Subscribe
‘Enforcement 40’ for 2020
Our Sponsors
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedInOrder of Dismissal: SEC v. Clark
Hot off the presses and under the radar: E.D.Va. Judge Claude M. Hilton yesterday ordered a rare (perhaps unprecedented) directed verdict against the SEC in favor of an insider trading tippee defendant. (The tippee, though he never traded or profited, settled with the SEC a month before trial, neither admitting nor denying wrongdoing.) Yes, you […]
Ex-SAC Trader Lee Wins Insider-Case Dismissal After Plea (2)
A former trader at SAC Capital Advisors LP who admitted to making illegal insider trades, cooperated with the government, and later sought to withdraw his guilty plea has prevailed in his years-long fight to clear his name. Federal prosecutors on Thursday dismissed their case against Richard S. Lee, who was the center of a prosecution […]
SEC drops Onyx insider trading lawsuit against Dubai men | Reuters
Without explanation, the SEC asked U.S. District Judge Paul Oetken in Manhattan to dismiss its case against Dhia Jafar and Omar Nabulsi without prejudice, and lift a $2.55 million asset freeze on two accounts they held at Citigroup, according to a Tuesday court filing. via SEC drops Onyx insider trading lawsuit against Dubai men | […]
U.S. court faults SEC trial strategy against broker, tosses verdict | Reuters
Faulting the U.S. Securities and Exchange Commission’s trial strategy, a federal appeals court on Monday overturned a jury’s finding that a former Prudential Securities broker committed civil fraud by rapidly trading mutual funds. The 2nd U.S. Circuit Court of Appeals in Manhattan said the evidence did not support a December 2011 negligence verdict against Frederick […]
Judge recommends dismissal of US suit against BofA — Reuters
A U.S. magistrate judge recommended dismissal of a lawsuit against over $850 million in mortgage debt, according to a court filing. A federal judge has recommended dismissal of a U.S. government lawsuit accusing Bank of America of defrauding investors into buying about $855 million of mortgage securities that soured during the global financial crisis. via […]
Zynga wins dismissal of fraud lawsuit linked to IPO — Reuters
U.S. District Judge Jeffrey White in San Francisco said that despite their “excessively long and prolix” 110-page complaint, the shareholders failed to include “relevant, basic factual details” to support their claims against Zynga, company officials including founder Mark Pincus, and underwriters led by Morgan Stanley and Goldman Sachs & Co. via Zynga wins dismissal of […]
UBS ruled not liable to U.S. shareholders for rogue trader — Reuters
U.S. securities laws have their limits and do not justify making UBS AG liable to shareholders for touting its ability to control risk even as it harbored a rogue trader who caused $2.3 billion of losses, a federal judge ruled on Friday. via UBS ruled not liable to U.S. shareholders for rogue trader — Reuters
U.S. judge throws out SEC lawsuit over ‘suspicious’ Onyx trading — Reuters
Two traders have won the dismissal of a U.S. Securities and Exchange Commission lawsuit accusing them of insider trading in Onyx Pharmaceuticals Inc as the company considered a takeover bid from rival Amgen Inc . The decision by U.S. District Judge Paul Oetken in Manhattan, made public Friday, marked a setback in what has become […]
Former Hewlett-Packard CEO Hurd wins dismissal of securities-fraud suit – NYPOST.com
Hewlett-Packard and its former chief executive, Mark Hurd, won the dismissal of a securities-fraud lawsuit that alleged the computer maker didn’t abide by its standards of business conduct as Hurd allegedly engaged in sexual harassment. A US federal judge found HP’s ethics statements were too vague. via Former Hewlett-Packard CEO Hurd wins dismissal of securities-fraud […]
Institutional-Grade Lawsuits: Fewer Dismissals, Larger Settlements — Asset International
Securities class action lawsuits have a better chance of going the distance with judges when they are led by institutional investors, a study has found. Between 1996 and 2010, judges dismissed 35% of cases led or co-led by an institutional investor, and 42% that weren’t. Stanford University’s law school and New York-based Cornerstone Research collaborated […]