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Recent FCPA opinions provide insight into the scope of personal jurisdiction over foreign nationals

Alston & Bird LLP
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USA
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March 1 2013

In recent years, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have demonstrated an increased commitment to

Clean Water Act violations result in five-year prison sentence

Alston & Bird LLP
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USA
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December 19 2012

On December 5, 2012, John Tuma, former general manager of Arkla Disposal Services, was sentenced to 60 months in prison, plus a $100,000 fine, by the U.S. District Court for the Western District of Louisiana

Federal appeals court finds Davis-Bacon violations can lead to False Claims Act liability

Alston & Bird LLP
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USA
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October 19 2012

On October 1, 2012, the U.S. Court of Appeals for the Sixth Circuit held in United States ex rel. Brian Wall v. Circle C. Construction, LLC that the submission of false payroll certifications required by the Davis-Bacon Act can form the basis for a False Claims Act (FCA) violation, at least where the proper classification of employees is not at issue

New ruling broadens “whistleblower” definition for Dodd-Frank anti-retaliation claims

Alston & Bird LLP
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USA
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October 3 2012

A U.S. district court judge from the District of Connecticut ruled last week that individuals who make disclosures that are required or protected under the Sarbanes-Oxley Act (SOX) or the Securities Exchange Act of 1934 (SEA) may also qualify as whistleblowers under the Dodd-Frank anti-retaliation provisions, regardless of how those disclosures were made

The Supreme Court to revisit the “fraud-on-the-market” presumption

Alston & Bird LLP
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USA
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June 28 2012

In 1988, in Basic Inc. v. Levinson, the Supreme Court first recognized that investors seeking to pursue claims under Section 10(b) of the Securities Exchange Act of 1934 may invoke in an appropriate case a rebuttable presumption of reliance based on the “fraud-on-the-market” theory

U.S. district court grants BankAtlantic’s post-trial motion for judgment as a matter of law for failure to prove loss causation

Alston & Bird LLP
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USA
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May 6 2011

In another significant federal court decision on the loss causation element of federal securities fraud claims, last week U.S. District Judge Ursula Ungaro (S.D. Florida) overturned a jury verdict for Plaintiffs in the securities fraud class action suit, In re BankAtlantic Bancorp, Inc. Sec. Litig., No. 07-Civ-61542 (UU

District Court dismisses claims against Suntrust in subprime-related securities fraud class action

Alston & Bird LLP
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USA
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September 7 2010

On August 19, 2010, District Court Judge Thomas Thrash of the Northern District of Georgia dismissed a putative class action filed against SunTrust and certain of its officers and directors based on the plaintiff's failure to plead multiple required elements of a securities fraud claim

Greater scrutiny of confidential informants in a securities fraud complaint

Alston & Bird LLP
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USA
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August 2 2010

In a recent decision dismissing a Rule 10b-5 claim brought by investors, Local No. 38 IBEW Pension Fund v. American Express Co., 2010 WL 2834226 (S.D.N.Y. July 19, 2010), the Southern District of New York discussed at some length the role of confidential witnesses and the level of detail required for such witnesses

Supreme Court of the United States analyzes standard for statute of limitations for securities fraud actions

Alston & Bird LLP
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USA
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May 12 2010

The Supreme Court of the United States recently issued a decision regarding application of the statute of limitations for securities fraud actions

Goldman settles "naked shorting" allegations

Alston & Bird LLP
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USA
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May 5 2010

Yesterday, a Goldman, Sachs & Co. subsidiary, Goldman Sachs Execution & Clearing, L.P. (GSEC), settled allegations by NYSE Regulation and the Securities and Exchange Commission that GSEC violated Rule 204T of Regulation SHO by "failing to timely close out fail to deliver positions."

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