Duty to Disclose

News & Analysis as of

OCIE Gives Advisers a Heads-Up About Its Latest Sweep Examination Initiative

Last week, OCIE published a National Exam Program Risk Alert highlighting the staff’s focus on advisers’ responsibility to act consistently with their clients’ best interests. According to OCIE, its latest sweep examination,...more

SEC Offering Fraud Built on Duty to Disclose Omissions

The Commission filed another offering fraud action in what has become virtually a continuous stream of these cases. Its latest action centers on the sale of interests in a payday lending business operated in partnership with...more

Overview of Chinese Insurance Law

As global insurers continue to penetrate the Chinese market, our offices are seeing an ever increasing number of Chinese law related inquiries, including in the fields of credit and political risk, property and other lines....more

Second Circuit Deals Blow to Government’s Use of FIRREA as an Enforcement Tool

When does a breach of contract amount to fraud? Last week the Second Circuit answered this question and reversed a $1.27 billion judgment against Bank of America and a $1 million judgment against a former executive for their...more

District Court Strikes Documents That Were Not Produced During Discovery Even Though Documents Were Publically Available

In this patent infringement action, Mobile Telecommunications Tech., LLC ("MTel") filed against Blackberry Corp., MTel moved to exclude certain exhibits that were archived press releases published by RCR Wireless and SkyTel...more

A Commonsense Explanation of the SEC’s Regulation of Private Investment Funds

The SEC’s regulation of the private investment funds industry has generated significant attention and commentary, as well as a fair amount of hand-wringing. From our perspective as lawyers, however, there is a relatively...more

Dieckman v. Regency GP LP, et al., C.A. No. 11130-CB (Del. Ch. Mar. 29, 2016) (Bouchard, C.)

In this opinion, the Delaware Court of Chancery reaffirmed that default fiduciary duties, including a duty of disclosure, may be modified or wholly eliminated when such modification or elimination is clearly set forth in a...more

A few words of caution for partners and associates

Most attorneys are aware that they have duties to act ethically in the practice of law. Sometimes, however, it is difficult to determine where that obligation extends beyond the attorney's own conduct. For partners, some...more

New decision on bank’s duties re interest rate swaps

The 11th senate of the German Federal Supreme Court again had to deal with the duties of a bank recommending interest rate swap agreements. In this context, the German Federal Supreme Court re-affirmed on 22 March 2016 – XI...more

California District Court Unplugs Duracell False Advertising Suit

Recently, Judge Lucy H. Koh of the Northern District of California dismissed a putative class action claiming that Procter & Gamble and Gillette deceptively advertised Duracell Coppertop AA and AAA batteries. Defendants...more

Do You Have to Disclose a Government Investigation? Practical Considerations, Legal Standards, and Recent Case Law

After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be...more

Federal Circuit Recognizes Limited Patent Agent Privilege

In In re Queen’s University At Kingston, a divided panel of the Federal Circuit recognized a limited “attorney”-client privilege for patent agents. The majority’s decision to recognize a patent agent privilege is based...more

Another California Dismissal of Proposed Class Action Regarding Disclosure of Forced Labor in the Supply Chain

We recently blogged about a new wave of class action litigation related to California’s Transparency in Supply Chains Act. In December, Nestlé USA won the dismissal of a complaint against it alleging that the company was...more

Shaev v. Adkerson, C.A. No. 10436-VCN (Del. Ch. Oct. 5, 2015) (Noble, V.C.)

In this memorandum opinion, the Court of Chancery granted defendants’ motion to dismiss plaintiff’s claims that in granting one million restricted stock units, defendants, the board of directors of a corporation, violated its...more

Sellers' Real Estate Agent Did Not Breach Duty to Disclose Existence of Mold to Buyers

Watterud v. Gilbraith, No. DA 15-0234 (Mont. Oct. 6, 2015) - Home sellers hired defendant real estate agent to sell their home and entered into an agreement with plaintiffs purchasers. The agreement included property...more

The North Carolina Supreme Court Weighs in Again on Reliance

We begin 2016 by studying a new decision on a familiar issue: the degree of reliance required in a claim under N.C. Gen. Stat. § 75-1.1. North Carolina law now holds that a plaintiff who makes a 75-1.1 claim based on a...more

Insurance Act 2015 Reforms - What Does It Mean For Policyholders?

The far-reaching reforms affect any business using insurance and go into effect August 2016. The Insurance Act 2015 (the Act) will come into force 12 August 2016. The Act introduces a raft of changes and will be relevant...more

Principal Deputy Assistant Attorney General Mizer Sheds Additional Light on Individual Accountability and the Yates Memo

On October 22, 2015, the U.S. Department of Justice Principal Deputy Assistant Attorney General Benjamin C. Mizer, who oversees DOJ’s Civil Division, spoke at the 16th Pharmaceutical Compliance Congress and Best Practices...more

Securities Claims Based on Item 303 of Regulation S-K: It Just Doesn’t Matter

In January 2015, the Second Circuit held in Stratte-McClure v. Morgan Stanley, 776 F.3d 94 (2nd Cir. 2015), that Item 303 of Regulation S-K imposes a duty to disclose for purposes of Section 10(b), meaning that the omission...more

Advertising Law - September 2015 #2

FTC Reviews Kids’ Apps for Privacy Progress - Three years after conducting a survey on apps directed to children, the Federal Trade Commission’s Office of Technology Research and Investigation decided to check back with...more

The ERISA Litigation Newsletter - August 2015

Editor's Overview - As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more

California Supreme Court Holds Prosecutors Must File Pitchess Motions to Examine Police Personnel Records

Law Enforcement Agencies Should Seek Guidance When Prosecutors Ask to Review Officer-Witness Files - Prosecutors do not have unfettered access to confidential personnel records of police officers who are potential...more

District Court Rules Privately-Held Stock Plan Fiduciary May Have Affirmative Duty To Disclose

A federal district court in Georgia held that plan fiduciaries of a closely-held company’s single stock ERISA fund may have a duty to disclose material, non-public information concerning the value of the company’s shares when...more

Duty to Prevent Harm and Duty to Disclose are Both Part of General Duty to Exercise Reasonable Care

In Doe v. Superior Court (filed 5/29/15, No. H040674), the California Court of Appeal, Sixth Appellate District, held that a defendant’s reasonable duty of care to prevent harm to a minor and her parents encompassed the duty...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending May 22, 2015

REAL PROPERTY UPDATE - Duty to Disclose/Vacant Property: plaintiff failed to present competent, substantial evidence of existence of fact materially affecting value of property and did not prove defendants had actual...more

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