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Results: 1-10 of 43

Plaintiffs seek to revive securities fraud class actions under Second Circuit’s “class standing” doctrine

  • Mayer Brown LLP
  • -
  • USA
  • -
  • February 22 2013

I previously blogged about the Second Circuit's troubling decision in NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co. (pdf), 693 F.3d 145 (2d

Can securities fraud defendants rebut price impact to avoid class certification?

  • Mayer Brown LLP
  • -
  • USA
  • -
  • May 30 2013

In Section 10(b) securities-fraud cases based on affirmative misrepresentations, a class action cannot be certified unless investor reliance is

The Securities and Futures Ordinance - guidelines for dealing with an on-site investigation conducted by the SFC at a company’s premises

  • Mayer Brown LLP
  • -
  • Hong Kong
  • -
  • February 11 2011

The Securities and Futures Ordinance (Cap. 571) (SFO) empowers the Securities and Futures Commission (SFC) to enter business premises of corporates and residential premises of employees (or any subjects of an investigation) to search for documents and information relevant to an investigation, copy or confiscate relevant materials, and conduct questioning of individuals (which may be conducted on the spot or by serving a formal notice on such individuals setting out the date and place of the interview

US SEC proposes rule prohibiting fraud, manipulation and deception in connection with security-based swaps

  • Mayer Brown LLP
  • -
  • USA
  • -
  • November 8 2010

Pursuant to the authority contained in Section 763(g) of the Dodd-Frank Act, the US Securities and Exchange Commission (SEC) in Release 34-63236 has proposed a new Rule 9j-1 under the Securities Exchange Act of 1934, as amended (Exchange Act

Infineon Technologies agrees to $6 million settlement in criminal price-fixing case post-Morrison

  • Mayer Brown LLP
  • -
  • USA
  • -
  • July 1 2011

On June 20, 2011, following seven years of litigation, Infineon Technologies AG reached a $6.2 million settlement with investors in a securities fraud class action based on the company’s admission that it participated in an illegal price-fixing conspiracy

Southern District of New York limits application of Morrison in criminal case

  • Mayer Brown LLP
  • -
  • USA
  • -
  • July 26 2011

On March 16, 2011, Judge Paul A. Crotty of the District Court of the Southern District of New York rejected US defendants’ motion to dismiss an indictment based on Morrison, finding that the securities, mail and wire fraud allegations did not require extraterritorial application of US laws because the crimes were ultimately committed in the United States

Massive whistleblower incentives included in new Wall Street reform law

  • Mayer Brown LLP
  • -
  • USA
  • -
  • July 23 2010

One key provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) is a new bounty provision that will undoubtedly lead to more FCPA, accounting fraud, and trading investigations

Fraud and forbearance: state courts divided on whether to recognize claims by securities holders

  • Mayer Brown LLP
  • -
  • USA
  • -
  • June 14 2010

Two recent state appellate court cases demonstrate the division in the law regarding whether holders of securities can maintain a cause of action related to alleged fraud and negligent misrepresentation

US Supreme Court releases opinion in Merck & Co. v. Reynolds

  • Mayer Brown LLP
  • -
  • USA
  • -
  • April 28 2010

The Securities Exchange Act of 1934 provides that private actions alleging securities fraud are timely if they are filed within "2 years after the discovery of the facts constituting the violation" and within "5 years after such violation."

Claims against accounting firms implications of Merck & Co. v. Reynolds

  • Mayer Brown LLP
  • -
  • USA
  • -
  • April 30 2010

On April 27, 2010, the US Supreme Court issued a decision that effectively tolled the statute of limitations applicable to securities fraud litigation until plaintiffs discover or reasonably should have discovered sufficient evidence of scienter to plead a fraud claim in conformity with the Private Securities Litigation Reform Act (PSLRA), i.e., fraudulent intent