SDNY Grants SEC’s Final Summary Judgment Claim in Securities and Investment...
The US District Court for the Southern District of New York granted the Securities and Exchange Commission summary judgment on its one outstanding securities fraud claim against Alberto Vilar and Gary...
View ArticleDistrict Court Upholds SEC’s Partial Win in Bank Fraud Suit
The US District Court for the Southern District of Florida recently refused to reconsider its earlier decision granting partial summary judgment in favor of the Securities and Exchange Commission in a...
View ArticleUS Court of Appeals for the Eleventh Circuit Upholds Fraud Penalties for...
The US Court of Appeals for the Eleventh Circuit recently upheld a summary judgment decision granted in favor of the US Securities and Exchange Commission against three former GlobeTel Communications...
View ArticleDistrict Court Grants Preliminary Approval of Settlement in Merger Case
The US District Court for the Western District of Pennsylvania recently granted preliminary approval to settle a merger suit in which Michael Baker Corp. (Baker) shareholders alleged that the $397...
View ArticleSEC Obtains Settlement for Violations of Registration Rules and “Layering”
The Securities and Exchange Commission recently announced a settlement with two brokerage firms and certain of their executives for improper compensation-sharing and “layering,” a strategy in which a...
View ArticleForeign Judgment in Criminal Fraud Action Enforceable in New York
A New York Appellate Court held for the first time that a judgment issued by a foreign country’s criminal court awarding monetary compensation to a fraud victim is civil, not penal in nature, and...
View ArticleSEC Alleges Insider Trading by Two Friends in Advance of the Acquisition of...
On April 3, the Securities and Exchange Commission brought a lawsuit against Walter Wagner and Alexander Osborn, alleging that the two friends realized almost $1 million in profits by illegally trading...
View ArticleSEC Brings Lawsuit Against Hedge Fund Manager for Defrauding Investors
On April 4, the Securities and Exchange Commission filed a complaint against Matthew D. Sample, founder of hedge fund Lobo Volatility Fund, LLC, for fraudulently raising approximately $1 million from...
View ArticleSEC Obtains Settlement for Investment Adviser’s Real Estate Investment Fraud
The Securities and Exchange Commission recently announced a settlement with an investment adviser based on alleged fraud in a real estate investment offering. From April to September 2011, Robert C....
View ArticleDelaware Court of Chancery Finds Contract Rate Applies to Post-Judgment Interest
The Delaware Court of Chancery recently held that, in a case alleging breach of a loan agreement for more than $100,000, post-judgment interest accrues at the rate set forth in the agreement and not at...
View ArticleFormer Chief Operating Officer Settles SEC Fraud Claims
The Securities and Exchange Commission recently announced that Peter Jenson, the former chief operating officer of Harbinger Capital Partners LLC, agreed to pay a $200,000 civil penalty to resolve...
View ArticleSmith & Wesson Pays $2 Million to Resolve SEC Charges
On July 28, Smith & Wesson Holding Corporation, one of the largest gun manufacturers in the United States, agreed to pay more than $2 million to settle Securities and Exchange Commission charges...
View ArticleCFTC Settles Prearranged Trades Violation with Foreign Bank
The Commodity Futures Trading Commission recently accepted an offer of settlement submitted by FirstRand Bank, Ltd. in anticipation of an administrative proceeding resulting from FirstRand’s alleged...
View ArticleNinth Circuit Holds That Loan Purchasers Are Victims Under the MVRA
The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim...
View ArticleDistrict Court Dismisses Securities Class Action for Failure to Show Causal...
The US District Court for the Southern District of New York recently dismissed a securities class action against a battery manufacturer, finding that the plaintiffs failed to plead a causal connection...
View ArticleFifth Circuit Holds Multiple Disclosures Establish Loss Causation in...
The US Court of Appeals for the Fifth Circuit recently held that multiple partial “corrective” disclosures collectively may satisfy the requirements of pleading loss causation in a securities fraud...
View ArticleDelaware Chancery Clarifies Discovery Obligations of Domestic Affiliate of...
The Delaware Court of Chancery recently held that, for purposes of responding to a non-party subpoena, documents held by the foreign affiliate of a US corporation were not within the US corporation’s...
View ArticleDelaware Chancery Requires Payment of Merger Consideration to Dissenting...
The Delaware Court of Chancery recently dismissed corporate mismanagement and breach of fiduciary duty claims filed by a dissenting stockholder, but ordered that the surviving corporation in a merger...
View ArticleSouthern District Dismisses Complaints Against China North Director and...
On December 10, a New York district court judge dismissed a securities fraud class action brought by investors in China North East Petroleum Holdings, Ltd. against former director Robert Bruce (and...
View ArticleSEC Urges Third Circuit to Adopts Its Interpretation of Whistleblower...
Last week, the Securities and Exchange Commission submitted an amicus brief in support of an appellant before the US Court of Appeals for the Third Circuit, urging the court to adopt its interpretation...
View ArticleFederal Prosecutors Charge Canadian Trader in “Layering” Scheme
The US Attorney for the District of New Jersey recently filed criminal securities and wire fraud charges against a Canadian man, Aleksandr Milrud, alleging that he engaged in a fraudulent scheme to...
View ArticleTenth Circuit Affirms Dismissal of Securities Class Action for Failing to...
The US Court of Appeals for the Tenth Circuit recently affirmed the dismissal of a class action by investors in Gold Resource Corp. (GRC) alleging that the company and four of its officers violated...
View ArticleGeorgia Complaint Challenges Constitutionality of SEC Administrative Proceedings
A complaint filed in the Northern District of Georgia on February 19 alleges that the Securities and Exchange Commission brings claims in administrative courts that are unconstitutional. The plaintiffs...
View ArticleDelaware Court Grants Petition to Dissolve Joint Ventures
Earlier this month, the Delaware Chancery Court offered further guidance on 8 Del. C. § 273, which establishes a mechanism for the dissolution of a joint venture corporation with two 50 percent...
View ArticleDistrict Court Holds Individual Issues of Fact Predominate in Unjust...
The US District Court for the Eastern District of Pennsylvania recently denied class certification to a proposed class of third-party payors of prescription drugs. The plaintiffs brought a class action...
View ArticleSEC Brings First Action Against Company for Potentially Stifling...
The Securities and Exchange Commission recently charged KBR, Inc., a Delaware corporation specializing in technology and engineering, with a Rule 21F-17(a) violation for using language in employee...
View ArticleDistrict Court Denies Motion to Dismiss Securities Class Action Against Urban...
The US District Court for the Eastern District of Pennsylvania recently denied a motion to dismiss filed by Urban Outfitters, Inc. and its senior executives in a securities fraud class action. The...
View ArticleDistrict Court Dismisses Securities Class Action Against Electronic Arts
The US District Court for the Northern District of California recently dismissed with prejudice a securities fraud class action against Electronic Arts, Inc. (EA) and its officers, holding that the...
View ArticleFourth Circuit Affirms Conviction in Virginia Bank Fraud Case
The US Court of Appeals for the Fourth Circuit recently affirmed convictions for conspiracy to commit bank fraud and other related charges against three former executives of the Bank of the...
View ArticleDistrict Court Dismisses Data Breach Class Action Against GameStop, Inc.
The US District Court for the District of Minnesota recently dismissed a data breach class action against GameStop, Inc. and Sunrise Publications, Inc. (d/b/a Game Informer) for lack of constitutional...
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