On December 6, 2016, the United States Supreme Court decided Salman v. United States, the first significant insider trading case in
In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs' failure to adequately plead that alleged misstatements and manipulative conduct proximately caused plaintiffs' losses.
On September 29, 2010, in the Computer Associates International Derivative Litigation, Judge Thomas C. Platt of the U.S. District Court for the Eastern District of New York granted a motion to dismiss derivative claims asserted against Ernst & Young LLP ("E&Y") and KPMG LLP ("KMPG"), the former and current auditors of Computer Associates ("CA").
A two-judge panel of the U.S. Court of Appeals for the Second Circuit (the “Court”) on February 16, 2010 vacated the dismissal of a putative class action securities fraud claim brought by shareholders of the Smith Barney family of funds (the “Funds”) under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and remanded the case to the district court.
Two recent Federal appeals court decisions one issued by the Fifth, the other by the Second Circuit illustrate the dangers of careless drafting of bankruptcy and reorganization plans.