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Article

Mayer Brown | USA | 21 Dec 2011

California district court dismisses securities claims against Chinese corporation for failure to plead falsity

On November 30, 2011, Judge John A. Kronstadt of the US District Court for the Central District of California dismissed a putative class action brought by shareholders of China Century Dragon Media based on the inconsistencies between revenue and profit figures reported to the US Securities and Exchange Commission (SEC) and the Chinese State Administration for Industry and Commerce (SAIC).

Article

Mayer Brown | USA | 26 Jul 2011

Southern District of New York limits application of Morrison in criminal case

On March 16, 2011, Judge Paul A. Crotty of the District Court of the Southern District of New York rejected US defendants’ motion to dismiss an indictment based on Morrison, finding that the securities, mail and wire fraud allegations did not require extraterritorial application of US laws because the crimes were ultimately committed in the United States.

Article

Mayer Brown | USA | 1 Jul 2011

Infineon Technologies agrees to $6 million settlement in criminal price-fixing case post-Morrison

On June 20, 2011, following seven years of litigation, Infineon Technologies AG reached a $6.2 million settlement with investors in a securities fraud class action based on the company’s admission that it participated in an illegal price-fixing conspiracy.

Article

Mayer Brown | USA | 20 Apr 2011

Southern District of New York dismisses $3 billion Madoff feeder-fund class action

On March 30, 2011, Judge Deborah A. Batts of the US District Court for the Southern District of New York dismissed a $3 billion consolidated securities class action against two so-called “feeder funds” that channeled investments into Bernard L. Madoff Securities LLC (BMIS) in a case entitled In Re Kingate Management Ltd. Litigation, 1:09-cv-05386 (S.D.N.Y. Mar. 30, 2011).

Article

Mayer Brown | USA | 18 Mar 2011

US Second Circuit restores securities class action against global asset manager

Plaintiffs brought a putative securities class action on behalf of investors who purchased the common units of the Blackstone Group, LP (Blackstone) at the time of its initial public offering (IPO) on June 21, 2007.

Article

Mayer Brown | USA | 11 Feb 2011

Federal securities claims dismissed in In re Royal Bank of Scotland based on Morrison

On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals.

Article

Mayer Brown | USA | 25 Jan 2011

Morrison strikes againsecurities claims against porsche based on plaintiffs’ purchase of security-based swap agreements dismissed

The US Supreme Court’s decision in Morrison v. National Australia Bank foreclosing the extraterritorial application of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) has scuttled another fraud complaint.

Article

Mayer Brown | USA | 19 Jan 2011

Southern District of New York requires allegation of scienter in securities claims against Barclays Bank

In early January 2011, Judge Paul A. Crotty of the District Court for the Southern District of New York dismissed with prejudice a federal securities class action against Barclays, several of Barclays’ senior officers and a dozen other investment banks.

Article

Mayer Brown | USA | 18 Jan 2011

First Department rejects Martin Act preemption

The Martin ActNew York's "blue sky" lawprohibits various fraudulent and deceitful practices in the distribution, exchange, sale and purchase of securities.

Article

Mayer Brown | USA | 3 Jan 2011

Auction rate securities (ARS) fraud claim against Merrill Lynch dismissed for failure to allege causation adequately

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.

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