ProfessionalsWalter Rieman

Walter Rieman
Partner
Tel: +1-212-373-3260
Fax: +1-212-492-0260
emailwrieman@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0260
A partner in the Litigation Department, Walter Rieman focuses his practice on civil litigation arising from securities-related disputes, other commercial and corporate disputes, and disputes concerning governmental regulation. His practice has recently included a range of matters related to disclosure and fraud-related issues, fiduciary duties, mergers, corporate governance, commercial contracts and federal and state regulatory issues. He has argued appeals before the Second, Seventh, and Ninth Circuits, before New York’s Appellate Division, and before the New York Court of Appeals.
EXPERIENCE
Walter has litigated many individual, derivative and class actions raising securities-related claims under federal and state law. He has also litigated many other commercial disputes, including contract-based claims, product liability claims and other tort claims. He has frequently participated in litigating challenges to class certification, including constitutionally based challenges, and other challenges by defendants to various forms of consolidated or mass actions. In addition to his work on private litigations, Walter’s experience as a business litigator has included the representation of defendants in actions brought by regulators before federal and state courts and administrative agencies, including the United States Securities and Exchange Commission. Walter has represented both private clients and governmental entities in a number of matters concerning statutory or constitutional constraints on governmental regulation. Walter also has extensive experience involving distressed sovereign debt.
Walter recently briefed and argued Petróleos de Venezuela S.A. v. MUFG Union Bank, N.A., 2020 WL 6135761 (S.D.N.Y. Oct. 16, 2020). In that action, the district court granted summary judgment for our clients, who are the trustee and collateral agent for certain bonds, dismissing claims challenging the enforceability of the bonds. Walter briefed and argued appeals in AHW Investment Partnership v. Citigroup Inc., 661 Fed. App’x 2 (2d Cir. Aug. 6, 2016) (affirming dismissal of “holder” claims against our client Citigroup Inc.), aff’g 980 F. Supp. 2d 510 (S.D.N.Y. 2013) Janes v. Triborough Bridge & Tunnel Authority, No. 13‑4377, 2014 WL 7331578 (2d Cir. Dec. 24, 2014) (affirming summary judgment dismissing claims against our client the Metropolitan Transportation Authority alleging that certain tolls violated the Commerce Clause and other provisions of the U.S. Constitution), aff’g 977 F. Supp. 2d 320 (S.D.N.Y. 2013) (decision granting summary judgment, which Walter also briefed and argued); St. Stephen’s School v. PricewaterhouseCoopers Accountants N.V., 570 F. App’x 37 (2d Cir. 2014) (vacating and remanding class certification order in securities-related action against our clients The Citco Group Limited and affiliates); NML Capital, Ltd. v. Republic of Argentina, 952 N.E.2d 482 (N.Y. 2011) (awarding substantial additional interest to our clients on their holdings of defaulted sovereign debt); Assured Guar. (U.K.) Ltd. v. J.P. Morgan Inv. Mgmt,. 962 N.E.2d 765 (N.Y. 2012); Kagan v. HMC-N.Y., Inc., 100 A.D.3d 468 (1st Dep’t 2012); and Kagan v. HMC-N.Y., Inc., 94 A.D.3d 67 (1st Dep’t), appeal dismissed, 973 N.E.2d 182 (N.Y. 2012). He is a principal author of other recent appellate briefs, including briefs filed in the Supreme Court of the United States.
Related Resources
Annual Defense Spending Bill Includes Amendments Expanding SEC’s Ability to Seek Disgorgement
- Dec 16, 2020
- Publications
Annual Defense Spending Bill Includes Amendments Expanding SEC’s Ability to Seek Disgorgement
The National Defense Authorization Act for Fiscal Year 2021, which passed Congress on December 11, responds to recent Supreme Court cases by expanding the SEC’s ability to seek disgorgement in federal court. The bill provides the SEC…
New York State Court Refuses to Vacate Stay of Securities Act Case Despite Differences with Parallel Federal Lawsuit
- Aug 28, 2020
- Publications
New York State Court Refuses to Vacate Stay of Securities Act Case Despite Differences with Parallel Federal Lawsuit
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’…
Paul, Weiss Advises Ad Hoc Group of First Lien Lenders in Frontier Restructuring
- Aug 21, 2020
- Client News
Paul, Weiss Advises Ad Hoc Group of First Lien Lenders in Frontier Restructuring
Paul, Weiss is representing an ad hoc group of first-lien lenders in the chapter 11 cases of cable provider Frontier Communications Corp. Frontier announced that its $11 billion plan of reorganization had been confirmed by the U.S.…
Supreme Court Holds That CFPB’s Structure Is Unconstitutional
- Jul 01, 2020
- Publications
Supreme Court Holds That CFPB’s Structure Is Unconstitutional
In Seila Law v. Consumer Financial Protection Bureau, the Supreme Court recently held that the structure of the CFPB violates the constitutional separation of powers. One of the most important separation-of-powers cases in recent…
Supreme Court Upholds the SEC’s Authority to Seek Disgorgement in Civil Actions, But Imposes Important Limiting Principles
- Jun 25, 2020
- Publications
Supreme Court Upholds the SEC’s Authority to Seek Disgorgement in Civil Actions, But Imposes Important Limiting Principles
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.
Supreme Court to Determine the Effect of a Carve-Out Provision on an Agreement to Arbitrate Questions of Arbitrability
- Jun 24, 2020
- Publications
Supreme Court to Determine the Effect of a Carve-Out Provision on an Agreement to Arbitrate Questions of Arbitrability
The Supreme Court agreed on June 15 to determine whether, under the Federal Arbitration Act, a provision in an arbitration agreement exempting certain claims from the scope of the agreement negates a provision clearly delegating…
Ninth Circuit Affirms Dismissal of Securities Fraud Case Where Pharmaceutical Company Had No Motive to Lie About Likelihood of FDA Approval
- Jun 18, 2020
- Publications
Ninth Circuit Affirms Dismissal of Securities Fraud Case Where Pharmaceutical Company Had No Motive to Lie About Likelihood of FDA Approval
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,…
U.S. Supreme Court Limits Standing for ERISA Plan Participants to Sue for Breach of Fiduciary Duties
- Jun 11, 2020
- Publications
U.S. Supreme Court Limits Standing for ERISA Plan Participants to Sue for Breach of Fiduciary Duties
In Thole v. U.S. Bank, the Supreme Court held that participants in a defined-benefit pension plan governed by ERISA lacked standing to sue for breaches of fiduciary duties if they had not suffered personal financial injury.
Second Circuit Significantly Increases the Burden of Pleading Corporate Scienter
- Jun 02, 2020
- Publications
Second Circuit Significantly Increases the Burden of Pleading Corporate Scienter
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…
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
- Mar 28, 2019
- Publications
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
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.
Paul, Weiss Advises Second Lien Lender Group in Record-Setting Prepackaged Chapter 11 Restructuring
- Feb 07, 2019
- Client News
Paul, Weiss Advises Second Lien Lender Group in Record-Setting Prepackaged Chapter 11 Restructuring
Paul, Weiss advised an ad hoc group of prepetition second lien lenders in connection with the chapter 11 cases of FULLBEAUTY Brands Holdings Corp. and certain affiliates.
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
- Jan 30, 2019
- Publications
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
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 …
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
- Jan 09, 2019
- Publications
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
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…
Spectrum Brands to Sell GAC to Energizer for $1.25 Billion
- Nov 16, 2018
- Client News
Spectrum Brands to Sell GAC to Energizer for $1.25 Billion
Paul, Weiss is representing global consumer products company Spectrum Brands Holdings in the sale of its Global Auto Care business to Energizer Holdings.
The Financial Crisis 10 Years Later: Lessons Learned
- Sep 15, 2018
- Publications
The Financial Crisis 10 Years Later: Lessons Learned
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…
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
- Jun 22, 2018
- Publications
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
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.
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
- Jun 12, 2018
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
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 …
Wilmington Trust Allowed to Proceed with Claim Against Global Marine
- May 14, 2018
- Client News
Wilmington Trust Allowed to Proceed with Claim Against Global Marine
Paul, Weiss achieved a significant victory for Wilmington Trust Company in a lawsuit concerning $300 million in notes issued by Global Marine, Inc.
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
- May 03, 2018
- Publications
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
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.
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
- Mar 23, 2018
- Publications
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
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…
New York Appellate Court Grants Pro Bono Client New Trial
- Feb 20, 2018
- Client News
New York Appellate Court Grants Pro Bono Client New Trial
Paul, Weiss secured a victory for a pro bono client convicted of burglary, attempted assault and criminal possession of a weapon when the New York Appellate Division, First Department, ordered a new trial.
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
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…
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
- Jun 27, 2017
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
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…
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
- Jun 06, 2017
- Publications
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
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…
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
- Mar 30, 2017
- Publications
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
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 …
Second Circuit Signals That a Bare Violation of a Disclosure Statute Will Not Confer Standing
- Mar 28, 2017
- Publications
Second Circuit Signals That a Bare Violation of a Disclosure Statute Will Not Confer Standing
In a February 23, 2017 summary decision in Ross v. AXA Equitable Life Insurance Company and three companion cases heard in tandem, the United States Court of Appeals for the Second Circuit affirmed the dismissals of putative class…
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
- Feb 02, 2017
- Publications
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
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…
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
- Jan 17, 2017
- Publications
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
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.…
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
- Nov 08, 2016
- Publications
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
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…
New York Court Affirms Dismissal of Madoff Investors’ Claims Against Citco
- Oct 18, 2016
- Client News
New York Court Affirms Dismissal of Madoff Investors’ Claims Against Citco
New York's Appellate Division affirmed the dismissal of all claims brought by a litigation trustee on behalf of two investment funds against Citco Fund Services (Europe) B.V. and Citco (Canada) Inc., which were the administrators …
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…
Wilmington Savings Fund Society Obtains Summary Judgment in Breach of Indenture Action
- Sep 19, 2016
- Client News
Wilmington Savings Fund Society Obtains Summary Judgment in Breach of Indenture Action
The Honorable Jesse M. Furman of the U.S. District Court for the Southern District of New York granted summary judgment to Paul, Weiss client Wilmington Savings Fund Society, FSB, on its claim for breach of contract against…
Pro Bono Client Obtains U.S. Citizenship
- Sep 21, 2016
- Client News
Pro Bono Client Obtains U.S. Citizenship
Paul, Weiss successfully represented a pro bono client from Sierra Leone in her application for United States citizenship. She was naturalized on August 26. The firm initially represented the client in a successful asylum…
Client Alert: Second Circuit Expands the IndyMac Rule
- Jul 22, 2016
- Publications
Client Alert: Second Circuit Expands the IndyMac Rule
In two recent federal securities fraud actions stemming from the 2008 financial crisis, the Second Circuit has affirmed that statutes of repose
Walter Rieman, Audra Soloway and Andrew Ehrlich Co-Author Article on American Pipe Tolling in Law360
- Jun 02, 2016
- Publications
Walter Rieman, Audra Soloway and Andrew Ehrlich Co-Author Article on American Pipe Tolling in Law360
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.
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
- Jun 03, 2016
- Publications
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
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…
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
- May 31, 2016
- Publications
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
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…
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
- May 31, 2016
- Publications
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
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…
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
- May 25, 2016
- Publications
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
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 & …
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 …
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
- Mar 09, 2016
- Publications
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
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…
Client Alert: United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality
- Dec 09, 2015
- Publications
Client Alert: United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality
On December 8, 2015, the Second Circuit overturned the convictions of a securities trader for alleged misrepresentations made to certain RMBS transaction counterparties, some of which were investment vehicles established and…
Client Alert: Supreme Court Declines To Consider Second Circuit’s Landmark Insider Trading Ruling
- Oct 05, 2015
- Publications
Client Alert: Supreme Court Declines To Consider Second Circuit’s Landmark Insider Trading Ruling
Today, the United States Supreme Court declined to hear the petition for a writ of certiorari filed by the United States Department of Justice in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), a landmark…
Client Alert: Southern District of New York Ruling Highlights That Materiality Is a Meaningful Pleading Obstacle in ’33 Act Cases
- Oct 01, 2015
- Publications
Client Alert: Southern District of New York Ruling Highlights That Materiality Is a Meaningful Pleading Obstacle in ’33 Act Cases
Claims brought under the Securities Act of 1933 (the "Act") are typically challenging for defendants to dismiss.
Client Alert: Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs
- Sep 17, 2015
- Publications
Client Alert: Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs
On Thursday, the United States District Court for the Southern District of New York (Swain, J.) issued a decision granting, in part, the defendants' motions to dismiss in a series of individual actions filed by AIG shareholders…
Client Alert: New York Court of Appeals Holds That Claims for Breaches of Representations and Warranties Accrue When RMBS Contracts Are Executed
- Jun 15, 2015
- Publications
Client Alert: New York Court of Appeals Holds That Claims for Breaches of Representations and Warranties Accrue When RMBS Contracts Are Executed
Last Thursday, the New York Court of Appeals issued an important opinion, ACE Securities Corp. v. DB Structured Products, Inc., 2015 WL 3616244 (N.Y. June 11, 2015), explaining when the applicable six-year statute of…
Second Circuit Issues Decision Establishing Comprehensive Framework for Adjudicating Preclusion Issues Under SLUSA
- Apr 28, 2015
- Publications
Second Circuit Issues Decision Establishing Comprehensive Framework for Adjudicating Preclusion Issues Under SLUSA
Last Thursday, the Second Circuit issued an important opinion interpreting the preclusion provisions of the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"). SLUSA bars plaintiffs from bringing class…
Client Alert: California District Court Clarifies the Appropriate Terms of Securities Class Action Bar Orders
- Feb 24, 2015
- Publications
Client Alert: California District Court Clarifies the Appropriate Terms of Securities Class Action Bar Orders
In Rieckborn v. Velti plc, 2015 WL 468329 (N.D. Cal. Feb. 3, 2015) (Orrick, J.), the United States District Court for the Northern District of California clarified the scope of the judgment reduction provision that is found in…
Client Alert: Second Circuit Holds That Omissions Regarding “Known Trends” May Support a Section 10(b) Claim, but Imposes Limitations
- Jan 14, 2015
- Publications
Client Alert: Second Circuit Holds That Omissions Regarding “Known Trends” May Support a Section 10(b) Claim, but Imposes Limitations
In Stratte-McClure v. Morgan Stanley, 2015 WL 136312 (2d Cir. Jan. 12, 2015), the Second Circuit held that omissions from Form 10-Q filings of information described in Item 303 of Regulation S-K - which…
Client Alert: Ninth Circuit Adopts the Heightened Pleading Standard of Rule 9(b) for the Element of Loss Causation in Securities Fraud Actions
- Jan 05, 2015
- Publications
Client Alert: Ninth Circuit Adopts the Heightened Pleading Standard of Rule 9(b) for the Element of Loss Causation in Securities Fraud Actions
In Oregon Public Employees Retirement Fund v. Apollo Group, Inc., No. 12-16624, 2014 WL 7139634 (9th Cir. Dec. 16, 2014), the Ninth Circuit held that Rule 9(b) of the Federal Rules of Civil Procedure, which requires that "[i]n…
MTA Wins Major Second Circuit Victory
- Dec 24, 2014
- Client News
MTA Wins Major Second Circuit Victory
As reported on the front page of the New York Law Journal and in The Wall Street Journal, The Washington Times, the Associated Press and other media outlets, the United States Court of Appeals for …
Client Alert: Third Circuit Holds That Parties to Arbitration Agreements Can Compel Arbitration of Dodd-Frank Whistleblower Claims
- Dec 16, 2014
- Publications
Client Alert: Third Circuit Holds That Parties to Arbitration Agreements Can Compel Arbitration of Dodd-Frank Whistleblower Claims
In Khazin v. TD Ameritrade Holding Corp., the Third Circuit addressed whether parties to a pre-dispute arbitration agreement can compel arbitration of whistleblower claims brought under the Dodd-Frank Wall Street Reform and…
Paul, Weiss Obtains Vacatur of Class Certification Order for Citco
- Jun 19, 2014
- Client News
Paul, Weiss Obtains Vacatur of Class Certification Order for Citco
Paul, Weiss achieved a major victory for our client Citco and several affiliated entities when the Second Circuit vacated an order of the Southern District of New York (Marrero) certifying a class of investors in four funds…