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What is a “Personal Benefit” for Insider Trading Tippee Liability?
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • March 9 2016

On February 29, 2016, in Securities and Exchange Commission v. Payton et al, a jury found two stockbrokers liable for trading on confidential tips


Siemens whistleblower complaint underscores need for "top-down" anti-corruption compliance
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • 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


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
  • USA
  • 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


Second Circuit affirms conviction for unlicensed money transmitting based on Chilean company's use of U.S. bank accounts
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • October 6 2010

On September 22, 2010, the Court of Appeals for the Second Circuit affirmed the conviction and 42-month sentence of Mauricio Alfonso Mazza-Alaluf ("Mazza-Alaluf"), a Chilean national, for conspiring to operate and actually operating an unlicensed money transmitting business based upon his company's use of bank accounts in the United States


Reversal of decision in Bayou Group bankruptcy offers little guidance for the institutional investor wishing to redeem from a fraudulent ponzi scheme
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • October 26 2010

In a partial reversal of a decision from Bayou Group LLC's bankruptcy case, the US District Court for the Southern District of New York reconsidered a controversial ruling that sent shivers down the spines of institutional investors in 2008


Eleventh Circuit Holds That a Corporation Is Not Distinct From Its Agents For Purposes of a RICO Enterprise, Following Sister Circuits
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • September 16 2016

In Ray v. Spirit Airlines, Inc., No. 15-13792, 2016 WL 4578347 (11th Cir. Sept. 2, 2016), the United States Court of Appeals for the Eleventh Circuit


Supreme Court Holds That “Actual Fraud” Under Section 523(a)(2)(A) of the Bankruptcy Code May Include Fraudulent Transfers That Occur Without False Representations
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • June 20 2016

On May 16, 2016, the United States Supreme Court in Husky International Electronics v. Ritz held that the phrase “actual fraud” under section


SEC Co-Chief of Division of Enforcement’s Asset Management Unit identifies 2015 exam priorities for hedge and private equity funds
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • January 27 2015

On November 18, 2014, Julie M. Riewe, Co-Chief of the Division of Enforcement's Asset Management Unit of the Securities and Exchange Commission (the


First Circuit reaffirms FCA’s “first-to-file” bar as a broad jurisdictional limit
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • January 22 2015

In early December 2014, the United States Court of Appeals for the First Circuit reaffirmed that circuit's broad interpretation of the False Claims


Second Circuit notes split with Ninth Circuit over whether failure to make adequate disclosures under item 303 of Regulation S-K may serve as basis for a Section 10(b) claim
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • January 26 2015

In Stratte-McClure v. Morgan Stanley, No. 13-0627-cv, 2015 WL 136213 (2d Cir. Jan. 12, 2015), the United States Court of Appeals for the Second