerberg. In his opinion, Judge...more