Tag: Appellate

SEC Climate Rule Suits Head to Eighth Circuit After Lottery 

Litigation over whether the SEC can require public companies to disclose their greenhouse gas emissions and other climate-related information to investors will be consolidated and reviewed by the conservative-leaning Eighth Circuit, as the result of a lottery drawing Thursday. The Judicial Panel on Multidistrict Litigation lottery selected the US Court of Appeals for the Eighth Circuit as the venue for…

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US appeals court temporarily pauses SEC climate disclosure rules | Reuters

A U.S. appeals court on Friday temporarily paused new rules issued by the Securities and Exchange Commission (SEC) requiring public companies to report climate-related risks. The New Orleans-based 5th U.S. Circuit Court of Appeals granted a request from Liberty Energy Inc. and Nomad Proppant Services LLC to put the rules on hold while it considers the oilfield companies’ lawsuit challenging…

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Ex-Apollo Partner Gets SEC Fraud Judgment Thrown Out on Appeal – Bloomberg

Mohammed Ali Rashid was found liable in 2020 of submitting $290,000 in fraudulent expenses to Apollo funds, getting them to pay for items including trips to Brazil and Hawaii, salon hair cuts, spa treatments and dinners at high-end Manhattan restaurants. The federal appeals court in Manhattan on Wednesday said he clearly committed fraud but overturned the earlier ruling, saying that…

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US court upholds Nasdaq board diversity rule | Reuters

A U.S. appeals court upheld Nasdaq’s board diversity rule on Wednesday, requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not. In a lengthy opinion, the New Orleans-based 5th U.S. Circuit Court of Appeals rejected lawsuits seeking to block the rule by the National Center for Public Policy Research…

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Risk of Widespread Bitcoin Investing at Heart of Grayscale-SEC Legal Fight – Bloomberg

Grayscale wants to convert its $14 billion Bitcoin Trust, the largest investment vehicle tied to the No. 1 cryptocurrency, into an exchange-traded fund. But the Securities and Exchange Commission rejected the plan in June, saying cryptocurrency markets are too ripe for fraud and manipulation. Grayscale sued, asking a federal appeals court to overturn a decision the company called arbitrary. The…

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SEC Insider Trading Trial Loss Over Gartner Deal Overturned

The SEC convinced an appeals court that jurors should’ve had a chance to decide whether a Virginia mortgage broker traded on inside information regarding a Gartner acquisition, unwinding a rare agency loss in an insider trading case. Based on evidence the Securities and Exchange Commission presented during a 2021 trial, jurors could have reasonably concluded that Christopher Clark traded on…

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The SEC’s Other ‘Hotel California’ Docket | LinkedIn

In a recent column I called the SEC out for its appalling dereliction of duty in refusing to decide administrative appeals from enforcement sanctions imposed by the agency’s administrative law judges (ALJs)…. *** In my research for that column, I largely ignored the SEC’s parallel appellate docket: Appeals from enforcement sanctions imposed by the so-called self-regulatory organizations (“SROs”), primarily the Financial…

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