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Second Circuit Says Injured Investors Lack Standing to Challenge Release of...
The US Court of Appeals for the Second Circuit recently held that injured investors, who had already recovered some of their losses due to certain specialist firms’ “manipulative tactics,” lacked...
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Third Circuit Finds Delaware Chancery’s Arbitration Program Unconstitutional
A three-judge panel of the US Court of Appeals for the Third Circuit recently affirmed an injunction against the Delaware Court of Chancery’s arbitration program, finding that the confidential...
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Delaware Chancery Analyzes Scienter Requirement in Insider Trading Claim
In a derivative action alleging insider trading, the Delaware Court of Chancery recently held that demand was excused as futile where the stockholder plaintiff alleged that a majority of the...
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Eleventh Circuit Upholds Directors’ Affirmative Defenses Based On FDIC’s...
The US Court of Appeals for the Eleventh Circuit recently issued the first appellate decision holding that, in actions brought by the Federal Deposit Insurance Corporation (FDIC), the officers and...
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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...
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Foreign 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...
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SEC 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....
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District 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...
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District 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 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...
View ArticleSDNY 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...
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