Orrick - Securities Litigation and Regulatory Enforcement Group

The Orrick Building 405 Howard Street
San Francisco, CA 94105-2669, United States

Contact: Michael Torpey

  • 415-773-5700
  • 415-773-5972

Better Keep Your Opinions to Yourselves for Now: Second Circuit Doubles Down in Deutsche Bank Ruling in Advance of Supreme Court Review of Omnicare

On July 16, 2014, a three-judge Second Circuit panel affirmed the dismissal of a securities class action against Deutsche Bank AG and several underwriters. The case was brought on behalf of investors who purchased approximately…more
| Civil Procedure, Finance & Banking, Business Torts, Real Estate - Residential, Securities Law

Swimming in the Deep End: A Primer on Dark Pools

“Dark pools of liquidity” have recently become the focus of increased regulatory scrutiny, including a number of high-profile enforcement actions related to these alternative trading systems. This increased scrutiny follows on…more
| Securities Law

Have Your Directors Met Their Revlon Duties? Delaware Court Dismisses Strike-Suit Allegations as Merely Cosmetic

In a virtual course on how to bring—or not bring—an M&A strike suit, on June 30, a Delaware Chancery Court dismissed all shareholder claims against a merger target and its acquirer, ending nearly two years of litigation. Though…more
| Civil Procedure, Commercial Law & Contracts, Mergers & Acquisitions, Business Torts, Securities Law

Insider Trading Gets Political: Trading on Political Intelligence

Some things are better left unsaid. Especially, it seems, when they involve political intelligence shared by a congressional aide with a lobbyist linked to a political intelligence firm serving Wall Street traders…more
| Civil Procedure, Elections & Politics, Business Torts, Health, Securities Law

Internal Investigations Remain Internal – Attorney Client Privilege Protected by D.C. Circuit

On June 27, 2014, the U.S. Court of Appeals for the D.C. Circuit issued an important, unanimous decision upholding the assertion of attorney-client privilege for an internal investigation. The decision is especially significant…more
| Civil Procedure, Commercial Law & Contracts, Securities Law

Patience is a Virtue: District Court Suggests that the SEC “Wait and See” Before Seeking Certain No-Admit, No-Deny Settlements

On June 18, 2014, Judge Victor Marrero of the U.S. District Court for the Southern District of New York approved the SEC’s no-admit, no-deny consent decrees in its insider trading case against CR Intrinsic Investors, LLC and…more
| Administrative Law, Civil Procedure, Finance & Banking, Business Torts, Securities Law

Supreme Court Rejects Calls to Overrule Fraud-on-the-Market Theory in Halliburton; Presumption of Reliance Still a Basic Part of Class Certification

Today the Supreme Court rejected calls from lawyers, economists and corporate associations to overrule the “fraud-on-the-market” theory that makes it possible to litigate federal securities fraud claims as class actions, instead…more
| Civil Procedure, Securities Law

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and…more
| Civil Procedure, Civil Remedies, Labor & Employment Law, Finance & Banking, Securities Law

Flash Rules: Is A Wall Street Reform on the Horizon or is the SEC Merely Reacting to the Latest Media Headline?

Michael Lewis’ new book Flash Boys: A Wall Street Revolt has caused a commotion on Wall Street, on Capitol Hill, and with law enforcement agencies. The SEC is the latest government agency to examine and propose new rules on…more
| Civil Procedure, Finance & Banking, Business Torts, Securities Law

SEC Bats 0-for-2 on Insider Trading

A California federal jury sided against the U.S. Securities and Exchange Commission on Friday, June 6, finding the founder of storage device maker STEC Inc. not guilty on insider trading charges…more
| Civil Procedure, Business Torts, Securities Law

Second Circuit Says Pragmatism Trumps “Cold, Hard” Facts, Limits District Courts’ Powers in Reviewing SEC Settlements

Summer is coming, but this is probably not the vacation Southern District of New York Judge Jed Rakoff had in mind. On June 4, 2014, the Second Circuit vacated Judge Rakoff’s order refusing to approve the SEC’s $285 million…more
| Administrative Law, Civil Procedure, Civil Remedies, Finance & Banking, Securities Law

If the SEC Misses the SOL, It’s SOL (Sorry, Out of Luck) – District Court Holds Statute of Limitations Is Jurisdictional and Applies to SEC Disgorgement and Injunctive Relief Requests

The SEC suffered a blow very recently when Judge James Lawrence King of the U.S. District Court for the Southern District of Florida entered summary judgment dismissing the entirety of its alleged Ponzi scheme case on statute…more
| Civil Procedure, Civil Remedies, Finance & Banking, Business Torts, Securities Law

Is The Free Lunch Ending For Stockholders Who Sue Corporations? Fee-Shifting Introduced In Intra-Corporate Litigation

ATP Tour: The Little Case That Could - On May 8, 2014 the Delaware Supreme Court upheld a “loser pays” fee-shifting bylaw for a Delaware non-stock corporation in ATP Tour, Inc. v. Deutscher Tennis Bund…more
| Civil Procedure, Civil Remedies, Commercial Law & Contracts, Business Torts, Securities Law

CFTC Issues First Whistleblower Award

On Monday, May 19, 2014, the CFTC issued its first award to a whistleblower under its Dodd-Frank bounty program. The Commission will pay $240,000 to an unidentified whistleblower who “voluntarily provided original…more
| Civil Remedies, Labor & Employment Law, Finance & Banking, Securities Law

Sheer Yoga Pants And Over-Stretched Allegations: Court Refuses To Stretch Allegations Of Corporate Mismanagement Into Federal Securities Fraud

A lack of sweaty models trying on yoga pants may be problematic, but does it give rise to securities fraud? Not in the Southern District of New York. In In re lululemon Securities Litigation, decided on April 18, 2014,…more
| Civil Procedure, Business Torts, Securities Law
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Areas of Practice
  • Class Action
  • Finance & Banking
  • Litigation
  • Mergers & Acquisitions
  • Securities Law
  • Taxation
Locations
Other U.S. Locations
  • California
  • D.C.
  • New York
  • Washington
Other Countries
  • China
  • France
  • Germany
  • Hong Kong
  • Italy
  • Japan
  • Russia
  • Taiwan
  • United Kingdom
Number of Attorneys

50-100 Attorneys

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