On December 6, 2016, the Supreme Court unanimously held that a corporate insider who tips confidential information to a trading relative or friend
On June 23, 2014, the Supreme Court held that defendants in a Rule 10b-5 securities fraud suit can defeat Basic Inc. v. Levinson's
A New York trial court recently denied a motion to dismiss a lawsuit brought by the Attorney General of the State of New York against Bank of New
On February 27, 2013, the Supreme Court held plaintiffs in a Rule 10b-5 securities fraud class action for damages need not prove materiality to
Joseph F. Skowron, III was a Morgan Stanley Managing Director.
During 2011, the Securities and Exchange Commission stepped up its enforcement efforts on insider trading and Foreign Corrupt Practices Act violations and brought charges against a number of high-profile individuals and corporations.
As of today, the New York Insurance Department and New York Banking Department have ceased operating as separate agencies, and a new Department of Financial Services ("DFS") has begun to function which will regulate both banking and insurance in New York.
Addressing an issue of first impression in the Second Circuit, the court in MLSMK Investment Company v. JP Morgan Chase & Co., 2011 WL 2640579 (2d Cir. 2011), recently held that the plaintiff was barred by Section 107 of the Private Securities Litigation Reform Act (the “PSLRA”), 18 U.S.C. 1964(c), from asserting a civil Racketeering Influenced and Corrupt Organizations Act (“RICO”) claim against a bank that allegedly aided the Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”).
Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York recently granted in part and denied in part a motion to dismiss federal securities law claims brought on behalf of a putative class of purchasers of securities issued by Lehman Brothers Holdings Inc. (“Lehman”) prior to its September 2008 collapse.
A sharply divided U.S. Supreme Court held that an investment advisor is not liable for securities fraud under SEC Rule 10b-5 for allegedly misleading statements contained in prospectuses issued by mutual funds that were managed and administered by the advisor.