Securities Civil Remedies Civil Procedure

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
News & Analysis as of

Supreme Court Expands Sarbanes-Oxley Whistleblower Protection to Employees of Private Companies

In 2002, after corporate fraud at Enron led to the company's collapse, Congress passed the Sarbanes-Oxley Act (SOX). Under SOX's main whistleblower protection provision, an employee of a publicly traded company who claims...more

A Million Dollars In Fees For Class Counsel in Wachovia/Wells Fargo Merger Lawsuit

When I first looked at Judge Murphy's (unpublished) Order in Ehrenhaus v. Baker earlier this month awarding attorneys' fees to the class action attorneys who sued Wachovia and Wells Fargo over their merger in 2008, I was...more

Two SEC Insider Trading Cases Involving Spouses

The SEC filed two settled insider trading cases in which the husband is alleged to have misappropriated inside information from his wife. In each instance the husband understood he was not to trade. Yet in each case the...more

Proxies Unbundled: Recent SEC Guidance after Greenlight Capital v. Apple Case

Last year, Judge Sullivan in the U.S. District Court for the Southern District of New York issued a preliminary injunction in Greenlight Capital, L.P. v. Apple, Inc. enjoining the “bundling” of multiple proposals by Apple in...more

Changing Cost Trends In Class Actions

In 2013, Justice Belobaba released five decisions that addressed legal principles relating to awards of costs on class action certification motions. These cases sent a clear message to the class action bar: “[a]ccess to...more

Supreme Court Reconsiders Fraud on the Market

The Supreme Court heard oral argument last week in Halliburton Co. v. Erica P. John Fund, Inc., a case that asks the Court to overrule or sharply limit the “fraud on the market” theory adopted by the Court 25 years ago in...more

Recent Supreme Court Decision Undermines SLUSA Security for Secondary Actors in Ponzi Schemes

The Supreme Court’s February 26, 2014 decision in Chadbourne & Parke LLP v. Troice, et al., has eliminated a potential protection for secondary actors (such as investment advisors, law firms or insurance brokerages) that...more

Leading Cases in Pennsylvania Takeover Case Law: You’re Not in Delaware Anymore

Presented below is a brief survey of leading cases interpreting Pennsylvania corporate law in situations involving takeovers, proxy fights or other matters affecting corporate changes of control. This summary is by no means...more

This Week In Securities Litigation (Week ending February 28, 2014)

The Supreme Court handed down a significant decision, construing SLUSA in the context of suits by investors defrauded investors in the Stanford Ponzi scheme. The Court concluded that the Act does not bar four state law class...more

Trading On Tips: SEC May Seek Disgorgement From Trader For Gains In Investment Fund

A trader who uses material nonpublic information to execute trades but does not personally benefit from the resulting gains may nonetheless face disgorgement of all profits, according to a recent Second Circuit opinion. In...more

Disgorgement In An SEC Action When The Fund Has Profits But Not The Trader

Earlier this month the Third Circuit resolved an issue regarding causation, intervening causes and disgorgement in an SEC enforcement action. SEC v. Teo (here). Now the Second Circuit has handed down a ruling on the measure...more

SEC v. Contorinis: Second Circuit gives SEC a powerful new tool – for now

The Second Circuit Court of Appeals has broadened the Securities and Exchange Commission’s power to seek civil disgorgement of profits from insider trading violations even where an individual did not personally profit from...more

This Week In Securities Litigation (Week ending February 21, 2014)

The SEC filed two civil injunctive actions this week. Once focused on an investment fraud scheme in which interests were sold in what was falsely claimed to be a motion picture production which would have A list celebrities....more

Looking Forward - Canadian Class Actions in 2014

The last few years have been very active years for class actions in Ontario. Bennett Jones continues to have an active and expanding class actions practice....more

The Evisceration of the Federal Securities Law

I. Introduction - a. Legislative history of the Securities Act of 19331 (“Securities Act”) and the Securities Exchange Act of 19342 (“Exchange Act” and collectively, the “Acts”). ..i. Congress passed the Acts...more

Millien v. Popescu, C.A. No. 8670-VCN (Del. Ch. Jan. 31, 2014) (Noble, V.C.)

In this decision, the Court of Chancery considered whether to appoint a custodian for Boston Technologies, Inc. (the “Company”) based on allegations of director and stockholder deadlock. The Court held that the petitioner...more

SEC Not Kidding about Subpoena Enforcement Actions, Obtains Coronati’s Arrest

Here’s one of the questions I get from some individual clients when they receive subpoenas from the SEC: Could I get arrested over this? Well, no. First things first – The SEC has civil authority, not criminal authority. ...more

SEC Continues To File Aggressive Insider Trading Actions Despite Losses

The SEC has lost three insider trading cases in the opening weeks of 2014. The inability to establish the source of the claimed inside information – the tipper or that it was misappropriated – is a common thread in the...more

The Business Court Takes A Narrow View Of When Claims Are "In Or Affecting Commerce" Under Chapter 75 Of The General Statutes

Chapter 75 claims have rarely fared well in the Business Court, though there is not much doubt about why they are included in almost every Complaint in the Court. The prospect of treble damages (per G.S. §75-16) and...more

Are Confidential Witness Reforms Looming On The Horizon? Can The Plaintiff’s Bar Stop Them?

A decision is expected shortly in the highly publicized so-called confidential witness “scandal” involving the Robbins Geller Rudman & Dowd law firm. Judge Suzanne B. Conlon of the United States District Court, Northern...more

Back to Work? Let’s Start With A Look Back at 2013

As we returned to the office this week, we thought what better way to adjust to re-entry than by taking stock of what happened in the last year. The year 2013 was an important year for class actions with a number of important...more

Virginia District Court Opens Door To Front Pay For SOX Whistleblowers

In a SOX whistleblower case of first impression, the U.S. District Court for the Eastern District of Virginia ruled that front pay may be ordered in lieu of reinstatement. However, the court ultimately determined that front...more

Activision Blizzard, Inc. v. Hayes, C.A. No. 497, 2013 (Del. Nov. 15, 2013)

In this en banc decision, the Supreme Court set forth the basis for its order reversing the Court of Chancery’s preliminary injunction of a stock purchase agreement under which Vivendi, S.A. agreed to sell its controlling...more

Failure To Name Primary Violator Doesn’t Doom Class Action Against Secondary Actors

One might expect plaintiffs to always name the primary violator in a securities fraud suit. However, what if suing the primary violator is not an option because the primary violator is in bankruptcy or the subject of a court...more

Court Holds Dodd-Frank Whistleblower Has No Right to Jury Trial

In an apparent case of first impression, a federal district judge in Atlanta has ruled that whistleblowers claiming retaliation under the Dodd-Frank Wall Street Financial Reform and Consumer Protection Act of 2010 are not...more

139 Results
|
View per page
Page: of 6

Follow Securities Updates on: