News & Analysis as of

Conflicts of Interest Securities Violations

Troutman Pepper Locke

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

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On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

K&L Gates LLP

“Oops, I was a Broker!?” SEC Cracks Down on Investment Adviser Representatives Acting as Unregistered Brokers

K&L Gates LLP on

On 14 January 2025, the Securities and Exchange Commission (SEC) announced settled charges against three investment adviser representatives for acting as unregistered brokers in the sale of membership interests in certain...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Dechert LLP

Developments in Securities Fraud Class Actions Against U.S. Life Sciences Companies

Dechert LLP on

Last year marked an increase in federal securities class action filings, with plaintiffs filing 212 cases in 2023, up from 197 in 2022 and ending an overall decline in filings since 2019. Life sciences companies remained...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - November 2023

...SEC Adopts Amendments to Fund Names Rule - On September 20, 2023, the U.S. Securities and Exchange Commission (SEC) adopted amendments to Rule 35d-1 under the Investment Company Act of 1940 (the Fund Names Rule) as well...more

Goodwin

SEC Brings Suit Against Owner of BitTorrent, Inc., and Settles Claims With Celebrity Endorsers of Certain Crypto Tokens

Goodwin on

On March 22, 2023, the US Securities and Exchange Commission (SEC) filed a complaint in US District Court for the Southern District of New York against Justin Sun, the owner of BitTorrent, Inc., a file-sharing platform; three...more

Goodwin

Delaware Court of Chancery Declines to Dismiss Investment Firm from Stockholder Derivative Suit

Goodwin on

Delaware Court of Chancery Declines to Dismiss Investment Firm from Stockholder Derivative Suit; Delaware Chancery Court Dismisses Majority of Claims Alleging that California Biotech Firm Profited from Nonpublic Information...more

Goodwin

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence

Goodwin on

SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more

Robins Kaplan LLP

Financial Daily Dose 9.24.2019 | Top Story: UK High Court Rules PM’s Suspension of Parliament Illegal

Robins Kaplan LLP on

Prorogate this, Boris. In an “unprecedented” ruling, the UK’s supreme court deemed the Prime Minister’s Brexit-driven suspension of Parliament “unlawful, void and of no effect” this morning and called on the body to reconvene...more

Jones Day

Raising the Bar on "Willful" Securities Law Violations

Jones Day on

The D.C. Circuit’s decision is significant because certain SEC statutes require a finding of willfulness. The U.S. Court of Appeals for the District of Columbia Circuit ("D.C. Circuit") is raising the bar on "willful"...more

A&O Shearman

SEC Settles Charges Against Investment Advisers And Returns $125 Million To Investors

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On March 11, 2019, the Securities and Exchange Commission (“SEC”) announced that it had settled charges against 79 investment advisers as part of its Share Class Selection Disclosure Initiative (the “Initiative”), which was...more

Bracewell LLP

SEC Revokes Firm Registration and Bars Municipal Advisor Following Court Sanctions

Bracewell LLP on

On June 29, 2018 Judge Halil Suleyman Ozerden of the Southern District of Mississippi entered judgments against Malachi Financial Products, Inc., and its president and sole shareholder, Porter B. Bingham, for alleged...more

Carlton Fields

Second Circuit Reiterates: Defendants Must Satisfy Burden Of Persuasion Through A Preponderance Of The Evidence To Rebut Basic...

Carlton Fields on

The Second Circuit, in keeping with its recent decision in Waggoner v. Barclays, reaffirmed that defendants must satisfy the burden of persuasion by a preponderance of the evidence to rebut the presumption established by the...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: August 2017 - SEC Settles With Investment Adviser in Connection With a Conflict of Interest in a Client Transaction

On July 6, the Securities and Exchange Commission (SEC) reached a settlement with respondent Paramount Group Real Estate Advisor LLC (Respondent) regarding certain alleged violations of the Investment Advisers Act of 1940, as...more

Ballard Spahr LLP

Investment Management Update

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Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

Stinson - Corporate & Securities Law Blog

SEC Charges Private Equity Advisor with Conflicts for Law Firm Discounts

In a settled enforcement action, the SEC charged a private equity advisor, First Reserve Management, L.P., with conflicts of interest and other matters. First Reserve did not admit or deny the SEC’s findings....more

Proskauer - Whistleblower Defense

S.D.N.Y. Dismisses SOX and Dodd-Frank Whistleblower Claims For Lack Of Protected Activity

On June 22, 2016, Judge Daniels of the Southern District of New York dismissed SOX and Dodd-Frank whistleblower claims, ruling that Plaintiff’s alleged internal complaints did not constitute protected activity, as they did...more

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