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Vantage defaults in first case decision

by Ary Rosenbaum on

It didn’t take long for the first decision in a lawsuit against vantage Benefits and its owners when they defaulted. A default judgment was handed down by Judge David C. Godbey of the U.S. District Court for the Northern...more

Chris Lazarini Discusses Recoupment of Civil and Criminal Penalties under Bankruptcy Code

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the defendant – who had pleaded guilty in a criminal case to one count of fraud under the Commodity Exchange Act (CEA) and one count of money laundering,...more

SEC Charges Additional Municipal Official With Securities Fraud In Connection With Oyster Bay Loan Guarantee Scheme

by Bracewell LLP on

On March 1, 2018, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in U.S. District Court for the Eastern District of New York (“Court”) charging Leonard Genova, town attorney and deputy supervisor for...more

New Tax Law Changes Deductibility of Government Settlement Payments in False Claims Act, SEC, FINRA, and Other Types of Cases

by Foley & Lardner LLP on

The new tax law changed the deductibility of settlements with government agencies in some circumstances thereby increasing the cost to companies to settle these cases. The deduction arose from the section in the Internal...more

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Investment Services Regulatory Update - February 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

SEC halts “Decentralized Consumer Bank” Initial Coin Offering (ICO) Labeling it a “Scam”

On Monday, the Securities and Exchange Commission (SEC) announced it had obtained a court order suspending AriseBank’s (Arise) initial coin offering (ICO) whose public sale began in late December. According to the SEC, Arise...more

Chris Lazarini Analyzes Mandatory Arbitration Rule under FINRA Rule 12200

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which defendant Wilson-Davis, a securities firm, sought to enjoin an arbitration brought against it alleging that the firm's failure to supervise its agent caused...more

No Direct Cause, No Restitution

A recent federal appellate decision shows there are limits to the ability of a regulator to claim monetary sanctions for statutory violations. Last week the 11th Circuit held that investors whose losses were solely associated...more

Southern District Of New York Magistrate Judge Recommends Denial Of Class Certification In Action Against RMBS Trustee

by Shearman & Sterling LLP on

In a January 10, 2018 ruling unsealed on January 19, Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York recommended denial of Royal Park Investments’ request for class...more

A Look Back at Significant Developments in Class Action Law in 2017

From the standpoint of class action practice, 2017 was as important for what did not happen as for what did. Here are some of the highlights and lowlights of the 2017 class action scorecard, with a look forward to how the...more

Municipal Advisor Firm and Principal Charged with Fraudulent Practices and Breach of Fiduciary Duty as SEC Continues Enforcement...

by Bracewell LLP on

The SEC charged registered municipal advisor Malachi Financial Products, Inc. and its principal Porter B. Bingham with violations of Sections 15B(a)(5) and 15B(c)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) and...more

New Tax Bill Will Rewrite Rules for Deducting Disgorgement Payments to SEC

by Jones Day on

U.S. tax reform will mean new rules for deducting fines, penalties, and other amounts, including disgorgement, paid to the Securities and Exchange Commission ("SEC"). Currently, Internal Revenue Code section 162(f)...more

Performance benchmarks, stop loss protection and breach of mandate

by Dentons on

Rocker v. Full Circle Asset Management Ltd [2017] EWHC 2999 (QB) - In this interesting and detailed judgment, Mr Justice Morris (the Judge) considered the claims of Mr Rocker, a successful businessman, against Full Circle...more

New York Court Of Appeals Dismisses Contractual Claims Against Nomura In Four RMBS Suits

by Shearman & Sterling LLP on

On December 12, 2017, the New York Court of Appeals dismissed certain breach of contract claims brought by HSBC Bank USA, N.A. (“HSBC”) against Nomura Credit & Capital, Inc. (“Nomura”), in four separate actions related to...more

Former Mayor Charged by SEC and DOJ with Securities Fraud and Pay-to-Play Scheme

by Bracewell LLP on

On December 1, 2017, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint in the U.S. District Court for the Northern District of Illinois charging David Webb, Jr. (“Webb”), mayor of Markham, Illinois from...more

How commodities haulers can keep on truckin’ through the agricultural downturn

by Hellmuth & Johnson PLLC on

With three straight years of depressed economic conditions in the agricultural marketplace, many farmers are really feeling the strain. When farmers feel the strain for long periods of time, eventually their service providers...more

Chris Lazarini Comments on Court's Remand for Clarification of Arbitration Award

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which a court took the unusual step of remanding a case to the arbitration panel to explain the rationale behind its award. The Court made the decision because...more

September 2017: U.S. Supreme Court Holds That American Pipe “Tolling” Does Not Apply to Statute of Repose for Securities Act...

In California Public Employees’ Retirement System v. ANZ Securities, Inc., 137 S. Ct. 2042 (2017) (“CalPERS”), the Supreme Court resolved a longstanding circuit split by holding that the class action “tolling” principle set...more

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

by Shearman & Sterling LLP on

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

Edison must pay in long running Tibble lawsuit

by Ary Rosenbaum on

A federal court ruled that Edison International must pay more than $7.5 million to compensate plan participants for its decision to include high-fee retail share mutual funds in its 401(k) plan when identical institutional...more

Southern District Of New York Dismisses Exchange Act Claims Based On Exposure To Puerto Rican Bonds For Failure To Sufficiently...

by Shearman & Sterling LLP on

On September 5, 2017, Judge Richard M. Berman of the United States District Court for the Southern District of New York dismissed a putative class action against Ambac Financial Group, Inc. (“Ambac”), asserting claims under...more

Court Holds That Former Broker Did Not Owe Fiduciary Duties To Client Regarding An Investment

by Winstead PC on

In Holmes v. Newman, the plaintiff made an investment in a start-up internet company that provided betting tips to gamblers for a fee. No. 01-16-00311-CV, 2017 Tex. App. LEXIS 6177 (Tex. App.—Houston [1st Dist.] July 6, 2017,...more

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

by Carlton Fields on

The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain...more

Southern District Of New York Dismisses Securities Fraud Claims For Failure To Plead Reliance And Scienter

by Shearman & Sterling LLP on

On July 10, 2017, Judge John G. Koeltl of the United States District Court for the Southern District of New York dismissed a putative securities fraud class action against E*TRADE Securities LLC (“E*TRADE”), E*TRADE Financial...more

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