False Statements

News & Analysis as of

Burr Alert: Lenders Beware: 11th Circuit holds borrower’s false oral statement regarding single asset does not provide basis for...

Section 523(a)(2) of the Bankruptcy Code is clear that a debtor can discharge a debt for money obtained by a false statement respecting the debtor’s financial condition unless that statement is in writing. What hasnot been...more

Dechert survey: Developments in securities fraud class actions against U.S. life sciences companies

Life sciences companies continued to be popular targets of securities fraud class action lawsuits filed in 2016, and prudent life sciences companies should take heed of the results of this year’s decisions. In 2016,...more

How To Disparage But Not Defame Your Wedding Planner

It’s March, which means that wedding season is nearly upon us. Let’s say you run your own wedding-related business with one employee: you. A customer gives you a review on the internet that is not only negative, but contains...more

Court Finds Promissory Notes Are Not Securities

Yesterday’s post concerned the Court of Appeal’s decision in People v. Black, 2017 Cal. App. LEXIS 130 (Cal. App. 6th Dist. Feb. 16, 2017). The case involved the criminal prosecution of an individual for making false...more

OIG Finalizes Expanded Exclusion Authorities under ACA (Updated)

On January 12, 2017, the Office of Inspector General (OIG) of the Department of Health and Human Services issued the final rule implementing its statutory authority under the Affordable Care Act (ACA) to expand the exclusion...more

Defamation Series: Texas Supreme Court Explains That Courts Should Not Make Editorial Decisions For The Media Re Information...

In Texas, Plaintiff Wade Brady brought claims for libel and libel per se against Carter Publications, Inc., publisher of the newspaper West Fort Bend Star, and one of its writers, LeaAnne Klentzman. Wade alleged that the...more

Defamation Law Series: Trumping Defamation Claims

President Donald Trump and First Lady Melania Trump recently have found themselves embroiled in two separate defamation cases in state courts – but while the President defended himself against claims resulting from his...more

A Tale of Two Trump Tweets: Is It Harder to Prove Defamation in Social Media?

Last month, a New York trial court dismissed a complaint against Donald J. Trump and others brought by political consultant and commentator Cheryl Jacobus that alleged, in part, a defamation claim (libel) based on tweets by...more

Ninth Circuit Holds that Alleged Violations of Aspirational Corporate Conduct Standards Are Insufficient to State a Claim for...

In Retail Wholesale & Department Store Union Local 338 Retirement Fund v. Hewlett-Packard Co., 2017 U.S. App. LEXIS 955 (9th Cir. Jan. 19, 2017), the United States Court of Appeals for the Ninth Circuit addressed for the...more

OIG Expands Exclusionary Authority

The Department of Health and Human Services, Office of Inspector General (OIG) published a final rule on January 12, 2017, expanding the OIG’s authority to exclude providers from participation in federal healthcare programs....more

Supreme Court Update: Lightfoot V. Cendant Mortgage Corp. (14-1055)

Greetings, Court Fans! For those of you who spent the last six months (since cert was granted in Lightfoot v. Cendant Mortgage Corp. (No. 14-1055)) just dying to know whether the sue-and-be-sued clause in Fannie Mae's...more

China focuses on Criminal Enforcement of Environmental Laws

The Supreme People’s Court (SPC), China’s highest judicial body, issued a judicial interpretation on December 26, 2016 which defines 18 types of environmental crimes as “serious environmental pollution” and identifies 13...more

A Debtor’s Allegedly False Financial Statement Doesn’t, At All, Excuse a Lack of Lender Diligence

A decision rendered during the sometimes peaceful interlude between Christmas and New Year’s is worth reading, and heeding. Hurston v. Anzo (In re Hurston), Adv. Proc. No. 15-2026 (Bankr. N.D. Ga. Dec. 27, 2016) is a helpful...more

First Circuit Rejects Fraud-on-the-FDA Theory of FCA Liability

Affirming an earlier order handed down by the United States District Court for the District of Massachusetts, the First Circuit recently denied Plaintiff D’Agostino leave to amend his complaint, finding the proposed claims...more

Going After the (Little) Bad Guys: SEC Announces More Actions Against Penny Stock Gatekeepers

The SEC last week announced that it has sanctioned several market participants in the penny stock industry, including attorneys who wrote offering documents as well as stock transfer agents, for their roles in various sham...more

Eighth Circuit Considers Materiality Under the FCA Following the Supreme Court’s Escobar Decision

On October 19, 2016, the Eighth Circuit issued one of the first post-Escobar opinions addressing materiality under the False Claims Act (“FCA”). In United States ex rel. Miller v. Weston Educational, Inc, No. 14-1760, 2016 WL...more

In Win for Financial Services Industry, Second Circuit Limits Use of FCA to Enforce Banking Regulations

In United States ex rel. Bishop v. Wells Fargo & Co., 823 F.3d 35 (2d Cir. 2016), the Second Circuit rejected an attempt to use the False Claims Act (“FCA”) as an enforcement mechanism for banking regulations in the lead-up...more

This Week In Securities Litigation

The focus this week was offering fraud actions. Three cases were brought. One involved a registered transfer agent. A second centered on claims that the defendant was an expert trader. The third was based on false claims...more

Seventh Circuit Recognizes “Substantial Truthfulness” Defense to Tortious Interference Claims under Wisconsin Law

As we wrap up another election cycle that has kept “fact checkers” working overtime analyzing the many dubious claims by candidates of all political persuasions, the Seventh Circuit has issued a decision that reminds us of...more

This Week In Securities Litigation

The Commission brought actions this week centered on the failure to properly conduct audits, an offering fraud and for acting as an unregistered broker. FINRA sanctioned eight firms for failing to adequately supervise the...more

Tortious Interference with Contract/Employment Relationship/Truthfulness of Statements/Defense to Tort Claim

A recent ruling from the Seventh Circuit Court of Appeals extended the notion of “truth as a defense” to a tortious interference with employment claim under Wisconsin law. This establishes a sound defense to a claim by an...more

False Financial Statements Not Always Actionable

A Houston federal court recently held that neither an oil and gas company nor two of its directors were liable for federal securities fraud—and were not liable to shareholders—even though the company issued annual financial...more

Criminal Charges for Executive Stemming from Discovery Responses in DOJ Civil Antitrust Litigation

On October 14, 2016, former vice president and director of information technology of Coach USA, Inc. (Coach), Ralph Groen, entered a guilty plea for concealing and attempting to destroy documents and giving false and...more

Section 16 Reporting: The SEC is Watching

It is easy to become complacent about Section 16 reporting. Sometimes it seems that the only people paying any attention to Forms 3, 4 and 5 are plaintiffs’ attorneys looking for short-swing profit transactions. Does the SEC...more

The Limits of What A Judge May Order to Stop Parents From Making False Allegations in Custody Battles

Sometimes the most contentious issue in a divorce is not how to divide the parties' cash or assets, but rather how custody will be decided....more

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