Securities Law, Conflict of Laws

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

Protecting Privacy or Enabling Fraud? Employee Social Media Password Protection Laws May Clash with FINRA Rules

by Jessica Goldenberg | Proskauer - Privacy & Data Security on 5/9/2013

As a growing number of states pass legislation which will protect individuals’ social media accounts from employer scrutiny, they have encountered a surprising adversary – FINRA and other securities regulators....more

Making A Statement: The Two Faces Of Janus In The SDNY

by Justin Bagdady, Richard A. Martin | Orrick - Securities Litigation and Regulatory... on 5/7/2013

Almost two years after the Supreme Court issued its momentous decision in Janus Capital Group, Inc. v. First Derivative Traders, 131 S. Ct. 2296 (2011), lower courts continue to reach significantly different conclusions...more

BLG Monthly Update for May 2013

by Neil Guthrie on 5/6/2013

Privacy, data breaches, texting, a bit of golf law and more in the BLG Monthly Update for May 2013...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...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

FINRA Panel Rules on Charles Schwab's Challenge to FINRA Rules Prohibiting Class Action Waiver Clauses

by Gregory Eisenreich | Barger & Wolen on 2/25/2013

In October 2011, Charles Schwab ("Schwab") began inserting into its customer Account Agreements a class action waiver clause....more

Arizona Supreme Court Follows Central Bank: No Implied Private Right Of Action For Aiding And Abetting Securities Fraud Under The...

by Tony Caliendo, Michael Clyde, Todd Kerr | Perkins Coie on 2/25/2013

Earlier today, in a case titled Sell v. Sewell, et al. (No. CV-12-0211-PR), the Arizona Supreme Court ruled that there is no implied private right of action for aiding and abetting securities fraud under the Arizona...more

The Fight Isn’t Over: Employers Should Keep Battling The Definition of “Whistleblower” Under Dodd-Frank

by Lloyd B. Chinn, Harris M. Mufson, Steven J. Pearlman | Proskauer - Whistleblowing & Retaliation on 11/19/2012

The “Securities Whistleblower Incentives and Protection” section of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“DFA”) is an integrated scheme designed to encourage individuals to complain to the...more

Second Circuit Overturns Pryor Cashman Client’s Bank Fraud and Aggravated Identity Theft Convictions

by Pryor Cashman LLP on 11/15/2012

New York Law Journal November 15, 2012 Press Release and Media Coverage In a major decision announced November 8, 2012, the U.S. Court of Appeals for the Second Circuit has overturned Pryor Cashman client Felix Nkansah’s...more

BLG Monthly Update for September 2012

by Neil Guthrie on 9/19/2012

Welly-wanging, Elvis memorabilia, insider trading and the usual neat contracts cases -- all this and more in the BLG Monthly Update for 2012!...more

Second Circuit Declines To Apply California Securities Law In Auction Rate Securities Case

by Allen Matkins Leck Gamble Mallory & Natsis... on 8/23/2012

In May 2011, I wrote about U.S. District Court Judge Susan Illston’s decision allowing a purchaser of auction rate securities to pursue claims under the California Corporations Code against Deutsche Bank Securities Inc. ...more

Fifth Circuit Tells the SEC “Time’s Up”

by Orrick - Securities Litigation and Regulatory... on 8/14/2012

In SEC v. Bartek, filed August 7, 2012, the Fifth Circuit held that the discovery rule does not apply to 28 U.S.C. § 2462, the statute of limitations governing penalties in SEC civil enforcement actions, thus affirming a...more

In Terrorem Impact of Securities Class Actions May Increase After Amgen

by Katten Muchin Rosenman LLP on 6/22/2012

On June 11, 2012, the Supreme Court agreed to answer two critical class certification questions in a securities fraud case that could increase the in terrorem settlement value of these actions dramatically. The case, Amgen...more

Supreme Court to Revisit the Fraud-on-the-Market Presumption

by Morrison & Foerster LLP on 6/12/2012

Today, the Supreme Court agreed to hear an appeal involving certification of securities fraud class actions. The case, Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, --- S. Ct. ----, 2012 WL 692881...more

BLG Monthly Update for June 2012

by Neil Guthrie on 6/11/2012

Bad prison food, compensation for sex on the job and neat contracts cases: all this and more in the BLG Monthly Update for June 2012!...more

Time for a sharp Grexit?

by Chris Robinson on 5/26/2012

Business implications of Greece leaving the Euro - would you get paid,and in what currency? What should you do if selling to Greece or if you have assets there? An English lawyer's perspective....more

NASAA Slams The JOBS Act, But Have The States Really Been Handcuffed?

by Allen Matkins Leck Gamble Mallory & Natsis... on 4/6/2012

NASAA isn’t in the business of firing off rockets but it did launch a missile yesterday targeted directly at the JOBS Act. In this press release, NASAA’s president, Jack E. Herstein, is quoted as saying: "The JOBS bill...more

Jobs Or Bucket Shops?

by Allen Matkins Leck Gamble Mallory & Natsis... on 3/20/2012

Last week, New York Times columnist Gail Collins wrote this Op-Ed piece criticizing the Jumpstart Our Business Startups (aka JOBS) Act (H.R. 3606). Dave Lynn provided a good summary of the bill in this posting on...more

District Court in BP Securities Class Action Dismisses Non-U.S. Securities Claims on the Basis of Morrison and Effective...

by Cadwalader, Wickersham & Taft LLP on 2/20/2012

In re BP p.l.c. Securities Litigation, MDL No. 10-md-2185 (S.D. Tex. Feb. 2012), is a 129-page decision comprehensively addressing the allegations underlying and the securities claims arising from the BP oil spill of...more

Attorney Client Privilege for In-House Counsel

by Thomas Fox on 2/16/2012

The question of attorney-client privilege (herein “the privilege”) for in-house counsel can be a vexing one, yet one that has significant implications for investigations and enforcement actions under the Foreign...more

Investment Management Legal + Regulatory Update: February 2012

by Morrison & Foerster LLP on 2/10/2012

In this issue: Senate Bill Would Raise Taxes on Derivatives Trades; Senate Hearings Question Fund Investments in Commodity-related Investments; SEC Grants No-action Relief for Potential Section 10(f) Violations; FINRA...more

Post-Morrison, State Law Rather Than Federal Supports Claims By Non-U.S. Investors for Alleged Securities Fraud

by Cadwalader, Wickersham & Taft LLP on 2/3/2012

We have been following the law’s development since the U.S. Supreme Court’s decision in the U.S. Supreme Court’s decision in Morrison v. National Australia Bank (No. 08-1191). Morrison held that Section...more

The NAFTA, Preemption And Where In the World Are The Reservations?

by Allen Matkins Leck Gamble Mallory & Natsis... on 10/5/2011

Earlier, I wrote this post about the exemption from registration found in Section 3(a)(2) of the Securities Act for “any security issued or guaranteed by any bank”. For purposes of this statute, a “bank” generally means “any...more

Second Circuit Holds That the Private Securities Litigation Reform Act of 1995 Bars All RICO Claims Based Upon Alleged Acts of...

by Sheppard Mullin Richter & Hampton LLP on 7/23/2011

In MLSMK Investment Co. v. JP Morgan Chase & Co., No. 10-3040-cv, 2011 WL 2640579 (2d Cir. July 7, 2011), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims brought under the Racketeer...more

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Securities Law › Conflict of Laws