On December 6, 2016, the U.S. Supreme Court issued its long-awaited ruling in Salman v. United States. In a unanimous opinion, the Supreme Court adhered to its 1983 decision in Dirks v. SEC, 463 U.S. 646, and held that a tippee is liable for trading on inside information when the tipper “personally will benefit directly, … Continue Reading
The U.S. Supreme Court recently granted certiorari in Universal Health Services, Inc. v. United States ex rel. Escobar, No. 15-7, to review the “implied certification” theory of liability under the False Claims Act. In recent years, that theory has been applied in a wide variety of circumstances with increased frequency, exposing defendants to substantial damages … Continue Reading
On the second-to-last day of the 2013 summer term, a 5-4 majority of the U.S. Supreme Court struck down a key enforcement provision of the Voting Rights Act (the “Act”) in Shelby County v. Holder, 570 U.S. ___ (2013). Congress enacted the landmark civil rights law in 1965 to remedy discriminatory voting practices that disenfranchised … Continue Reading
This post was also written by Jessica R. Rose. The U.S. Supreme Court last week issued a significant decision subjecting pay-for-delay settlements, a common practice in the pharmaceutical industry, to antitrust review. Also known as reverse payments, these settlements typically involve payments from a brand drug manufacturer to a generic drug manufacturer to settle patent litigation … Continue Reading
This post was also written by Daniel I. Booker and Jeremy D. Feinstein. Class certification under Federal Rule of Civil Procedure 23(b)(3) requires a finding that damages attributable to the theory of liability are measurable on a classwide basis, the Supreme Court decided today in Comcast v. Behrend. Justice Scalia, writing for a five-justice majority, emphasized that … 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
This post was written by Terence Healy. The discovery rule is no more. The Supreme Court today issued its decision in Gabelli v. SEC, 568 U. S. ____ (2013), and held the five-year limitations period under 28 U.S.C. § 2462 runs from the date of the underlying violation, and not from when the government reasonably … Continue Reading
This post was written by Terence Healy. The Supreme Court heard oral argument this morning in a case addressing the time within which the Securities and Exchange Commission (“SEC”) can initiate an action seeking civil penalties for violations of the federal securities laws. In Gabelli v. SEC, the Court considered whether the “catch all” five-year limitations … Continue Reading
