LexisNexis® Legal Newsroom
High Court Says Discovery Rule Doesn't Apply To Securities And Exchange Commission

WASHINGTON, D.C. -- (Mealey's) The U.S. Supreme Court on Feb. 27 reversed a Second Circuit U.S. Court of Appeals ruling allowing the Securities and Exchange Commission to seek securities fraud penalties for conduct that had ceased more than five years before the SEC brought the lawsuit, saying that...

High Court Hears Arguments On Validity Of Arbitration Clause In Antitrust Action

WASHINGTON, D.C. - (Mealey's) American Express Co. (AmEx) told the U.S. Supreme Court on Feb. 27 in oral arguments that the Second Circuit U.S. Court of Appeals erred in ruling that a mandatory class action waiver clause in AmEx's standardized service contract violated the Federal Arbitration...

Court Dismisses ERISA Case Concerning Investments in Mortgage-Backed Securities

By Mark S. Thomas and Robert W. Shaw The U. S. Court of Appeals for the Second Circuit has affirmed the dismissal of a case brought against Morgan Stanley Investment Management Inc. ("Morgan Stanley") concerning certain investments in mortgage-backed securities that allegedly violated fiduciary...

The Week In Securities Litigation: $600 Million Insider Trading Settlement Reached

The Second Circuit's pending decision in the Commission's Citigroup market crisis case continues to loom as Judge Marreno approved the over $600 million insider trading settlement involving SAC Capital - conditioned on the outcome of Citigroup. New Chairman Mary Jo White's former partner...

2nd Circuit Lifts Stay On 2-Pill Plan B Contraceptive, Expedites FDA's Appeal

NEW YORK - (Mealey's) The Second Circuit U.S. Court of Appeals on June 5 said the federal government failed to meet the standard to obtain a stay of a lower court order that the Food and Drug Administration immediately make the older, two-pill Plan B emergency contraceptive available without prescription...

High Court: Class-Action Waiver In Arbitration Clause Is Valid In Antitrust Case

WASHINGTON, D.C. - (Mealey's) A mandatory class action waiver clause in American Express Co.'s (AmEx) standardized service contract is enforceable under the Federal Arbitration Act (FAA), even if the cost of individual arbitration of merchants' antitrust claims is prohibitively high, the...

2nd Circuit: Madoff Trustee Cannot Sue Banks On Behalf Of Customers

NEW YORK - (Mealey's) The Second Circuit U.S. Court of Appeals on June 20 affirmed a district court's ruling that Bernard L. Madoff Investment Securities LLC (BMLIS) trustee Irving H. Picard cannot sue JPMorgan Chase & Co., HSBC Holdings PLC, UBS AG and UniCredit SpA for the banks' alleged...

2nd Circuit Affirms $104 Million MTBE Contamination Verdict Against Exxon

NEW YORK — (Mealey’s) The Second Circuit U.S. Court of Appeals on July 26 affirmed a $104.6 million methyl tertiary butyl ether (MTBE) contamination verdict for New York City against Exxon Mobil Corp., finding in part that the state tort verdict is not preempted by the Clean Air Act ( In...

William A. Ruskin: New York State Court Of Appeals: Injury Required For Medical Monitoring

By William A. Ruskin | In a landmark decision, the NYS Court of Appeals rejected medical monitoring claims in the absence of a physical injury in Caronia v. Philip Morris , No. 227, slip op. (N.Y. Dec. 17, 2013) [ enhanced opinion available to lexis.com subscribers ]. By way of background, on May...

2nd Circuit Reinstates Smuggling, Racketeering Claims Against R.J. Reynolds

NEW YORK — (Mealey’s) The European Community (EC) is an agency or instrumentality of its member states for the purpose of diversity jurisdiction in U.S. federal courts, and allegations of cigarette smuggling, racketeering and money laundering brought by the EC against the corporate parent...

Norton Rose Fulbright: 2d Circuit Dismisses Listing Theory Under Morrison

By Johannes K. Gabel , Manuela A. Siragy and Richard Werner Fagerer The Court of Appeals for the Second Circuit in its May 6 decision emphatically continued to interpret the Morrison v. National Australia Bank 1 doctrine broadly by confirming the District Court’s dismissal of a putative securities...

U.S. Supreme Court: FSIA Does Not Limit Scope Of Post-Judgment Discovery

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on June 16 held 7-1 that the Foreign Sovereign Immunities Act (FSIA) does not shield the Republic of Argentina from post-judgment discovery requests issued by a debt collection company seeking information about the country’s extraterritorial...

U.S. High Court Denies Appeal In Suit Over Sept. 11 Toxic Dust Cleanup Costs

WASHINGTON, DC. — (Mealey’s) The U.S. Supreme Court on Dec. 1 rejected a petition challenging the Second Circuit U.S. Court of Appeals’ finding that defendants in a Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) lawsuit can raise an “act of war”...

2nd Circuit Finds NSA’s Bulk Metadata Program Not Authorized By Patriot Act

NEW YORK — (Mealey’s) A Second Circuit U.S. Court of Appeals panel on May 7 found that the National Security Agency’s bulk telephone metadata collection program is not authorized by Section 215 of the USA Patriot Act, reversing a trial court’s dismissal of the lawsuit brought...

A ‘Gossip Girl’ Cross-Continent Custody Catastrophe Case

Kelly Rutherford, an American actress known for her role in the television show “Gossip Girl,” has been involved in a custody dispute regarding her two minor children. Ms. Rutherford’s former husband, Daniel Giersch, was previously given custody by a California court. As he was unable...

Ballard Spahr LLP: Supreme Court Ruling Could Alter Class Action Landscape

By Mark J. Levin | The U.S. Supreme Court has agreed to decide a case that could alter the landscape of federal class action litigation. Granting the defendant’s petition for certiorari in Campbell-Ewald Company v. Gomez , the Court will review (1) whether a case becomes moot, and thus beyond...