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New York AG lacks standing to object to proposed settlement in AIG Securities Litigation

  • Jorden Burt LLP
  • -
  • USA
  • -
  • March 28 2013

In a case that has been litigated since 2004, and on which we have frequently reported, the New York Attorney General ("NYAG") has attempted to block

Variable annuity holder granted standing to sue for excessive underlying mutual fund fees

  • Jorden Burt LLP
  • -
  • USA
  • -
  • October 30 2012

The United States District Court in New Jersey recently issued an unpublished ruling that a variable annuity holder had standing to sue for allegedly excessive management fees paid by an underlying mutual fund

Applying Janus one year later

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 27 2012

Two principal questions have emerged as courts have endeavored to apply the U.S. Supreme Court’s decision a year ago in Janus Capital Group, Inc. v. First Derivative Traders, which held that primary liability based on Rule 10b-5 under the Securities Exchange Act is limited to those with ultimate authority over alleged misstatements

Who is a supervisor after the urban case?

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 27 2012

A recent SEC case involving Theodore W. Urban underscores how difficult it can be to determine whether legal and compliance officers are also “supervisors” of business line-level employees

Second Circuit reverses denial of settlement class certification in AIGGen Re finite reinsurance securities litigation

  • Jorden Burt LLP
  • -
  • USA
  • -
  • August 22 2012

In a case we have reported on previously, AIG purported to settle class action securities law claims arising from alleged finite reinsurance transactions between it and Gen Re

Prosecutors to dismiss indictment against Gen Re and AIG executives

  • Jorden Burt LLP
  • -
  • USA
  • -
  • July 2 2012

On August 2, 2011, we reported on a decision by the United States Court of Appeals for the Second Circuit to vacate the criminal convictions of Gen Re and AIG executives stemming from an allegedly fraudulent finite reinsurance transaction designed to improve AIG’s financial statements

Shareholders say misuse of DMF caused MetLife “stock drop”

  • Jorden Burt LLP
  • -
  • USA
  • -
  • June 4 2012

MetLife and certain of its officers and directors have been sued three times by shareholders regarding the company’s alleged failure to use the Social Security Administration’s Death Master File to identify deceased policyholders in order to make payments to beneficiaries or to the state under applicable escheatment laws

Ruling on Martin Act preemption portends sea-change

  • Jorden Burt LLP
  • -
  • USA
  • -
  • March 20 2012

The New York Court of Appeals has held in Assured Guaranty (UK) Ltd. v. J.P. Morgan Investment Management that the Martin Act, New York’s “blue sky” law, does not preempt private commonlaw claims relating to securities transactions

Are fund advisers out of the woods after Janus?

  • Jorden Burt LLP
  • -
  • USA
  • -
  • March 20 2012

In the U.S. Supreme Court’s recent decision, Janus Capital Group, Inc. v. First Derivative Traders, the Court observed that a fund is a legally separate entity with a board of directors exercising ultimate control over the prospectus; therefore, the fund not the adviser preparing the prospectus makes the statement in the fund’s prospectus for purposes of Rule 10b-5(b) liability

SEC enforcement evolves

  • Jorden Burt LLP
  • -
  • USA
  • -
  • March 20 2012

Federal judges seem to have grown less willing to uncritically approve SEC settlements on terms that have been common in the past