As discussed in a prior post (here), the U.K Bribery Act of 2010 is now set to take effect on July 1, 2011. In a guest post below, Anjali Das, a partner in the Chicago office of the Wilson Elser law firm, takes a look at the Act’s key provisions and requirements and
All China, All the Time
Even though the story has been brewing for months, the mainstream media and the SEC suddenly seem to have decided that the alleged accounting frauds involving certain U.S.-traded Chinese companies are the central story of the moment. You can hardly pick up the business papers or turn on the television these days without encountering
Eleventh Circuit Affirms HomeBanc Subprime Securities Suit Dismissal
In an unpublished per curiam opinion dated May 24, 2011, the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s dismissal of the credit crisis-related securities class action lawsuit pending against certain former officers of the bankrupt mortgage REIT, HomeBanc. A copy of the Eleventh Circuit’s opinion can be found here.
Supreme Court Holds Fund Management Company Cannot Be Held Liable for Funds’ Statements
In a June 13, 2011 opinion written by Justice Clarence Thomas, the United States Supreme Court held, by a 5-4 margin, in the Janus Capital Group, Inc. v. First Derivative Traders case, that a mutual fund management company cannot be held liable for the alleged misstatements in the prospectuses of the mutual funds that
Should Directors Be Held Liable More Often?
In an interesting and provocative June 7, 2011 post on the DealBook blog (here), University of Connecticut Law Professor Steven Davidoff voiced his frustration that public company directors are not held liable more often for problems at their companies. Directors, he says, “have about the same chance of being held liable for the
Predicting the Supreme Court’s Decision in Janus
As the current Supreme Court term gets ready to draw to a close, many court observers are awaiting the Court’s decision in the Janus Capital case (background here). With the opinion due to be released any day now, I am pleased to be able to publish here a guest post from Brian Lehman
Securities Litigation: Variations on a Chinese Theme
One of the most distinct securities litigation filing trends during the last twelve months has been the filing of securities class action law suits against U.S.-listed companies based or operating in China. With a phenomenon this well-established, it is only natural that the trend should begin to evolve, which seems to be what has happened
Confidential Witness Statements Lead to Dismissal Motion Denial in Regions Financial Subprime Securities Lawsuit
In a decision that largely turned on detailed confidential witness statements, on June 7, 2011, Northern District of Alabama Judge Inge Prytz Johnson denied the motions to dismiss in the Regions Financial Corporation subprime-related securities lawsuit. This ruling is the latest of a series of decisions involving the company. The June7 ruling can be found
Supreme Court Reverses Fifth Circuit in Halliburton Case; Proof of Loss Causation Not Required At Class Certification Stage
As many observers had expected, the U.S. Supreme Court has reversed the Fifth Circuit’s opinion in the Halliburton case. In a brief June 6, 2011 opinion from Chief Justice John Roberts, writing for a unanimous court, the Court held that securities class action lawsuit plaintiffs do not need to prove loss causation in order
D&O Insurance: Does “Fraudulent” Mean “Fraudulent”?
If a verdict form contains the jury’s specific finding that the insured engaged in “fraudulent, malicious, oppressive, wanton, willful, or reckless conduct,” you might think that would trigger the exclusion for fraudulent misconduct in the applicable D&O insurance policy. But apparently not, at least according to a May 12, 2011 Southern District of West Virginia ruling