Secondary Markets

SEC Fraud Charges against Harrisburg, Pa., Have Implications for Secondary Market Disclosures

The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more

Can Digital Goods Ever Lawfully Be Resold? A Legal Perspective...

A recent court case in New York highlights the ever-increasing clash between copyright law designed for real-world, physical goods and a modern world embracing all things digital....more

TBTF Servicing: Another Issue for Originators to Consider

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

A Supreme Court Win for U.S. Consumers

In a 6 to 3 decision handed down on March 19, 2013, the United States Supreme Court chalked up a rare victory for consumers over text book publishers, record labels, and others who sought to restrain the resale of copyrighted...more

Kirtsaeng DBA BlueChristine v. John Wiley & Sons

Supreme Court Decision in Kirtsaeng v. Wiley (Copy)

The United States Supreme Court's long awaited decision on owners' rights in Kirtsaeng v. John Wiley & Sons. In its opinion, the high court upheld the first sale doctrine. In the words of media site Boing Boing: "Supreme...more

House Ways and Means Proposals for Financial Products Tax Reform

On January 24, 2013, the House Committee on Ways & Means released a discussion draft of legislative provisions (the “Draft” or the “Proposal”) that would make fundamental changes in the taxation of certain financial products....more

Court Confirms That S. 130 Of The Ontario Securities Act Applies Only To Primary Market Purchasers

In the recent decision of Tucci v. Smart Technologies Inc. (2013 ONSC 802), Justice Perell confirmed that the statutory cause of action for misrepresentation in a prospectus (set out in s. 130(1) of the Ontario Securities...more

Court Of Appeal Agrees To Reconsider Timminco

On February 6, 2013, the Court of Appeal for Ontario agreed to review its much discussed decision in Sharma v. Timminco Limited (2012 ONCA 107). Background - Timminco concerned a proposed class action in which...more

Five-Judge Panel of Court of Appeal to Consider Limitation Period for Securities Class Actions

The Court of Appeal for Ontario announced this week that it will convene a special five-judge panel to hear appeals considering the statutory limitation period applicable to securities class actions for secondary market...more

Court Confirms No Need For Defendants To Lead Evidence In Motion For Leave Under Part XXIII.1 Of The Ontario Securities Act

In the recent decision of Dugai, Murphy v. Manulife Financial Corporation (2013 ONSC 327), the Divisional Court confirmed the principle that defendants have no obligation to lead evidence on a motion for leave to assert a...more

Does the First Sale Rule Apply to Works Manufactured Outside the United States?

Under the Copyright Act, copyright owners are granted the exclusive right to prevent the unauthorized sale or distribution of copies of their works to the public. The first sale doctrine creates an exception to this rule by...more

Virtual Goods, Gaming and the Trouble With Secondary Markets

Since the early days of online games, 'virtual goods' have been used to enhance game play and to provide revenue to game developers. These are earned by accomplishing tasks or bought from the developer, typically for use in...more

Kirtsaeng v. John Wiley & Sons: How the Supreme Court Will Decide the Fate of eBay, Libraries, and Yard Sales

The Supreme Court recently heard oral arguments concerning the global reach of domestic copyright law. At issue in Kirtsaeng v. John Wiley & Sons is the first sale doctrine, which permits the owner of a copyrighted item to...more

The First Sale Doctrine Under Copyright Law Update - Kirtsaeng v. John Wiley & Sons [Video]

A copyright case presently before the U.S. Supreme Court called Kirtsaeng v. John Wiley & Sons concerns whether the “first sale doctrine” – which provides that once a copyrighted product is sold it can be re-sold by the...more

Gray Goods Are Red Hot Copyright Issue

You’re in London for business, and you impulsively pick up the newest Harry Potter book in Heathrow for the plane ride, not realizing that this is a limited edition British only version. When you’re done, you try to donate it...more

Last Rights for First Sale Doctrine?

Discussion of first sale doctrine and an upcoming Supreme Court case that will resolve issues pertaining to foreign manufacturing and how that affects the doctrine in copyright law....more

The U.S. Supreme Court Grants Cert to Decide Scope of First Sale Doctrine

The U.S. Supreme Court has granted cert in order to decide an issue of great importance to all businesses involved in manufacturing and distributing products throughout the world, particularly those involved in retailing and...more

Second Circuit, in Matter of First Impression in that Circuit, Holds that non-U.S. Production or Use Does Not Trigger “First Sale...

In reporting on Omega S.A. v. Costco Wholesale Corp., 541 F.3d 982 (9th Cir. 2008), aff’d by an evenly divided Court, Costco Wholesale Corp v. Omega, S.A., 131 S.Ct. 565 (2010) — a Ninth Circuit decision affirmed by the U.S....more

Supreme Court to Decide if First Sale Doctrine Permits Importation of Foreign-Made Copyrighted Works Without Authorization

The “first sale doctrine” in copyright law permits the owner of a lawfully made copy of a copyrighted work to sell or dispose of that copy as it sees fit. The Supreme Court of the United States has agreed to hear a case that...more

Parallel Imports and the First Sale Doctrine

Reprinted and/or posted with the permission of Daily Journal Corp. (2011). Under the “first sale” or “exhaustion” doctrine in intellectual property law, a lawful purchaser of a copyrighted, patented or trademarked...more