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Do your diligence - commercial division finds that sophisticated parties may not justifiably rely on alleged misrepresentations when information is readily accessible
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- October 16 2012
In Karfunkel v. Sassower, No. 6022442009 (N.Y. Sup. Ct. Sept. 12, 2012), Judge Peter O. Sherwood granted a motion for summary judgment dismissing plaintiff’s claim of civil fraud for lack of both scienter and justifiable reliance, holding that sophisticated parties may not justifiably rely on alleged fraudulent misrepresentations when accurate information is readily accessible
Be careful what you warrant and represent in your deal documents; you may be liable to a sophisticated party for fraudulent inducement even when that party fails to conduct due diligence or was on notice of potential problems
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- September 8 2010
In MBIA Insurance Corporation v Credit Suisse Securities (USA) LLC, DLJ Mortgage Capital, Inc, and Select Portfolio Servicing, Inc, Index No 6037512009 (Sup Ct, NY County, Aug 9, 2010), Justice Shirley Werner Kornreich denied, in large part, the defendants' motion to dismiss fraudulent inducement and breach of contract claims based on certain representations and warranties provided to the plaintiff in the parties' deal documents
Siemens whistleblower complaint underscores need for "top-down" anti-corruption compliance
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- January 28 2013
In 2008, Siemens AG paid $800 million to settle charges that it had violated the Foreign Corrupt Practices Act, which generally prohibits bribery of
Ninth Circuit reaffirms particularity requirement in securities fraud actions for pleading scienter
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- February 3 2009
In Zucco Partners, LLC v. Digimarc Corp., 2009 WL 57081 (9th Cir. Jan. 12, 2009), the United States Court of Appeals for the Ninth Circuit reaffirmed that when pleading a claim for securities fraud under the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), plaintiffs are bound by prior Ninth Circuit authority that requires them to plead particularized facts giving rise to a strong inference that defendants knew, or were deliberately reckless in not knowing, that their statements were false when made
Line in the sand: Siemens Argentina case limits personal jurisdiction under the FCPA
- Sheppard Mullin Richter & Hampton LLP
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- Argentina, USA
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- March 8 2013
A New York federal district court judge has dismissed a Foreign Corrupt Practices Act ("FCPA") claim against a former executive of Siemens, S.A
Eleventh Circuit affirms dismissal of options backdating securities fraud class action for failure to meet Reform Act's heightened pleading standards
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- February 12 2010
In Edward J. Goodman Life Income Trust v. Jabil Circuit, Inc., No. 09-10954, 2010 WL 154519 (11th Cir. Jan. 19, 2010), the United States Court of Appeals for the Eleventh Circuit affirmed the dismissal of securities fraud and insider trading claims arising out of options backdating
New York's high court rejects attempts to expand liability of outside professional service providers for failing to detect corporate fraud
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- October 27 2010
In Kirschner v. KPMG LLP, 2010 NY Slip Op. 07415, 2010 WL 4116609 (N.Y. Oct. 21, 2010), a majority of the New York Court of Appeals declined to expand liability of outside professional service providers who allegedly failed to detect or stop corporate wrongdoing
Extradited foreign executive jailed for obstructing DOJ antitrust investigation
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- December 28 2010
On March 23, 2010, for the first time in the history of the Antitrust Division of the United States Department of Justice (DOJ), a foreign defendant, Mr. Ian Norris, a U.K. citizen and the retired CEO of the Morgan Crucible Company plc, was extradited from the United Kingdom to the United States to face charges that he obstructed DOJ's criminal investigation of a cartel among carbon manufacturers
Aggressive FCPA enforcement persists: increased activity, along with recent legal developments, mandate that companies remain vigilant
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- February 2 2012
Enforcement of the U.S. Foreign Corrupt Practices Act continues to increase dramatically
FCPA and anti-corruption enforcement update: April - September 2012
- Sheppard Mullin Richter & Hampton LLP
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- USA
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- October 24 2012
We regularly report on Foreign Corrupt Practices Act ("FCPA") developments and have furnished subscribers with a primer on the FCPA
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