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Hill v. SEC: Eleventh Circuit Buries District Court Challenges to the Constitutionality of SEC Enforcement Actions

Last week, the United States Court of Appeals for the Eleventh Circuit held that a district court cannot hear constitutional challenges to an ongoing administration enforcement action of the U.S. Securities and Exchange...more

Eleventh Circuit Joins Peers in Preserving SEC’s Home Court Advantage

After four failed attempts at persuading federal appellate courts to hear constitutional challenges to SEC administrative courts, it is increasingly clear that defendants in SEC in-house proceedings will not be able to pursue...more

11th Circuit Holds Judicial Review of SEC ALJs Premature

The Eleventh Circuit Friday joined three others in concluding that Congress intended Respondents must wait until appeal from the Commission to have a Court consider their challenges to the Constitutionality of the SEC’s...more

Your daily dose of financial news - The Brief – 6.14.16

The big story of week so far came just a few minutes after the Brief went to [digital] print yesterday, so apologies for the second hand news: Microsoft has agreed to acquire LinkedIn for a staggering $26.2 billion in a move...more

Solon And The California Constitution

Article IV, Section 8 of the California Constitution requires that to be passed, a bill must first be read...more

No federal court challenge to constitutionality of SEC’s use of administrative law judges before final SEC order, Second Circuit...

A recent decision by the U. S. Court of Appeals for the Second Circuit suggests that an attempt by a company or individual that is the target of a CFPB administrative enforcement action to bring a separate action in federal...more

Second Circuit Halts Constitutional Challenge to SEC Administrative Proceedings

On June 1, the Second Circuit in Tilton et al. v. SEC, No. 15-2103 (2d. Cir. Jun. 1, 2016), echoed recent Seventh and D.C. Circuit decisions (respectively, Bebo v. SEC, No. 15-1511 (7th Cir. Aug. 24, 2015), cert. denied, 136...more

Weighted Scales of Justice in SEC Administrative Proceedings?

Since the 2010 passage of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (“SEC”) has been the subject of growing criticism regarding its increased use of administrative proceedings. By enacting Dodd-Frank,...more

AG Explains Why the Conflict Minerals Decision Was Not Appealed to the Supreme Court

Loretta Lynch, United States Attorney General, explained in a letter to Paul Ryan, Speaker of the House, why the United States did not submit a writ of certiorari with respect to the conflict minerals decision: - The...more

BREAKING NEWS: Supreme Court Declines to Address the Constitutionality of Securities and Exchange Administrative Forum

On March 28, 2016, the Supreme Court denied a petition for certiorari review brought by Laurie Bebo, the former CEO of Assisted Living Concepts Inc., who challenged the constitutionality of proceedings conducted in an SEC...more

Your daily dose of financial news The Brief – 3.29.16

Major news for the extended Blackstone & private equity family yesterday, as federal authorities arrested Wall Street exec Andrew Caspersen on charges of securities and wire fraud in what they’re labeling a “’brazen’ scheme...more

Your daily dose of financial news The Brief – 1.26.16

Quick recap: another Monday, another rough start to a trading week in what’s turned into an ugly pattern for the year – WSJ... Which, coupled with more pessimism about the Chinese economy, helped drive stocks down in...more

The Supreme Court

The Supreme Court of the United States issued decisions in four cases today: Campbell-Ewald v. Gomez, No. 14-857: Respondent Jose Gomez received Navy recruitment text messages without his consent. He filed a nationwide...more

Second Circuit Seeks Guidance from Delaware on Direct Shareholder Lawsuits for Holding Stock Based on Alleged Misstatements

May former stockholders who allege they were damaged by holding stock of a company, because of fraudulent and negligent misrepresentations about the company’s financial status, sue the company directly versus in a derivative...more

UPDATE: Challenges to Standing of Petrobras Opt-Out Plaintiffs Denied

As a follow-up to our October 15 discussion about challenges to the standing of certain opt-out plaintiffs in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation, Judge Rakoff has...more

SEC Tees Up Newman & Admin Forum Issues for 2016

The SEC granted two petitions for review last week that tee-up significant issues for full Commission consideration late next Spring. The Commission will consider the application of the Second Circuit’s Newman decision...more

Whistleblower Standing Split in Circuits & TN Federal Courts

There’s a developing circuit split over whistleblower standing for retaliation claims. A decision this week extended that split to U.S. district courts within Tennessee, too. In Verble v. Morgan Stanley Smith Barney, LLC, No....more

Your daily dose of financial news The Brief – 11.18.15

The Journal reports that Federal prosecutors are “actively pursuing” criminal cases against executives from RBS and JPMorgan for the toxic securities sold in the lead-up to the 2008 financial crisis. If filed, the charges...more

D.C. Court of Appeals Denies Request for Rehearing on Conflict Minerals Rules

On November 9, 2015, the U.S. Court of Appeals for the District of Columbia Circuit denied petitions filed by the Securities and Exchange Commission (SEC) and Amnesty International requesting a full panel rehearing of its...more

Blog: D.C. Circuit Denies SEC’s Petition For Rehearing En Banc In Conflict Minerals Case

Hot off the press: The D.C. Circuit today issued a per curiam order denying the petitions of the SEC and Amnesty International for a rehearing en banc in Natl Assoc. of Manufacturers v. SEC, the conflict minerals case. No...more

What 19 Eminent Law Professors Would Have You Believe

UCLA Law School Professor Stephen Bainbridge yesterday highlighted an amicus curiae brief filed recently by 19 law professors in Freidrichs v. California Teachers Ass’n. That case, which is now pending before the U.S....more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Blog: Is A Lot More At Stake In The Conflict Minerals Case Than The Conflict Minerals Disclosure Rules?

An amicus brief filed in the conflict minerals case, National Association of Manufacturers, Inc. v. SEC, was submitted this week by a group of anti-smoking and other organizations dedicated to protecting public health: Truth...more

SEC’s Conflict Minerals Rule Still Unconstitutional, Says D.C. Circuit

On August 18, 2015, the United States Court of Appeals for the District of Columbia Circuit reaffirmed that both Section 1502 of the Dodd-Frank Act and its implementing Conflict Minerals Rule issued by the SEC violate the...more

SEC’s Piwowar and Gallagher Dissent, Defer to Courts on ConLaw Challenge

SEC Commissioners Piwowar and Gallagher dissented from a recent Commission Opinion sanctioning an investment adviser’s use of misleading historical data purporting to validate an asset-allocation model. Agreeing there was a...more

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