News & Analysis as of

This Week In Securities Litigation (Week ending May 23, 2014)

SEC Chair Mary Jo White indicated in comments this week that the agency plans to make greater use of Exchange Section 20(b) in the future. That section generally provides for imposing liability on those who cause another to...more

This Week In Securities Litigation (Week ending May 16, 2014)

The Commission got split decisions in court this week. It prevailed in one high profile trial, obtaining a jury verdict in its favor. It lost a significant summary judgment motion regarding the statute of limitations...more

This Week In Securities Litigation (Week ending May 2, 2014)

Chair Mary Jo White testified before Congress this week. Her testimony focused on the budget, reviewing the recent work of the agency. The Commission brought a series of civil injunctive and administrative proceedings this...more

This Week In Securities Litigation (Week ending April 25, 2014)

Insider trading and fraudulent investment schemes were the focus of SEC enforcement this week. The Commission filed insider trading actions tied to the massive BP oil spill, clinical trials for a drug and the expert network...more

Federal Appeals Court Largely Upholds Conflict Minerals Rules

On April 14, 2014, the United States Court of Appeals for the D.C. Circuit issued its much anticipated decision regarding the challenge to the Securities and Exchange Commission’s Conflict Minerals Rules. The Court largely...more

Money, Gold And Judges: D.C. Circuit Holds SEC’s Conflict Minerals Rule Violates The First Amendment

On April 14, 2014, a divided panel of the U.S. Court of Appeals for the District of Columbia held in National Assoc. of Mfg., et al. v. SEC that the required disclosures pursuant to the SEC’s Conflict Minerals Rule violated...more

D.C. Circuit Court of Appeals Issues Ruling on Conflict Minerals

On April 14, 2014, the U.S. Court of Appeals for the District of Columbia Circuit issued its opinion in the conflicts minerals case, National Association of Manufacturers, et al., v. Securities and Exchange Commission. The...more

EB-5 Visas: a Source of Funding for US Businesses but not Without Risk

China’s wealthy investors are known for seeking secure havens for their money overseas. In addition to being considered a secure environment for their money, the US offers the EB-5 program providing the investor and his or...more

Co-Owner of an Unregistered New Jersey Brokerage Firm Settles “Spoofing” Charges

The SEC filed a settled administrative proceeding against an owner of a New Jersey based brokerage firm for engaging in an illegal “layering” or “spoofing” scheme that resulted in unlawful profits of almost $1 million. See...more

Governance & Securities Law Focus: Europe Edition, April 2014

In this issue: - EU Developments - German Developments - UK Developments - Us Developments - Excerpt from EU Developments - European Commission Proposes to Introduce Shareholder "Say...more

This Week In Securities Litigation (Week ending April 11, 2014)

Former hedge fund giant SAC Capital was sentenced this week. This concluded one of the most prominent insider trading cases. Under the terms of the sentence SAC Capital will no longer accept public funds....more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

This Week In Securities Litigation (Week ending March 14, 2014)

The Supreme Court agreed to hear another securities class action case next term. The issue to be considered is whether tolling applies to a statute of repose, Securities Act Section 13....more

Halliburton Oral Argument: The Fraud-On-The-Market Theory Is “Basic”Ally A Sore Thumb

On March 5, the Supreme Court heard oral arguments in Halliburton v. The Erica P. John Fund. As discussed in previous blog posts, the United States Supreme Court agreed to consider Petitioner Halliburton’s argument to modify...more

This Week In Securities Litigation (Week ending March 7, 2014)

The Supreme Court was the focus of securities litigation this week. Oral argument was presented in the long running Halliburton case where the Petitioners are seeking to rewrite the rules for bringing securities fraud class...more

Halliburton And The Future of Securities Class Actions: Part III

Yesterday the Supreme Court heard argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This is the concluding...more

Halliburton And the Future of Securities Class Actions: Part II

On Wednesday, March 5, 2014 the Supreme Court heard arguments in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This...more

This Week In Securities Litigation (Week ending February 21, 2014)

The SEC filed two civil injunctive actions this week. Once focused on an investment fraud scheme in which interests were sold in what was falsely claimed to be a motion picture production which would have A list celebrities....more

This Week In Securities Litigation (Week ending February 14, 2014)

The Commission prevailed after a two week jury trial in an insider trading case this week, ending a string of losses. The agency also filed two settled actions, one based on insider trading claims and another involving...more

SEC Prevails Following Two Week Jury Trial

The SEC prevailed in a jury trial against hedge fund manager Marlon Quan and his entities in a case tied to the massive Petters Ponzi scheme. Mr. Quan and Acorn Capital Group, LLC and Stewardship Investment Advisors, LLC...more

SEC Continues To File Aggressive Insider Trading Actions Despite Losses

The SEC has lost three insider trading cases in the opening weeks of 2014. The inability to establish the source of the claimed inside information – the tipper or that it was misappropriated – is a common thread in the...more

This Week In Securities Litigation (Week ending February 7, 2014)

Matthew Martoma was convicted of insider trading by a Manhattan jury. That jury found him guilty of one count of conspiracy and two counts of securities fraud. The convictions continues the unbroken string of victories in...more

Securities Class Action Filings Up In 2013, But Could The Supreme Court Burst Their Bubble In 2014?

Last week, NERA Economic Consulting released its annual report, “Recent Trends in Securities Class Action Litigation: 2013 Full-Year Review.” The report showed that in 2013, there were increases in both the number of federal...more

SEC Collects Record $3.4 Billion in 2013 Enforcement Actions

The Securities and Exchange Commission (SEC) announced that it levied a record $3.4 billion in sanctions in its fiscal year 2013 ending September 30, 2013. This is an increase of 10% from the previous year, augmented by a...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

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