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Results: 1-10 of 206

Bank not liable in Nigerian-style email scam
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • June 1 2010

When a bank sues to recover an overdraft created by a Nigerian-style email scam, which party has the burden of proof on the question of whether, in the context of section 3406 of the Commercial Code, the bank acted negligentlythe bank or the overdraft account holder?


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


Cherry-picking & soft dollars
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • August 14 2014

In a decision issued on August 5, 2014 in an administrative proceeding (the "Decision"), J.S. Oliver Capital Management, L.P. And Ian O. Mausner were


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


Add importers to those facing expanding whistleblower claims under the False Claims Act
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • March 24 2015

On February 12, 2015, the Department of Justice (“DOJ”) announced that three U.S.-based importers had agreed to pay more than $3 million to resolve a


Second Circuit rejects application of "bespeaks caution" doctrine to statement containing both historical and forward-looking elements
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • September 28 2010

In Iowa Public Employees' Retirement System v MF Global, Ltd, No 09-3919, 2010 WL 3547602 (2d Cir Sept 14, 2010), the United States Court of Appeals for the Second Circuit vacated the dismissal of plaintiffs' securities fraud claims and remanded the case to the district court, holding that the district court applied the "bespeaks caution" doctrine erroneously to statements that contained both present and future elements


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


Second Circuit holds that computer hacking for purposes of trading on inside information may be a "deceptive device" under Section 10(b) even in the absence of a breach of any fiduciary duty
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • August 7 2009

In SEC v. Dorozhko, 2009 WL 2169201 (2d Cir. July 22, 2009), the United States Court of Appeals for the Second Circuit held that computer hacking for purposes of obtaining and trading on inside information may be a “deceptive device” under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, even where the hacker owed no fiduciary duty to the issuer


Ninth Circuit allows SEC to proceed against director for insider trading even where director owed no fiduciary duty to company whose stock he traded
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • July 8 2008

In SEC v. Talbot, 2008 WL 2574513 (9th Cir. June 30, 2008), the United States Court of Appeals for the Ninth Circuit held that a board member could be liable for insider trading under the “misappropriation theory” where the board member owed no fiduciary duty to the company whose stock he traded


Delaware Court Affirms Utility of Non-Reliance Clause in Dismissing Fraud Claim
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • February 22 2017

In IAC Search, LLC v. Conversant LLC (fka ValueClick, Inc.), 2016 WL 6995363 (Del. Ch. Nov. 30, 2016), the Delaware Court of Chancery provided a