News & Analysis as of

Civil Procedure Securities

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

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court agreed to hear the appeal from the D.C. Circuit of Raymond J. Lucia Companies on the question of whether the Constitution’s Appointments Clause applied to SEC ALJs. While the Court will presumably resolve...more

Double Jeopardy Argument Fails in Ponzi Fraud

by Bennett Jones LLP on

In R. v. Samji, 2017 BCCA 415 [Samji], the B.C. Court of Appeal decided that a $33-million administrative monetary penalty (AMP) assessed by the province’s Securities Commission against a person who had run a massive Ponzi...more

Delaware Court Of Chancery Declines To Compel Production Under The Garner Privilege Exception

by Shearman & Sterling LLP on

On January 10, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery declined to compel the production of attorney-client privileged documents under the Garner doctrine in the context of direct breach of...more

Expect Focus - Life Insurance, Volume IV, December 2017

by Carlton Fields on

EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Newsletter...more

U.S. Courts Of Appeals For The Eighth And Ninth Circuits Each Rules That SLUSA Precludes Alleged Violations Of State Laws Based On...

by Shearman & Sterling LLP on

On December 29, 2017 and January 9, 2018, respectively, the United States Court of Appeals for the Ninth Circuit and the United States Court of Appeals for the Eighth Circuit each affirmed district court dismissals of...more

Second Circuit Vacates Class Certification Order And Reaffirms Standard For Defendants To Rebut The Basic Presumption Of Reliance

by Shearman & Sterling LLP on

On January 12, 2018, the United States Court of Appeals for the Second Circuit vacated a district court order certifying a securities fraud class action brought by purchasers of common stock in The Goldman Sachs Group, Inc....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more

Supreme Court to Review SEC ALJs

by Burr & Forman on

On January 12, the US Supreme Court agreed to review the constitutionality of the SEC’s administrative law judges. On November 29, 2017, the SEC did an abrupt about-face, telling the Court it now regards its ALJs as...more

Supreme Court to Decide Who Can Appoint ALJs

The Supreme Court of the United States, on Friday, January 12, 2018, agreed to decide whether the former practice of the Securities and Exchange Commission (SEC) of having its chief judge appoint administrative law judges...more

Supreme Court Will Hear Lucia’s Challenge to Appointment of SEC ALJs

by Ballard Spahr LLP on

On January 12, 2018, the U.S. Supreme Court agreed to hear the Lucia case in which Raymond J. Lucia is challenging how the SEC appoints administrative law judges (“ALJs”)....more

The Supreme Court Agrees To Review Appointment Requirements For SEC's In-House Judges

by Shearman & Sterling LLP on

On January 12, 2018, the U.S. Supreme Court granted certiorari in Lucia v. Securities and Exchange Commission, No. 17-130, agreeing to resolve a circuit split regarding the appointment process for Securities and Exchange...more

Supreme Court Certiorari Grants: Winter 2018 Term

by Faegre Baker Daniels on

1. Redistricting. Abbott v. Perez, Nos. 17-586 & 17-626. Do Texas’s Congressional districts treat racial minorities unconstitutionally? When the district court ordered the parties to appear at a hearing to redraw the...more

Delaware Court of Chancery Extends Business Judgment Deference to Controller-Driven Stock Reclassification Transaction

by Polsinelli on

Recent Delaware court decisions have underscored the value of procedural safeguards in controlling stockholder transactions—which, at least when involving minority freeze-outs, historically were subject to entire fairness...more

Beware What You Share: Privilege Waiver Risks in Investigations

by McGuireWoods LLP on

In responding to regulatory and government investigations, firms are often faced with the question of how to balance the desire to cooperate with the need to preserve privilege over an internal investigation. Financial...more

Chris Lazarini Comments on Qualifiers of Control Person Liability under Exchange Act §20(a)

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case involving alleged violations of federal and state securities laws and state common law in an alleged scheme to defraud customers and investors in several...more

Chris Lazarini Examines Claims Seeking Vacatur on Grounds of Arbitrator Misconduct

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case in which the plaintiff sought to vacate an adverse arbitration award claiming the arbitration panel misbehaved and prejudiced his rights under the Federal Arbitration...more

Third Time Is the Charm: Class Certified in DMF-Related Shareholder Suit

by Carlton Fields on

In City of Westland Police & Fire Retirement System v. MetLife, the plaintiffs allege that the insurer overstated its earnings because it did not hold sufficient reserves for death benefit claims on group life insurance...more

The Continuing Representation Doctrine Does Not Apply to Fraud Allegations

by Carlton Fields on

In Messmer v. KDK Fin. Serv. Inc., an individual action involving alleged fraud in connection with the sale and surrender of deferred annuities to a senior, the Indiana Court of Appeals refused to extend the doctrine of...more

Delaware Supreme Court Affirms Decision That Well-Pled Unocal Claim Does Not Automatically Excuse Pre-Suit Demand

by Shearman & Sterling LLP on

On December 18, 2017, the Supreme Court of Delaware affirmed the Delaware Court of Chancery’s dismissal of a shareholder derivative action asserting that the directors of The Williams Companies, Inc. (“Williams”) breached...more

Delaware Court Of Chancery Upholds Shareholder's Disclosure Claim In Connection With Tender Offer, But Indicates Relief, If Any,...

by Shearman & Sterling LLP on

On December 22, 2017, Chancellor Andre G. Bouchard of the Delaware Court of Chancery declined to dismiss a direct breach of fiduciary duty claim brought by a shareholder plaintiff against directors and officers of casino...more

Middle District Of Tennessee Denies Motion To Dismiss Securities Claims Asserted Against Operator Of Private Prisons

by Shearman & Sterling LLP on

On December 18, 2017, Judge Aleta A. Trauger of the United States District Court for the Middle District of Tennessee denied a motion to dismiss a putative class action under Section 10(b) of the Securities Exchange Act of...more

Delaware Court Of Chancery Grants Books And Records Demand, Holding That Corwin Is Irrelevant To Section 220 Proceedings

by Shearman & Sterling LLP on

On December 29, 2017, Vice Chancellor Joseph R. Slights III of the Delaware Court of Chancery granted a stockholder’s demand to inspect books and records related to the acquisition of West Corporation (“West”) by Apollo...more

Court Rejects SEC Request For “Obey The Law” Injunction

by Dorsey & Whitney LLP on

The statute of limitations and the decision in Kokesh v SEC, 137 S.Ct. 1635 (2017) clearly present challenges for the SEC. In that case the Court rejected the SEC’s claim that its disgorgement remedy is equitable and not...more

Catucci v. Valeant: Implications for Quebec Financings

Quebec courts have reaffirmed how challenging it can be for underwriters, issuers and other defendants to resist securities class actions for statutory primary market liability at the authorization or “certification” stage....more

“You’re Not Fully Clean”: § 220 Inspection Demands Under Corwin

by Shearman & Sterling LLP on

On December 29, 2017, the Delaware Court of Chancery declined to extend the ruling in Corwin by finding that the approval of a merger by a vote of the disinterested stockholders does not act as an impediment to a properly...more

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