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Bigger SEC enforcement penalties loom

Jorden Burt LLP
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USA
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October 30 2012

Senators Jack Reed and Charles Grassley have introduced a bill to significantly increase the monetary penalties that can be assessed in civil lawsuits and administrative proceedings brought by the SEC

Fund manager fined for favoring one client over another

Jorden Burt LLP
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USA
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August 27 2012

Scottish fund manager Martin Currie was fined $8.3 million by the SEC and $5.6 million by the U.K’s Financial Services Authority for causing a U.S. publicly-traded advisory client, The China Fund, Inc. (China Fund), to make an unfavorable investment in bonds in order to prop-up another advisory client, the Martin Currie China Hedge Fund, a U.S. closed-end fund (Hedge Fund

GAO demurs on private right of action for aiding and abetting

Jorden Burt LLP
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USA
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November 21 2011

The GAO has issued a report, mandated by the Dodd-Frank legislation, analyzing the impact if Congress were to create a private right of action for aiding and abetting securities law violations

New York High Court eyes Martin Act preemption

Jorden Burt LLP
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USA
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August 18 2011

New York’s “blue sky” law, the Martin Act, has been a substantial impediment to certain types of private legal actions involving securities

Louisiana waives its right to arbitrate dispute over auction rate securities due to litigation involvement

Jorden Burt LLP
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USA
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January 20 2011

A federal appeals court affirmed that Louisiana Stadium & Exposition District and the State of Louisiana ("LSED") waived their right to arbitration by expressing the intent to litigate a dispute with Merrill Lynch, Pierce Fenner & Smith Inc

Securities fraud accounting rule class action against reinsurer dismissed

Jorden Burt LLP
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USA
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December 2 2010

A federal district court dismissed a securities fraud class action against Swiss Re brought by a pension fund on behalf of all purchasers of Swiss Re's shares

Supreme Court to clarify “storm warnings” of securities fraud

Jorden Burt LLP
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USA
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December 2 2009

Courts generally apply a two-step analysis in determining when the statute of limitations begins to run on a federal securities fraud claim: (1) were there "storm warnings" sufficient to put a plaintiff on inquiry notice of possible wrongdoing; and (2) if so, did the plaintiff exercise reasonable diligence in attempting to discover information necessary to state a claim