The D.C. Circuit rejected a challenge brought by a paper-industry-backed consumer group, Twin Rivers Paper Company, against a Securities and Exchange Commission rule that allows investment companies to distribute shareholder reports electronically and mail paper copies upon request.
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(CN) – The Fifth Circuit dismissed a class action against UBS Financial Services Inc. brought by individual retail-brokerage customers affected by the fall of Enron in the early 2000s.
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(CN) – The 11th Circuit Court of Appeals ruled in favor of investors who claimed they were denied due process to challenge the decisions of a receiver appointed over a Ponzi scheme dismantled by the Securities and Exchange Commission.
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(CN) – A New York District judge granted pharmaceutical company Alkermes PLC’s motion to dismiss a shareholder class action alleging the company misrepresented sales figures and comparative effectiveness for a drug developed to treat opioid dependence.
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(CN) – The Delaware Superior Court ruled in favor of media giant Viacom after former shareholders of Harmonix Music Systems, a video game company, filed suit following Viacom’s acquisition of the game developer in 2006.
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A Delaware judge sided with Papa John’s founder and former chairman John Schnatter, granting him access to company documents he has been requesting since his resignation.
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The Second Circuit vacated a judgment against JPMorgan Chase analyst Sean Stewart who was convicted in February 2017 of insider trading for feeding tips to his father.
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The 9th Circuit sided with the Securities Exchange Commission in an action against Heart Tronics Inc. and attorney Mitchell Stein, who fraudulently inflated the company’s stock price while working as its outside counsel.
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The Securities and Exchange Commission claimed victory in the 9th Circuit after an appellate panel affirmed a judgment against a financial planning corporation for selling unregistered securities, but a named defendant’s death during the appeal spared his estate of civil penalties.
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(CN) – A Lehman Brothers employee who claims she was fired for whistleblower violations after she reported securities violations missed her filing deadline and couldn’t bring her lawsuit in federal court, a First Circuit panel held.
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(CN) – A federal judge in Delaware granted Twitter a motion to stay a consolidated shareholder derivative action, which accuses the company’s directors of concealing information about sluggish growth.
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(CN) – A South Carolina federal judge refused to dismiss a shareholder derivative complaint against SCANA Corporation’s board of directors over the abandonment of two nuclear reactors that allegedly cost the company billions of dollars.
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(CN) – A proposed class action against Raymond James & Associates claiming the company kept profits from processing fees is not precluded by federal law, the 11th Circuit ruled.
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(CN) – An appellate panel affirmed the dismissal of three proposed class actions against brokerage firm TD Ameritrade, where investors claimed the company wrongly directed client orders to trading venues that paid “kickbacks.
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The Securities and Exchange Commission did not have jurisdiction over a petition by a number of securities firms claiming the Chicago Board Options Exchange and Nasdaq mischarged them millions of dollars, the Seventh Circuit ruled.
Read moreA federal judge declined to dismiss an FDIC lawsuit seeking $1.12 billion from Bank of America for allegedly underpaying what it owed for deposit insurance.
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The Fifth Circuit vacated the Department of Labor’s fiduciary rule in a divided decision, dealing a major blow to the Obama administration’s efforts to increase protections for investors.
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A Bernie Madoff creditor cannot ditch the bankruptcy process to directly sue UBS for establishing feeder funds that helped Madoff defraud investors of billions, the Second Circuit ruled.
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Shareholders can sue Community Health Systems for allegedly hiding a major driver of its profitability – Medicare fraud – which a competitor revealed in a 2011 lawsuit, the Sixth Circuit ruled.
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Energy Transfer Equity is not entitled to a $1.5 billion termination fee after scuttling a $33 billion merger with Williams Cos., the Delaware Chancery Court ruled.
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