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SEC brings three actions involving five former Stanford employees
  • Dorsey & Whitney LLP
  • USA
  • September 3 2012

Robert Allen Stanford, the convicted architect of an $8 billion Ponzi scheme centered around Stanford International Bank or SIB, is serving a 110 year prison sentence.


Capital gains exemption: ECJ judgment in Case C-37011 Commission v Belgium
  • Dorsey & Whitney LLP
  • Belgium, European Union
  • June 29 2012

Under Belgian legislation gains realised by a Belgian resident on redemption of shares of mutual funds where more than 40 of the portfolio is invested in debt and who do not benefit from an authorization granted under Directive 85611 (on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)) that are established in Belgium are not taxable, while capital gains on redemption of shares of such organizations in Norway and Iceland are taxable.


This week in securities litigation (week ending June 22, 2012)
  • Dorsey & Whitney LLP
  • USA
  • June 22 2012

SEC Chairman Mary Schapiro appeared before Congress twice this week to testify.


Another split decision for the SEC
  • Dorsey & Whitney LLP
  • USA
  • February 16 2012

The Commission obtained a partial victory in a late trading and market timing case against Pentagon Capital Management Plc and its Chief Executive Officer, Lewis Chester.


Class action dismissed based on SLUSA
  • Dorsey & Whitney LLP
  • USA
  • September 14 2011

The Sixth Circuit Court of Appeals affirmed the dismissal of a securities class action tied to the market crisis and brought against three mutual funds issued by Morgan Keegan Select Fund, Inc., an open-ended investment company.


Janus and primary liability in an SEC enforcement action
  • Dorsey & Whitney LLP
  • USA
  • August 15 2011

The impact of Janus Capital Group, Inc.


The SEC wins reversal in the Second Circuit
  • Dorsey & Whitney LLP
  • USA
  • August 2 2011

The SEC prevailed in the Second Circuit Court of Appeals, securing the reversal of an order dismissing its claims against the portfolio manager of a mutual fund and the chief operating officer of the fund’s investment adviser.


The practical and legal implications of Janus for non-issuers: limiting primary Rule 10b-5 liability for offering document misstatements to the person with ultimate authority over the statement
  • Dorsey & Whitney LLP
  • USA
  • July 21 2011

The U.S. Supreme Court’s recent decision in Janus Capital Group, Inc. v. First Derivative Traders, 131 S.Ct. 2296 (2011) significantly restricts the scope of potential defendants in private actions based on alleged material misstatements under Rule 10b-5 to those with “ultimate authority” over an alleged material misstatement of fact.


Janus: narrowing the reach of section 10(b)
  • Dorsey & Whitney LLP
  • USA
  • June 14 2011

The Supreme Court drew the line between primary and secondary liability, resolving a debate which has swirled since its 1994 decision in Central Bank v. First Interstate, 511 U.S. 164.


Eighth Circuit decision in Braden v Walmart lowers bar for 401k fee litigation
  • Dorsey & Whitney LLP
  • USA
  • November 30 2009

Last Wednesday, the Eighth Circuit Court of Appeals issued a decision (Braden v. Wal-Mart) that lowers the bar for class action attorneys to bring claims alleging that 401(k) plans charge and improperly disclose excessive fees.