Supreme Court Holds That Class Actions Brought Under Securities Act in State Court Are Not Removable
Today, in a unanimous decision, the U.S. Supreme Court held in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund, et al. , No.
Category Archives: Corporate / Securities Law
U.S. Supreme Court Refuses to Expand Definition of…
The United States Supreme Court last week held in Digital Realty Trust, Inc. v. Somers that when a whistleblower reports suspected violations of securities laws internally, but not to the Securities and Exchange Commission , the whistleblower is not entitled to the protections of the Dodd-Frank Act's anti-retaliation provisions.
SCOTUS Slams Door On Attempt To Expand Retaliation Law
Yesterday, in a unanimous decision, the U.S. Supreme Court declined to broaden the definition of "whistleblower" in federal anti-retaliation law, ruling that employees who simply raise complaints with their employers are not protected by the Dodd-Frank Act despite regulations which sought to provide additional protections. This is a positive decision for employers because it significantly limits the type of reports protected by the Act, while decreasing the likelihood that you could face liability for discharging an employee .
Northern District Of California Rejects New Evidence Allegedly…
On February 9, 2018, Judge Charles E. Breyer of the United States District Court for the Northern District of California held that "newly discovered evidence" regarding the basis for an auditor's resignation and the scope of improper expense reimbursements did not justify reconsidering the Court's prior dismissal of claims under Section 10 of the Securities Exchange Act of 1934 for failure to sufficiently allege scienter and loss causation. Rok v.
Congress Sets Sights on Federal Cryptocurrency Rules
Jolted by the global investment craze over bitcoin and other cryptocurrencies, U.S. lawmakers are moving to consider new rules that could impose stricter federal oversight on the emerging asset class, several top lawmakers told Reuters. Bipartisan momentum is growing in the Senate and House of Representatives for action to address the risks posed by virtual currencies to investors and the financial system, they said.
Orrick’s Financial Industry Week In Review
On January 29, 2018, the Commodity Futures Trading Commission , along with the Department of Justice and FBI's Criminal Investigation Division, announced both criminal and civil enforcement actions against three banks and six individuals for commodities fraud. The banks involved in the action include Deutsche Bank, USB and HSBC.
Apple to respond to US probes into slowdown of old iPhones
Apple is cooperating with U.S. government inquiries into its secret slowdown of older iPhones, further complicating its efforts to move past an issue that irked customers whose devices bogged down. The company acknowledged the probes late Tuesday after both The Wall Street Journal and Bloomberg reported the U.S. Justice Department and Securities and Exchange Commission were investigating how investors have been affected by Apple's handling of the situation.
Ladenburg Thalmann Financial Services Inc. Grows Holdings in…
Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of ProShares UltraShort Lehman 20+ Yr by 77.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,358 shares of the exchange traded fund's stock after buying an additional 1,906 shares during the period.
SEC’s New Cyber Unit Moves to Tackle ‘Scam’ Coin Offering
In the first enforcement action initiated by its new "Cyber Unit," the Securities and Exchange Commission on Monday announced it has secured a court order to freeze the assets of individuals behind a "scam" initial coin offering, or ICO. Ben Hancock is a San Francisco-based reporter covering litigation, technology, finance, and the future of law.
Blog: SCOTUS hears oral argument in Somers v. Digital Realty Trust:…
Yesterday, in addition to hearing oral argument regarding state court jurisdiction over '33 Act class actions , SCOTUS also heard oral argument in a second case, Somers v. Digital Realty Trust.
Administration calls for easing rules for financial markets
The Trump administration on Friday recommended ways to loosen the rules governing the U.S. stock, bond and derivatives markets, proposing a rollback of a variety of tougher requirements adopted in the wake of the 2008 financial crisis. The 220-page report, prepared by the Treasury Department, argues that numerous rules enforced by such agencies as the Securities and Exchange Commission and the Commodity Futures Trading Commission need to be changed to promote stronger economic growth.
Turnaround queen Lynn Tilton beats SEC in fraud case
Turnaround queen Lynn Tilton beats SEC in fraud case A Securities and Exchange Commission administrative judge issues initial decision that the charges against Tilton were "unproven." Check out this story on USATODAY.com: https://usat.ly/2yu3Xmq Jay Clayton is a partner at Sullivan & Cromwell in New York City and has represented some big Wall Street names.
Apparent FBI informant in college basketball scandal had previous ties to UNC athletes
Acting U.S. Attorney for the Southern District of New York Joon H. Kim announces charges stemming from an FBI investigation into top NCAA basketball programs that also involved a corrupt scheme with a major sportswear company. Acting U.S. Attorney for the Southern District of New York Joon H. Kim announces charges stemming from an FBI investigation into top NCAA basketball programs that also involved a corrupt scheme with a major sportswear company.
SEC Chairman Says Agency Didn’t Do Enough to Size Up 2016 Hack
The chairman of the Securities and Exchange Commission is expected to say Tuesday that his agency may have mishandled a breach of its system for disclosing market-moving news and promise to intensify how it defends itself against hackers.
CFTC Wants More Firms to Self-Report Wrongdoing
A top U.S. markets regulator unveiled a new enforcement framework that relies more heavily on firms to self-report wrongdoing and gives them new incentives to cooperate with probes. James McDonald, the Commodity Futures Trading Commission's enforcement director, announced the strategy during a speech at New York University on Monday.
Uzbekistan settlement to cost Telia close to $1bn
Swedish operator's CEO says financial penalties are a 'painful reminder' of what happens when a company does not 'do the right thing' Telia has reached a settlement with U.S. and Dutch authorities over its dealings in Uzbekistan that will see it pay a financial penalty approaching US$1 billion.
First South Asian-American magistrate judge appointed to Brooklyn’s federal court
The U.S. District Court for the Eastern District of New York appointed its first South Asian-American magistrate judge - Hon. Sanket Bulsara - Chief Judge Dora Irizarry announced this week.
6 Must-Ask Questions of All Nominees for the Federal Reserve System
This week, the Trump administration's first Federal Reserve nominee, Randal Quarles, is being vetted by the U.S. Congress . Since the Great Recession, the Fed has been one of the most important institutions in helping the economy recover and getting Americans back to work.
CalSTRS Takes Oppose Position on Financial CHOICE Act
CalSTRS expresses concern about H.R. 10 bill provisions that could reduce SEC oversight and remove critically important investor protections WEST SACRAMENTO, Calif. - CalSTRS Chief Executive Officer Jack Ehnes issued the following statement reflecting the Teachers' Retirement Board's decision to oppose H.R. 10 , also known as the Financial CHOICE Act of 2017: "The Financial CHOICE Act is shrouded in rhetoric about fixing the United States economy and lifting the regulatory burden on our financial institutions.
U.S. SEC suspends some in-house court cases over hiring of judges
May 23 The U.S. Securities and Exchange Commission has suspended some of its pending in-house court cases, after a Denver-based federal appeals court found the agency had violated the Constitution in how it hired its administrative law judges. In an order dated May 22, the SEC said it would suspend any cases in which a defendant will have an option to appeal a case before the Tenth Circuit Court of Appeals, which covers the states of Colorado, Kansas, New Mexico, Oklahoma, Utah and Wyoming.