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Securities Constitutional Law Civil Procedure

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

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

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

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

Second Department Affirms Commercial Division Decisions Leaving Withdrawing LLC Members Without Compensation for Their Membership...

In Matter of Jacobs v. Cartalemi, No. 2016-05041, 2017 BL 435890 (2d Dep’t Dec. 6, 2017) (“Jacobs I”), a unanimous Appellate Division, Second Department panel affirmed an order by Westchester County Commercial Division...more

Michigan Strikes Back . . . In Pennsylvania

by Reed Smith on

A (relatively) long time ago in a state not so far away, the Michigan Legislature enacted the Michigan Product Liability Act. It contained a provision providing the manufacturers of FDA-approved drugs with immunity from...more

Spokeo Standing in 2017

by McGuireWoods LLP on

With the year ending, and McGuireWoods’s webinar next week on class actions’ Hot Issues of 2017 approaching, this seems like a good time to take note of a few of the trends we have seen arising in class actions over the last...more

DOJ sides with Lucia against the SEC in dispute over whether ALJs are inferior officers

by Ballard Spahr LLP on

The Supreme Court is considering a cert petition requesting that it hear the Lucia case, which we have blogged about extensively due to its potential impact on the outcome of the PHH case. Significantly, the DOJ recently...more

In Reversal, SEC Agrees That Its Administrative Law Judges Are Inferior Officers That Require Commission Appointment, But Still...

by Shearman & Sterling LLP on

On November 29, 2017, the U.S. Solicitor General submitted a brief to the United States Supreme Court in Lucia v. Securities and Exchange Commission, No. 17-130, urging the Court to grant certiorari and resolve a circuit...more

The SEC Urges Supreme Court Review Of The Constitutionality Of Its Administrative Law Judges

On November 29, 2017, the Solicitor General filed a brief on behalf of the Securities and Exchange Commission (the "Commission") in Raymond J. Lucia et al. v. Securities and Exchange Commission, No. 17-130, asking the Supreme...more

SEC About-Face, About Time, on ALJs

by Burr & Forman on

On November 29, the SEC did an about-face and admitted its ALJs are “inferior officers” (not merely employees) subject to the Constitution’s Article II appointment provisions. The Solicitor General’s brief on behalf of the...more

Preliminary Hurdle for Cayman Derivative Claims Does Not Bar Suit in New York

A shareholder bringing a contested derivative claim in the Cayman Islands must seek leave from the court before proceeding. This litigation prerequisite -- imposed by Rule 12A of the Rules of the Grand Court of the Cayman...more

Continuing Trends in M&A Disclosure Litigation

Over the past two years, the deal litigation landscape has changed dramatically. In early 2016, the Delaware Court of Chancery announced a new rule for evaluating disclosure-based settlements in deal litigation — the “plainly...more

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

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

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

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

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

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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