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Misrepresentation Disgorgement

SECIL Law

Litigation Analysis: SEC Claims That CPA Firms “Violated” Staff-Created Rule

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On Friday, September 29, 2023, the Securities and Exchange Commission’s Division of Enforcement (“SEC”) filed a civil complaint in U.S. district court (S.D. Fla., Case No. 1:23-cv- 23723) against two audit firms, Prager Metis...more

Latham & Watkins LLP

SEC Targets NFTs as Securities for the First Time

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In its first enforcement action involving NFTs, the SEC focused on issuer marketing that promised outsized returns on investment and platform building. On August 28, 2023, the Securities and Exchange Commission (SEC) issued a...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Eleventh Circuit Court of Appeals Creates New Standard for Standing in Title III Cases Against Gas Stations

For years, Scott Dinin was one of South Florida’s most prolific filers of Title III of the Americans with Disabilities Act (ADA) cases. His run ended two years ago, when, after obtaining default judgments against two gas...more

Seyfarth Shaw LLP

Seventh Circuit Orders Disgorgement of Settlement Proceeds Paid to Bad-Faith Objectors to Class Action Settlements, Ending...

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When a class action settlement is proposed for approval, the class members have three options, (1) they can remain in the settlement class, (2) opt-out of the settlement to preserve their individual claims, or (3) they can...more

Hogan Lovells

U.S. SEC and Longfin CEO settle fraud action

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The SEC has settled its fraud action against Longfin CEO Venkata Meenavalli, who has agreed to pay $400,000 in disgorgement and penalties. The SEC's complaint alleged that Longfin and Meenavalli obtained qualification for...more

Bass, Berry & Sims PLC

Chris Lazarini Provides Insight on Appeal of Disgorgement Order

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which the defendant appealed a verdict claiming the court abused its discretion and issued a “highly excessive” judgment when it ordered him to disgorge...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit Affirms Dismissal of ERISA Claims Against Health Insurers

The Ninth Circuit agreed that the employer-members of Montana’s Chamber of Commerce failed to state a claim for breach of fiduciary duty under ERISA § 502(a)(2) and violations of ERISA’s prohibited transaction rules under...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Barclays and a group of its former execs are facing charges of fraud by false representation by Britain’s Serious Fraud Office over deals they struck with Qatar in 2008 to avoid a government bailout....more

Sullivan & Worcester

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

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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

Stinson - Corporate & Securities Law Blog

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank - ...more

Dorsey & Whitney LLP

SEC Prevails At Trial Over Former Professional Athlete

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Sometimes is does not pay to be the last man standing – particularly in a Commission enforcement action. Such was the fate of former NFL player and Olympic athlete Willie Gault. SEC v. Heart Tronics, Inc., Case No....more

Dorsey & Whitney LLP

Former Texas AG, Computer Company Charged by SEC With Fraud

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A former Texas Attorney General and state representative combined with others at a computer firm to promote the shares of the company which claimed to compete with Dell, Apple and others. About $26 million in stock was sold...more

Dorsey & Whitney LLP

SEC Brings Actions Against Ponzi Schemer, Client

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Ponzi scheme cases have, of course, become a staple of SEC enforcement since the discovery of Madoff’s unprecedented scheme. While there seems to be a virtually endless number of these cases centered on the preverbal “to good...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

Dorsey & Whitney LLP

SEC Files Another Settled Market Crisis Case

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The market crisis may have ended years ago, but not the SEC’s supply of cases from that time period. The agency filed a settled action in which those soliciting sophisticated investors misrepresented the risks of two funds,...more

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