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United States Supreme Court decides question of corporate liability under Alien Tort Statute on broader grounds

Sheppard Mullin Richter & Hampton LLP
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USA
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April 25 2013

In Kiobel v. Royal Dutch Petroleum Co., No. 10-1491, 2013 WL 1628935 (U.S. Apr. 17, 2013), the Supreme Court of the United States addressed the

United States Supreme Court holds that class action securities fraud plaintiffs need not prove the materiality of the alleged false statements or omissions to support certification of a class, resolving circuit split

Sheppard Mullin Richter & Hampton LLP
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USA
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March 7 2013

In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, ___ WL ______ (U.S. Feb. 27, 2013), the United States Supreme Court

United States Supreme Court declines to apply the "discovery rule" to extend the five-year statute of limitations for SEC punitive fraud enforcement actions

Sheppard Mullin Richter & Hampton LLP
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USA
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March 6 2013

In Gabelli v. Securities & Exchange Commission, No. 11-1274, 2013 WL 691002 (U.S. Feb. 27, 2013), the United States Supreme Court, in a unanimous

Ninth Circuit holds that allegations a defendant should have used a different statistical methodology during drug trials is not sufficient to allege falsity under Section 10(b) and Rule 10b-5

Sheppard Mullin Richter & Hampton LLP
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USA
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September 25 2012

In In re Rigel Pharmaceuticals, Inc. Securities Litigation, No. 10-17619, 2012 WL 3858112 (9th Cir. Sept. 6, 2012), the United States Court of Appeals for the Ninth Circuit held that disagreements between plaintiffs and defendants over statistical methodology and study design are insufficient to allege a materially false statement for purposes of pleading a securities fraud claim under Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. 78j(b), and Securities & Exchange Commission Rule 10b-5, 17 C.F.R. 240.10b-5, promulgated thereunder

Second Circuit holds that SEC need not prove "proximate cause" for aiders and abettors under Section 20(e) of the Securities Exchange Act of 1934

Sheppard Mullin Richter & Hampton LLP
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USA
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August 15 2012

In SEC v. Apuzzo, 2012 WL 3194303 (2d Cir. Aug. 8, 2012), the United States Court of Appeals for the Second Circuit clarified the standard for finding liability for aiding and abetting under Section 20(e) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. 78t(e

First Circuit upholds dismissal of securities fraud action based upon immateriality of allegedly omitted information

Sheppard Mullin Richter & Hampton LLP
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USA
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July 27 2012

In In re Boston Scientific Corp. Securities Litigation, 2012 WL 2849660 (1st Cir. July 12, 2012), the United States Court of Appeals for the First Circuit affirmed the dismissal of a securities class action lawsuit against Boston Scientific Corporation (the “BSC”

Eleventh Circuit reverses in part securities fraud judgment against clearing broker in an action brought by the SEC

Sheppard Mullin Richter & Hampton LLP
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USA
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June 18 2012

In Securities & Exchange Commission v. Goble, 2012 WL 1918819 (11th Cir. May 29, 2012), the United States Court of Appeals for the Eleventh Circuit held that the recording of a sham transaction in the corporate books did not constitute “securities fraud” in violation of Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. 78j(b), and Securities & Exchange Commission (“SEC”) Rule 10b-5, 17 C.F.R. 240.10b-5, because “a misrepresentation that would only influence an individual’s choice of broker-dealers cannot form the basis for 10(b) securities fraud liability.”

Ninth Circuit latest to permit corporate liability under alien tort statute; Supreme Court to resolve circuit split in 2012

Sheppard Mullin Richter & Hampton LLP
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USA
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November 23 2011

In Sarei v. Rio Tinto, PLC, Nos. 02-56256, 02-56390, 09-56381, 2011 WL 5041927 (9th Cir. Oct. 25, 2011), the United States Court of Appeals for the Ninth Circuit became the latest Circuit to hold that corporations may be held liable under the Alien Tort Statute (“ATS”), 28 U.S.C. 1350

Second Circuit holds that the Private Securities Litigation Reform Act of 1995 bars all RICO claims based upon alleged acts of securities fraud

Sheppard Mullin Richter & Hampton LLP
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USA
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July 21 2011

In MLSMK Investment Co. v. JP Morgan Chase & Co., No. 10-3040-cv, 2011 WL 2640579 (2d Cir. July 7, 2011), the United States Court of Appeals for the Second Circuit affirmed the dismissal of claims brought under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. 1962 and 1964, seeking to hold defendants liable for allegedly conspiring with Bernard L. Madoff to perpetrate his now-infamous Ponzi scheme

New York high court applies the "single-entity exemption" in the Securities Litigation Uniform Standards Act of 1998

Sheppard Mullin Richter & Hampton LLP
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USA
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July 12 2011

In RGH Liquidating Trust v. Deloitte & Touche, LLP, 2011 WL 2471542 (N.Y. June 23, 2011), the New York Court of Appeals held that a liquidating trust established pursuant to a bankruptcy reorganization plan was a single “person” within the meaning of the “single-entity exemption” in the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”

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