Federal Securities Law Source

Archives: Supreme Court

Subscribe to Supreme Court RSS Feed

Supreme Court refuses to review FCPA challenge

The U.S. Supreme Court on Monday refused to review the first Foreign Corrupt Practices Act (FCPA) case appealed to the highest Court. The appeal sought to limit the scope of the FCPA by narrowing the law’s definition of the term “foreign official.” Joel Esquenazi and Carlos Rodriguez, former executives of Terra Telecommunications Corp., had challenged … Continue Reading

U.S. Supreme Court Hears Oral Arguments in Arbitration Case

I wanted to take a moment to share another interesting article from our litigation colleague, Brodie Butland. In late November, I shared Brodie’s article “The Case Influencing the Future of Arbitration,” which discusses BG Group PLC v. Republic of Argentina — an international arbitration case that has the potential to affect the practice of arbitration, … Continue Reading

The Case Influencing the Future of Arbitration

Our colleague and member of the firm’s Litigation Department, Brodie Butland, recently wrote an interesting article for the The Business Suit, published by DRI. Because the article concerns the international arbitration case BG Group PLC v. Republic of Argentina as well as its implications for anyone facing or considering arbitration (regardless of venue), I wanted … Continue Reading

Supreme Court Grants Cert To Determine If Plaintiff Must Prove Materiality Before Certifying Class in Securities Fraud Class Action

On Monday, June 11, 2012, the Supreme Court granted a Writ of Certiorari in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (U.S. Jun. 11, 2012) to decide whether, in a misrepresentation case under SEC Rule l0b-5, the court must require proof of materiality before certifying a plaintiff class based on the … Continue Reading

Supreme Court Holds That Mutual Fund Investment Adviser Is Not Liable For Statements By the Mutual Fund In The Fund’s Prospectus

Today, the Supreme Court ruled that a mutual fund investment adviser cannot be held liable for the statements in a prospectus made by the adviser’s client (the mutual fund itself). Janus Capital Group, Inc. v. First Derivative Traders, No. 09-525, slip op. (Jun. 13, 2011). In doing so, the Court rejected the argument of the … Continue Reading

Supreme Court Holds That Securities Fraud Plaintiffs Do Not Need to Prove Loss Causation In Order to Obtain Class Certification

In order to prevail in a private securities fraud action, a plaintiff must demonstrate that defendants’ deceptive conduct caused his or her economic loss – a concept known as "loss causation." Today, the Supreme Court unanimously ruled that class action plaintiffs do not need to prove loss causation in order to obtain class certification. Erica … Continue Reading