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US Supreme Court Refuses To Review Ninth Circuit Lusnak Decision Requiring National Banks To Abide By State Interest-On-Escrow Laws
Yesterday, the Supreme Court announced that it would not review the Ninth Circuit's decision in Lusnak v. Bank of America, N.A., 883 F.3d 1185 (9th Cir. 2018).
United States
23 Nov 2018
2
Supreme Court Decision Alert - March 26, 2012
Section 16(b) of the Securities Exchange Act of 1934 allows shareholder derivative lawsuits against statutorily defined "insiders" who have profited from "short-swing" transactions. In addition to defining a short-swing transaction as a coupled purchase and sale, or sale and purchase, completed within six months, the statute provides that "no such suit shall be brought more than two years after the date such profit was realized."
United States
27 Mar 2012
3
Supreme Court Docket Report - October 11, 2011
Section 8(b) of the Real Estate Settlement Procedures Act ("RESPA") provides that "[n]o person shall give [or] accept any portion, split, or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed."
United States
12 Oct 2011
4
Supreme Court Docket Report - June 27, 2011
Section 408 of the Federal Meat Inspection Act ("FMIA" or "Act") prohibits States from imposing "[r]equirements . . . with respect to premises, facilities and operations of any establishment at which inspection is provided . . . which are in addition to, or different than those made under" the Act.
United States
29 Jun 2011
5
Supreme Court Decision Alert - June 13, 2011
SEC Rule 10b-5 prohibits "mak[ing] any untrue statement of a material fact" in connection with the purchase and sale of securities. 17 C.F.R. § 240.10b-5 (2010).
United States
16 Jun 2011
6
Supreme Court Decision Alert - June 6, 2011
SEC Rule 10b-5, which implements Section 10(b) of the Securities and Exchange Act of 1934, makes it unlawful for any person, in connection with the purchase or sale of a security, "[t]o make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading." 17 C.F.R. § 240.10b-5(b).
United States
7 Jun 2011
7
Supreme Court Docket Report - June 14, 2010
Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 provide that a business may be held liable for failure to disclose any material fact in connection with the purchase or sale of its securities.
United States
15 Jun 2010
8
Supreme Court Docket Report - November 30, 2009
Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), authorizes the Securities and Exchange Commission ("SEC") to promulgate rules forbidding "any manipulative or deceptive device or contrivance" used in connection with the purchase or sale of securities. Section 10(b) has long been understood to support a private cause of action against persons or entities violating SEC Rule 10b-5, which generally prohibits the use of deceptive acts or schemes to buy or sell securities.
United States
7 Dec 2009
9
Supreme Court Decision Alert - June 29, 2009
In a 5-4 decision authored by Justice Scalia, the Supreme Court held today that the National Bank Act (“NBA”), 12 U.S.C. § 484(a), does not prohibit states from enforcing generally applicable state laws against national banks, but does prohibit states from issuing investigative subpoenas to such banks.
United States
2 Jul 2009
10
Supreme Court Docket Report - May 26, 2009
A complaint alleging “fraud, deceit, manipulation, or contrivance” under the Securities Exchange Act “may be brought not later than the earlier of * * * 2 years after the discovery of the facts constituting the violation[] or * * * 5 years after such violation.” 28 U.S.C. § 1658(b).
United States
29 May 2009
11
Supreme Court Docket Report - March 10, 2009
Congress passed the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 et seq., to protect mutual fund investors. Section 36(b) of the Act imposes on investment advisers, who often create and manage mutual funds, “a fiduciary duty with respect to the receipt of compensation for services” from a mutual fund, and gives fund shareholders a private right of action for breach of that duty.
United States
13 Mar 2009
12
Tellabs, Inc. v. Makor Issues & Rights, Ltd., No. 06-484
In an effort to curb abusive securities fraud litigation, the Private Securities Litigation Reform Act of 1995 ("PSLRA") requires plaintiffs to "state with particularity facts giving rise to a strong inference that the defendant acted" with scienter, i.e., that the defendant’s intention was to deceive, manipulate, or defraud. 15 U.S.C. § 78u-4(b)(2) (emphasis added).
United States
3 Aug 2007
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