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Plaintiff sufficiently pled the existence of a securities contract to survive motion to dismiss

Katten Muchin Rosenman LLP
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USA
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July 30 2010

Plaintiff brought claims for securities fraud under Kentucky’s Blue Sky Laws in the U.S. District Court for the Western District of Kentucky, alleging that defendant convinced plaintiff to invest in International Tractor Co. (ITC), a purported supplier of heavy construction equipment

Expert testimony regarding “bust-out scheme” suppressed

Katten Muchin Rosenman LLP
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USA
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January 8 2010

The U.S. Court of Appeals for the Third Circuit affirmed the district court’s grant of a motion brought by the U.S. Attorney’s Office prior to defendants’ criminal trial to exclude defendants’ expert testimony regarding the existence and elements of a mafia “bust-out scheme.”

Dismissal of securities fraud claim involving Hurricane Katrina losses affirmed

Katten Muchin Rosenman LLP
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USA
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January 15 2010

The U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a securities fraud class action suit brought against defendant PXRE Group, Ltd. (a reinsurance company) and its officers and directors because plaintiffs failed to adequately plead scienter

Second Circuit affirms dismissal in Madoff-related investor action

Katten Muchin Rosenman LLP
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USA
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October 29 2010

The U.S. Court of Appeals for the Second Circuit affirmed the U.S. Bankruptcy Court for the Southern District of New York’s dismissal of a complaint brought by Rosenman Family, LLC, an investor with Bernard L. Madoff Investment Securities LLC (BLMIS), against the trustee of BLMIS’s estate

Shareholder suit dismissed for insufficient scienter allegations

Katten Muchin Rosenman LLP
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USA
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February 25 2011

The U.S. Court of Appeals for the Eleventh Circuit affirmed the dismissal of a consolidated securities fraud action, holding that the complaint's scienter allegations did not meet the required heightened pleading standards

Senators introduce legislation to overturn Central Bank and Stoneridge decisions

Katten Muchin Rosenman LLP
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USA
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August 7 2009

Senators Arlen Specter (D-PA), Edward Kaufman (D-Del.), and Jack Reed (D-RI) proposed new legislation, entitled the Liability for Aiding and Abetting Securities Violation Act of 2009, that would provide a private right of action against third parties who aid and abet securities fraud

Second Circuit addresses “bespeaks caution” doctrine

Katten Muchin Rosenman LLP
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USA
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March 19 2010

On an appeal from the district court’s dismissal of plaintiff’s securities fraud complaint, the U.S. Court of Appeals for the Second Circuit applied the “bespeaks caution” doctrine regarding forward-looking statements with differing results

SEC requires $5.4 million payment in first-ever Deferred Prosecution Agreement

Katten Muchin Rosenman LLP
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USA
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May 20 2011

The Securities and Exchange Commission entered into a Deferred Prosecution Agreement (DPA) with Tenaris S.A. in the SEC's first-ever use of such agreement to facilitate and reward cooperation with the SEC

Absence of "hard numbers" scuttles securities fraud claims

Katten Muchin Rosenman LLP
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USA
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June 17 2011

The U.S. District Court for the Northern District of California dismissed securities fraud claims against a dental device maker based on the plaintiffs' failure to allege sufficient "hard numbers" showing that the defendants knew their public statements were false when made

Indemnification extended to officer's post-employment actions

Katten Muchin Rosenman LLP
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USA
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January 13 2012

The Delaware Chancery Court granted indemnification to an officer who defended claims against him arising from representations he allegedly made before a merger, and for related conduct that occurred after that merger

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