Securities Law Updates

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Matrixx Initiatives, Inc., et al. v. Siracusano: Securities Plaintiffs Can Use Inferences to Show Materiality and Scienter at the Pleading Stages

By Josh Lawler of Zuber & Taillieu and Joel B. Ginsberg

The United States Supreme Court has ruled that in securities cases under §10(b) and Rule 10b–5 the requirement of the materiality of a defendant’s misrepresentations cannot be reduced to a bright-line rule. Facts giving rise to a strong inference that a defendant acted with the required state of mind are… More...

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Arizona Legislation Aims to Tighten Corporate Disclosure Requirements

An Act Amending Sections 16-914.02 and 16-924, Arizona Revised Statutes, Relating to Campaign Contributions and Expenses  |  H.R. 2385  |  1/18/2012

Arizona Attorney General Tom Horne, Secretary of State Ken Bennett and Representative Eddie Farnsworth have announced the filing of a new legislation, House Bill 2385, a bill that will make changes to existing law related to campaign finance regulations and so called “Citizens United” organizations. The bill will ensure the integrity of Arizona’s electoral process by expanding corporate disclosure requirements. More...

Bill Seeks to Repatriate Overseas Earnings

Rebuilding America Act  |  S. 1837  |  11/9/2011

Senator Mike Lee has introduced the Rebuilding America Act, legislation that will permanently increase incentives for American companies to invest overseas earnings back in to the U.S. economy. More...

Foreign Earnings Reinvestment Act Gives Incentives for American Companies to Repatriate Foreign Earnings

Foreign Earnings Reinvestment Act of 2011  |  S. _______  |  10/6/2011

The bipartisan Foreign Earnings Reinvestment Act encourages American companies to bring overseas earnings back to the United States and creates strong incentives for those firms to invest these earnings in US employees. More...

House Panel Approves Access to Capital for Job Creators Act

Access to Capital for Job Creators Act  |  H.R. 2940  |  10/5/2011

The House Capital Markets and Government Sponsored Enterprises Subcommittee has approved the Access to Capital for Job Creators Act. More...

Florida State Legislation Seeks to Curtail Timeshare Resale Fraud

Timeshare Resale Fraud Legislation  |  S. _____  |  10/4/2011

Florida Attorney General Pam Bondi, Senate Majority Leader Andy Gardiner (R-Orlando) and Representative Eric Eisnaugle (R-Orlando) have jointly launched a legislative initiative that will protect consumers from timeshare resale fraud, the number one complaint that the Attorney General’s Office has received for the past two years. More...

New Anti-Financial Fraud Legislation Rolled Out

Fighting Fraud to Protect Taxpayers Act of 2011  |  S. 890  |  5/5/2011

Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) and Ranking Member Chuck Grassley (R-Iowa) have introduced legislation to bolster law enforcement’s ability to investigate and prosecute fraud. More...

House Unanimously Approves Bill to Review Economic Impact of FDIC Practices

To instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institu  |  H.R. 2056  |  7/29/2011

The U.S. House of Representatives has approved legislation to thoroughly review the causes of recent bank failures as well as the impact of the FDIC’s practices and procedures on community banks. More...

New Proposed Bill Restructures SEC

SEC Modernization Act of 2011  |  S. ______  |  8/2/2011

Financial Services Committee Chairman Spencer Bachus has proposed a new legislation to restructure the Securities and Exchange Commission and implement reforms recommended by the SEC’s Inspector General, the Government Accountability Office and a consultant’s report mandated by the Dodd-Frank Act. More...

House Approves Accountability Bill for Consumer Financial Protection Bureau

Consumer Financial Protection Safety and Soundness Improvement Act of 2011  |  H.R. 1315  |  7/21/2011

On a bipartisan vote of 241 to 173, the House of Representatives has approved legislation to bring accountability, transparency, and oversight to the Consumer Financial Protection Bureau (CFPB). More...

Levin-Brown Bill Would End Corporate Stock Option Tax Break, Reduce Deficit by $25 Billion

The Ending Excessive Corporate Deductions for Stock Options Act  |  S. 1375  |  7/15/2011

Sen. Carl Levin, D-Mich., and Sen. Sherrod Brown, D-Ohio, have introduced legislation to end a corporate tax break allowing corporations to deduct stock option expenses on their tax returns in amounts greater than the expenses shown on their books, thereby making the tax code more fair and cutting the budget deficit by $25 billion over 10 years. More...

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Companies Mentioned

Securities Law

The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Jan Charles Finance S.A.

Park East, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

California Department of Corporations

The Royal Bank of Scotland plc

RiverSource Investments, LLC

Harris Nesbitt Corp.

Consolidated Management Group, LLC

The Bank of Nova Scotia

Asset Management Holding AG

Deutsche Bank

Toronto Dominion Texas, LLC f.k.a. Toronto Dominion Texas, Inc.

Alex Brown, Inc.

Tellabs, Inc.

Deutsche Bank Securities, Inc.

Mizuho International PLC

SG Cowen Securities Corp.

Makor Issues & Rights, Ltd.

ABN AMRO Inc.

Lydia Capital, LLC

Suntrust Capital Markets, Inc.

Tribune Company

Fleet Securities, Inc. n.k.a. Bank of America, N.A.

City of Philadelphia Board of Pensions and Retirement

The Bank of New York Company, Inc.

Staples, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

Salomon Smith Barney, Inc.

JPMorgan Chase & Co.

Dynex Capital Inc.

Citigroup, Inc.

JPMorgan Securities Inc.

Merit Securities Corp.

Scotia Capital (USA), Inc.,

Teamsters Local 445 Freight Division Pension Fund

Additional Resources

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