News & Analysis as of

Securities Fraud

Western District Of Washington Allows Securities Fraud Action To Proceed Against Biopharmaceutical Company And Its Senior Officers...

by Shearman & Sterling LLP on

On June 14, 2017, Judge Ricardo S. Martinez of the United States District Court for the Western District of Washington denied a motion to dismiss a putative securities fraud class action against Juno Therapeutics, Inc....more

Bond Traders Beat Most Charges In RMBS Fraud Case

by Shearman & Sterling LLP on

On Thursday, June 15, 2017, a Connecticut federal jury delivered a mostly defendant-friendly verdict in the criminal trial of three residential mortgage-backed securities (“RMBS”) traders charged with conspiracy, securities...more

Lending Club Decision Provides Guidance For Bringing Section 11 Claims Based on Weaknesses in Internal Controls

We have been following defendants’ motions to dismiss in the In re Lending Club Securities Litigation class action, No 3:16-cv-02627-WHA, in the United States District Court for the Northern District of California (“the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber CEO Travis Kalanick’s indefinite leave of absence just got a whole lot more definite with news late yesterday that, bowing to pressure from shareholders, Kalanick has resigned from his post altogether....more

Northern District Of California Dismisses Securities Fraud Class Action, Finding Plaintiffs Had Alleged "Injury In Fact"...

by Shearman & Sterling LLP on

On June 12, 2017, Judge Richard Seeborg of the United States District Court for the Northern District of California dismissed without prejudice a putative securities class action against Charles Schwab & Co. (“Schwab”) under...more

“Sting” Money Laundering Scheme and Cooperating Client Ensnares Attorney

by Ballard Spahr LLP on

The District Court for the Eastern District of New York has denied motions for acquittal and new trial by a Florida attorney convicted at trial of assisting in an undercover money laundering “sting” operation....more

District Of Massachusetts Dismisses Putative Securities Class Action, Finding Vague And Generalized Allegations To Be...

by Shearman & Sterling LLP on

On June 6, 2017, United States District Judge George A. O’Toole, Jr. of the United States District Court for the District of Massachusetts dismissed with prejudice a putative securities class action against Sonus Networks,...more

Portfolio Manager Sentenced to Prison In Mismarking Scheme

by Dorsey & Whitney LLP on

Mismarking or misquoting securities can defraud market participants and harm the markets. It seems to be a recurring theme in recent weeks. See, e.g., SEC v. Im, Civil Action No. 1:17-cv-03603 (S.D.N.Y. Filed May 15,...more

Next Stop the Supreme Court?: Circuit Court Extends American Pipe Tolling to Preserve Class Claims

by Carlton Fields on

The Ninth Circuit recently held that plaintiffs whose claims were tolled during the pendency of two class actions were not time-barred from bringing a third related putative class action when the first two classes were not...more

Kokesh v. SEC: Supreme Court Reins in SEC’s Powerful Disgorgement Remedy

This week, the Supreme Court in Kokesh v. SEC unanimously held that the Securities and Exchange Commission’s (SEC) equitable disgorgement remedy is subject to a five-year statute of limitations because it is a “penalty”...more

Spinning Debt Into Profits Yields SEC Fraud Charges

by Dorsey & Whitney LLP on

A miller claimed his daughter could spin straw into gold, according to the fable by the Brothers Grimm. And so she did – with a little help from a secret deal with Rumpelstiltskin. ...more

If At First You Don’t Succeed: The Ninth Circuit Invites Successive Class Actions By Extending American Pipe Tolling To Absent...

In Resh v. China Agritech, No. 15-5543, 2017 U.S. App. LEXIS 9029 (9th Cir. May 24, 2017), a Ninth Circuit panel held that a pending putative class action in which class certification is ultimately denied tolls the statute of...more

Inside the Courts – An Update From Skadden Securities - June 2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2017 and April 2017. The cases address developing trends in class actions, ERISA, fiduciary duties,...more

Supreme Court Applies Statute of Limitations to SEC Disgorgement Orders

In a unanimous decision issued on June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, 581 U.S. ___, held that disgorgement in securities enforcement cases is a “penalty” within the meaning of 28 U.S.C. § 2462, the general...more

Supreme Court Recognizes Five-Year Statute of Limitations for SEC Disgorgement Claims

by Dechert LLP on

In a unanimous decision with significant implications for Securities and Exchange Commission (“SEC”) enforcement, the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission1 held June 5, 2017 that disgorgement in...more

SCOTUS Sets a Clock on Disgorgement in SEC Enforcement Actions

The U.S. Supreme Court’s recent decision in Kokesh v. SEC imposes a five-year statute of limitations on agency-sought disgorgement in SEC enforcement actions, resolving a Circuit split and definitively categorizing...more

5-Year Statute of Limitations Applies to SEC Disgorgement

by Foley & Lardner LLP on

On June 5, 2017, the Supreme Court issued a unanimous opinion in Kokesh v. Securities and Exchange Commission, resolving a circuit split and holding that the 5-year statute of limitations for civil penalties applies to SEC...more

U.S. Supreme Court Significantly Limits SEC's Power to Recover Disgorgement

by Jones Day on

On June 5, 2017, in an unanimous ruling in Kokesh v. SEC, No. 16-529, the United States Supreme Court significantly limited the breadth of the Securities and Exchange Commission's primary enforcement tool. The Court held that...more

Supreme Court Unanimously Limits the SEC’s Ability to Seek Disgorgement

This week, the United State Supreme Court finally resolved a circuit split and unanimously held that SEC actions seeking to disgorge ill-gotten gains are subject to a five-year statute of limitations on civil fines, penalties...more

SCOTUS Limits SEC Disgorgement Remedies

by Bass, Berry & Sims PLC on

On June 5, 2017, the U.S. Supreme Court unanimously held that SEC disgorgement remedies used as punitive sanctions for violating federal securities laws constitute civil penalties and are subject to the five-year statute of...more

In Securities Fraud Case, Prosecutors Allege Novel Money Laundering Scheme To Circumvent FATCA Reporting Obligations

by Fox Rothschild LLP on

The U.S. Attorney’s Office for the Eastern District of New York has charged four individuals with securities fraud conspiracy for their involvement in fraudulently manipulating the stock of a U.S. company using a traditional...more

Third Circuit Affirms Dismissal Of Putative Securities Class Action Regarding Rejected FDA Application For Drug Aimed At Reducing...

by Shearman & Sterling LLP on

On May 23, 2017, the United States Court of Appeals for the Third Circuit, in a non-precedential opinion, affirmed the dismissal of a putative securities fraud class action against Amarin Plc., a biopharmaceutical...more

SEC Continues to Use Advance Data Analytics to Investigate Insider Trading

The SEC has continued to pursue a number of insider trading cases this year, both large-scale and small. Some of those matters involved trades that yielded relatively small amounts of profits: $40,000-$60,000. Why does the...more

Debt Dialogue: May 2017 - Fiduciary Duty of Collateral Manager Bars Side Deal to Recover Expenses

A typical collateralized debt financing involves a variety of service providers that owe fiduciary duties to investors. In a recent decision handed down in New York State Supreme Court, Commonwealth Advisors, Inc. v. Wells...more

Debt Dialogue: May 2017 - Ambac v. Countrywide: New York’s First Department Raises the Bar for RMBS Fraud Claims by Monoline...

As litigation stemming from the U.S. subprime mortgage crisis continues, the legal framework governing the liability of participants in residential mortgage-backed securities (RMBS) securitizations continues to develop....more

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Cybersecurity

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