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US Court of Appeals for the Second Circuit clarifies standard for “domestic transactions” prong of Morrison

Mayer Brown LLP
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USA
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April 23 2012

In Morrison v. National Australia Bank Ltd., the US Supreme Court sharply restricted the extraterritorial applicability of the antifraud provisions of the securities laws

Second Circuit rejects application of RICO to foreign criminal enterprises

Mayer Brown LLP
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USA
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February 8 2012

The US Supreme Court’s 2010 decision in Morrison v. NAB created a sea change in private securities litigation by sharply limiting the extraterritorial application of the securities laws while employing language suggesting skepticism of extraterritoriality more generally

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

Second Circuit Court of Appeals rules FINRA lacks authority to sue to collect fines

Mayer Brown LLP
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USA
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October 17 2011

On October 5, 2011, the US Court of Appeals for the Second Circuit held in Fiero Brothers v. FINRA, Inc, 09-Civ.-1556; 09-1863 (2d Cir. 2011) that the Financial Industry Regulatory Authority (FINRA) lacks the power to sue to collect the fines it imposes against its members in disciplinary proceedings

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 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

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

California court rules that directors cannot change bylaws to protect themselves after alleged wrongdoing occurs

Mayer Brown LLP
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USA
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February 3 2011

Judge Richard Seeborg of the Northern District of California recently considered the question of whether corporate directors may control the venue for shareholder derivative actions brought against them by adopting a bylawafter the alleged wrongdoingrequiring such cases to be filed in a particular forum

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