Securities Law, Civil Procedure, Labor & Employment Law

Law360 Quotes Lloyd Chinn on the U.S. Supreme Court’s Granting of Certiorari in Lawson

by Harris M. Mufson, Daniel Saperstein | Proskauer - Whistleblowing & Retaliation on 5/22/2013

In a Law360 article (subscription required) today, Lloyd Chinn, Co-head of Proskauer’s Whistleblower & Retaliation Group, commented on the U.S. Supreme Court’s decision to hear its first-ever whistleblower case under the...more

U.S. Supreme Court to Decide Whether SOX’s Whistleblower Provision Protects Employees of Publicly Traded Company’s Contractors

by Noa Baddish, Lloyd B. Chinn, Harris M. Mufson | Proskauer - Whistleblowing & Retaliation on 5/21/2013

On May 20, 2013, the United States Supreme Court granted a petition for a writ of certiorari to review the United States Court of Appeals for the First Circuit’s decision holding that SOX’s whistleblower protection does not...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

Ninth Circuit Holds that Federal Securities Laws Preempt California Labor Code's Ban on Forced Patronage at Brokerage Firms

by Bram Hanono, Jennifer Redmond, John Stigi | Sheppard Mullin Richter & Hampton LLP on 5/10/2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of four class...more

Second Circuit Further Curtails Duty of Prudence Claims in Saint Vincent Catholic Medical Centers v. Morgan Stanley

by Jennifer Clark, Angelo Savino | Cozen O'Connor on 5/8/2013

In a line of recent cases, the 2nd Circuit has limited ERISA plaintiffs’ claims for breach of the duty of prudence by holding that investments of benefit plan funds in employer securities pursuant to plans calling for such...more

C.D. Cal. Greenlights SOX Claim, Analyzing Whether Scienter Must Be Shown Where Violation Of Internal Controls Is Alleged

by Noa Baddish, Harris M. Mufson, Steven J. Pearlman | Proskauer - Whistleblowing & Retaliation on 5/7/2013

On April 24, 2013, the U.S. District Court for the Central District of California issued its final ruling that a SOX whistleblower complaint survived a Rule 12(b)(6) challenge. Zulfer v. Playboy Enterprises, Inc., No....more

Whistleblowers Protected Even If Employers Don't Violate Securities Laws, 3rd Circuit Says

by Marta Moakley | XpertHR - Partnered with LexisNexis on 4/23/2013

An employer need not actually violate the Sarbanes-Oxley Act (SOX) for its employees to receive SOX whistleblower protections, the 3rd Circuit Court of Appeals has ruled. Wiest v. Lynch, +2013 U.S. App. LEXIS 5345 (3d Cir....more

Legal Alert: Court Rejects Retroactivity of Dodd–Frank's Whistleblower Remedies

by Thomas Bundy, III, Cynthia M. Krus, Allegra Lawrence-Hardy, Lee Peifer, Holly H. Smith, Lewis Wiener | Sutherland Asbill & Brennan LLP on 4/18/2013

Since the 2010 enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act, a recurring question in judicial opinions interpreting the Act’s whistleblower provisions has been whether these provisions should be...more

Court Dismisses Another Say-On-Pay Disclosure Case

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 4/9/2013

The District Court for the Northeastern District of Illinois recently granted a Rule 12(b)(6) motion to dismiss an action styled Noble v. AAR Corp. The plaintiff alleged that the company failed to provide adequate...more

SOX Whistleblower Protection Expanded by a Federal Appeals Court

by Katherine H. Marques, Michael Starr | Holland & Knight LLP on 4/8/2013

A federal appeals court recently made it substantially easier for plaintiffs to assert claims that they were fired for "whistleblowing" activity protected by the Sarbanes-Oxley Act ("SOX"). In Wiest v. Lynch, 2013 WL 1111784...more

District of Colorado Expansively Construes Protected Activity Under Dodd-Frank, But Finds No Causation

by Harris M. Mufson, Steven J. Pearlman, Daniel Saperstein | Proskauer - Whistleblowing & Retaliation on 4/5/2013

The U.S. District Court for the District of Colorado followed a trend of decisions concluding that a plaintiff need not have provided the SEC with information regarding alleged federal securities law violations to pursue a...more

Ninth Circuit Decides Selection Of Retail Mutual Funds Was A Breach Of Fiduciary Duty

by Jeffrey P. Cairns | Leonard, Street and Deinard - Employee... on 4/2/2013

On March 21, 2013 the Ninth Circuit Court of Appeals issued its opinion in Tibble v. Edison International, in which the Court ruled that the plan fiduciaries of the Edison 401(k) Savings Plan (the “Plan”) had breached their...more

U.S. Supreme Court Invites Solicitor General’s Views on Whether to Grant Review of Case Addressing Two Key Issues in ERISA...

by Paul Flum, Raymond Hasu | Morrison & Foerster LLP on 4/1/2013

On March 25, 2013, the U.S. Supreme Court invited the U.S. Solicitor General to express its views on whether the Court should grant a certiorari petition in Dudenhoeffer v. Fifth Third Bancorp, et al., No. 12-751. Although...more

Retaliation and Whistleblower Claims by In-House Counsel

by Jeanne Barber, Edward Ellis, Linda Jackson, Earl (Chip) M. Jones III, Gregory Keating, Allan King, Patricia Martin, Amy Mendenhall, Roberta Ruiz | Littler on 4/1/2013

In This Issue: - Whistleblower protections and in-House Counsel - Sarbanes-oxley - The Dodd-Frank Act - The False Claims Act - Common Law Wrongful Discharge Claims - The Ethical...more

Ninth Circuit Rules on Breach of Fiduciary Duty Claim in Investment Options Case

by Anthony Cacace | Proskauer - ERISA Practice Center on 3/29/2013

In Tibble v. Edison Int’l, 10-cv-56406, 2013 WL 1174167 (9th Cir. Mar. 21, 2013), the Ninth Circuit Court of Appeals ruled that 401(k) plan fiduciaries breached their duty of prudence in selecting investment options for the...more

Third Circuit Lowers Bar For Determining Whether Internal Complaint Is SOX Protected Activity

by Lloyd B. Chinn, Harris M. Mufson, Steven J. Pearlman, Michael Spencer | Proskauer - Whistleblowing & Retaliation on 3/26/2013

In Wiest v. Lynch, No. 11-cv-4257, 2013 U.S. App. LEXIS 5345 (3d Cir. March 19, 2013), the Third Circuit gave Chevron deference to U.S. Department of Labor Administrative Review Board’s (ARB) interpretation of “protected...more

Third Circuit: Securities Fraud Liability May Be Imputed To Employer Whose Employee Ran Ponzi Scheme On The Side

by M. Duncan Grant, William Liess | Pepper Hamilton LLP on 3/12/2013

On February 22, 2013, in the precedential opinion in Belmont v. MB Inv. Partners, Inc., a unanimous panel of the U.S. Court of Appeals for the Third Circuit (Judges Anthony J. Scirica, D. Michael Fisher and Kent A. Jordan)...more

Third Circuit Reinforces Limits to Directors' Exposure for Misconduct by Corporate Employees

by John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/8/2013

In Belmont v. MB Investment Partners, Inc., No. 12-1580, 2013 WL 646344 (3d Cir. Feb. 22, 2013), the United States Court of Appeals for the Third Circuit held that a mere failure by corporate directors to oversee enforcement...more

Proxy Season Brings a Third Wave of “Gotcha” Shareholder Litigation

by Ana N. Damonte, Sarah A. Good, Cindy V. Schlaefer | Pillsbury Winthrop Shaw Pittman LLP on 2/22/2013

Proxy season is upon us and the plaintiffs’ bar is demonstrating its resourcefulness by bringing a third wave of shareholder litigation. This new wave, which has not crested yet, consists of a return to derivative shareholder...more

District Court Widens Split On Whether Complaints Of Alleged Future Misconduct Are Protected

by Noa Baddish, Harris M. Mufson, Steven J. Pearlman | Proskauer - Whistleblowing & Retaliation on 2/18/2013

The U.S. District Court for the Central District of California ruled that a SOX whistleblower complaint survived a Rule 12(b)(6) challenge on “reasonable belief” grounds and found that complaints of potential future...more

No Longer Black and White, Is the "Definitively and Specifically" Standard Now Grey?

by Edward Ellis, Jill Weimer | Littler on 2/4/2013

While the Department of Labor's Administrative Review Board (ARB) and the majority of federal courts once agreed that, in order to engage in "protected activity" under the Sarbanes-Oxley Act (SOX), a whistleblower must...more

The Gathering Storm: Equity Compensation and 10b5-1 Plans Under Attack

by Christina Costley, Michael Diver, Bruce Vanyo | Katten Muchin Rosenman LLP on 1/24/2013

In this presentation: - The Genesis – Merger Objection Cases - The New Wave of Injunction Cases - Say-on-Pay Injunction Cases - Share Issuance Injunction Cases - Post-Vote Derivative Cases -...more

Looking Forward: Canadian Class Actions in 2013

by Bennett Jones LLP on 12/14/2012

Looking Forward - 2012 was an active year for class actions in Ontario. Bennett Jones has been involved in some of 2012’s leading cases, including the putative class proceedings commenced in Trustees of the Labourers’...more

Orrick Submits Amicus Brief on Behalf of SIFMA Urging Fifth Circuit to Reject Two-Step FLSA Certification Procedure

by Trish Higgins, Mark R. Thompson | Orrick - Structured Finance Group on 11/15/2012

Orrick, on behalf of its client, the Securities Industry and Financial Markets Association (“SIFMA”), recently filed an amicus brief in support of a petition for writ of mandamus filed by Wells Fargo in the Fifth Circuit...more

Corporate and Financial Weekly Digest - November 9, 2012

by Katten Muchin Rosenman LLP on 11/12/2012

In this issue: - SEC to Extend Filing Deadlines for Filers Affected by Hurricane Sandy - NFA Launches FCM Financial Information Platform - FINRA Amends Rules Relating to Research Analysts and Research...more

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