On Nov. 23, the New York Court of Appeals held in a 6-1 ruling that an investment firm’s $140 million disgorgement payment to the Securities and Exchange Commission (SEC) was not a “penalt[y] imposed by law” under the firm’s...more
On May 7, 2020, the Supreme Court unanimously overturned the convictions of two public officials charged in the “Bridgegate” political corruption scandal. ...more
5/13/2020
/ Appeals ,
Bridgegate ,
Criminal Convictions ,
Federal-Program Fraud ,
Governor Christie ,
Intent to Obtain Money or Property ,
Kelly v United States ,
Political Scandals ,
Public Officials ,
Reversal ,
SCOTUS ,
Wire Fraud
On June 27, the Supreme Court granted certiorari in Cyan Inc. et al. v. Beaver County Employees Retirement Fund et al., agreeing to weigh in on whether state courts have jurisdiction to hear class action lawsuits brought...more
7/6/2017
/ Class Action ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Jurisdiction ,
PSLRA ,
Removal ,
SCOTUS ,
Securities Act ,
Securities Act of 1933 ,
Securities Litigation ,
SLUSA ,
Split of Authority ,
Statutory Interpretation
On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more
6/30/2017
/ CalPERS v ANZ Securities ,
Class Action ,
Equitable Tolling ,
Opt-Outs ,
Pension Funds ,
Public Offerings ,
SCOTUS ,
Section 11 ,
Section 13 ,
Securities Act ,
Securities Act of 1933 ,
Securities Fraud ,
Securities Litigation ,
Statute of Limitations ,
Statute of Repose ,
Underwriting
In a pair of decisions issued on June 5, the Supreme Court sharply curtailed the scope of financial sanctions available in civil securities enforcement and criminal drug trafficking cases. In addition to the results, which...more
6/9/2017
/ Disgorgement ,
Enforcement Actions ,
Financial Services Industry ,
Forfeiture ,
Forfeiture Statutes ,
Honeycutt v. United States ,
Investment Management ,
Joint and Several Liability ,
Kokesh v SEC ,
Misappropriation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Statute of Limitations ,
White Collar Crimes