Articles

Can SEC Administrative "Findings" Be Used in Subsequent Cases?

By Peter M. Saparoff, Alec J. Zadek, and Stefanie Giuliano Abhar

Entities and individuals should be aware of the risks and potential implications before entering into any agreement with the SEC.

The SEC's Public Focus on Private Equity

By Zesara C. Chan

The SEC has given notice of its expanding enforcement priorities against the private-equity and asset-management industry.

Pitfalls for Broker-Dealers: Selling Novel and Complex Products

By Daniel Nathan and James Day

Alternative investment products such as ARS and CMOs come with inherent risk.

Regulators React to the Rise of Social Media

By Julie H. Firestone and Christine J. Kim

In the financial services industry, the use of social media can create violations of securities regulations.

An Uncertain Future for "Neither Admit Nor Deny" Settlements

By Ghillaine A. Reid

SEC v. Citigroup has changed the landscape on which the SEC has long been accustomed to resolving enforcement actions.

Wal-Mart v. Dukes: Initial Effects on Securities-Fraud Class Certification

By Robert H. Bell and Thomas G. Haskins Jr.

This is a look at three distinct ways in which district and circuit courts have applied the Wal-Mart decision in class-certification decisions in securities-fraud class actions.

What Janus Meant: The Supreme Court's "Ultimate Authority" Test

By Grace A. Carter and Timothy D. Reynolds

The decision sent a powerful signal, holding that the investment adviser to a mutual fund could not be held primarily liable, because the adviser did not have "ultimate authority" over the statements.

Private 10b-5 Lawsuits Against Aiders and Abettors: Janus Back and Forward

By Gary O. Cohen

The reference to the Roman god Janus—who looks both back and forward—is appropriate in considering the impact of the Supreme Court's Janus decision.

Matrixx and Recent Lower Court Decisions

By Edward W. Little Jr. and Kelly A. Gabos

Does Matrixx strike the right balance between adequate disclosure and the “avalanche” of useless corporate information, and does it provide proper guidance to public companies?

Implications of Erica P. John Fund v. Halliburton Co.

By Peter M. Saparoff and Alec J. Zadek

The Supreme Court's decision will have an immediate effect in the Fifth Circuit, where securities-fraud plaintiffs will no longer be required to prove loss causation before obtaining class certification.

The Broad Implications of Blackstone in Securities Fraud Litigation

By Vincent Paul Schmeltz III

The Second Circuit recently handed down a decision that promises to shape the debate in securities fraud litigation for the next several years.

Courts Should Use Caution in Certifying RMBS Suits as Class Actions

By Frances S. Cohen, Krystal N. Bowen, and John D. Pernick

Recent decisions from the SDNY have reached inconsistent conclusions on class certification in suits brought by residential mortgage-backed securities.

Why Courts Should Favor Certification of MBS Actions

By Julie Goldsmith Reiser

The central issue in these cases is whether differing levels of investor sophistication should defeat class certification.

Can an Arbitrator Order Prehearing Discovery from a Nonparty?

By Lisa M. Eddington and Howard S. Suskin

When parties to an arbitration seek judicial enforcement of discovery subpoenas, courts have not always agreed on what the FAA allows.

Is the Tide Turning Against the SEC in Favor of Finders?

By Ernest E. Badway and Daniel A. Schnapp

The SEC's enforcement of broker-dealer registration requirements against finders was thrown into uncertainty in a case arising from the Middle District of Florida.

The SEC's Increasing Focus on Hedge Funds

By Peter M. Saparoff and Breton Leone-Quick

Recent events make it clear that hedge fund managers are about to face an unprecedented increase in the number of SEC investigations and enforcement proceedings.

Potential for Mandatory Settlement Classes in Broker-Dealer Suits

By Daniel F. Wake

A dramatic tactic sheds light on the prospects for a broker-dealer to run the difficult gamut of barring arbitration proceedings to settle a competing class action.

Standing in Mortgage-Backed Securities Class Action Litigation

By Lawrence Zweifach, Jennifer H. Rearden, and Darcy C. Harris

Courts have been asked to apply complex, uniquely structured principles that were developed in litigation involving far less complicated fixed income and equity products.

Lessons from the Galleon Prosecution

By Mark S. Cohen, Jonathan S. Abernethy, and Elizabeth F. Bernhardt

The groundbreaking Galleon prosecution offers a number of lessons for white-collar practitioners, notably regarding wiretapping in insider trading cases.

Jury Awards Damages to Shareholders in First Credit-Crisis Trial

By Matthew L. Mustokoff

The Miami jury found that the defendants misled investors when the bank issued false statements concerning its commercial-real-estate "land loan" portfolio.

Selected FINRA Regulatory Developments and Enforcement Cases

By Anne C. Flannery

This article highlights selected Financial Industry Regulatory Authority (FINRA) regulatory developments and enforcement actions against member firms in 2010.

Statistical Significance and more in Pharmaceutical Class Actions

By Matthew L. Mustokoff

The ruling addresses the materiality of safety research and how disputes about the significance of adverse research results are evaluated through the prism of the PSLRA.

Supreme Court Will Examine Materiality in Pharma Class Action

By William F. Sullivan and D. Scott Carlton

For the first time, Matrixx provides the Supreme Court with the opportunity to address the pleading requirement for alleging materiality of a misstatement or omission.

The Future of F-Squared Securities Class Actions

By Carla R. Walworth, William A. Novomisle, and Mor Wetzler

Recent decisions have struggled with whether “f-squared” claims may proceed, and also what Morrison’s impact is on the extraterritorial application of other U.S. statutes.