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Civil Procedure Securities

Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Court Partially Grants Motion to Dismiss in RMBS Certificateholder Suit

On March 2, 2018, Judge Louis L. Stanton of the United States District Court for the Southern District of New York granted in part and denied in part a motion by RMBS issuers and underwriters to dismiss five new claims...more

SEC Levies $18 Million Fine On NYSE And Affiliated Exchanges For Alleged Securities Act And Exchange Act Violations

by Shearman & Sterling LLP on

On March 6, 2018, the United States Securities and Exchange Commission (“SEC”) instituted a settled administrative proceeding against the New York Stock Exchange (“NYSE”), and affiliated national exchanges NYSE American LLC...more

District Of New Jersey Finds Defendants Failed To Rebut Fraud-On-The-Market Presumption And Certifies Class Action Against...

by Shearman & Sterling LLP on

On February 28, 2018, Judge Peter Sheridan of the United States District Court for the District of New Jersey granted class certification in an action against Aeterna Zentaris, Inc. and certain of its executives. Li V....more

Northern District Of California Applies Second Circuit's Waggoner Decision, Dismissing "Defeat Device" Claims Against Volkswagen...

by Shearman & Sterling LLP on

On March 2, 2018, Judge Charles R. Breyer of the United States District Court for the Northern District of California granted defendants’ request for reconsideration of a motion to dismiss a putative class action brought...more

Yahoo Enters $80 Million Securities Class Action Settlement After Data Breach

by Carlton Fields on

On March 2, Yahoo, Inc. (“Yahoo”) filed a proposed settlement in In re Yahoo Inc. Securities Litigation, which was filed in U.S. District Court in San Francisco. ...more

Supreme Court Limits the Definition of Whistleblower for Anti-Retaliation

by Weiner Brodsky Kider PC on

In an opinion that settled a circuit split, the Supreme Court has decided that the definition of “whistleblower” in the Securities Exchange Act of 1934 is limited to employees who provide information relating to violations of...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal dropped something of a bomb on Friday with news that Goldman Sachs’ CEO Lloyd Blankfein is heading out the door as soon as the end of the year. If true, Goldman will likely look for his replacement within its...more

Appeals Court Reinstates Derivative Claims Dismissed for Conflict of Interest Where Parties’ Relationship Not “Especially...

by Farrell Fritz, P.C. on

Almost always there are elements of acrimony and intense emotion in litigation between co-owners of closely held business entities. The degree of toxicity can vary widely from case to case, although it tends to show up more...more

Digital Health Report - Winter 2018

Machine Learning and Digital Health Applications - The use of artificial intelligence (AI) algorithms to solve complex problems has risen dramatically in the last several years. In 2017, Gartner identified more than 1,000...more

Recent Developments In Securities Class Actions And Companies' Disclosure Obligations Regarding Cybersecurity Risks And Events

by Carlton Fields on

Public companies experiencing data security incidents have been largely successful in defeating derivative actions and securities class actions related to those cyber incidents....more

2017 Year-End Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2017 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey of matters we believe to be of interest...more

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

Updated Guidance (and Ground Rules) for Controlling Stockholder Deals

by Ropes & Gray LLP on

The Delaware Supreme Court’s 2014 decision in Kahn v. M&F Worldwide Corp. (“MFW”) provided business judgment rule protection for controlling stockholder transactions that are conditioned from the outset on certain procedural...more

Kokesh on Remand: Applying the Statute of Limitations

by Dorsey & Whitney LLP on

In Kokesh the Supreme Court rejected the SEC’s claim that disgorgement is equitable, concluding that as used in agency enforcement actions it is in fact a penalty. The Court also reserved the questions of whether the...more

Tenth Circuit Considers Federal 5-Year SOL: Does It Involve Separately Accruing Causes of Action Or A Continuing Violation

On March 5, the U.S. Court of Appeals for the Tenth Circuit issued a ruling that the general federal five-year statute of limitations which is applicable to the enforcement of any civil fines, penalties or forfeitures (28...more

Cryptocurrency Class Action Lawsuits: A New Frontier

by Polsinelli on

Cryptocurrencies, like Bitcoin and Ethereum, had a breakout year in 2017. The price of Bitcoin rose from approximately $1,000 per Bitcoin on January 1, 2017, to $13,000 per Bitcoin on December 31, 2017, with a high of...more

Southern District Of New York Dismisses With Prejudice Securities Fraud Action Against Chinese Technology Company, Finding...

by Shearman & Sterling LLP on

On February 27, 2018, Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York dismissed with prejudice a putative securities fraud action brought against Chinese mobile internet...more

Delaware Court Of Chancery Uses DCF Analysis To Arrive At Fair Value Below Deal Price, Even Though Deal Process Was Not "Dell...

by Shearman & Sterling LLP on

On February 23, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery ruled, based on his own discounted cash flow (“DCF”) analysis, that the fair value of AOL Inc. (“AOL”) was below the deal price paid by...more

Compliance into the Weeds-Episode 73, Compliance Trouble in Dallas

by Thomas Fox on

In this episode, Matt Kelly and I explore the recent revelations of systemic sexual harassment and abuse present in the front office of the Dallas Mavericks. The allegations were not lodged against owner Mark Cuban but...more

Delaware Court Of Chancery Rejects Challenge To Books And Records Demand, Holding That Evidence From Qui Tam Action Demonstrated...

by Shearman & Sterling LLP on

On February 28, 2018, Vice Chancellor Tamika Montgomery-Reeves of the Delaware Court of Chancery granted stockholders’ Section 220 demand to inspect the books and records of UnitedHealth Group Inc. (“UnitedHealth”) in order...more

Delaware Supreme Court Confirms All Material Facts Must be Disclosed to Receive Corwin Business Judgment Rule "Cleansing" Effect

by White & Case LLP on

The Delaware Supreme Court has reversed the Delaware Court of Chancery's earlier dismissal of a stockholder challenge to the sale of Diamond Resorts International, finding that the reasons why Diamond's chairman abstained...more

What the Supreme Court’s Whistleblower Decision Means for Companies

by Latham & Watkins LLP on

By limiting the availability of Dodd-Frank whistleblower anti retaliation provisions, the Court’s decision may incentivize increased SEC reporting. In Digital Realty Trust, Inc. v. Somers, the Supreme Court of the United...more

Supreme Court Limits Scope of Anti-Retaliation Protections for Whistleblowers Under Dodd-Frank

by White & Case LLP on

Supreme Court Limits Scope of Anti-Retaliation Protections for Whistleblowers Under Dodd-Frank: Rules That Protections Only Apply to Whistleblowers Who First Report Directly to the SEC - On February 21, 2018, in Digital...more

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