Justice Kavanaugh issued a concurring opinion in Wisconsin Bell, which Justice Thomas joined, to question again whether the False Claims Act qui tam provision violates Article II of the US Constitution....more
The Zafirov decision finds that the False Claims Act qui tam provision violates Article II of the US Constitution.
On September 30, 2024, in United States ex rel. Zafirov v. Florida Medical Associates LLC, Judge Kathryn...more
The decision establishes that courts, not federal regulatory agencies, have final authority over the meaning of federal laws implicating those agencies and the limits on their authority.
On June 28, 2024, the US Supreme...more
7/2/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Chevron v NRDC ,
Government Agencies ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
Regulatory Authority ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Stare Decisis ,
Statutory Interpretation
The Court’s recent rulings on state grand jury and congressional subpoenas identify important limitations on the purpose and scope of these investigative tools.
Key Points:
..In July 2020, the Court held that the...more
7/28/2020
/ Appeals ,
Congressional Committees ,
Congressional Subpoenas ,
Donald Trump ,
Executive Branch ,
Foreign Interference in US Elections ,
Income Taxes ,
Money Laundering ,
Remand ,
SCOTUS ,
Separation of Powers ,
Subpoenas ,
Tax Returns ,
Terrorism Funding ,
Trump v Deutsche Bank AG ,
Trump v Mazars USA LLP ,
Trump v Vance ,
Vacated ,
Valid Legislative Purpose
Questions about the scope of the SEC’s disgorgement authority remain open, including in administrative proceedings.
Key Points:
..Since the April 2017 decision in Kokesh v. SEC, the statutory authority of the Securities...more
6/24/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
The Supreme Court has agreed to hear a case that challenges the SEC’s authority to pursue disgorgement in civil enforcement actions.
Key Points:
..The upcoming case will resolve a split of authority on whether the SEC...more
11/7/2019
/ Administrative Authority ,
Certiorari ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Penalties ,
Petition for Writ of Certiorari ,
Regulatory Agencies ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Split of Authority ,
Statute of Limitations
Highly anticipated opinion extends primary liability for securities fraud beyond the “maker” of false statements.
Key Points:
..The Court held that a defendant’s act of sending emails drafted by another, that the...more
4/3/2019
/ Appeals ,
Corporate Officers ,
Directors ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Misleading Statements ,
Publicly-Traded Companies ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved.
The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more
In Cyan, Inc., the Justices unanimously decide that state courts have jurisdiction over federal Securities Act class actions.
Key Points:
..Resolves split of authority on whether the Securities Litigation Uniform...more
3/22/2018
/ Class Action ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Jurisdiction ,
PSLRA ,
Removal ,
SCOTUS ,
Securities Act of 1933 ,
Securities Litigation ,
Securities Violations ,
SLUSA ,
Split of Authority ,
State Law Claims
By limiting the availability of Dodd-Frank whistleblower anti retaliation provisions, the Court’s decision may incentivize increased SEC reporting.
In Digital Realty Trust, Inc. v. Somers, the Supreme Court of the United...more
Both courts and litigants are only now appreciating the full impact of the Supreme Court’s 2014 decisions on fee shifting in patent cases.
Key Points:
..Successful Section 285 motions have increased substantially in the...more