News & Analysis as of

Disgorgement

US Supreme Court Intimates That the SEC’s Use of Disgorgement May Be Subject to Five-Year Statute of Limitations

On April 18, 2017, the US Supreme Court heard oral arguments in Kokesh v. Securities and Exchange Commission regarding whether disgorgement ordered by the US Securities and Exchange Commission (SEC) is subject to the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court heard argument this week in a case that may have a significant impact on remedies in SEC enforcement actions. In Kokesh v. SEC the High Court is considering whether the five year statute of limitations it...more

Supreme Court Considers Time Limits On SEC Disgorgement Claims

by Dorsey & Whitney LLP on

Disgorgement, one of the SEC’s primary remedies, was the focus of intense debate during arguments before the Supreme Court in Kokesh v. SEC, No. 16-529 (S.Ct.) earlier this week. At issue was whether the remedy is subject to...more

Changing the Game, Again: Supreme Court Could Limit SEC’s Authority to Seek Disgorgement

This week, the Supreme Court heard argument regarding whether the SEC’s actions to disgorge ill-gotten gains are subject to a five-year statute of limitations for “any civil fine, penalty, or forfeiture.”...more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China’s infamous shadow banking industry—an $8.5 trillion marketplace that’s sprung up in reaction to the government’s “campaign against financial leverage”—is back and bigger than ever these days....more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In a holiday shortened week the Commission began preparation for argument before the Supreme Court in an action which could have a significant impact on its enforcement program. The question for resolution is whether the...more

Federal and State Antitrust Enforcement Takeaways From the 2017 ABA Antitrust Law Spring Meeting

by Perkins Coie on

The American Bar Association’s 65th Antitrust Law Spring Meeting held at the end of March included a number of sessions with representatives from federal and state antitrust enforcement agencies. In this first of a three-part...more

State of Texas Sues Federal Government to Prompt Action on Yucca Mountain

by McDermott Will & Emery on

The state of Texas sued the federal government on March 14, 2017, under the Nuclear Waste Policy Act of 1982, stating that the executive branch failed to comply with the Act’s mandate that the federal government establish a...more

Supreme Court Agrees To Hear Securities Case

by Dorsey & Whitney LLP on

The Supreme Court agreed to hear another securities case this week. Leidos, Inc. v. Indiana Public Retirement System, No. 16-581. The only other securities action currently on the High Court’s docket is Kokesh v. Securities...more

Embezzlement of 401(k) Deferrals by COO of Architecture Firm is (Doubly) Costly

On March 22, 2017, the U.S. Court of Appeals for the Second Circuit ruled against Christine Bodouva that her restoration of funds to her Company’s 401(k) Plan should be offset against the District Court’s order for forfeiture...more

Disgorgement Claims Continue To Confound Courts In ERISA Class Actions

by Jackson Lewis P.C. on

Courts continue to be split over the availability of disgorgement and “accounting for profits” in ERISA class actions involving in-house investment plans. On March 3, 2017, in Brotherston v. Putnam Investments, LLC, No....more

Art Advisors and Duty of Loyalty in Focus Again Over Sale of Basquiat

by Sullivan & Worcester on

We reviewed in December an important decision that addressed the duties of loyalty that art advisors may, or may not, owe to their clients in dealing in the art market. That question—of to what extent advisors and...more

If You Want Trouble, Do Not Register as a Broker-Dealer

by Fox Rothschild LLP on

At Fox Rothschild, we are constantly advising clients regarding the peril of engaging in the securities industry without the proper license. In fact, we have developed materials to provide our clients with information about...more

FCPA: 2016 Year in Review & 2017 Enforcement Predictions

by Bass, Berry & Sims PLC on

Bass, Berry & Sims announces the release of its "FCPA: 2016 Year in Review & 2017 Enforcement Predictions," a review of trends and developments in FCPA as well as a look ahead into what to expect for 2017. The newly released...more

THE LATEST: FTC Fixes Consummated Pharma Transaction Involving Pre-Phase 3 Product Because It Eliminated a “Nascent Threat”—Tacks...

by McDermott Will & Emery on

The Federal Trade Commission (FTC) challenged a consummated transaction using a monopolization theory to allege that the acquisition would eliminate “nascent” competition for therapeutic adrenocorticotropic hormones (ACTH) in...more

2016 Year in Review: Select SEC and FINRA Developments and Enforcement Cases

by Morgan Lewis on

Executive Summary - The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and...more

Outlook for Disgorgement Remedies in the Trump Administration

by Hogan Lovells on

With the departure of now former Federal Trade Commission (FTC) Chairwoman Edith Ramirez earlier this month, among the most discussed vacancies in the new administration these days is the post of her permanent replacement....more

Executive Compensation and Benefits Alert: Nuisance Plaintiffs Pursue Novel Theories to Exact Section 16 Settlements

The so-called “short-swing profit rule” under Securities Exchange Act Section 16(b) generally prohibits officers and directors as well as 10 percent shareholders of a U.S. public company from profiting from any purchase or...more

Is There a Statute of Limitations on Disgorgement?

How long does the Securities and Exchange Commission (SEC) have to bring a lawsuit asking for disgorgement of unlawful gains? The United States Supreme Court will decide that issue this term in Kokesh v. Securities and...more

Rx IP Update - February 2017

by Smart & Biggar on

Federal Court of Appeal rules on non-infringing alternatives and apportionment as defences to an accounting of profits from patent infringement - On February 2, 2017, the Federal Court of Appeal released a...more

Federal Court of Appeal rules on non-infringing alternatives and apportionment as defences to an accounting of profits from patent...

by Smart & Biggar on

On February 2, 2017, the Federal Court of Appeal released a significant decision on accounting for profits, a remedy for patent infringement in Canada: Apotex Inc v ADIR, 2017 FCA 23. The appeal concerned two defences raised...more

Non-Reportable ≠ Non-Reviewable: Antitrust Insights for Smaller US Mergers

by Dechert LLP on

Acquisitions of U.S. companies that fall below the $80.8 million Hart-Scott-Rodino (HSR) reporting threshold may pose unique risks to buyers. Unlike HSR reportable transactions, non-reportable transactions typically do not...more

FCPA: 2016 in Review Webinar

by Bryan Cave on

Enforcement of the Foreign Corrupt Practices Act (FCPA) remained a high priority for the Department of Justice and the Securities and Exchange Commission in 2016, resulting in more than 50 combined enforcement actions, record...more

Red Notice Newsletters - Chinese

ANTICORRUPTION DEVELOPMENTS - Las Vegas Sands Corporation Agrees to Pay Approximately $7 Million to Resolve DOJ FCPA Enforcement Action – On January 19, 2017, Las Vegas Sands Corporation (“Sands”), a Nevada-based...more

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