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The New SEC: Is It An Improvement?
President Barack Obama's win ushered in the era of the new Securities and Exchange Commission. The new label was meant to differentiate the current SEC from the SEC that had ultimately failed to protect investors, under Chris Cox and the Bush administration, from wild securitization of everything that touched the mortgage market, huge Ponzi schemes such as Madoff and Stanford and credit rating agencies run amok. While the new SEC has spent some time apologizing for its predecessor's failures, promising reforms were on their way, several recent actions would seem to indicate the new SEC may not be so different.
DailyJournal 09/21/09 |
Meaning of Second Circuit's 'W.R. Huff' for Investment Advisers
When Congress enacted the Private Securities Litigation Reform Act of 1995 (the PSLRA), one of its goals was to encourage plaintiffs with large stakes in securi-ties class actions to take a more active role in litigation. (PDF)
New York Law Journal 01/30/09 Samuel H. Rudman |
Back to 'Novak': Confidential Witnesses in Fraud Actions
Since the enactment of the Private Securities Litigation Reform Act (PSLRA) in 1995, the pleading of the accounts of confidential witnesses in securities fraud complaints has become common practice. The PSLRA, which heightened the pleading requirements for securities fraud actions brought under §10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, requires that a securities fraud complaint containing allegations based on information and belief 'state with particularity all facts on which that belief is formed.' 15 U.S.C. §78u-4(b)(1). (PDF)
New York Law Journal 10/20/08 Samuel H. Rudman |
'Oscar': Misinterpretation of Fraud-on-the-Market Theory
It has been a year since the U.S. Court of Appeals for the Fifth Circuit's decision in Oscar Private Equity Investments v. Allegiance Telecom Inc. [FN1] imposed new barriers to class certification for securities fraud cases filed in the Fifth Circuit; however, to date, no other circuit court has followed its lead. (PDF)
New York Law Journal 07/17/08 Samuel H. Rudman |
'Tellabs' and SDNY: Plaintiff's Perspective
On June 21, 2007, the U.S. Supreme Court issued an opinion in Tellabs Inc. v. Makor Issues & Rights, Ltd., [FN2] that resolved the split among the circuit courts about what constituted a 'strong' inference of scienter. Tellabs has been heralded by some as a tightening of the pleading standards that a plaintiff must comply with in order to survive a motion to dismiss. [FN3] (PDF)
New York Law Journal 03/25/08 Samuel H. Rudman |
Collateralized Debt Obligations: Burden Is on Defendants
The recent downturn in the market for mortgage-backed securities and collateralized debt obligations (CDOs) [FN1] has inflicted devastating losses on many investors. Among those hit hardest by the collapse are investors that purchased AAA-rated tranches of CDOs backed in whole or in part by risky subprime mortgage loans that were worth much less than their investment-grade ratings represented. (PDF)
New York Law Journal 01/25/08 Samuel H. Rudman |
A Quiet Revolution
LENS Governance Advisors on accountability in the boardroom.
10/01/04 Richard Bennett, LENS Governance Advisors, P.A. |
Keep on Truckin'?
Robert F. Kennedy, Jr. and Al Meyerhoff on California Bill Prohibiting Cross Border Trucking (PDF)
09/13/04 Robert F. Kennedy, Jr. and Al Meyerhoff |
Securities Litigation and Regulation: Pleading Holder Claims to Avoid SLUSA Trigger
How shareholders can plead their holders' claims to avoid removal or to win remand and avoid dismissal under the Securities Litigation Uniform Standards Act of 1998. (PDF)
New York Law Journal 03/08/04 Samuel H. Rudman and Scott L. Adkins |
Study Disputes View of Costly Surge in Class-Action Suits
New York Times article on a new study of fees and settlement costs associated with class action litigation.
The New York Times 01/14/04 |
Improving Corporate Governance through Litigation Settlements
European funds missing out on actively participating in US securities class actions may also be missing out on a means of obtaining corporate governance enhancements. (PDF)
International Corporate Governance Review 2003 12/31/03 Michelle M. Ciccarelli |
Six Steps toward Removing Conflicts of Interest in Corporate Goverance
Noted corporate governance expert Robert Monks speaks out on conflicts of interest in corporate governance.
03/05/03 Robert A.G. Monks |
Holding U.S. Corporations Accountable in the Global Economy
The increasing globalization of the economy comes with serious social and economic costs as well as long-term benefits. Author Al Meyerhoff argues that the American legal system can be used effectively to counter some of the adverse effects of this expansion.
Class Action Litigation Report 07/13/01 Al Meyerhoff |
