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Financial services update October 6 2014 judicial developments

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 6 2014

On October 2nd, the Supreme Court granted certiorari to consider whether a claim that 401(k) plan fiduciaries breached their duty of prudence by

Court lacks jurisdiction to hear market data fee challenges

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • May 6 2013

On April 30th, the D.C. Circuit Court dismissed a petition challenging the non-core market data fees charged by various stock exchanges. The Court

Exceptions to Section 16(b)'s requirement that short-swing profits be disgorged

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 11 2012

On June 4th, the Court of Appeals for the Second Circuit addressed the previously acquired debt and the borderline exceptions to the application of strict liability requirement under Section 16(b) of the 1934 Act that statutory insiders disgorge short-swing profits

Lack of knowledge removes control person liability but imputed knowledge raises Rule 10b-5 liability

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • February 25 2013

On February 22nd, the Third Circuit partially reinstated securities fraud and state law unfair trading practices claims asserted by investors against

Record sentence handed down in Sanders insider dealing case

  • Winston & Strawn LLP
  • -
  • United Kingdom
  • -
  • July 9 2012

On 19 June 2012 Mr. Justice Simon at Southwark Crown Court sentenced James Sanders, a director of the former UK brokerage firm Blue Index, to four years’ imprisonment after pleading guilty to 10 counts of insider dealing

SEC Proposed Rule 21f-13: a hidden whistleblower tax?

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 6 2010

On November 3rd, the Securities and Exchange Commission (the "SEC") published proposed Regulation 21F (the "proposed rules"), establishing a program designed to reward individuals who provide the SEC with information leading to successful enforcement actions

Constitutional challenge of SEC's administrative action proceeds

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • July 18 2011

On July 11, the U.S. District Court for the Southern District of New York allowed Rajat Gupta's complaint against the SEC to proceed, narrowing it to the single issue of whether the SEC's decision to administratively sue him for insider trading violates his equal protection rights

New York State law does not recognize "holder" claims

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 7 2010

On May 27th, a New York Appellate Court considered whether New York state law recognizes a claim for fraudulent inducement to hold, rather than sell, stock

Separate account administrator isn't ERISA fiduciary

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • April 22 2013

On April 16th, the Seventh Circuit affirmed the dismissal of a lawsuit that sought to hold American United Life Insurance Co. ("AUL") liable as an

Stock broker's fiduciary duties

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 13 2011

On June 7th, the Second Circuit addressed the fiduciary duty owed by a stock broker to a customer