Events & Publications
- Nov 23, 2020
- Publications
A California state court recently became the second in the country to dismiss claims brought under the Securities Act of 1933 because the defendant-issuer’s charter contained a federal forum provision (FFP). The decision, in In Re…
On November 17, Paul, Weiss hosted a webinar, “Transition to a Biden Administration: Strategies and Insights.” The webinar was the first of a planned series of discussions offering insights into the likely policy, legislative and…
- Nov 05, 2020
- Publications
Several recent decisions on class certification have delved into the role that both representative evidence and uninjured class members play in determining whether predominance has been satisfied within the broader certification…
- Nov 03, 2020
- Publications
In an opinion that portends a potential shift in the standard applicable to motions to dismiss derivative cases for failure to plead demand futility—the more common basis for seeking dismissal of such cases in Delaware—Vice Chancellor …
- Sep 29, 2020
- Publications
U.S. banks and federal savings associations may accept deposits that serve as reserves for stablecoin backed on a 1:1 basis by a single fiat currency in a hosted wallet.
Firm Chairman Brad Karp, litigation partners Ted Wells and Susanna Buergel, and Chief Sustainability and ESG Officer Dave Curran will participate in a SIFMA C&L Virtual Forum, an event that gathers regulators, compliance…
- Sep 17, 2020
- Publications
A California state court recently became the first court in the country to dismiss claims brought under the Securities Act of 1933 because the issuer’s corporate charter contained a federal forum provision requiring that such claims…
- Aug 28, 2020
- Publications
In In re NIO Inc. Securities Litigation, the New York State Supreme Court recently refused to vacate its stay of a class action under the Securities Act in favor of a parallel first-filed federal court suit, despite plaintiffs’…
Meredith Dearborn and Jessica Phillips, two talented trial lawyers, are joining the firm as partners in the Litigation Department.
- Jul 07, 2020
- Publications
The anticipated cessation of the London Interbank Offered Rate (“LIBOR”) remains the end of calendar year 2021. Notwithstanding challenges presented by the COVID-19 pandemic, regulators, industry leaders and working groups remain…
- Jun 24, 2020
- Publications
On June 22, the DOJ’s Antitrust Division and the SEC announced that they have signed a memorandum of understanding to enhance cooperation between the two agencies. Beyond continuing cooperation in rulemaking, investigations and…
- Jun 25, 2020
- Publications
The Supreme Court held on June 22 that the SEC may seek disgorgement in enforcement actions, as long as the disgorgement does not exceed a wrongdoer’s net profits and is to be awarded for victims.
- Jun 18, 2020
- Publications
In Nguyen v. Endologix, the Ninth Circuit recently affirmed the dismissal of a putative securities class action alleging that a medical device manufacturer fraudulently expressed optimism that a product would receive FDA approval,…
- Jun 02, 2020
- Publications
The Second Circuit recently affirmed dismissal of a securities class action against Kimberly-Clark Corporation and Avanos Medical, Inc. based on alleged misrepresentations by the companies’ senior executives. The court ruled that a…
- May 28, 2020
- Publications
In this installment of our client alerts focused on class certification decisions, we discuss three recent cases which illustrate an issue percolating in district courts across the country regarding personal jurisdiction in nationwide …
- May 26, 2020
- Publications
Federal and state securities laws generally apply only to instruments that qualify as “securities.” The question of whether a particular instrument is a security, therefore, can have significant and far-reaching consequences. Nearly…
- May 05, 2020
- Publications
A federal district court dismissed a putative securities class action lawsuit against Nabriva Therapeutics and several of its officers alleging that the company had fraudulently misled investors about its prospects for getting FDA…
- May 01, 2020
- Publications
The SEC recently brought its first enforcement action arising out of the COVID-19 pandemic. The action reaffirms the Commission’s laser focus on companies’ statements concerning, and responses to, the pandemic.
- Apr 20, 2020
- Publications
On April 15, ISDA announced preliminary results of its second market consultation regarding the implementation of pre-cessation fallbacks for derivatives contracts referencing LIBOR. ISDA found that “a significant majority of…
- Apr 13, 2020
- Publications
In denying defendants’ petition for rehearing in United States v. Blaszczak, the Second Circuit firmly established potential liability for insider trading in the criminal context even where the original “tipper” receives no personal…
- Apr 09, 2020
- Publications
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”), a working group convened to help prepare for the cessation of the U.S. dollar London Interbank Offered Rate (USD LIBOR), announced that it had agreed on a…
- Mar 31, 2020
- Publications
As an update to our earlier alert, “Mitigating Securities Litigation Risks Related to the Coronavirus,” we look at key takeaways from the first two securities fraud class action filings related to COVID-19 disclosures and outline…
- Mar 29, 2020
- Publications
Notwithstanding COVID-19-related market volatility and associated challenges faced by market participants, UK regulators have affirmed that the timetable for LIBOR’s anticipated cessation at the end of calendar year 2021 currently…
- Mar 25, 2020
- Publications
On March 23, SEC Division of Enforcement Co-Directors Stephanie Avakian and Steven Peikin issued a statement concerning “market integrity” in light of the unprecedented impacts of the COVID-19 pandemic.
- Mar 05, 2020
- Publications
The spread of coronavirus has disrupted global businesses and triggered severe U.S. stock market declines. These events raise the risk that shareholders will convert these stock drops into litigation. We address the securities…
- Mar 02, 2020
- Publications
On March 3, 2020, the U.S. Supreme Court will hear oral argument to determine the constitutionality of the Consumer Financial Protection Bureau. Created by Congress as part of the Dodd-Frank Act, the CFPB is a multi-member,…
Firm chairman Brad Karp and litigation partner Lorin Reisner will participate in the New York City Bar’s Eighth Annual Securities Litigation & Enforcement Institute.
- Jan 23, 2020
- Publications
On January 14, 2020, the U.S. Supreme Court issued a per curiam order in Retirement Plans Committee of IBM Jander[1] (“Jander”), a closely watched case regarding the pleading standard for corporate stock-drop and disclosure claims…
- Jan 22, 2020
- Publications
It is widely expected that within two years, by the end of 2021, the London Interbank Offered Rate (“LIBOR”) will no longer be published by LIBOR panel banks. Recognizing the potential impact LIBOR’s cessation could have on lenders,…
- Nov 18, 2019
- Publications
U.S. proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis have issued updates to their respective voting policies for the 2020 proxy season.
- Nov 04, 2019
- Publications
On November 1, 2019, the Supreme Court granted certiorari in Liu v. Securities and Exchange Commission, No. 18-1501, to review the question of whether the Securities and Exchange Commission (“SEC”) may obtain disgorgement from a court …
- Sep 27, 2019
- Publications
In this installment of our client alerts focused on class certification decisions, we discuss recent cases evaluating the impact on class certification of economic models that sweep in uninjured class members.
Litigation partner Lorin Reisner will participate on a panel addressing “SEC Practice – Developments in Administrative Proceedings, Trials, Testimony, Wells Process, Settlements and More,” at the 2019 Securities Enforcement Forum.
- Aug 21, 2019
- Publications
In 2018, the United States Supreme Court in Cyan, Inc. v. Beaver County Employees Retirement Fund held that class actions asserting claims under the Securities Act of 1933 (“Securities Act”) that are filed in state court are not…
- Aug 01, 2019
- Publications
In our first in a series of occasional alerts on updates on class certification decisions, we present two recent court decisions of potential interest.
In March 2019, the Supreme Court issued its decision in Lorenzo v. SEC, concluding that, under the Securities Act of 1933 and the Securities Exchange Act of 1934, a person who “disseminates” but does not “make” a misstatement may be…
- Apr 25, 2019
- Publications
On April 23, 2019, the Supreme Court issued a one-line per curiam order in Emulex v. Varjabedian: “The writ of certiorari is dismissed as improvidently granted.”
Litigation partner Audra Soloway will speak on a panel at the American Bar Association’s 2019 Section of Litigation & Solo, Small Firm and General Practice Division CLE Conference.
- Mar 28, 2019
- Publications
The Supreme Court held in Lorenzo v. Securities & Exchange Commission that under certain circumstances a person who does not “make” a misstatement may nonetheless be held primarily liable.
- Jan 30, 2019
- Publications
Last week the United States Court of Appeals for the Tenth Circuit considered the scope of the SEC’s authority to bring a civil enforcement action under the antifraud provisions of the federal securities laws arising from a securities …
Litigation partner Lorin Reisner will participate in the 46th annual Securities Regulation Institute, hosted by the Northwestern Pritzker School of Law.
Litigation partner Harris Fischman delivered an Alumni Fireside Chat at Northwestern Pritzker School of Law.
Firm chairman Brad Karp and corporate partner Steve Williams will participate in the New York City Bar’s seventh annual Securities Litigation & Enforcement Institute.
Litigation department co-chair Ted Wells will speak at the New York City Bar’s CLE program, “Giants of the Criminal Bar Trial: Winning Strategies.”
- Jan 09, 2019
- Publications
On December 19, 2018, the Delaware Court of Chancery (Laster, V.C) held in Sciabacucchi v. Salzberg et al, C.A. No. 2017-0931-VCL (Del. Ch. Dec. 19, 2018), that federal forum selection provisions contained in the certificates of…
- Jan 07, 2019
- Publications
On December 11, 2018, the Securities and Exchange Commission (SEC) obtained a victory in its enforcement action against Alpine Securities Corporation, a broker that cleared transactions for microcap securities that were allegedly used …
Paul, Weiss is pleased to announce that the following attorneys have been elected to the partnership, effective January 1, 2019: Justin Anderson, Robert Britton, David Carmona, Harris Fischman, Christopher D. Frey, Matthew B.…
Lorin Reisner moderated a panel at The Securities Enforcement Forum in Washington, D.C. on November 1.
The New York Commercial Division’s new Rule 11-e(f), which encourages the use of Technology-Assisted Review (TAR) and sets relevant guidelines, went into effect on October 1, 2018. In this video, litigation partners Chris Boehning and …
Litigation partners Audra Soloway and Jennifer H. Wu will both moderate panels at Benchmark Litigation’s “Women in Litigation Forum.”
- Oct 10, 2018
- Publications
Firm chairman Brad Karp was featured in a Q&A in the latest issue of LEADERS magazine.
- Oct 02, 2018
- Publications
On September 27, 2018, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced coordinated enforcement resolutions with Petróleo Brasileiro S.A. – Petrobras, the Brazilian state-owned…
- Sep 15, 2018
- Publications
Ten years after the collapse of Lehman Brothers, market participants and other global companies operate in a markedly changed regulatory enforcement and compliance landscape. This memorandum discusses the legal and business…
- Aug 27, 2018
- Publications
On August 24, 2018, the Court of Appeals for the Second Circuit held in United States v. Hoskins that a foreign national who does not otherwise fall within the specific categories of defendants enumerated in the Foreign Corrupt…
- Aug 01, 2018
- Publications
In a new rule providing guidance on technology-assisted review, the Commercial Division of the New York State Supreme Court encourages litigants to use the most efficient means to conduct review of electronic information. We discuss…
- Jul 30, 2018
- Publications
On July 12 and 16, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) announced two landmark awards to whistleblowers. The first was an award of approximately $30 million, by far the CFTC’s largest award to a…
- Jun 22, 2018
- Publications
On June 21, 2018, the Supreme Court held in Lucia v. SEC, No. 17-130, that the process by which the Securities and Exchange Commission (SEC) selects administrative law judges (ALJs) violates the U.S. Constitution.
- Jun 14, 2018
- Publications
On June 12, 2018, in People v. Credit Suisse Securities (USA) LLC, et al., the New York Court of Appeals held that claims brought under the Martin Act—New York’s uniquely broad Blue Sky Law, a powerful tool that permits the Attorney…
- Jun 12, 2018
- Publications
On June 11, 2018, the U.S. Supreme Court held in China Agritech, Inc. v. Resh, No. 17-432, 584 U.S. __ (2018), that the class action tolling rule established more than four decades ago does not extend to successive class actions filed …
- May 30, 2018
- Publications
On May 29, 2018, in Lagos v. United States, the Supreme Court unanimously held that the Mandatory Victims Restitution Act of 1996 (the “MVRA”)[1] does not require a criminal defendant to pay the costs and attorneys’ fees associated…
- May 10, 2018
- Publications
Yesterday, Rod Rosenstein, Deputy Attorney General of the U.S. Department of Justice, announced a new policy, in the form of an addition to the United States Attorneys’ Manual (“USAM”), concerning the coordination of corporate…
- May 07, 2018
- Publications
On May 3, 2018, for the second time, the Court of Appeals for the Second Circuit overturned the conviction of former Jefferies trader Jesse Litvak for alleged misstatements to an RMBS transaction counterparty.
- May 03, 2018
- Publications
On Tuesday, May 1, 2018, Paul, Weiss obtained a significant victory for Pretium Resources Inc. when the United States Court of Appeals for the Second Circuit affirmed dismissal of a securities fraud class action against Pretium.
- Mar 23, 2018
- Publications
The U.S. Supreme Court recently resolved a split among state and federal courts about whether the Securities Litigation Uniform Standards Act of 1998 divested state courts of jurisdiction over class actions asserting claims under the…
Firm chairman Brad Karp and corporate partner Scott Barshay will participate in the New York City Bar’s Sixth annual Securities Litigation & Enforcement Institute.
- Mar 08, 2018
- Publications
The DOJ recently intervened in a healthcare fraud lawsuit against a compounding pharmacy company. The DOJ’s decision to name the manager of the private equity fund that owned the pharmacy may signal a more expansive view of manager…
- Feb 28, 2018
- Publications
Senior representatives of the SEC’s Enforcement Division recently discussed enforcement priorities, developments and other issues of current interest at the Practising Law Institute’s annual “SEC Speaks” event. Although the…
- Feb 27, 2018
- Publications
The SEC recently provided updated guidance on cybersecurity-related disclosure obligations. We discuss the SEC’s new interpretive guidance, which seeks to assist companies in preparing disclosure concerning cybersecurity risks and…
- Feb 23, 2018
- Publications
Since the Supreme Court ruled last June in Kokesh v. SEC that disgorgement claims are subject to a five-year statute of limitations, both lower courts and the SEC have grappled with questions the Court left unresolved, including…
- Feb 22, 2018
- Publications
The Supreme Court held yesterday that individuals who have reported alleged misconduct internally, but not to the SEC, are not covered by the anti-retaliation provisions of the Dodd-Frank Act, resolving a circuit split on the…
- Feb 14, 2018
- Publications
A federal magistrate judge in the Southern District of Florida recently ruled that a law firm had waived work product protection over notes and memoranda of witness interviews when it provided “oral downloads” of those interviews to…
- Jan 17, 2018
- Publications
In Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., No. 16-250 (2d Cir. Jan. 12, 2018), the Second Circuit vacated the certification of a securities fraud class action due to two errors by the district court in its…
Litigation counsel Daniel Levi will participate in a conference focusing on class action litigation presented by the Mexican Bar Association.
- Dec 04, 2017
- Publications
A judge in the Northern District of California recently allowed the bulk of claims to advance in the Wells Fargo shareholder litigation. Plaintiffs seek to hold the board liable for alleged sales practices that have received…
- Nov 09, 2017
- Publications
- Oct 31, 2017
- Publications
Recent remarks by top officials at the SEC’s Division of Enforcement suggest changes in the enforcement environment, including a de-emphasis on the “broken windows” strategy focusing on minor violations and on settlements requiring…
Litigation partner Andrew Ehrlich will speak on a panel “Litigating Securities Fraud Cases Against the SEC and DOJ” at the annual Securities Enforcement Forum 2017.
- Oct 13, 2017
- Publications
President Trump announced that he will not certify Iran’s compliance with the Joint Comprehensive Plan of Action, the multi-lateral commitment under which the United States, European Union, and five other countries agreed to lift…
Firm chair Brad Karp and litigation co-chair Ted Wells will participate in panel discussions at the Practising Law Institute’s 49th Annual Institute on Securities Regulation.
- Oct 03, 2017
- Publications
For the upcoming term, the Supreme Court is once again taking up significant securities litigation and enforcement matters. In this alert, we preview three cases already on the Court’s docket, and highlight a cert petitions of note.
- Sep 28, 2017
- Publications
U.S. authorities recently announced the first major FCPA settlement under the Trump administration: a $965 million global resolution with a Sweden-based telecommunications company Telia Company AB and its indirectly-owned Uzbek…
In CalPERS v. ANZ Securities, the Supreme Court ruled that the filing of a class action does not toll the Securities Act’s three-year statute of repose.
- Aug 25, 2017
- Publications
On Wednesday, in United States v. Martoma, the United States Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit…
- Aug 08, 2017
- Publications
Recently, the International Swaps and Derivatives Association published the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol, the newest installment of ISDA’s mechanism aimed at facilitating the multilateral and…
- Jul 10, 2017
- Publications
In a July 7 decision with significant implications for the global OTC market, the Second Circuit addressed the standards for certifying classes in securities fraud cases. In In re Petrobras Securities Litigation, the Second Circuit…
- Jun 29, 2017
- Publications
The U.S. Department of Justice recently declined to prosecute two U.S. subsidiaries of a German chemical company while requiring them to disgorge profits from the allegedly corrupt scheme, the third declination requiring disgorgement…
- Jun 27, 2017
- Publications
In a decision likely to have significant ramifications for federal securities litigation, the U.S. Supreme Court ruled on June 26 that the class action tolling doctrine established in American Pipe & Construction Co. v. Utah does…
Litigation partner Audra Soloway will speak at an invitation-only conference, “Emerging Issues in Securities Class Actions,” hosted by the Duke Law Center for Judicial Studies.
- Jun 06, 2017
- Publications
On June 5, the Supreme Court unanimously held that SEC claims for disgorgement are governed by a five-year statute of limitations. The Court rejected the SEC’s position that the claims are not subject to time limits. The decision…
- May 24, 2017
- Publications
Litigation partners Susanna Buergel, Andrew Ehrlich and Audra Soloway co-authored an “Expert Analysis” special series article for Law360.
Litigation partner Richard Rosen will address recent developments in securities class actions in a roundtable discussion hosted by the American Bar Association’s Section of Litigation.
- Mar 30, 2017
- Publications
Earlier this week, the Supreme Court agreed to hear an important securities case addressing the scope of federal securities law claims based solely on omissions of material information. Petitioners in the case, Leidos, Inc. v. Indiana …
Firm chair Brad Karp will participate in a panel discussion at the Practising Law Institute’s “Securities Litigation 2017: From Investigation to Trial” seminar.
Litigation partners Brad Karp, Lorin Reisner, Richard Tarlowe and counsel Edward Turan will speak at the 2017 SIFMA Compliance and Legal Society’s Annual Seminar—the securities industry’s premiere event.
- Feb 21, 2017
- Publications
Litigation partners Daniel Kramer and Audra Soloway are
co-authors of the recently updated "Federal Securities Litigation:
A Deskbook for the Practitioner" which was favorably reviewed by
Kevin LaCroix, author of the Internet…
- Feb 15, 2017
- Publications
On February 14, President Trump signed a joint resolution of
Congress passed under the Congressional Review Act eliminating an
SEC rule requiring resource extraction issuers to disclose payments
made to the U.S. or foreign…
Firm chair Brad Karp will speak on recent developments in
securities class actions at the New York City Bar's 5th Annual
Securities Litigation & Enforcement Institute.
- Feb 08, 2017
- Publications
On February 7, the SEC's Office of Compliance Inspections and
Examinations identified five areas of compliance deficiencies or
weaknesses frequently found during the staff's examinations of
registered investment advisers. In the…
- Feb 02, 2017
- Publications
On January 31, President Donald J. Trump nominated Tenth Circuit
Judge Neil Gorsuch for the Supreme Court seat vacated by the death
of Justice Antonin Scalia nearly a year ago. Though his judicial
record in private securities…
- Jan 18, 2017
- Publications
On January 17, 2017, the Court of Appeals for the Second Circuit
issued its long-anticipated opinion in Marblegate Asset
Management, LLC v. Education Management Finance
Corp., ruling that Section
316(b) of the Trust Indenture…
- Jan 17, 2017
- Publications
On January 13, 2017, the U.S. Supreme Court agreed to review a
decision from the U.S. Court of Appeals for the Second Circuit
holding that the class action tolling doctrine established in
American Pipe & Construction Co. v.…
- Jan 17, 2017
- Publications
On January 13, 2017, the Supreme Court granted certiorari in Kokesh v. Securities and Exchange Commission (U.S. Jan. 13, 2017) (No. 16-529) to determine whether disgorgement claims are subject to the five-year statute of limitations…
- Dec 07, 2016
- Publications
In its first opinion on the scope of insider trading liability
in nearly twenty years, the Supreme Court in Salman v.
United States addressed whether insider trading liability
can arise where a tipper makes a "gift" of…
- Nov 08, 2016
- Publications
A Second Circuit decision on November 3 in Lowinger v.
Morgan Stanley rejected a theory that would have impeded
the normal process by which trading of newly issued IPO shares is
stabilized. In its November 3 ruling, the court…
- Nov 03, 2016
- Publications
On November 1, 2016, the staff of the Securities and Exchange
Commission's Division of Corporation Finance issued an interpretive
letter concluding that, for purposes of Rule 144 of the Securities
Act, the holding period for…
- Oct 31, 2016
- Publications
Firm chair Brad Karp and litigation partners Roberto Gonzalez,
Susanna Buergel, Jane O'Brien and Elizabeth Sacksteder co-authored
an article entitled, "D.C. Circuit Finds Single-Director Structure
of the CFPB Unconstitutional."
- Oct 04, 2016
- Publications
For the first time in nearly twenty years, the United States Supreme Court will hear oral argument tomorrow in a case directly addressing the scope of insider trading liability.
- Sep 30, 2016
- Publications
On September 27, 2016, in related appeals arising from a
long-pending securities fraud class action against Vivendi, the
Second Circuit ruled on several important issues, including the
proof necessary to both sustain and defeat…
Firm chair Brad Karp and litigation partner Lorin Reisner will
participate in the Practising Law Institute's 48th Annual Institute
on Securities Regulation.
- Sep 23, 2016
- Publications
The Second Circuit's September 20 decision in In re American
International Group, Inc. Securities Litigation, No.
14‐4067(L) will likely have consequences in the negotiation of
class action securities settlement agreements.
- Jul 22, 2016
- Publications
In two recent federal securities fraud actions stemming from the
2008 financial crisis, the Second Circuit has affirmed that
statutes of repose
- Jul 12, 2016
- Publications
London-based corporate partners Mark Bergman and David Lakhdhir
co-authored a client memorandum, titled "Brexit: Disclosure
Implications for SEC Reporting Companies," that was featured in the
July issues of Insights: The…
- Jul 10, 2016
- Publications
Firm chair Brad Karp and litigation partners Roberto Gonzalez,
Michael Gertzman, Jessica Carey and Roberto Finzi co-authored a
client memorandum that was featured on the Harvard Law School
Forum on Corporate Governance and…
- Jul 13, 2016
- Publications
On June 28, 2016, the Securities and Exchange Commission (the
"SEC") proposed a
new rule [1] requiring SEC registered investment advisers ("advisers") to adopt and
implement a business continuity and transition plan (a "BCTP") to …
- Jul 12, 2016
- Publications
In the short period since the June 23 UK referendum on whether
to remain in, or leave, the European Union, the United Kingdom has
faced a remarkable range of political, monetary, economic and
even constitutional…
- Jul 01, 2016
- Publications
Litigation partner Susanna Buergel was profiled
in Law360's "Influential Women in Securities Law"
for, among other things, her work with Citigroup to reach a
settlement with the U.S. Securities and Exchange Commission…
- Jul 01, 2016
- Publications
Following Maria Vullo's confirmation as Superintendent earlier this month, the New York Department of Financial Services ("DFS") yesterday finalized its closely watched proposed regulation on anti-money laundering (AML) monitoring and …
- Jul 06, 2016
- Publications
On June 23, 2016 voters in the United Kingdom were asked in a referendum whether the UK should remain a member of the European Union or leave the EU. By a vote of 51.9% to 48.1%, the voters opted to leave.
- Jun 28, 2016
- Publications
The Supreme Court's 2015-2016 Term will be remembered for the unexpected death of Justice Antonin Scalia on February 13, 2016.
- Jun 17, 2016
- Publications
On June 14, 2016, the U.S. Securities and Exchange Commission
increased the net worth test threshold for "qualified clients"
under Rule 205-3 of the Investment Advisers Act of 1940, as
amended, from $2 million to $2.1 million.
- Jun 02, 2016
- Publications
Litigation partners Walter Rieman, Audra Soloway and Andrew
Ehrlich co-authored an article, titled "A Majority on American Pipe
Tolling Emerges," in the June 2 issue of Law360.
- Jun 03, 2016
- Publications
Tilton v. SEC, No. 15-2103 (2d Cir. June 1, 2016), arose from an action in federal district court brought by Lynn Tilton and her investment firms ("Tilton"), who were respondents in an ongoing administrative proceeding before the…
- May 31, 2016
- Publications
On May 23, 2016, the United States Court of Appeals for the
Second Circuit reversed a jury's finding of liability and the
district court's imposition of a $1.27 billion civil penalty on
Countrywide and related defendants…
- May 31, 2016
- Publications
In SEC v. Graham, No. 14-13562 (11th Cir. May 26, 2016), the Eleventh Circuit held that the five-year statute of limitations applicable to SEC enforcement proceedings under 28 U.S.C. § 2462 applies to disgorgement and declaratory…
- May 25, 2016
- Publications
On Friday, in Stein v.
Regions Morgan Keegan Select High Income Fund, Inc.,
Nos. 15-5903, 15-905, 2016 WL 2909333 (6th Cir. May 19, 2016),
the Sixth Circuit ruled that the tolling doctrine established by
American Pipe & …
- May 16, 2016
- Publications
In Merrill Lynch, Pierce, Fenner & Smith Inc. v.
Manning, No. 14-1132 (May 16, 2016), the Supreme Court
held that the provision of exclusive federal jurisdiction in the
Securities Exchange Act of 1934 ("Exchange Act") does…
- May 10, 2016
- Publications
Last week, a judge in the United
States District Court for the District of New Jersey ruled on an
issue that has remained unresolved since the United States Supreme
Court split 4-4 on it four years ago: whether the two-year
…
- May 09, 2016
- Publications
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB)
released a 377-page notice of proposed rulemaking that would
prohibit, going forward, banks and a variety of other companies
from including in contracts arbitration…
- Apr 13, 2016
- Publications
On April 12, 2016, in IBEW Local 98 Pension Fund v.
Best Buy Co., Inc., the Eighth Circuit
interpreted and applied the Supreme Court's decision in
Halliburton Co. v. Erica P. John Fund,
Inc. ("Halliburton II"), which …
Litigation counsel Daniel Juceam will participate in a panel
discussion at the American Bar Association's Litigation Section
Annual Conference.
- Mar 09, 2016
- Publications
On March 4, 2016, in Tongue v. Sanofi,[1] the Second Circuit
interpreted and applied for the first time the Supreme Court's
decision in Omnicare Inc. v. Laborers Dist. Council Const. Indus.
Pension Fund,[2] which addressed the…
Litigation partner Roberto Gonzalez will participate in a panel
discussion at the HNBA Corporate Counsel Conference.
- Feb 02, 2016
- Publications
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders ("GTO") imposing temporary reporting requirements on title insurers with respect to "all-cash" purchases of high-end…
- Feb 01, 2016
- Publications
On January 28, 2016, United States District Judge John Gleeson
of the Eastern District of New York found that a report by a
corporate compliance monitor retained to supervise HSBC under a
deferred prosecution agreement ("DPA")…
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