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Securities Exchange Act › Federal Jurisdiction

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
Morrison & Foerster LLP

Supreme Court Deals Latest Setback to Government’s Use of ALJs in Consolidated Axon Enterprise v. FTC and SEC v. Cochran Decision

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In a setback to the SEC’s and other federal agencies’ use of administrative law judges (“ALJs”) to conduct in-house enforcement proceedings, the U.S. Supreme Court recently issued a unanimous decision in Axon Enterprise, Inc....more

Kramer Levin Naftalis & Frankel LLP

9th Circuit Affirms Dismissal of Derivative Suit in Favor of Forum Selection Clause Designating Delaware Court of Chancery as...

Kramer Levin Naftalis & Frankel LLP on

As we have previously discussed, Lee v. Robert J. Fisher et al., Case No. 20 Civ. 6163 (N.D. Ca.), is one of a growing number of derivative lawsuits brought against public companies (in this case, The Gap Inc.) alleging...more

Pillsbury Winthrop Shaw Pittman LLP

U.S. Supreme Court Makes It Harder to Remove Some Securities Cases to Federal Court

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In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, the U.S. Supreme Court held that mere references to Securities Exchange Act of 1934 violations in a state law claim filed in state court are not sufficient grounds for...more

Alston & Bird

Supreme Court Interprets Jurisdictional Provision of the Federal Securities Laws

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On May 16, 2016, the Supreme Court issued its opinion in Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Manning, in which the Court resolved a Circuit split concerning the jurisdictional provision of the Securities Exchange...more

Goodwin

Supreme Court Clarifies When State Law Claims Are Removable Under the Securities Exchange Act of 1934

Goodwin on

On May 16, 2016, the U.S. Supreme Court issued its decision in Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, 578 U.S. __ (May 16, 2016), which resolved a longstanding circuit split as to the scope of exclusive...more

Dorsey & Whitney LLP

The Supreme Court - May 2016 #2

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The Supreme Court of the United States issued decisions in six cases today: Spokeo, Inc. v. Robins, No. 13-1339: The Fair Credit Reporting Act of 1970 (“FCRA”) imposes a number of requirements regarding the creation and...more

Burr & Forman

Supreme Court: Exchange Act Jurisdiction = “Arising Under”

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The Supreme Court held May 16 that the exclusive federal jurisdiction provision of the 1934 Securities Exchange Act means the same as the “arising under” test for federal-question jurisdiction and does not pre-empt state law...more

Proskauer - Corporate Defense and Disputes

Supreme Court’s Manning Decision Leaves Questions Unanswered

Proskauer - Corporate Defense and Disputes on

The U.S. Supreme Court’s decision on May 16, 2016 in Merrill Lynch v. Manning clarified the scope of federal jurisdiction under the Exchange Act in certain important respects, but also left open critical issues that may arise...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning

Faegre Drinker Biddle & Reath LLP on

On May 16, 2016, the Supreme Court of the United States decided Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132, holding that that the “arising under” test for federal-question jurisdiction under 28 U.S.C....more

Proskauer Rose LLP

Supreme Court Clarifies Jurisdiction Under Securities Exchange Act

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On May 16, 2016, the U.S. Supreme Court ruled that the provision of the Securities Exchange Act of 1934 granting federal district courts exclusive jurisdiction over suits brought to enforce the Exchange Act is subject to the...more

Thomas Fox - Compliance Evangelist

Reflections on the Hitachi FCPA Enforcement Action

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Earlier this week, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Ninth Circuit upheld a conviction for illegal tipping, following Dirks but raising doubt regarding its adherence to Newman in an opinion authored by Judge Rakoff, sitting by designation. The Commission filed settled...more

Allen Matkins

Must Suits/Actions To Enforce Section 25401 Be Brought In The Federal Courts?

Allen Matkins on

Suppose Congress enacts a statute providing that the federal courts will have exclusive jurisdiction of all lawsuits brought to enforce any liability or duty under a federal act or the rules adopted under that act. If a...more

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