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17 results found

Article

Chadbourne & Parke LLP | USA | 15 Dec 2016

Supreme Court Confirms that Tips to Trading Relatives or Friends Violate Insider Trading Laws

On December 6, 2016, the Supreme Court unanimously held that a corporate insider who tips confidential information to a trading relative or friend

Article

Chadbourne & Parke LLP | USA | 8 Jul 2014

Supreme Court reaffirms basic’s fraud-on-the-market presumption, but holds defendants can challenge price impact of misrepresentations prior to certifying a securities fraud class action

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

Article

Chadbourne & Parke LLP | USA | 23 Jan 2014

State Attorney General suit over alleged foreign exchange fraud proceeds

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

Article

Chadbourne & Parke LLP | USA | 11 Mar 2013

Supreme Court holds proof of materiality not required to certify a securities fraud class action

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

Article

Chadbourne & Parke LLP | USA | 5 Jun 2012

Morgan Stanley awarded $10.2 million in restitution from dishonest employee

Joseph F. Skowron, III was a Morgan Stanley Managing Director.

Article

Chadbourne & Parke LLP | USA | 31 Jan 2012

SEC 2011 roundup

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.

Article

Chadbourne & Parke LLP | USA | 3 Oct 2011

Insurance and banking departments merge in New York; new Department of Financial Services starts operating

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.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Bank that allegedly aided Madoff avoids RICO claim

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”).

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Securities fraud claims arising from Lehman collapse survive dismissal

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.

Article

Chadbourne & Parke LLP | USA | 23 Jun 2011

Supreme Court rejects 10b-5 liability for investment advisor who participated in drafting but did not itself issue allegedly misleading prospectuses

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.

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