Appeals, Securities and Exchange Commission (SEC), Enforcement

Supreme Court Declines To Hear Constitutional Challenge To FINRA’s Enforcement Powers

A&O Shearman on 6/17/2025

On June 2, 2025, the U.S. Supreme Court declined to hear a challenge brought by a member firm against the enforcement power given to the Financial Industry Regulatory Authority (“FINRA”). The Court’s decision to turn away...more

The SEC’s New Corporate Buy-Back Rules Have Been Formally Vacated By the U.S. 5th Circuit Court of Appeals: Issuers May Suspend...

Proskauer - Regulatory & Compliance on 12/20/2023

On December 19, 2023, the Fifth Circuit formally vacated the SEC’s buy-back disclosure rules. While it is unclear what, if any, action the SEC may take in response to this definitive ruling, the realistic options appear to be...more

Second Circuit Holds That the Syndicated Term Loans in Kirschner Are Not Securities

Proskauer - The Capital Commitment on 8/29/2023

On August 24, 2023, the Second Circuit Court of Appeals issued its much-anticipated decision in Kirschner v. JP Morgan Chase Bank, holding that the syndicate term loans at issue were not securities. As noted in our earlier...more

Second Circuit Clarifies Nature of Actionable Opinions Under Securities Laws

Proskauer - Corporate Defense and Disputes on 8/23/2023

The U.S. Court of Appeals for the Second Circuit held that a statement of opinion that reflects some subjective judgment can nevertheless be actionable under the securities laws if it misleads investors into thinking that the...more

FINRA Facts and Trends: July 2023

Bracewell LLP on 7/28/2023

Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This month,...more

SEC Sued Over Newly Adopted Share Repurchase Rules

Keating Muething & Klekamp PLL on 5/18/2023

On Friday, May 12, 2023, the U.S. Chamber of Commerce announced that it had filed a lawsuit against the SEC to prevent implementation of the SEC’s new Share Repurchase Disclosure Modernization rules, which KMK has recently...more

Another U.S. Supreme Court Ruling Erodes Traditional FTC Enforcement Authority Amounting to a Win for Digital Advertisers

Hinch Newman LLP on 4/17/2023

On April 14, 2023, the U.S. Supreme Court afforded defendants the ability to directly challenge the structural constitutionality and existence of the Federal Trade Commission (and the Securities and Exchange Commission) in...more

New York Cannabis Co. Investor Suit Survives Motion To Dismiss

Perkins Coie on 1/27/2023

The District Court for the Western District of New York denied a motion on January 6, 2023, to dismiss claims alleging that a publicly traded company misled investors regarding an investigation by the U.S. Securities and...more

Investigations Newsletter: Ramesh “Sunny” Balwani, Former Theranos President and COO, Found Guilty on All Twelve Fraud Counts in...

ArentFox Schiff on 7/11/2022

Ramesh “Sunny” Balwani, Former Theranos President and COO, Found Guilty on All Twelve Fraud Counts in High-Profile Trial - On July 7, 2022, a federal jury in the Northern District of California found Ramesh “Sunny”...more

Fifth Circuit's Constitutional Carve-Back of the SEC's ALJ Enforcement Proceedings Likely to Lead to More Federal Court Cases

Bracewell LLP on 6/1/2022

On May 18, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) dealt a major blow to the U.S. Securities and Exchange Commission’s (“SEC”) enforcement program. In Jarkesy v. SEC, the Fifth...more

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