Supreme Court of the United States Fraud

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
News & Analysis as of

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

SCOTUS: No Unlimited Suspension of the Statute of Limitations Under the False Claims Act; “First-to-File” Doctrine Does Not Bar...

In an opinion released May 26, 2015, Kellogg Brown & Roots Services, Inc. v. United States ex rel. Carter, the U.S. Supreme Court unanimously held that whistleblowers cannot extend the statute of limitations for war-related...more

The False Claims Act 2015: DOJ Policies and Judicial Decisions Likely to Lead to an Increase in FCA Claims

By all accounts, 2014 was a banner year in False Claims Act (FCA) enforcement, with the Department of Justice (DOJ) announcing a record $5.69 billion in FCA recoveries. 2015 promises to be an equally active year and is...more

Supreme Court Hears Argument On Two Procedural Issues In False Claims Act Litigation

On January 13, 2015, the United States Supreme Court heard oral argument in Kellogg Brown & Root v. United States ex rel. Carter, No. 12-1497, a False Claims Act (FCA) qui tam case involving allegations of fraudulent billing...more

2 New Cases Temper Post-Halliburton Expectations

In June of this year, the U.S. Supreme Court ruled that a defendant can rebut the presumption of reliance at the class certification stage of a securities fraud class action by showing that the alleged misstatement did not...more

Circuits Split on When to Impute Employees’ Knowledge to Corporation for Section 10(b) Claims

One of the most significant challenges facing plaintiffs in pleading a violation of Section 10(b) of the Securities Exchange Act of 1934 is sufficiently alleging that the defendant company possessed scienter, or an “intent to...more

Bankruptcy Bleak House—The Limited Ability of Bankruptcy Courts to Enter Final Judgments

In Stern V. Marshall, ____ U.S ___, 131 S. Ct. 2594 (2011), the Supreme Court held that bankruptcy courts cannot issue final judgments on state law counterclaims even though they are “core proceeding”. Stern V. Marshall is...more

The Supreme Court approves a new tool to defeat class certification in federal securities fraud cases brought in the Fifth Circuit...

The Supreme Court decision in Halliburton v. Erica P. John Fund, Inc., 134 S.Ct. 2398 (2014) concerns a federal securities fraud class action. The case was appealed from the Fifth Circuit. In Haliburton, the Supreme Court...more

Defeating Class Certification: Halliburton II Ruling Impacts Securities Class Action Issues

In its June 23, 2014 opinion in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the United States Supreme Court addressed two securities class action issues: 1. It affirmed the validity of the...more

The Crime-Fraud Exception: Open Questions for the Supreme Court

In Zolin, the Supreme Court determined that a party invoking the crime-fraud exception must make a threshold showing before a district court may review documented attorney-client communications in camera. The Court settled on...more

Eleventh Circuit Affirms Securities Fraud Class Certification, Remands for Evidence to Rebut Presumption of Market Efficiency

In Local 703 v. Regions Financial Corp., No. 12:14168 (Aug. 6, 2014), the Eleventh Circuit reviewed the certification of a securities fraud class action brought by investors against Regions for allegedly misrepresenting its...more

11th Circuit Opts For Flexibility over Predictability in Securities Fraud Class Actions

Securities fraud class actions tend to be battles that come to a head at the class certification stage. If the plaintiff group can certify a class, a large settlement often follows. If class certification fails, the case...more

U.S. Supreme Court Issues Bank Fraud Decision

On June 23, 2014, the U.S. Supreme Court issued its decision in Laughlin v. United States which defined what type of fraudulent activity is punishable under the federal bank fraud statute. Posing as a Mormon missionary, Kevin...more

Fenwick Employment Brief - July 2014

California Employees Can Waive Class Claims In An Arbitration Agreement, But Not PAGA Claims - Resolving an issue that has created uncertainty for California employers, the California Supreme Court recently held in...more

Benefits Litigation Update - Summer 2014

In this issue: - Recent Supreme Court Decisions Revise Rules for Stock Drop Cases - Hobby Lobby and the Questions Left Unanswered - Post-Amara Landscape Continues to Evolve - Supreme Court to...more

Securities Fraud Class Actions are Here to Stay, For Now

On June 23, 2014, the Supreme Court of the United States rendered its opinion in Halliburton Co. v. Erica P. John Fund, No. 13-317, 134 S. Ct. 2398 (2014), unanimously declining to overturn a 26-year-old precedent that...more

The Impact of the Supreme Court’s Recent Halliburton Decision on Securities Litigation

On June 23, 2014, the Supreme Court issued its long-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc. In Halliburton, the Court declined to overrule Basic v. Levinson, but rather imposed limitations on the...more

Finding Bank Fraud Without Defrauding Bank – Supreme Court Grapples with Reach of Federal Criminal Bank Fraud Statute

On June 23, 2014, the United States Supreme Court in Loughrin v. United States unanimously rejected the petitioner’s argument to narrow the federal criminal law against bank fraud by reading into that statute’s second clause...more

Halliburton: Although Basic Stands, Companies May Thwart Certification of Securities Class Actions by Rebutting the Presumption of...

The highly anticipated U.S. Supreme Court ruling in Halliburton Co. v. Erica P. John Fund, Inc., 573 U. S. ____ (2014) (June 23, 2014) left intact the fraud-on-the-market theory established by the Supreme Court in Basic Inc....more

The Impact of Halliburton on Directors and Officers Insurance

Over the past year, directors and officers have been anticipating the Supreme Court’s ruling in Halliburton Co. et al. v. Erica John Fund, Inc., No. 13-317. In its recent 9-0 decision, the Supreme Court retained the...more

Supreme Court’s Halliburton Decision Opens New Line of Defense

In Halliburton Co. v. Erica P. John Fund, Inc., a rebuttable presumption must yield to the evidence at class certification. On June 23, 2014, the United States Supreme Court sustained the “fraud-on-the-market”...more

Halliburton II: Supreme Court Upholds Fraud on the Market Presumption, but Gives Securities Defendants a Fighting Chance at...

On June 23, 2014, the Supreme Court issued its highly-anticipated decision in Halliburton Co. v. Erica P. John Fund. The Court had accepted Halliburton for review to consider whether to overrule or substantially modify its...more

Supreme Court Upholds Securities Class Action “Fraud On The Market” Theory

On June 23, the U.S. Supreme Court rejected a challenge to the long-standing “fraud-on-the-market” theory, on which securities class actions often are based. Halliburton v. Erica P. John Fund Inc., No. 13-317, 2014 WL 2807181...more

Supreme Court Decides Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, the Supreme Court in Halliburton Co. v. Erica P. John Fund, Inc. held that a securities class action defendant may introduce evidence at the class certification stage to rebut the presumption that an alleged...more

SEC Prevails in Eleventh Circuit

The SEC prevailed in an appeal of a financial fraud action. SEC v. Monterosso, Nos. 13-10341, 13-10342, 13-10464 (11th Cir. Opinion June 30, 2014). A key issue in the case is the application of the Supreme Court’s decision in...more

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