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Allegations of corporate “hijacking” state fraud claim against corporate attorney

Katten Muchin Rosenman LLP
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USA
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June 25 2010

The U.S. District Court for the Southern District of New York recently denied defendant Nicolette Loisel’s motion to dismiss a Securities and Exchange Commission complaint against her and four co-defendants, which alleged, among other things, violations of Section 10(b) of the Securities Exchange Act and Rule 10(b)(5), promulgated thereunder

Civil RICO complaint based on alleged diamond scheme dismissed

Katten Muchin Rosenman LLP
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India, USA
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November 5 2010

The U.S. District Court for the Southern District of Florida dismissed a civil Racketeer Influenced and Corrupt Organizations Act complaint based on a series of investments made with a group of India-based companies

Scienter inadequately pled under the standard set forth in the PSLRA

Katten Muchin Rosenman LLP
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USA
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October 8 2010

The U.S. District Court for the Southern District of Indiana dismissed plaintiff’s securities fraud action against a nationwide health care benefits provider, and its officers and directors, in which plaintiff alleged that defendants artificially inflated the price of the stock by making certain false and misleading statements

Unwitting beneficiaries of Ponzi scheme cannot discharge debt under Chapter 7

Katten Muchin Rosenman LLP
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USA
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February 26 2010

Beneficiaries of a Ponzi scheme who were subsequently found liable to cheated investors under state securities laws could not discharge this liability under Chapter 7 of the Bankruptcy Code, the U.S. District Court for the Western District of Oklahoma ruled

Group pleading improper in CFTC enforcement action

Katten Muchin Rosenman LLP
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USA
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March 12 2010

The Commodity Futures Trading Commission brought an enforcement action against several investment firms and affiliated individuals for the fraudulent operation of a foreign currency trading firm

Misrepresentation of Lehman guaranty supports securities claim

Katten Muchin Rosenman LLP
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USA
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August 13 2010

An investment company's representation that certain energy bonds were backed by the State of Georgia - when they were in fact guarantied by Lehman Brothers Holdings, Inc. - could subject the firm to liability for securities fraud

District court grants defendants’ motion to dismiss securities fraud claim

Katten Muchin Rosenman LLP
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USA
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January 7 2011

A district court granted defendants' motion to dismiss plaintiffs' claim for securities fraud on the ground that the complaint failed to plead fraud with particularity, as required by the Private Securities Litigation Reform Act of 1995 (PSLRA

Former LLC's senior trader can pursue federal securities claim

Katten Muchin Rosenman LLP
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USA
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July 16 2010

A former senior employee and member of a limited liability company can pursue his securities fraud claim against the firm and its managing member because his passive investment in the company supported a claim under Section 10(b) of the Securities Exchange Act of 1934

Plaintiffs fail to allege facts of purposeful deceit

Katten Muchin Rosenman LLP
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USA
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September 10 2010

Allegations that the directors of a technology company inflated the firm's business prospects and understated its potential liabilities will not support a claim for securities fraud because the plaintiffs did not sufficiently allege that the directors knew these projections were false when made

Directors subject to personal liability for alleged securities fraud

Katten Muchin Rosenman LLP
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USA
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September 10 2010

The principals of a pharmaceutical company could be held personally liable for securities fraud based on allegations that the defendants misled investors and used the firm as an alter ego for their own interests