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Standing Only Gets You So Far. Scottrade Offers Tactics To Win The Data Breach Class Action War

by Orrick - Trust Anchor on

A recent skirmish about standing in data breach class actions (this time in the Eighth Circuit), involving securities and brokerage firm Scottrade, suggests that, even if plaintiffs win that limited question, there are other...more

End and refund of the French 3% tax on distributions

by White & Case LLP on

The French Constitutional Court rules that the 3% contribution on distributions is unconstitutional - On 6 October, 2017, the French Constitutional Court, in its decision (n°2017-660 QPC), held that the 3% contribution on...more

Supreme Court Likely To Decide Whether To Hear SEC ALJ Issue This Term

As the U.S. Supreme Court commenced a new term last week, one issue of substantial interest to many readers of this blog is whether the Court will address the constitutionality of the Securities & Exchange Commission’s use of...more

Why Kokesh Really Matters

by WilmerHale on

For U.S. Securities and Exchange Commission enforcement practitioners, perhaps the blockbuster decision of the last U.S. Supreme Court term was Kokesh v. SEC — but not for the reason that you might suspect. In Kokesh, the...more

5th Circuit Hints SEC ALJs Unconstitutional

by Burr & Forman on

In an Opinion highlighting the Circuit split over the constitutionality of SEC administrative law judges (“ALJs”), the Fifth Circuit recently stayed an FDIC civil-penalty and bar order against a Bank director, pending...more

SEC ALJs Before the Supreme Court: Will the Court Take The Issue?

by Dorsey & Whitney LLP on

The validity of the SEC ALJs’ under the Constitution’s Appointments Clause is a critical issue the Supreme Court is considering for addition to its docket this term which will begin on the first Monday in October. Petition...more

Chris Lazarini Analyzes Challenge to Amended MSRB Political Contribution Rules

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a challenge brought by three Republican state party organizations related to the legality of the 2016 Amendments to MSRB Rule G-37 barring brokers and dealers from...more

8th Circuit Finds Standing in Data Breach Case but Dismisses on Pleading Deficiencies

In one of the first federal appellate court rulings following the Ninth Circuit’s decision in Robins v. Spokeo, the Eighth Circuit delivered a pyrrhic victory for customers victimized by a data breach....more

Eighth Circuit Finds Standing in Data Breach Case for Privacy Policy Violation, Dismisses for Lack of Specificity

by Fenwick & West LLP on

The U.S. Court of Appeals for the Eighth Circuit has held that allegations that the security provisions of a privacy policy were violated are sufficient for standing in a data breach case, but that plaintiffs’ contractual...more

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

Delaware Court Of Chancery Recommends Limiting The Preclusive Effect Of Prior Decisions On Demand Futility In Derivative Lawsuits ...

by Shearman & Sterling LLP on

On July 25, 2017, Chancellor Andre G. Bouchard of the Delaware Court of Chancery issued a supplemental opinion, responding to a remand order from the Delaware Supreme Court, in which Chancellor Bouchard recommended that the...more

Seventh Circuit Upholds First-Ever “Spoofing” Conviction

On August 8, 2017, a three-judge panel of the US Court of Appeals for the Seventh Circuit unanimously upheld the first-ever criminal conviction of a New Jersey futures trader for the manipulative trading practice known as...more

And the Award For Most Oppressive Conduct By a Majority Shareholder Goes to . . .

by Farrell Fritz, P.C. on

Over the years I’ve litigated and observed countless cases of alleged oppression of minority shareholders by the majority. Oppression can take endlessly different forms, some more crude than others in their execution, some...more

I recenti sviluppi del Decreto Madia ed il regime transitorio

1. L'APPROVAZIONE DEL DECRETO CORRETTIVO A SEGUITO DELLA SENTENZA DELLA CORTE COSTITUZIONALE N. 251/2016 - Il Consiglio dei Ministri del 9 giugno 2017, su proposta del Ministro per la semplificazione e la pubblica...more

United States v. Allen and the Taint of Compelled Testimony in Cross-Border Enforcement Actions

In a decision likely to cause global reverberations in the realm of cross-border enforcement, the US Court of Appeals for the Second Circuit has vacated the convictions and indictment in the first US criminal appeal related...more

Lucia appeals D.C. Circuit ruling to Supreme Court

by Ballard Spahr LLP on

On July 21, 2017, an investment adviser sought review by the Supreme Court of the D.C. Circuit’s recent ruling in Lucia that allowed to stand a district court decision holding that SEC administrative law judges (“ALJs”) are...more

SEC Sustains Dismissal of Wells Fargo Insider Trading Case

by Dorsey & Whitney LLP on

The rash of lawsuits challenging the SEC’s venue selection decisions may ultimately end with the Supreme Court reviewing the propriety of the retention process for Commission ALJs under the Constitution’s Appointments Clause...more

6th Circuit Rejects GOP Suit Against MA Pay-to-Play Rule

by Burr & Forman on

The Sixth Circuit Court of Appeals dismissed a suit by the Tennessee, Georgia and New York Republican parties challenging the constitutionality of an MSRB extending pay-to-play prohibition to municipal advisors. The Court...more

Minority Shareholders’ Derivative Suit Foiled by Voiding of Corporation’s Charter for Nonpayment of Taxes

by Farrell Fritz, P.C. on

A business’s failure to pay state taxes can be a problem if the entity later wants to bring a lawsuit, or its non-controlling owners want to sue on the entity’s behalf....more

Nevada’s Constitutional Limitation On Shareholder Liability

by Allen Matkins on

Article 8, Section 3 of the Nevada Constitution provides: Dues from corporations shall be secured by such means as may be prescribed by law; Provided that corporators in corporations formed under the laws of this State...more

En banc D.C. Circuit split leaves intact the panel ruling that SEC ALJs are not inferior officers

by Ballard Spahr LLP on

On June 26, 2017, the en banc D.C. Circuit was equally divided on the question of whether SEC administrative law judges (“ALJs”) are “inferior officers.” This leaves intact the D.C. Circuit panel decision in Lucia which held...more

Circuit Split Cries Out for Supreme Court Review - Have SEC ALJs been operating contrary to the U.S. Constitution?

The District of Columbia Circuit Court of Appeals’ earlier decision in Lucia v. SEC that U.S. Securities and Exchange Commission (SEC) administrative law judges (ALJs) are employees who are not subject to the Appointments...more

Corporate Investigations and White Collar Defense - June 2017

U.K. Court Finds No Privilege Protection for Internal Investigation - Why it matters: On May 8, 2017, a London High Court made a landmark ruling in favor of the Serious Fraud Office—England’s equivalent of the Fraud...more

Privacy & Cybersecurity Update - June 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine a new Chinese cybersecurity law that went into effect despite international concern for how it will be implemented; Colorado's adoption of new...more

In Split 5-to-5 Decision, En Banc D.C. Circuit Denies Petition for Review in Lucia v. SEC

On June 26, 2017, the D.C. Circuit, en banc, split 5-to-5 on whether to grant a petition seeking to overturn an August 2016 ruling by a three-judge panel of the D.C. Circuit that determined that SEC administrative law judges...more

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