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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

SEC ALJ Slams Bebo; Summarily Denies ConLaw Challenge

Laurie Bebo, CEO of Assisted Living Concepts, initially got some sympathetic words from the U.S. District Judge who felt constrained to turn away her constitutional challenge to the SEC’s administrative forum: The Court...more

Battle Over SEC’s Admin Forum Moves to 11th Circuit

The battle over the constitutionality of the SEC’s administrative forum now moves to the U.S. Eleventh Circuit. The appellate court issued an order Wednesday, denying the SEC’s bid to upset the trial court’s preliminary...more

SEC and Amnesty International Seek En Banc Rehearing of Decision in Ongoing Conflict Minerals Court Battle

On Friday, the SEC and Amnesty International each filed petitions seeking a rehearing en banc of the August 2015 panel opinion of the U.S. Court of Appeals for the District of Columbia Circuit regarding the conflict minerals...more

D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate

On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC, holding that federal courts...more

Blog: No Surprise Here: SEC And Amnesty File Petitions For En Banc Rehearing In The Conflict Minerals Case

To no one’s surprise, on Friday, the SEC and Amnesty International filed petitions for en banc rehearing in the conflict minerals case, National Association of Manufacturers, Inc. v. SEC. That case, decided two-to-one in...more

D.C. Circuit Repulses Assault on the SEC’s Administrative Citadel

The citadel of the SEC’s administrative forum has been under assault from several vectors over the past year or so, as a chorus of dissenting Respondents have mounted increasing challenges to its constitutional legitimacy, as...more

Conflicts Minerals Quagmire to Continue as En Banc Rehearing Requested

Both the SEC, the loser in the most recent conflict minerals rehearing decision, and Amnesty International, an intervenor on the losing rehearing side, have asked for an en banc rehearing on the recent rehearing of the...more

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

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