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Results: 1-10 of 126

Eleventh Circuit is first US appeals court to define “instrumentality” of a foreign government under the Foreign Corrupt Practices Act
  • Mayer Brown LLP
  • USA
  • May 19 2014

The US Court of Appeals for the Eleventh Circuit has provided useful guidance on the meaning of the term "instrumentality" as used in the Foreign


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


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


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


Vietnam issues anti-money laundering circular
  • Mayer Brown LLP
  • Vietnam
  • January 25 2011

On 24 September 2010, the Ministry of Finance (MOF) issued Circular No. 1482010TT-BTC providing guidance on the implementation of anti-money laundering measures in the sectors of insurance, securities and prize-winning games (Circular 148


Rejection of settlement with SEC may affect SEC’s securities fraud settlement policy
  • Mayer Brown LLP
  • USA
  • November 30 2011

Earlier this week, a federal district court judge in Manhattan rejected a proposed $285 million settlement between the US Securities Exchange Commission and Citigroup in a mortgage-backed securities matter


California district court dismisses securities claims against Chinese corporation for failure to plead falsity
  • Mayer Brown LLP
  • USA
  • December 21 2011

On November 30, 2011, Judge John A. Kronstadt of the US District Court for the Central District of California dismissed a putative class action brought by shareholders of China Century Dragon Media based on the inconsistencies between revenue and profit figures reported to the US Securities and Exchange Commission (SEC) and the Chinese State Administration for Industry and Commerce (SAIC


Second Circuit rejects application of RICO to foreign criminal enterprises
  • Mayer Brown LLP
  • USA
  • February 8 2012

The US Supreme Court’s 2010 decision in Morrison v. NAB created a sea change in private securities litigation by sharply limiting the extraterritorial application of the securities laws while employing language suggesting skepticism of extraterritoriality more generally