Securities

Recent Posts

Does Your Business Need a Legal Checkup?
Posted on 2 Feb 2010 by johnlwatkins

Does your business need a legal checkup? As previously discussed, the nearly universal rule is that it is almost always less expensive to resolve a legal issue early on – such as through a proper contract prepared with professional assistance –... Read More

FDIC Files First D&O Suit of Current Failed Bank Wave
Posted on 12 Jul 2010 by Kevin M. LaCroix

On July 2, 2010, in what is as far as I am aware the first suit by the FDIC against former directors and officers of a failed bank as part of the current wave of bank failures, the FDIC as receiver of IndyMac filed a lawsuit in the Central District... Read More

Extra Insurance Coverage For Outside Directors In Times Of Financial Uncertainty: An Overview Of Independent Director Liability Policies
Posted on 11 Mar 2009 by Scott Godes

Scott N. Godes is counsel in Dickstein Shapiro’s Insurance Coverage Practice. In these times of financial uncertainty, outside directors on corporate boards of directors may request that the companies’ boards companies purchase Individual... Read More

Supreme Court Grants Cert Petition in Matrixx Initiative Securities Suit
Posted on 16 Jun 2010 by Kevin M. LaCroix

There was a time when it was relatively rare for the Supreme Court to take up securities cases. Until recently, the Court basically went several years between cases filed under the securities laws. Those days are clearly over, as the Court has granted... Read More

Wave of Indictments from Largest Ever FCPA Investigation: More Action Ahead?
Posted on 21 Jan 2010 by Kevin M. LaCroix

Longtime readers know I have frequently argued that claims related to the enforcement of the Foreign Corrupt Practices Act are a growing source of liability exposure for companies and their senior officials, a stand that has made me the subject of occasional... Read More

FCPA Reporting-To Whom Does Your CCO Report?
Posted on 16 Jun 2010 by Thomas Fox

There is an ongoing debate in the compliance arena as to whom a Chief Compliance Officer (CCO) should report. Should the CCO report to the Board of Directors or appropriate Board committee such as an Audit Committee or Compliance Committee? Or can... Read More

Subprime Lending or Options Backdating, Which Will Receive a Legislative Haymaker?
Posted on 19 Mar 2008 by John Rak

Recently, the financial industry and the country itself has faced two sweeping market-related “scandals” or “crises” (for lack of a better term): the issues in the mortgage industry with subprime lending, and the executive stock... Read More

Corporate Fraud -- Is It Really Just a Few Bad Apples?
Posted on 11 Feb 2008 by John Rak

In his Expert Commentary on the Stoneridge decision, Stoneridge Inv. Partners, LLC v. Scientific-Atlanta, Inc., 128 S. Ct. 761 (U.S. 2008), James Fanto states that the Court’s opinion supports the view that corporate fraud is the product of a few... Read More

Professional Liability & The New Banking Crisis: The Issues Are Different This Time Around (Part 1 of 2)
Posted on 9 Apr 2009 by Tom Hagy

Written by Teresa Zink for HB Litigation Conferences LLC Professional liability and, more specifically, directors and officers liability arising out of what has come to be know as the new banking crisis is an area where many see more questions than... Read More

Professional Liability & The New Banking Crisis: The Issues Are Different This Time Around (Part 2 of 2)
Posted on 9 Apr 2009 by Tom Hagy

Written by Teresa Zink for HB Litigation Conferences LLC Professional liability and, more specifically, directors and officers liability arising out of what has come to be know as the new banking crisis is an area where many see more questions than... Read More

Madoff-Related Derivative Suit Survives Dismissal Motion in New York Court
Posted on 17 Mar 2010 by Kevin M. LaCroix

In a March 12, 2010 order in a Madoff-related derivative suit, the New York (Nassau County) Supreme Court, applying New York law, substantially denied defendants' motion to dismiss, holding among other things that demand was excused. As far as... Read More

Supreme Court Rejects "Statistical Significance" Requirement for Securities Suit Materiality
Posted on 22 Mar 2011 by Kevin M. LaCroix

In a unanimous March 22, 2011 opinion by Justice Sonia Sotomayor , the U.S. Supreme Court rejected the argument of Matrixx Initiatives that adverse product reports must be "statistically significant" in order for a manufacturer to have an... Read More

Delaware Court Refuses to Apply Pro Rata Allocation to Directors and Officers Insurance Policy and Rejects Excess Insurers’ Attempts to Deny Coverage Because There Were Settlements of Lower Layers of Coverage
Posted on 6 Mar 2009 by Scott Godes

Originally posted on the LexisNexis Insurance Law Center In HLTH Corp. v. Agricultural Excess & Surplus Insurance Co., No. 07C-09-102-RRC, 2008 Del. Super. LEXIS 280 (Del. Super. Ct. July 31, 2008), the insurance companies that sold HTLH Corp... Read More

Disclosure of "Material" Information To Shareholders: Matrixx v. Siracusano
Posted on 13 Jun 2011 by James M. Wilson, Jr.

Plaintiff attorney James M. Wilson, Jr. discusses the Supreme Court unanimous rejection of a pharmaceutical company's attempt to inject a bright line test to determine what "material" information is required to be disclosed to shareholders... Read More