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District court holds insurance representative not subject to fiduciary standard as an investment adviser

Sutherland Asbill & Brennan LLP
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USA
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October 2 2009

The U.S. District Court for the Western District of Oklahoma ruled in Thomas v. Metropolitan Life Insurance Co., No. 5:07-cv-00121 (W.D. Okla. Aug. 31, 2009), that a Metropolitan Life Insurance Co. (MetLife) representative was not subject to the Investment Advisers Act of 1940 (1940 Act) and did not have the fiduciary obligations imposed by advisers under the 1940 Act when selling plaintiffs a proprietary life insurance policy

Fourth Circuit adopts case-by-case analysis of attribution standard for fraud-on-the-market theory

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

In In re Mutual Funds Investment Litigation, No. 07-1607 (4th Cir. May 7, 2009), the Fourth Circuit reversed the lower court’s decision and held that Plaintiffs’ 10(b) primary liability claim and Plaintiffs’ 20(a) control person liability claim were sufficiently pled

SEC and CFTC bring complaints alleging scheme using foreign currencies

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

In CFTC v. Watson, No. 09-1540 (S.D. Tex. May 21, 2009) and SEC v. Watson, No. 09-1541 (S.D. Tex. May 21, 2009), federal regulators brought suit against a Texas A&M Finance Professor, an attorney in Houston and two firms for allegedly defrauding investors by using forged bank records to raise more than $19 million from approximately 65 investors by claiming they would invest through “Alpha One,” a foreign-currency trading software program purportedly owned by their firm, PrivateFX Global One Ltd

Supreme Court to hear PCAOB Case

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

The Supreme Court granted certiorari in the case of Free Enterprise Fund v. PCAOB

Head of two Connecticut-based hedge fund advisers to pay more than $62 million in fraud case

Sutherland Asbill & Brennan LLP
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USA
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June 3 2009

U.S. District Judge Kenneth Marra for the Southern District of Florida found that Michael Lauer, the head of Lancer Management Group and Lancer Management Group II, two Connecticut-based hedge fund advisers, must pay more than $43.6 million and more than $18.9 million in prejudgment interest

Supreme Court hears oral arguments on Jones v. Harris

Sutherland Asbill & Brennan LLP
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USA
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November 6 2009

The U.S. Supreme Court heard arguments in Jones v. Harris Associates L.P

SEC charges promoter and firm with operating Ponzi scheme targeting African-American and Hispanic communities

Sutherland Asbill & Brennan LLP
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USA
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July 6 2009

The SEC filed a complaint in the U.S. District Court for the Central District of California against Horizon Property Holdings, L.C. (Horizon) and its principal, Cydney Sanchez

Motion to stay cannot halt an SEC investigation

Sutherland Asbill & Brennan LLP
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USA
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November 6 2009

The U.S. District Court for the District of Minnesota ruled in Cook v. SEC, No. 09-mc-80, that a person who believes that he may be the target of an investigation by the SEC cannot have the investigation put on hold pending the resolution of a criminal investigation merely by filing a motion for a stay

SEC issues order against investment adviser Regan

Sutherland Asbill & Brennan LLP
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USA
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November 6 2009

The SEC issued an order against Michael C. Regan, an unregistered investment adviser to the River Stream Fund

Suit against hedge funds held not to violate free speech protections

Sutherland Asbill & Brennan LLP
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USA
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November 6 2009

The Massachusetts Superior Court ruled in Bulldog Investors General Partnership v. Galvin, No. 07-1261-BLS2, that an administrative action by Massachusetts’ regulators charging Bulldog Investors, its principal, Philip Goldstein, and their affiliated hedge funds with selling unregistered securities over an Internet Web site did not violate First Amendment free speech protections