New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division

• May 03, 2019
• Publications

New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division

On April 29, 2019, Linda Lacewell, the Acting Superintendent of the New York State Department of Financial Services (“DFS”), announced the combination of DFS’s previously separate Enforcement Division and Financial Frauds and Consumer …

United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony

• May 07, 2018
• Publications

United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony

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.

Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive

• Jan 17, 2018
• Publications

Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive

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…

Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine

• Nov 09, 2017
• Publications

Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine

CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation

• Jul 19, 2017
• Publications

CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation

In a sweeping new rule published today in the Federal Register, the CFPB barred providers of consumer financial products and services from entering into or enforcing contracts that include arbitration clauses precluding class action…

Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance

• Jul 10, 2017
• Publications

Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance

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…

In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact

• Sep 30, 2016
• Publications

In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact

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…

Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase

• Apr 13, 2016
• Publications

Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase

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 …

Supreme Court Declines to Overrule or Modify Basic, But Allows Rebuttal of "Price Impact"

• Jun 24, 2014
• Publications

Supreme Court Declines to Overrule or Modify Basic, But Allows Rebuttal of "Price Impact"

Second Circuit Review: The Second Circuit in the Supreme Court

• Sep 26, 2013
• Publications

Second Circuit Review: The Second Circuit in the Supreme Court

Consumer Financial Protection Bureau Issues Ability-to-Repay and Qualified-Mortgage Standards Implementing Dodd-Frank

• Jan 14, 2013
• Publications

Consumer Financial Protection Bureau Issues Ability-to-Repay and Qualified-Mortgage Standards Implementing Dodd-Frank

This memo examines key provisions of the new rules, which take effect on January 10, 2014.