LexisNexis® Legal Newsroom
Duane Morris Alert: Circuit Courts Uphold Dismissal Of Securities Claims Based On Alleged Fraud In Sale Of Auction Rate Securities

Two recent opinions from separate federal courts of appeal upheld the dismissal of lawsuits by sophisticated investors that suffered losses in the auction rate securities ("ARS") market against the securities broker-dealers that allegedly fraudulently induced the purchase of the ARS. 1 The...

The Week In Securities Litigation: SEC Focuses On Insider Trading, PCAOB Settles Action, Ashland Rulings

The Commission took the unprecedented of dismissing the insider trading action against former Goldman Sach director Rajat Gupta, noting that he challenged the administrative proceeding in district court. The SEC reserved the right to file a federal court action. No such action has been filed to date...