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California district court dismisses securities claims against Chinese corporation for failure to plead falsity

Mayer Brown LLP
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USA
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December 21 2011

On November 30, 2011, Judge John A. Kronstadt of the US District Court for the Central District of California dismissed a putative class action brought by shareholders of China Century Dragon Media based on the inconsistencies between revenue and profit figures reported to the US Securities and Exchange Commission (SEC) and the Chinese State Administration for Industry and Commerce (SAIC

Appellate Division, First Department rules J. P. Morgan cannot require its insurers to pay $250 million SEC settlement

Mayer Brown LLP
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USA
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December 21 2011

Settlements with the US Securities and Exchange Commission (SEC) often take the form of a complaint filed contemporaneously with a settlement agreement and administrative order

Rejection of settlement with SEC may affect SEC’s securities fraud settlement policy

Mayer Brown LLP
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USA
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November 30 2011

Earlier this week, a federal district court judge in Manhattan rejected a proposed $285 million settlement between the US Securities Exchange Commission and Citigroup in a mortgage-backed securities matter

Southern District of New York limits application of Morrison in criminal case

Mayer Brown LLP
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USA
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July 26 2011

On March 16, 2011, Judge Paul A. Crotty of the District Court of the Southern District of New York rejected US defendants’ motion to dismiss an indictment based on Morrison, finding that the securities, mail and wire fraud allegations did not require extraterritorial application of US laws because the crimes were ultimately committed in the United States

Southern District of New York dismisses $3 billion Madoff feeder-fund class action

Mayer Brown LLP
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USA
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April 20 2011

On March 30, 2011, Judge Deborah A. Batts of the US District Court for the Southern District of New York dismissed a $3 billion consolidated securities class action against two so-called “feeder funds” that channeled investments into Bernard L. Madoff Securities LLC (BMIS) in a case entitled In Re Kingate Management Ltd. Litigation, 1:09-cv-05386 (S.D.N.Y. Mar. 30, 2011

US District Court for the District of Columbia rules that the presumption against extraterritoriality applies to government RICO claims

Mayer Brown LLP
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USA
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April 19 2011

In November of 2010, we reported that the US Supreme Court's reasoning in Morrison v. National Australia Bank Ltd. regarding extraterritorial jurisdiction has been used in two cases to limit private RICO claims

US Supreme Court rules that statistical significance is not required for data to be material under Rule 10b-5 in Matrixx Initiatives, Inc. v. Siracusano

Mayer Brown LLP
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USA
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March 28 2011

On March 22, 2011, the United States Supreme Court decided the much-anticipated case Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156

US Second Circuit restores securities class action against global asset manager

Mayer Brown LLP
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USA
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March 18 2011

Plaintiffs brought a putative securities class action on behalf of investors who purchased the common units of the Blackstone Group, LP (Blackstone) at the time of its initial public offering (IPO) on June 21, 2007

Regulators scrutinize disclosure of litigation-related costs

Mayer Brown LLP
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USA
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February 18 2011

In the wake of the financial crisis, banks and other financial institutions are facing increased litigation exposure

Federal securities claims dismissed in In re Royal Bank of Scotland based on Morrison

Mayer Brown LLP
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USA
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February 11 2011

On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals

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