Cybersecurity and data breach risk were prominent subjects at the 35th Annual Ray Garrett Corporate and Securities Law Institute held on April 30, 2015 at Northwestern Law School in Chicago. Reed Smith partner Mark Melodia, along with several other panelists, engaged in a lively discussion of effective board oversight of cybersecurity challenges facing their companies … Continue Reading
This post was also written by C. Neil Gray. On June 23, 2014, the Supreme Court of the United States issued its much-anticipated decision in Halliburton Co., et al. v. Erica P. John Fund, Inc., No. 13-317 (2014). The Court vacated and remanded the decision of the United States Court of Appeals for the Fifth … Continue Reading
Supreme Court vacates and remands in Halliburton. United States Supreme Court declines to overturn Basic, but decides that defendants can rebut the presumption of reliance – before class certification – by showing a lack of price impact. Watch this space for a full analysis.… Continue Reading
On May 20, 2014, the Commodities Futures Trading Commission (CFTC) announced an award of $240,000 to an anonymous whistleblower who provided “valuable information” concerning unexplained Commodity Exchange Act violations by an unidentified entity or person. The award was the first issued under the CFTC Whistleblower Program created under the Dodd-Frank Wall Street Reform and Consumer … Continue Reading
The United States Supreme Court yesterday heard oral argument in Halliburton Co. v. Erica P. John Fund, Inc. In that much-watched case, Halliburton asks the Court to overrule the fraud-on-the-market theory of reliance in securities fraud cases established by the Court’s decision in Basic v. Levinson, or, at least, to adopt a modification that would … Continue Reading
In a reversal of course, the Commodities Futures Trading Commission’s Division of Enforcement has confirmed that it will no longer pursue omnibus orders of investigation by means of an “absent objection” procedure, and instead will seek Commission approval before extending such orders. Last month, CFTC Commissioner Scott O’Malia issued a sharply worded objection to the … Continue Reading
This post was also written by Thomas M. Levinson. In its ruling on February 27, in Amgen, Inc. v. Connecticut Retirement Plans & Trust Funds (No. 11-1085), the first of several highly anticipated class action decisions this term, the Supreme Court, in a 6-3 opinion written by Justice Ruth Bader Ginsburg, held that securities fraud … Continue Reading
In a strongly worded decision that will make it easier for private plaintiffs to withstand dismissal of securities fraud claims in certain cases, the Second Circuit vacated and remanded a federal district court’s dismissal of a putative securities fraud class action. In Acticon v. China Ne. Petroleum Holdings Ltd., — F. 3d —, 2012 WL … Continue Reading
This post was also written by Pablo Quinones and Joseph Prater. On March 23, 2012, the United States Securities and Exchange Commission (“SEC”) announced that it had entered into cooperation arrangements with the Cayman Islands Monetary Authority (“CIMA”) and the European Securities and Markets Authority (“ESMA”) in its continuing effort to improve global regulation of transnational … Continue Reading
This post was also written by Leonard E. Hudson. The Department of Justice suffered a “stinging” setback to its widely touted FCPA Africa Sting prosecution late last week when the first of four anticipated trials based upon its most aggressive Foreign Corrupt Practices Act investigation to date ended in a mistrial. The jury deadlocked after … Continue Reading
In a stunning jury verdict following a five-week trial, a California federal jury took just one day to find a privately-held company and two of its senior officers guilty on all counts of violating the Foreign Corrupt Practices Act (“FCPA”). The verdict against Lindsay Manufacturing Company (“Lindsay Manufacturing”), a manufacturer of electrical transmission towers, is … Continue Reading
This post was also written by Simon Hart. On January 13, 2010, the London Evening Standard reported that Prime Minister David Cameron’s office has ordered a review of the new UK Bribery Act as a result of strong concerns expressed by UK business leaders and others about the potential adverse impact the Act might have on … Continue Reading
In January 2010, the Securities and Exchange Commission (“SEC”) announced a new cooperation initiative intended to encourage and incentivize individuals and companies to cooperate with and assist the SEC in its investigations and enforcement actions. That initiative, which was characterized as a “potential game-changer” for the SEC’s Enforcement Division by its new director, Robert Khuzami, … Continue Reading