LexisNexis® Legal Newsroom
High Court: NFL Licensing Conduct Constitutes Concerted Action

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on May 24 unanimously held that conduct by the National Football League, its 32 teams and the clubs’ wholly owned licensing company in granting an exclusive license to Reebok International Ltd. to use the NFL’s and teams’...

Supreme Court Applies “Functional Analysis” to Determine Joint Venture Is Not a “Single Entity” Immune from Antitrust Liability

by James R. McGibbon, Carla Wong McMillian, Jeffrey P. Bialos, Steuart H. Thomsen In American Needle, Inc. v. National Football League , 560 U.S. __ (2010), the Supreme Court unanimously held that teams in the National Football League and a corporate entity that they formed to manage their intellectual...

Morrison v. Nat'l Austl. Bank, 2010 U.S. LEXIS 5257 (June 24, 2010)

LexisNexis Overview: Where foreign shareholders alleged that respondents violated § 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 regarding securities traded on foreign exchanges, dismissal was warranted because § 10(b) applied only to transactions in securities listed...

Supreme Court Fails to Decide Limitation Period for Section 16(b) Claims

The Supreme Court rejected the approaches of two Circuit Courts to tolling the limitation period for bringing an Exchange Act Section 16(b) claim while failing to decide if that period can be tolled. The High Court rejected the conclusion of the Ninth Circuit that the two year statute of limitations...

Supreme Court to Decide Whether to Hear Dispute Over Calculation of Madoff Victim Losses

The United States Supreme Court will meet last week to decide whether to hear the dispute over the calculation of victim losses stemming from Bernard Madoff's $65 billion Ponzi scheme. The court-appointed trustee, Irving Picard, has notched several court victories affirming his determination that...

High Court Asked to Decide Whether Securities Suit May Proceed as a Class Action

WASHINGTON, D.C. - (Mealey's) A shareholder plaintiff and a pharmaceutical company debated in front of the U.S. Supreme Court on Nov. 5 whether a securities lawsuit may proceed as a class action even if the plaintiff is unable to plead materiality ( Amgen Inc., Kevin W. Sharer, Richard D. Nanula...

The Supreme Court Will Interpret SLUSA

The Supreme Court agreed to hear another securities law case. The case arises out of the litigation surrounding the Allen Stanford Ponzi scheme and involves the application of the Securities Litigation Uniform Standards Act or SLUSA. That Act generally precludes securities class action plaintiffs...

U.S. Supreme Court Rules Securities Class Action Plaintiffs Need Not Prove Materiality for Class Certification

In a much anticipated ruling in the Amgen securities class action litigation, the U.S. Supreme Court, in a 6-3 majority opinion written by Justice Ginsburg, held that a securities plaintiff is not required to prove that the allegedly misleading statements are material as a prerequisite to class certification...

Time Limits on SEC Enforcement Actions: The Supreme Court Ruling in Gabelli v. SEC

Excerpt: The Supreme Court rejected the efforts of the Securities and Exchange Commission ("SEC") effort to extend the five-year statute of limitations for imposing a civil penalty by engrafting a discovery exception onto the statute. Chief Justice Roberts, writing for a unanimous Court...

Supreme Court Court Hears Oral Argument in Stanford Ponzi Scheme-Related Cases

WASHINGTON, D.C. — (Mealey’s) Attorneys for Latin American investors in Stanford International Bank (SIB) and SIB’s insurance brokers and lawyers asked the U.S. Supreme Court on Oct. 7 to determine whether the Securities Litigation Uniform Standards Act (SLUSA) and the Securities Exchange...

Trends in Securities Class Action Filings

Next month the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 for the second time. The first time the High Court held that a securities law plaintiff need not establish loss causation at the class certification stage. This time the Court will consider an issue...

U.S. Supreme Court to Hear Appeal In Omnicare Securities Class Action Lawsuit

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today agreed to hear an appeal in a securities class action lawsuit, challenging whether a shareholder may allege only that a statement of opinion was objectively wrong under Section 11 of the Securities Act of 1933 or must the shareholder...

Halliburton and The Future of Securities Class Actions: Part I

On Wednesday, March 5, 2014 the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 [ an enhanced version of the Fifth Circuit opinion appealed from is available to lexis.com subscribers ] . The case has the potential to rewrite the rules for how securities class...

Halliburton And the Future of Securities Class Actions: Part II

On Wednesday, March 5, 2014 the Supreme Court will hear argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 [ an enhanced version of the Fifth Circuit opinion appealed from is available to lexis.com subscribers ] . The case has the potential to rewrite the rules for how securities class...

U.S. Supreme Court Applies Reasonable Basis Standard for Statements of Opinion

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court on March 24 reversed and remanded a Sixth Circuit U.S. Court of Appeals opinion in a securities class action lawsuit that determined that a company’s executive officers may be held liable for statements made to investors that later...

Omnicare: Section 11 Liability and Opinions

The Supreme Court defined the circumstances under which liability can be imposed for opinion statements under Securities Act Section 11. Specifically, the Court held that such liability could be imposed on two theories: One focuses “on what the statement says and the other on what it leaves out...

Supreme Court to Hear Appeal of Third Circuit ‘Naked’ Short Selling Securities Suit

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today agreed to hear an appeal of a Third Circuit U.S. Court of Appeals ruling remanding a securities class action lawsuit over the alleged illegal “naked” short selling of a company’s stock back to state court Merrill...

U.S. Supreme Court Won’t Hear Appeal in Newman Insider Trading Suit

WASHINGTON, D.C. — (Mealey’s) The U.S. Supreme Court today declined review of a Second Circuit U.S. Court of Appeals ruling overturning the conviction of two portfolio managers alleged to have engaged in an insider trading scheme ( United States of America v. Todd Newman, et al. , No. 15...