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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Bill to Combat U.S. Corporations with Hidden Owners Introduced

Incorporation Transparency and Law Enforcement Assistance Act  |  S. _____  |  8/2/2011

Sen. Carl Levin, D-Mich., chairman of the Permanent Subcommittee on Investigations, and Sen. Chuck Grassley, R-Iowa, ranking member of the Senate Judiciary Committee, this week introduced the Incorporation Transparency and Law Enforcement Assistance Act to combat acts of terrorism, money laundering, tax evasion, and other wrongdoing facilitated by U.S. corporations with hidden owners. More...

House Judiciary Committee Approves Bill to Thwart Frivolous Lawsuits

The Lawsuit Abuse Reduction Act of 2011  |  H.R. 966  |  7/7/2011

The House Judiciary Committee has approved legislation to reduce frivolous lawsuits by restoring sanctions against attorneys who file meritless suits in federal court. More...

Key House Lawmakers Introduce Bill to Extend Deadline for Derivatives Title of Dodd-Frank

A Bill to Facilitate Implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act  |  H.R. 1573  |  4/15/2011

U.S. Representatives Spencer Bachus (R-AL), Frank Lucas (R-OK), K. Michael Conaway (R-TX), and Scott Garrett (R-NJ) have introduced H.R. 1573, which would extend the deadline by 18 months for implementing Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. More...

Senate Republicans Push to Repeal Dodd-Frank Financial Regulation Law

The Financial Takeover Repeal Act of 2011  |  S. 712  |  4/1/2011

U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, has announced the introduction of S. 712, The Financial Takeover Repeal Act of 2011. More...

European Parliament Agrees to Enact Regulatory Framework Providing Greater Oversight of Hedge Funds

EU Proposed Directive on Hedge Funds  |  No. 26-10-2010 - 14:02  |  10/25/2010

European Parliament (“Parliament”) and Council negotiators have overcome the final major hurdles to an agreement on the alternative investment fund managers directive, or regulation. More...

House Ways and Means Passes China Currency Bill

Currency Reform for Fair Trade Act  |  Amendment in the Nature of a Substitute to H.R. 2378  |  9/24/2010

The House Committee on Ways and Means has approved critical legislation to address China’s fundamental undervaluation of its currency. More...

Bill Canceling SEC FOIA Exemption Goes to President Obama after House and Senate Passage

To Amend the Freedom of Information Act  |  S. 3717  |  9/24/2010

The Senate and House of Representatives have sent to President Barack Obama a bill that repeals Section 929I of the Dodd-Frank Wall Street Reform and Consumer Protection Act. More...

Senate Judiciary Committee Approves Bill to Repeal SEC FOIA Exemptions

Repeal of SEC FOIA Exemptions  |  S. 3717  |  9/16/2010

The Senate Judiciary Committee has unanimously approved bipartisan legislation to repeal exemptions to the Freedom of Information Act (FOIA) for the Securities and Exchange Commission (SEC) that were enacted as part of the Wall Street reform bill, which was signed into law in July. More...

House Financial Services Committee Approves Legislation to Legalize Internet Gaming

Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009  |  H.R. 2267  |  7/28/2010

The House Financial Services Committee has passed legislation to enable Americans to bet online and put an end to an inappropriate interference with their personal freedom. More...

Senators Leahy, Cornyn, Kaufman, and Grassley Introduce Bill to Strike SEC FOIA Exemptions

Freedom of Information Act Amendments to the Securities and Exchange Act, Investment Company Act and Investment Advisers Act  |  S._____  |  8/5/2010

Leading members of the Senate Judiciary Committee has introduced legislation to strike Freedom of Information Act (FOIA) exemptions for the Securities and Exchange Commission that were included in the recently enacted Wall Street Reform bill. 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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