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Securities – Injunction – Consent judgment
Where the Securities and Exchange Commission has moved for entry of a proposed final judgment imposing a permanent injunction on a defendant, the motion should be allowed because the core of the proposed final judgment is fair and reasonable and the “public interest would not be disserved” by the injunctive relief included in that core.
Securities – Discovery
Where document requests have been served on a plaintiff who brought claims on behalf of the former securityholders of a corporation acquired by the defendant, the plaintiff must make diligent efforts to obtain and produce all responsive documents that are in the possession, custody or control of the former securityholders that he is representing.
Securities – Discovery stay
Where defendants have moved for judgment on the pleadings in a securities fraud putative class action, the discovery stay imposed by the Private Securities Litigation Reform Act should be enforced while that motion is pending.
Securities – Disgorgement – Advisers Act
Where the Securities and Exchange Commission has filed a motion for entry of final judgment, the defendant should be ordered to pay disgorgement in the amount of $65,588,906 plus pre-judgment interest, as well as a civil penalty of $6.5 million, but the SEC’s request for a permanent injunction against the defendant should denied as unduly punitive.
Securities – Fraud
Where a securities class action has been filed, a motion to dismiss the complaint should be denied because the plaintiff has pleaded sufficient facts to support claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 based on statements referenced in three paragraphs of the complaint.
Securities – Standing
Where a defendant investment broker allegedly engaged in schemes to steal money from various unidentified clients, the complaint should be dismissed without prejudice because the plaintiffs have failed to allege facts sufficient to show that the broker, while acting as agent for either codefendant, did anything to cause them to suffer any kind of financial injury.
SEC beefs up climate disclosure rules
The Securities and Exchange Commission has unveiled rule amendments designed to “enhance and standardize” existing requirements for climate-related disclosures by public companies and in public offerings.
Securities – Advisers Act
Where (1) the SEC brought suit alleging that the defendant violated the Investment Advisers Act of 1940 and (2) the SEC’s motion for partial summary judgment as to liability was allowed and the defendant’s cross-motion for summary judgment as to all claims and affirmative defenses was denied, the defendant’s motion for reconsideration should be denied because the defendant has neither establ[...]
Securities – Criminal contempt
Where a 2016 final judgment enjoined a defendant and any entity owned or controlled by him from participating in the issuance, offer or sale of any security for a period of 10 years, it is permissible and appropriate that the defendant be ordered to show cause why he should not be held in criminal contempt for violating the 2016 final judgment.
Securities – Standing – Antitrust
Where a plaintiff has filed a complaint challenging the way the defendants have been raising money to finance a neighboring real estate development, the complaint must be dismissed because (1) the plaintiff, as a non-purchaser of securities, lacks standing to sue under the Massachusetts Uniform Securities Act, (2) the plaintiff has failed to allege reliance on any misrepresentation by the defendan[...]
Securities – Contribution
Where (1) counterclaims for contribution were dismissed, (2) the defendant’s subsequent motion to amend its pleading to add more detailed factual allegations to support its counterclaims was denied on the ground that the defendant’s proposed amendment would be futile, and (3) the defendant has since moved to reconsider the denial of the motion to amend the counterclaims, that motion should be [...]
Securities – Class action – Lead counsel
Where a putative securities class action has been brought, a motion to appoint two law firms as co-lead counsel should be denied without prejudice, while the plaintiffs may renew their motion by identifying the individual attorneys they seek to have appointed from each firm.
Verdicts & Settlements
- Injury during baby’s adenoidectomy leads to stroke
- Construction worker’s hand caught in cement mixer
- Worker trapped in freezer, dies during steam cleaning
- Pedestrian, 69, hit by motor vehicle while in crosswalk
- Four-vehicle pileup leaves driver with spinal cord injury
- Nursing home staff blamed for kidney-failure death
- Pharmacy’s late delivery blamed for patient’s death
- Man, 25, drowns after swimming lesson at fitness club
Opinion Digests
- Jurisdiction – Forum selection clause – Non-signatory
- Criminal – Responsibility
- Attorneys – Lien
- Landlord and tenant – Default judgment
- Zoning – Constructive grant – Comprehensive permit
- Fraud – False Claims Act – Settlement share
- Civil practice – Discovery – Cybersecurity
