SEC Violated Scope of Protective Orders by Providing Private Financial Data to IRS

The Securities and Exchange Commission violated the scope of two protective orders—intended to safeguard personal financial information provided by an alleged tax evader who also was the victim of a securities scheme—by providing the data to federal prosecutors who in turn passed the information to the Internal Revenue Service, the U.S. Court of Appeals for the Tenth Circuit concluded March 23.

Delaware Court Finds It Has Jurisdiction over Singapore-based Manager of Delaware LLCs

The Delaware Chancery Court determined Feb. 26 that it has personal jurisdiction over a Singapore -based manager of Delaware limited liability companies under Section…

ANALYSIS: Pushing the Limits of U.S. Securities Laws: ‘Foreign-Cubed’ Cases

The Supreme Court is poised this Term to address one of the hot issues in securities class-action litigation: the extent to which the U.S. securities laws…

Galleon Insider Trading Case Defendants Ask Court Not to Allow SEC to Bypass Constraints on Wiretap Access

Galleon defendants Raj Rajaratnam and Danielle Chiesi Feb. 25 urged the U.S. Court of Appeals for the Second Circuit not to allow the Securities and Exchange Commission…

Appeals Court Revives Investment Advisers Act Suit over Mutual Funds’ Sales Practices

The district court erred in dismissing class securities fraud claims that certain Citigroup affiliates made misleading disclosures about…

District Court to Hear Fraud Claims by Norwegian Municipalities Against Citigroup Entities

Applying the “conduct test,” the U.S. District Court for the Southern District of New York concluded Feb. 17 that it has jurisdiction over a securities fraud suit by seven Norwegian…

Investors in Hedge Funds that Held Securities Litigation Uniform Standards Act Securities Foil Preemption Challenge

The 1998 Securities Litigation Uniform Standards Act does not preclude investors’ securities fraud claims against the administrators of hedge funds whose portfolios include covered securities, the U.S. District Court for the Southern District of New…

Bank of America Agrees to Pay $150 Million Fine to Settle SEC Charges

The Securities and Exchange Commission Feb. 4 announced that it has reached an agreement with Bank of America Corp. (BAC) where the bank will pay a…

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