On Wednesday, July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") into law.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") expands the Securities and Exchange Commission's (the "SEC") enforcement authority.
The Supreme Court’s dismissal of the Morrison v. National Australia Bank case will limit securities claims by investors who bought shares in non-U.S. companies on foreign exchanges.
The newly approved financial reform bill contains new measures expanding the SEC's enforcement authority and strengthening its oversight and regulatory authority over the nation's securities markets.
Many people were worried in connection with the U.S. financial reform legislation that is about to become law as the Dodd-Frank Wall Street Reform and Consumer Protection Act that Congress would take the opportunity to overrule two Supreme Court decisions establishing that there is no private right of action for aiding and abetting securities law violations.
On July 15, 2010 Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama is expected to sign into law.
In Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., 552 U.S. 148 (2008), the Supreme Court affirmed what had long been the law namely, that there was no private right of action for aiding and abetting liability under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”).
On April 26, 2010 the Ninth Circuit in Dukes v. Wal-Mart Stores Inc. ruled in a divided 6-5 vote to affirm certification of a class of 500,000 current female employees of Wal-Mart Stores for alleged gender discrimination in their pay and promotion under Title VII of the 1964 Civil Rights Act.
For the first time, Italy has introduced class actions into its civil procedure system; the new law will enter into force on 29 June 2008.