Securities Law › Civil Procedure › Constitutional Law

Second Circuit Agrees To Hear Interlocutory Appeal Of Key MBS Litigation Questions

On May 7, the U.S. Court of Appeals for the Second Circuit granted two petitions seeking interlocutory appeal of key questions related to pending mortgage backed securities (MBS) cases....more

Supreme Court To Decide If It Will Decide Whether Section 16 Plaintiff Has Constitutional Standing

No Harm, No Foul - The late Lakers broadcaster Chick Hearn was known for coining or popularizing numerous basketball expressions, including “air ball” and ”no harm, no foul”. Now, the U.S. Supreme Court may soon...more

Second Circuit Affirms Denial of UBS’s Motion to Dismiss FHFA Complaint

On April 5, the United States Court of Appeals for the Second Circuit affirmed the decision of the district court denying UBS’s motion to dismiss the complaint brought by the FHFA. FHFA sued UBS as conservator of Fannie Mae...more

Purchase Timing A Wall To Facebook Derivative Litigation Despite Unenforceability Of Forum Selection Clause

Four derivative lawsuits against Facebook’s directors relating to alleged disclosure issues surrounding the company’s initial public offering have a new status: Dismissed. Last month, Judge Robert Sweet of the Southern...more

Inside The Courts - March 2013 | Volume 5 | Issue 1

In This Issue: *U.S. SUPREME COURT - Class Certificaton - Amgen Inc. v. Conn. Ret. Plans and Trust Funds, No. 11 1085 (U.S. Feb. 27, 2013) - Statutes of Limitations - Gabelli v. Sec. & Exch. Comm’n, No....more

President Obama Re-nominates Richard Cordray For CFPB Director, Nominates Mary Jo White For SEC Chair

On January 24, President Obama announced his re-nomination of current CFPB Director Richard Cordray. Mr. Cordray has led the Bureau since January 2012 when President Obama used his recess appointment authority to install the...more

Does Every 10% Owner Owe A Fiduciary Duty To The Corporation?

If I told you that all 10% owners owe a fiduciary duty to the corporation, I’d be surprised if you weren’t surprised. However, that was, in fact, the holding of the Second Circuit Court of Appeals last October in Donoghue v....more

Can CalPERS Be Sued In Federal Court Or Perhaps Even New York State Court?

The California Public Employees’ Retirement System began lending securities in the early 1980s. Since the early 1990s, CalPERS has used the Master Securities Loan Agreement (MSLA) originally developed by the former Bond...more

Gabelli v. SEC,

Brief Of The CATO Institute As Amicus Curiae In Support Of Petitioners

Statutes of limitations exist for good reason: Over time, evidence can be corrupted or disappear, memories fade, and companies dispose of records. Moreover, people want to get on with their lives and not have legal battles...more

"Second Circuit Expands Standing for Mortgage-Backed Securities Purchasers"

In the wake of the housing crisis, more than 20 class actions were commenced by purchasers of mortgage-backed securities (MBS) against issuers and underwriters pursuant to Section 11 of the Securities Act of 1933. Although a...more

Federal Court Holds That SLUSA Allows Removal of 1933 Class Action to Federal Court

On August 23, 2012, the District Court for the Northern District of California issued an opinion that analyzed whether class action lawsuits brought under the Securities Act of 1933 (the "1933 Act") were removable to federal...more

Second Circuit Rejects Brachycephalic Canine Fund’s Section 16(b) Defense

When it comes to challenging the status quo of securities regulation, Bulldog Investors lives up to its name. In 2006, Bulldog’s principal, Phillip Goldstein, successfully challenged the Securities and Exchange Commission’s...more

Supreme Court Fails To Bite At Bulldog And Oxfam America Sues The SEC

Supreme Court says “no” to Bulldog In March, I wrote that the Bulldog group of funds had asked the United States Supreme Court to determine the constitutionality of Massachusetts’ ban on general solicitations in...more

Tenth Circuit Court of Appeals Denies Attempt to Withdraw Fifth Amendment Invocation

The U.S. Court of Appeals for the Tenth Circuit recently addressed the question of when a defendant can withdraw an invocation of the Fifth Amendment right to refrain from making self-incriminating statements....more

Stamp Duty Tax: How to Calculate It?

Almost everybody who is involved in any commercial transaction has to deal with creating, authorizing or validating a number of official documents. Hence it would serve him well to know about stamp duty, which is nothing but...more

California State Teachers Retirment System v. Blankenship, et al.

West Virginia Supreme Court Order denying Preliminary Injunction in Massey - Alpha merger case, but also refusing to seal certain...

The West Virginia Supreme Court of Appeals issued an Order denying Massey shareholders' request for a Preliminary Injunction to challenge the merger of Massey and Alpha Natural Resources. The parties had also sought to seal...more

California State Teachers Retirement System v Blankenship, et al.

NPR and the Charleston Gazette's Opposition to Motion to Seal Record in Massey - Alpha merger case

National Public Radio (NPR) and the Charleston Gazette filed this Opposition to a Motion to Seal the Record in a case brought by shareholders of Massey Energy Company seeking to block the sale of Massey to Alpha Natural...more

U.S. Supreme Court Establishes "Transaction Test" to Determine Extraterritorial Reach of Section 10(b) of Exchange Act and SEC...

The Supreme Court's majority opinion in Morrison v. National Australia Bank, Ltd.1 may be as significant for its "bright-line" approach to the presumption against the extraterritorial application of federal legislation as it...more

Lefkoe v. Jos. A. Bank Clothiers, Inc.

Reply Brief of Appellant, The Doe Client (Public Version)

The Doe Client was a nonparty witness to the underlying class action securities litigation pending in the District of Maryland against Jos. A. Bank Clothiers, Inc. (“Jos. A. Bank”). Jos. A. Bank served a subpoena issued by...more

Lefkoe v. Jos. A. Bank Clothiers, Inc.

Brief of Appellant, The Doe Client (Public Version)

The Doe Client was a nonparty witness to the underlying class action securities litigation pending in the District of Maryland against Jos. A. Bank Clothiers, Inc. (“Jos. A. Bank”). Jos. A. Bank served a subpoena issued by...more

Lefkoe v. Jos. A. Bank Clothiers, Inc.

Reply Memorandum In Support of Motion to Quash Subpoena

The Doe Client was a nonparty witness to the underlying class action securities litigation pending in the District of Maryland against Jos. A. Bank Clothiers, Inc. (“Jos. A. Bank”). Jos. A. Bank served a subpoena issued by...more

Lefkoe v. Jos. A. Bank Clothiers, Inc.

Memorandum In Support of Motion to Quash Subpoena

The Doe Client was a nonparty witness to the underlying class action securities litigation pending in the District of Maryland against Jos. A. Bank Clothiers, Inc. (“Jos. A. Bank”). Jos. A. Bank served a subpoena issued by...more