The Legal Intelligencer | Commentary
By Robert L. Hickok and Gay Parks Rainville | December 5, 2017
On Nov. 6, a three-judge panel of the U.S. Court of Appeals for the Second Circuit issued an opinion in Waggoner v. Barclays, No. 16-1912, 2017 U.S. App. LEXIS 22115 (2d Cir. Nov. 6, 2017), that—if allowed to stand—will make it significantly easier for plaintiffs to obtain class certification in actions alleging violations of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Section 78j(b), and Securities and Exchange Commission Rule 10b-5 (10(b) actions) against large, publicly traded companies.
By Ben Hancock | December 4, 2017
In the first enforcement action initiated by its new "Cyber Unit," the SEC on Monday announced it has secured a court order to freeze the assets of individuals behind a "scam" initial coin offering.
By Ben Hancock | December 1, 2017
Cooley has stepped in to help defend embattled blockchain startup Tezos as securities class actions pile up over the company's $232 million initial coin offering.
By Scott Flaherty | December 1, 2017
Former Dewey & LeBoeuf executives Stephen DiCarmine and Joel Sanders may be closing in on a deal to resolve securities claims related to a $150 million bond placement the firm secured before its 2012 collapse.
By Marcia Coyle | November 30, 2017
U.S. securities officials, acting swiftly to conform to the U.S. Justice Department's new position in a pending case in the U.S. Supreme Court, on Thursday moved to foreclose new challenges to the lawfulness of the agency's five administrative law judges. The Justice Department now considers ALJs "officers" rather than mere employees of the agency.
By Anna Zhang | November 29, 2017
Four New York-based firms have accused RYB Education Inc. of making misleading statements to investors and of failing to implement measures at its kindergartens to protect children from abuse.
By Marcia Coyle | November 28, 2017
The U.S. Supreme Court on Tuesday seemed inclined to interpret the Dodd-Frank Act to exclude whistleblower protections for employees who report alleged securities violations only to company management and not to the government.
By Colby Hamilton | November 28, 2017
U.S. District Judge Sidney Stein, applying the U.S. Supreme Court's ANZ Securities ruling, removed a previously named plaintiff, while allowing certification against Citigroup investment decision-makers.
By Tony Mauro | November 28, 2017
The U.S. Supreme Court on Tuesday seemed to agree on one aspect of a 1998 statute aimed at reforming securities litigation: It's all gibberish. An exasperated Justice Samuel Alito Jr. used the word "gibberish" three times during arguments in Cyan v. Beaver County Employees Retirement Fund. The California case asks the high court to interpret the language of the Securities Litigation Uniform Standards Act regarding state jurisdiction over securities class actions.
By Colby Hamilton | November 22, 2017
Rejecting an interpretation by the Appellate Division, First Department, the Court of Appeals found that a local Cayman Islands rule didn't require derivative suits against Cayman-based companies to visit the courts there first.
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