Appellate Panel Tosses Challenge to CFTC Action After Settlement with Private Regulator

(CN) – The 11th Circuit ruled that an action brought by a self-regulatory commission does not preclude subsequent action by a government regulatory agency after an appeal by Southern Trust Metals Inc., which was found guilty of fraud for misleading customers about metal commodities purchases and charging interest on fraudulent loans.

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11th Circuit Punts State Republicans’ Challenge of FINRA Rule to D.C.

The 11th Circuit punted two state Republican party organizations’ challenge to a Financial Industry Regulatory Authority rule governing political contributions to the D.C. Circuit, and dismissed a third for lack of jurisdiction.

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Tesla, Elon Musk Cannot Dismiss Shareholder Claims Over SolarCity Acquisition

The Delaware Chancery Court refused to dismiss shareholder claims stemming from Tesla’s controversial acquisition of SolarCity, finding it conceivable that CEO Elon Musk, a controlling stockholder of both companies, unduly influenced the board’s decision.

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Oracle Shareholders Score Victory in Battle Over NetSuite Acquisition

A Delaware judge ruled that a majority of Oracle’s board is not independent enough of CEO Larry Ellison to make an unbiased decision whether or not to sue Ellison for allegedly pushing Oracle to overpay for cloud computing firm NetSuite, which Ellison substantially owned.

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Second Circuit Sends Goldman Sachs Investors Back to the Drawing Board

Investors must refile for class certification in a suit accusing Goldman Sachs of putting favored clients’ interests ahead of others’, because the lower court may have imposed the wrong burden of proof on the bank, the Second Circuit ruled.

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