Recently by Todd G. Cosenza
Litigation
Back To Basic: Proof Of Materiality Not Needed To Trigger The Fraud-On-The-Market Presumption Of Reliance
The United States Supreme Court held in Amgen v. Connecticut Retirement Plans & Trust Funds that investors need not prove materiality at the class certification stage to invoke the rebuttable presumption of reliance on public misrepresentations under Basic v. Levinson.[1] The 6-3 decision...
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“Well, Now I’m Screwed. I Can’t Sell.” The Words That Will Take The SEC’s Insider Trading Case Against Mark Cuban To Trial
Recently, in S.E.C. v. Cuban, No. 08-CV-2050, 2013 WL 791405 (N.D. Tex. March 5, 2013), a federal district court denied Mark Cuban’s motion for summary judgment. The court held that although the question was “in some respects a close one,” there was sufficient dispute over the...
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The Second Circuit Weighs In On Challenges To Class Certification In MBS-Related Litigation
The Second Circuit recently issued a decision that will impact the scope of class actions in mortgage backed securities-related litigation. In N.J. Carpenters Health Fund v. RALI Series 2006-Q01 Trust, Nos. 11-1683 & 11-1684 (2d Cir. 2012), the court affirmed a district court decision...
Read MoreMorrison v. National Australia Bank: The Supreme Court Addresses The Extraterritorial Application Of U.S. Securities Laws
In Morrison v. National Australia Bank , No. 08-1191 (June 24, 2010), the Supreme Court clarified and significantly limited the extraterritorial application of Section 10(b) of the Securities Exchange Act of 1934 - the primary antifraud provision of the U.S. securities laws. Under the Court'...
Read MoreFederal District Court In Mark Cuban Case Issues Decision On Misappropriation Theory Of Insider Trading
On July 17, a federal district court in Dallas, Texas issued an important decision, S.E.C. v. Cuban , 2009 WL 2096166 (N.D. Tex. July 17, 2009), addressing the scope of liability under the "misappropriation" theory of insider trading. That theory, recognized over a decade ago by the...
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