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Securities Law Prof Blog

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Last Entry: March 31, 2011 at 16:18:26

ILEP's Conference on Recoveries for Victims of Securities Fraud

Posted on April 25, 2009
I am participating in the 15th Institute of Law and Economic Policy (ILEP) conference in Scottsdale Arizona on "Recoveries for Victims of Securities Fraud." ILEP is a public policy research and educational foundation established to preserve, study and enhance access...

SEC Schedules Roundtable on Short Selling

Posted on April 25, 2009
The SEC will hold a roundtable on May 5 to further discuss whether short sale price test restrictions or short sale circuit breakers should be adopted. The Commission voted unanimously on April 8 to propose two approaches to restrictions on...

Eighth Circuit Reviews Standard for Determining Mutual Fund Fees Excessive

Posted on April 25, 2009
The 8th Circuit, in Gallus v. Ameriprise Financial (4/08/09) -- an excessive mutual fund fees case under Investment Company Act section 36(b), reversed the district court's grant of summary judgment for the defendant because it found that the lower court...

Fifth Circuit Issues Opinion on Loss Causation

Posted on April 25, 2009
In Lormand v. US Unwired, Inc. (5th Cir. 4/09/09), the Fifth Circuit considered the issue of loss causation in partially affirming, partially reversing the district court's ruling on a MTD. Plaintiffs were able to establish loss causation as to alleged...

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Fifth Circuit Affirms Rule 10b-5 Judgment Against Market-Timing Broker

Posted on April 25, 2009
In SEC v. Gann (5th Cir. 4/17/09), the Fifth Circuit affirmed a district court's judgment that a broker that facilitated his customers' market-timing activities violated Rule 10b-5, although its affirmance seemed somewhat begrudging. In a seven-month period, the broker concluded...

Researchers Study CEOs' Annual Shareholders' Letters for Tone

Posted on April 25, 2009
A press release from University of Nebraska: Study unlocks language of CEOs; provides 'heads-up' for auditors Honesty, attitude and behavior of CEOs, sometimes referred to as ?tone-at-the-top,? mean a lot to analysts and shareholders of any company, especially as firms...

SEC Plans to Approve NYSE Rule to End Broker Voting of Customers' Shares

Posted on April 23, 2009
The Wall St. Journal reports that as early as next week the SEC will approve a NYSE Rule that will no longer permit brokers to exercise discretionary voting and vote customers' shares in uncontested elections. If true, this will be...

New York AG Releases Letter on BofA-Merrill Merger Investigation

Posted on April 23, 2009
New York Attorney General Andrew Cuomo has been conducting an investigation into Bank of America's merger with Merrill Lynch. While the impetus of the investigation may have been Merrill's payment of bonuses prior to the acquisition, it has moved well...

SEC Commissioner Aguilar on Regulatory Reform

Posted on April 21, 2009
SEC Commissioner Luis A. Aguilar presented a speech on "Making Investors a Priority in Regulatory Reform" in Boston, Massachusetts on April 17, 200. The three topics he addressed were: the SEC's role in regulatory reform, the role of a systemic...

SEC Obtains TRO & Freeze Against Philadelphia Investment Adviser

Posted on April 20, 2009
On April 17, 2009, the SEC charged a Philadelphia-area investment adviser and its principal with misappropriating millions of dollars in client assets and obtained an emergency court order freezing their assets. According to the Commission's complaint, since mid-2005 Donald Anthony...

Bratton & Cunningham on the GAAP-IFRS Debate

Posted on April 19, 2009
Treatment Differences and Political Realities in the GAAP-IFRS Debate, by William W. Bratton, Georgetown University Law Center; European Corporate Governance Institute (ECGI), and Lawrence A. Cunningham, George Washington University Law School, was recently posted on SSRN...

Epstein & Henderson on Marking to Market

Posted on April 19, 2009
Marking to Market: Can Accounting Rules Shake the Foundations of Capitalism?, by Rchard A. Epstein, University of Chicago - Law School; Stanford University - Hoover Institution on War, Revolution and Peace, and M. Todd Henderson, University of Chicago - Law...

Jamal et alia on SEC's Proposed IFRS Roadmap

Posted on April 19, 2009
A Research Based Perspective on SEC?s Proposed Rule on ROADMAP FOR Potential Use of Financial Statements Prepared in Accordance With International Financial Reporting Standards (IFRS) by U.S. Issuers, by Karim Jamal, University of Alberta - Department of Accounting & Management...

Fisch on Circularity in Private Securities Litigation

Posted on April 19, 2009
Confronting the Circularity Problem in Private Securities Litigation, by Jill E. Fisch, University of Pennsylvania Law School, was recently posted on SSRN. Here is the abstract: Many critics argue that private securities litigation fails effectively either to deter corporate misconduct...

Federal Court Refuses Government Request to Stay FINRA Arbitration

Posted on April 17, 2009
U.S. v. FINRA, a recently issued opinion from the federal district court (E.D.N.Y. Apr. 9, 2009), presents an interesting issue stemming from the collapse of Bear Stearns hedge funds. The U.S. sought to enjoin FINRA from conducting arbitration proceedings brought...

FINRA Waters Down Supervisory Review of Deferred Variable Annuities

Posted on April 17, 2009
On May 21, 2008, FINRA filed with the SEC a proposed rule change to amend certain provisions of NASD Rule 2821 (Sales Practice Standards and Supervisory Requirements for Transactions in Deferred Variable Annuities). The Rule, as originally adopted, required supervisory...

Fraud on the Smart Investor? One Columnist's Experience

Posted on April 17, 2009
Check this out -- a financial columnist for the New York Times worries that he has been the victim of fraud by his financial planner -- AFW Asset Management. NYTimes, Even Vigilant Investors May Fall Victim to Fraud.

American Skandia Investment Services Settles Market-Timing Charges

Posted on April 17, 2009
On April 17, the SEC settled administrative charges against American Skandia Investment Services, Inc. (ASISI) that ASISI engaged in market-timing related misconduct as investment adviser to the American Skandia Trust (AST) portfolios underlying variable annuities issued by American Skandia Life...

Rattner Allegedly Involved in NYS Pension Kickbacks

Posted on April 17, 2009
The Wall St. Journal reports that Steven Rattner, the leader of President Obama's auto task force, is implicated in the alleged kickback scheme involving the New York State pension fund that both the SEC and the New York AG are...

NASAA Sponsors Program on Regulatory Reform

Posted on April 16, 2009
NASAA will host its annual Public Policy Conference on April 28 in Washington, D.C. to discuss the challenges facing the current financial services regulatory structure and outline policy proposals to strengthen regulatory safeguards for Main Street investors...

Defendant in SEC Universal Leases Action Settles

Posted on April 16, 2009
The United States District Court for the Northern District of Illinois entered an order permanently enjoining Michael E. Kelly (Kelly), a former resident of North Liberty, Indiana and Cancun, Mexico, in connection with a civil injunctive action filed in September,...

Former Fidelity National Director Settles Insider Trading Charges in Lending Tree

Posted on April 16, 2009
The SEC announced today that on April 10, 2009, the District Court for the Central District of California entered a final judgment against J. Thomas Talbot ("Talbot"), a former Director of Fidelity National Financial Inc. ("Fidelity"), in an insider trading...

SEC Holdsd Roundtable on Credit Rating Agencies

Posted on April 15, 2009
Here is the agenda and list of participants at the SEC's Roundtable Discussion on Credit Rating Agencies, which is being held today, and is webcast from the SEC website. Academic participants include Professor Frank Partnoy of San Diego, Lawrence White...

SEC and New York State File Charges Against Former New York State Political Leader and Hedge Fund Manager in Pension Fund Fraud

Posted on April 15, 2009
The SEC today charged Raymond Harding, who is a former leader of the New York Liberal Party, and Barrett Wissman, a former hedge fund manager, in connection with a multi-million dollar kickback scheme involving New York's largest pension fund. According...

SEC Charges Church Leaders in Queens N.Y. with Affinity Fraud

Posted on April 14, 2009
On April 14, 2009, the SEC filed civil injunctive actions in the United States District Court for the Eastern District of New York charging seven leading members of a church in Queens, N.Y. for orchestrating a fraudulent investment scheme that...

FINRA Fines Fifth Third Securities for Unsuitable Variable Annuity Transactions

Posted on April 14, 2009
FINRA announced today that it fined Fifth Third Securities, Inc., (FTS) of Cincinnati, OH, $1.75 million for a series of violations related to variable annuity sales and exchanges. FINRA found that FTS made 250 unsuitable sales and exchanges to 197...

Oregon Sues Oppenheimer over 529 Plan

Posted on April 14, 2009
Orgeon sued Oppenheimer Funds charging that the money manager understated risks in its 529 College Savings bond fund that lost $36 million. According to the state, Oppenheimer did not disclose that the fund invested in credit default swaps and other....

Thomas & Cox on Empirical Studies of Securities Law Enforcement

Posted on April 13, 2009
Mapping the American Shareholder Litigation Experience: A Survey of Empirical Studies of the Enforcement of the U.S. Securities Law, by Randall S. Thomas, Vanderbilt University - School of Law, and James D. Cox, Duke University School of Law, was recently...

Black on Eliminating Securities Fraud Class Actions

Posted on April 13, 2009
Eliminating Securities Fraud Class Actions Under the Radar, by Barbara Black, University of Cincinnati - College of Law, was recently posted on SSRN. Here is the abstract: At least since Basic, Inc. v. Levinson, the business community and many influential...

Fishman on Nonprofit Corporate Law Reform

Posted on April 13, 2009
The Development of Nonprofit Corporation Law and an Agenda for Reform, by James Fishman, Pace University - School of Law, was recently posted on SSRN. Here is the abstract: This article examines the development of the law of "charitable corporations"...

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