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Court of Justice of the European Union Ruling on Scope of a Regulated Market Under MiFID

by Shearman & Sterling LLP on

The Court of Justice of the European Union has given a preliminary ruling on the meaning and scope of "regulated market" under the Markets in Financial Instruments Directive following a referral by the Dutch Administrative...more

Nordstrom is the latest large employer sued over their 401(k) plan

by Ary Rosenbaum on

The department store business model is selling items at high prices with the heavy end of season discounting. Now if only Nordstrom did the same with their nearly $3 billion 401(k) plan....more

Chris Lazarini Analyzes Case Alleging Conspiracy Against FINRA and an Email Archiving Vendor

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which Plaintiffs, attempting to overcome an earlier dismissal of their claims, alleged a conspiracy between an email archiving vendor and FINRA in support of their...more

District Of Colorado Affirms FINRA Arbitration Award

by Carlton Fields on

A Colorado federal court affirmed a FINRA arbitration award, despite a cross-motion to vacate the award on the bases of alleged panel misconduct; exceeding its powers; manifest disregard of the law; and that the award did not...more

Bridging the Week - November 2017

by Katten Muchin Rosenman LLP on

Backers of Tezos Initial Coin Offering Named in Prospective Class Action Litigation: On October 25, the promoters of a highly successful initial coin offering to support development of the Tezos blockchain project and other...more

Partnering Perspectives - Fall 2017

With the US poised to decrease regulation and the outcome of Brexit unknown, multinational institutions face a great deal of unpredictability in the regulatory landscape. In this edition of Partnering Perspectives, we look at...more

Ninth Circuit Trims PSLRA Safe Harbor’s Protection for Forward-Looking Statements

by Perkins Coie on

A recent decision of the U.S. Court of Appeals for the Ninth Circuit, In re Quality Systems, Inc. Securities Litigation, 865 F.3d 1130 (9th Cir. 2017), cut back on the protections afforded by the safe-harbor provision of the...more

ERISA’s Six-Year Statute of Repose for Fiduciary-Breach Claims Can Be Tolled

The Eleventh Circuit ruled that ERISA’s six-year statute of repose can be tolled by the parties even though it is a statute of repose. During pre-litigation negotiations between the U.S. Department of Labor and a trustee of...more

Banking & Financial Services E-Note - October 2017

by Burr & Forman on

After months of wrangling, the U.S. Senate voted to pass substantive and impactful legislation on Tuesday evening regarding the Consumer Finance Protection Bureau. Please see full E-Note for more information....more

Fintech Week in Review – October 2017

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Who can sue for breach of the non-payment terms of a bearer note?

by Dentons on

Secure Capital SA (SC) was the owner of the entire beneficial interest in a series of notes issued by Credit Suisse (the Notes). The Notes were governed by English law and issued in bearer form. SC held its interest in the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court removed Leidos from its argument document this week. The case, which focused on a question regarding the scope of Section 10(b) in a securities class action, was scheduled for argument next month. The...more

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

by Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

SEC Stays Approval of Quadruple-Leveraged ETF

by Carlton Fields on

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more

Investor Class Action Lawsuit Targets Australian Bank for Alleged AML Failures and Use of “Intelligent” Machines for Anonymous...

by Ballard Spahr LLP on

We previously have observed that financial institutions face an increasing risk that alleged Anti-Money Laundering (“AML”) and Counter-Terrorism Financing (“CTF”) violations will lead to follow-on allegations of securities...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

Financial Services Weekly News - September 2017 #4

by Goodwin on

Editor's Note - Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more

Ninth Circuit Analyzes Statements Concerning FDA Feedback, in In re Atossa Genetics, Inc. Securities Litigation (August 18, 2017)

On August 18, 2017, a Ninth Circuit panel affirmed in part, reversed in part, and vacated in part the district court’s dismissal of the amended securities fraud class action complaint in In re Atossa Genetics, Inc. Securities...more

ERISA Newsletter - Third Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...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

The New Supreme Court Term: Three Securities Cases

by Dorsey & Whitney LLP on

Three securities cases are on the docket as the new Supreme Court Term opens on the first Monday of October. A fourth significant action is pending certiorari....more

Veil-Piercing Under California Law – Heightened Risks for Fund Managers

We recently posted about the risks associated with veil-piercing claims and the ways in which fund managers can protect themselves from exposure to these claims. Our first post on veil-piercing focused on Delaware standards,...more

Inside the Courts – An Update From Skadden Securities Litigators - September 2017/ Volume 9 / Issue 3

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May 2017 and August 2017....more

Chris Lazarini Analyzes Court's Decision to Stay Proceedings Involving Non-Arbitrable Claims Pending the Outcome of an Arbitration

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case involving claims against one defendant that are arbitrable and claims against a second defendant that are not. Exercising its discretion, the court stayed the...more

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