Securities Law

  • 800px-SCOTUSbuilding_1st_Street_SE-RF

    Mergers and Acquisitions, SCOTUS, Securities and Exchange Commission, Securities Law

    Upcoming Supreme Court Securities Cases

    As the Supreme Court begins its 2014-15 term this month, it will be considering a number of securities cases, including the Omnicare case, which is scheduled for oral argument on November 3rd, and three other cases in which petitions for certiorari are currently pending before the Court. As discussed below, these cases raise significant questions concerning the standards for claims under Section 11 of the Securities Act of 1933, prosecution of insider trading, and the scope of disgorgement penalties in an SEC enforcement action. We also discuss IndyMac, another securities case that had been scheduled to be heard as the first case of the new term on October 6th, but was abruptly dismissed by the Court earlier this week.

    / Oct 3, 2014 at 2:34 PM
  • Insider trading tastes delicious!

    Barack Obama, Biglaw, Books, Crime, Insider Trading, Law Schools, Morning Docket, Politics, Securities Law

    Morning Docket: 09.22.14

    * Politics and Biglaw just don’t mix: House Republicans hired Quinn Emanuel to handle their suit against President Barack Obama after Baker Hostetler withdrew from the representation due to “political pressure” the firm was facing. [Politico]

    * The paper and napkin-eating “Middleman” in the post-it note insider trading ring pleaded guilty to securities fraud charges. This might make it difficult for his cohorts to substantiate their not-guilty pleas. [DealBook / New York Times]

    * “This is a tale with no shortage of knaves or villains.” If you’re interested in learning about Chevron’s legal wranglings in Ecuador and with plaintiffs attorney Steven Donziger, there are a bunch of interesting new readings for you to peruse. [WSJ Law Blog]

    * Crisis in legal education be damned! They may have bad timing, but these law schools are focusing on building bigger and better facilities for students they’re unable to put in their seats. [National Law Journal]

    * Ohio law schools have taken a bruising in terms of decreased enrollment, but the University of Toledo has faced the worst of it. With a 25.9% reduction in 1Ls, tuition cuts can only do so much. [Toledo Blade]

    1 Comment / / Sep 22, 2014 at 9:07 AM
  • Congrats, professor!

    Blogging, California, Crime, Dewey & LeBoeuf, Gay Marriage, Law Professors, Media and Journalism, Morning Docket, Politics, SCOTUS, Securities and Exchange Commission, Securities Law, State Judges Are Clowns, Supreme Court, Ted Olson

    Morning Docket: 06.03.14

    * “I don’t think the government should be in the credentialing business.” Thanks to the whims of politicians, SCOTUSblog is having trouble getting media credentials to continue its coverage of the Supreme Court’s cases. [New York Times]

    * How you like me now? In Redeeming the Dream (affiliate link), a new book co-authored with David Boies, Ted Olson says he experienced “some blowback” when he announced he was taking on the Prop 8 gay marriage case. [WSJ Law Blog]

    * Steve Davis and Steve DiCarmine of failed firm fame think it’s “unfair” they have to defend themselves in a criminal case and an SEC case at the same time. They want the SEC case to be halted. Dewey think the judge will say yes? [Law360 (sub. req.)]

    * Back in 2011, Pillsbury decided to ship its back-office operations to Nashville, and now it’s hiring a small contingent of lawyers to work there. FYI, an Ivy League degree may not be necessary. [Washington Post]

    * Only in Florida would a judge allegedly challenge a public defender to a fight out back during a hearing and start throwing punches. We’ll definitely have more on this fiasco later today. [WFTV Eyewitness News]

    * Peter Mutharika, a former law professor who taught at Washington University in St. Louis Law for about 40 years, is now the new president of Malawi, where it’s illegal to fart. Congrats! [St. Louis Post-Dispatch]

    2 Comments / / Jun 3, 2014 at 9:16 AM
  • angry woman lawyer

    Biglaw, Gender, Job Searches, Law Firm Mergers, Law Firm Names, Law Schools, Morning Docket, Patton Boggs, Securities and Exchange Commission, Securities Law, Women's Issues

    Morning Docket: 05.28.14

    * “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]

    * The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]

    * Mary Jo White of the SEC promised to dust off an often ignored — but “potentially [] very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]

    * We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]

    * If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]

    2 Comments / / May 28, 2014 at 9:08 AM
  • business crime

    Biglaw, Insider Trading, Securities and Exchange Commission, Securities Law, Wall Street, White-Collar Crime

    Biglaw Employee Charged In $5.6 Million Insider Trading Scheme

    At which elite law firm did the defendant work, and from which school did he receive his law degree?

    25 Comments / / Mar 19, 2014 at 12:19 PM
  • lawyers fighting fight club

    3rd Circuit, Deaths, Department of Justice, Federal Government, Federal Judges, Immigration, Judicial Nominations, Law Professors, Law Schools, Minority Issues, Morning Docket, Racism, SCOTUS, Securities Law, Supreme Court, Video games, Violence

    Morning Docket: 03.06.14

    * Foreclosure attorney Bruce Richardson alleges that Hogan Lovells partner David Dunn hit him with a briefcase in front of a court officer. That’s how they roll in state court. (Expect more on this later.) [New York Daily News; New York Post]

    * From cop killer to nomination killer: Mumia’s the word that stopped Debo Adegbile’s nomination to lead the Justice Department’s Civil Rights Division. [Washington Post]

    * In happier nomination news, congratulations to former Breyer clerk Vince Chhabria, as well as to Beth Freeman and James Donato, on getting confirmed to the federal bench for the Northern District of California. [San Francisco Chronicle]

    * It’s been a good week for amicus briefs. Congrats to Professors Adam Pritchard and Todd Henderson for getting the attention — and perhaps the votes — of several SCOTUS justices. [New York Times]

    * How a Cornell law student got her father to foot the bill for half of her pricey legal education. [ATL Redline]

    * As I predicted, the Ninth Circuit’s ruling in United States v. Maloney didn’t sweep the alleged prosecutorial misconduct under the rug by granting the government motion without comment. [The Atlantic]

    * RACEISM™ alert: federal prosecutors allege that deputies to a North Carolina sheriff accused of racial profiling of Latinos shared links to a violent and racist video game. [Raleigh News & Observer]

    * Speaking of mistreatment of Latinos, a recent Third Circuit decision spells good news for some immigrant communities. [Allentown Morning Call]

    * Sarah Tran, the law professor who taught class from her hospital bed, RIP. [Give Forward]

    4 Comments / / Mar 6, 2014 at 9:35 AM
  • Amy Chua: She's baaaaaaack!

    Abortion, Association of American Law Schools, Biglaw, Books, Conferences / Symposia, Football, Gender, Intellectual Property, Jed Rubenfeld, Law Schools, Racism, Securities and Exchange Commission, Securities Law, Sports, Tax Law, Trademarks

    Morning Docket: 01.06.14

    * “Either access to abortion will be dramatically restricted in the coming year or perhaps the pushback will begin.” We’re moving back in history. Here’s hoping pro-choice advocacy will be born anew in 2014. [New York Times]

    * George S. Canellos, the SEC’s co-chief of enforcement, announced his departure on Friday, and people are already wondering whether he’ll return to his old stomping grounds at Milbank Tweed. [DealBook / New York Times]

    * We hope legal educators had fun at the Association of American Law Schools annual meeting, but we hope most of all that they learned what needs to change to really make legal education pay. [WSJ Law Blog]

    * “I believe women lawyers can contribute a lot to the legal system.” Saudi Arabia now has its first female law firm dedicated to bringing women’s issues to the country’s patriarchal courts. Congratulations! [RT]

    * A Starbucks spokeswoman issued a defense to the cease-and-desist response letter that went viral worldwide, and it reads just like how her company’s coffee tastes: bland. [International Business Times]

    * Amy “Tiger Mom” Chua is back with a vengeance, co-authoring a controversial new book (affiliate link) with her husband, Jed Rubenfeld. Which cultural groups are superior? [New York Post]

    8 Comments / / Jan 6, 2014 at 9:28 AM
  • handful of money RF

    Securities and Exchange Commission, Securities Law

    SEC’s New Rules On Equity Crowdfunding Give People New Ways To Ask Friends For Money

    What’s wrong with this proposed system? Let’s discuss…

    13 Comments / / Oct 24, 2013 at 10:21 AM
  • Mark Cuban

    Constitutional Law, Insider Trading, Law Schools, Morning Docket, Police, Politics, SCOTUS, Securities and Exchange Commission, Securities Law, Supreme Court, Wall Street

    Morning Docket: 09.30.13

    * If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]

    * At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]

    * Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]

    * Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]

    * Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]

    4 Comments / / Sep 30, 2013 at 9:11 AM
  • Sorry, SCOTUS.

    Attorney Misconduct, Biglaw, Blackberry-Crackberry, Cars, Law Schools, Legal Ethics, Morning Docket, Paul Bergrin, Prisons, SCOTUS, Securities Law, Supreme Court, Technology

    Morning Docket: 09.24.13

    * A study revealed that almost half of all links in online Supreme Court opinions are dead, but at least internet pranksters like this guy have been given a chance in the spotlight. [New York Times]

    * CHECK YOU [BLACKBERRIES] OFTEN, because firms like Shearman & Sterling, McCarthy Tétrault, Skadden Arps, and Torys will advise on the ancient technology’s private sale. [Am Law Daily]

    * We hope this IPO isn’t imported from Detroit. Chrysler filed a prospectus with the SEC yesterday with the help of attorneys from Sullivan & Cromwell and Cravath. [DealBook / New York Times]

    * Paul Bergrin, more commonly known as the “Baddest Lawyer in the History of Jersey,” was handed a life sentence yesterday. At least he’ll have street cred with his gen pop friends. [WSJ Law Blog (sub. req.)]

    * If you’re still thinking of applying to law school now, you must be the kind of person who needs advice on how to go to college and fill out applications, all at the same time. [Law Admissions Lowdown / U.S. News]

    0 Comments / / Sep 24, 2013 at 9:08 AM
  • wine glasses

  • iStock_000016737541XSmall

    Banking Law, Craigslist, DUI / DWI, Free Speech, Guns / Firearms, Jed Rakoff, Non-Sequiturs, Politics, Securities and Exchange Commission, Securities Law

    Non-Sequiturs: 09.10.13

    * How low can the legal market go? Manhattan firm lists full-time associate opening for $10/hr. “NY to 10.” (Screenshot here if the ad is removed). [Craigslist]

    * Iowa is giving out gun permits to the blind. Sadly this is not a new phenomenon as David Sedaris explained years ago. [FindLaw]

    * Business Insider has fired its CTO because… he’s a jerk. An important lesson in what free speech does and doesn’t mean. [Popehat]

    * A UNC professor pulled over for a DWI has sparked a Fourth Amendment battle because she was arrested by a fire truck. [Fox News]

    * Banks facing SEC enforcement actions are basically just spinning a roulette wheel and praying it doesn’t land on “Rakoff.” [Ramblings on Appeal]

    * On a related note, Senator Elizabeth Warren spoke at the AFL-CIO conference and discussed the corporate capture of the federal courts (at 1:23:45 after the jump)…

    3 Comments / / Sep 10, 2013 at 5:01 PM
  • casey-anthony-smile

    Banking Law, Crime, D.C. Circuit, Department of Justice, Education / Schools, Federal Judges, Gay Marriage, Law Professors, Law Schools, LSAT, Minority Issues, Morning Docket, New Jersey, Securities Law, State Attorneys General, State Judges, Television, Trials, UVA Law

    Morning Docket: 08.07.13

    * The speed (or lack thereof) of justice: The DOJ filed suit against Bank of America, alleging that the bank defrauded mortgage-backed securities investors in 2008. [DealBook / New York Times]

    * Sri Srinivasan, the newest member of the D.C. Circuit’s bench, is getting ready to hear his first arguments, while litigants try to commit the spelling of his last name to memory. [Legal Times]

    * The LSAT is not to blame for the dearth of minority enrollment in law schools, said a UVA Law professor, and then a Cooley Law professor had to swoop in to slap him down. [National Law Journal]

    * After teaming up with Touro, the University of Central Florida is working with Barry on an accelerated degree program. The dean of FAMU is upset. Don’t worry, you’ll get your turn, too. [Orlando Sentinel]

    * New Jersey is in no rush to legalize gay marriage. To support their views, officials point out that people with civil unions are just like married couples — except for the married part. [New Jersey Law Journal]

    * Meanwhile, a judge in Illinois will decide whether she’ll dismiss a challenge to the state’s gay marriage ban by the end of September. In her defense, early fall is a great time for a wedding. [Daily Herald]

    * Belvin Perry, the judge who presided over the Casey Anthony murder trial, may be getting his own Judge Judy-esque television show. Oh, Flori-duh, you never, ever cease to entertain us. [MSN News]

    6 Comments / / Aug 7, 2013 at 9:07 AM
  • fabrice tourre RF

  • iStock_000003479866XSmall-RF

    Antonin Scalia, Bar Exams, Crime, Gay, Religion, Securities and Exchange Commission, Securities Law

    Slow News Week of Satire and Ho-Hum Courtroom ‘Drama’

    The Week in Review for one of the slowest news weeks in a while.

    6 Comments / / Aug 2, 2013 at 3:49 PM
  • Steve Cohen SAC Capital

  • Professor Nina Pillard

    2nd Circuit, Biglaw, D.C. Circuit, Insider Trading, Judicial Nominations, Media and Journalism, Morning Docket, Securities and Exchange Commission, Securities Law, Senate Judiciary Committee

    Morning Docket: 07.25.13

    * It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]

    * Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]

    * Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]

    * With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]

    * Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]

    11 Comments / / Jul 25, 2013 at 9:07 AM
  • Intellectual Property, Law Schools, Morning Docket, Musical Chairs, Securities and Exchange Commission, Securities Law, Sex Scandals, Texas

    Morning Docket: 07.24.13

    * Bernard Knight Jr., general counsel of the U.S. Patent and Trademark Office, will be taking his intellectual property talents to McDermott Will & Emery as a new — and rather cute — partner. Congratulations! [Corporate Counsel]

    * The Securities and Exchange Commission has charged a Texas man in a Monopoly money Bitcoin-related Ponzi scheme. Unfortunately for him, the associated jail time for the crime isn’t virtual. [Wall Street Journal (sub. req.)]

    * When applying to law school, it’s wise to have a unique personal statement topic. But considering the application cycle, you could probably get away with writing “LOL” and still get into the school of your choice. [Law Admissions Lowdown / U.S. News]

    * Russia has granted NSA leaker Edward Snowden a pass to leave the Moscow airport’s transit zone. Be prepared to welcome borscht into your life, and be sure to always say spasibo. [Associated Press]

    * Sorry folks, but Carlos Danger, more popularly known as Anthony Weiner, won’t be pulling out of the New York City mayoral race. I, for one, would love to see his AMAs on Reddit. [New York Times]

    * It looks like Aaron Hernandez shot himself in the foot when lawyering up for a civil suit where he’s accused of shooting someone in the eye. His attorney specializes in banking litigation. [USA Today]

    22 Comments / / Jul 24, 2013 at 9:15 AM

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