Revisiting McGirt: New Legal Developments Challenge Oklahoma’s Landmark Ruling
On June 6, the U.S. Supreme Court denied the petition for certiorari in the case of Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC). This decision effectively upholds the lower courts’ rulings,...more
This edition of the Public Company Watch highlights critical updates and regulatory changes affecting public companies. Staying informed on these topics is crucial for effective compliance and strategic planning. Highlights...more
After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more
The Arkansas and 24 other State Attorney Generals (collectively, “Amici Curiae”) filed on October 28th an Amicus Brief supporting a Petition for a Writ of Certiorari to the United States Supreme Court to address a Clean Water...more
A recent Florida district court decision declared that the False Claims Act’s (FCA) qui tam provision violates the Constitution by vesting executive power in private whistleblowers (relators) that have not been appointed by...more
The U.S. Supreme Court will decide whether the Securities and Exchange Commission’s (SEC) in-house enforcement proceedings violate the Constitution, teeing up a decision that could curtail securities law enforcement and...more
With the end of the Supreme Court’s term in June, most eyes have been on the release of the last remaining merits decisions. In the midst of issuing the final opinions of the term, the Court also granted certiorari on a...more
A Delaware-based online payday lender and its founder and CEO (collectively, “petitioners”) recently submitted a petition for a writ of certiorari challenging the U.S. Court of Appeals for the Tenth Circuit’s affirmation of a...more
The Supreme Court recently had the opportunity to grant the CFPB’s pending petition for certiorari seeking review of the U.S. Court of Appeals for the Fifth Circuit’s holding in Community Financial Services Association of...more
The CFPB recently filed a reply brief in its petition for a writ of certiorari asking the U.S. Supreme Court to review whether the U.S. Court of Appeals for the Fifth Circuit erred in holding that the Bureau’s funding...more
The constitutional spotlight is shining on the U.S. Securities and Exchange Commission (SEC). In the last several weeks, the U.S. Supreme Court agreed to hear a case seeking broader federal jurisdiction for constitutional...more
In the past twenty or so years, the government (and creative relators) have sharpened and re-designed the False Claims Act, 31 U.S.C. § 3729 et seq. (“FCA”), into a multi-functional tool to redress all sorts of conduct that...more
In Iskanian v. CLS Transportation Los Angeles, LLC, 59 Cal. 4th 348 (2014), the California Supreme Court held that an arbitration agreement purporting to waive the right to bring a representative action under the Private...more
Garcia Case Highlights Necessity of Knowing Your Customer and Listening to Internal Fraud Watchdogs. The SEC’s recent Order against a broker-dealer (the “Firm”) imposed a $750,000 financial penalty for the Firm’s failure...more
The Department of Justice (DOJ) announced on January 14, 2021 that it had recovered $2.2 billion in False Claims Act (FCA) settlements and judgments in its 2020 fiscal year. While that figure is down considerably from prior...more
The SEC’s authority to seek disgorgement has been a spotlight issue for the last several years, and on June 22, 2020, the Supreme Court delivered a highly anticipated ruling that will have a mixed impact. On one hand, the...more
In an 8-1 decision, the U.S. Supreme Court ruled this past Monday in Liu v. SEC that a disgorgement award that does not exceed a wrongdoer’s net profits and is used to compensate victims is “equitable relief” that the SEC can...more
On March 3, 2020, the Supreme Court heard arguments in the case of Liu v. SEC, No. 18-1501. This article summarizes what transpired at the hearing, in which the arguments centered on a challenge to the ability of the U.S....more
The U.S. Supreme Court heard arguments in Liu v. SEC, a case in which the petitioner challenged the U.S. Securities and Exchange Commission's (SEC) statutory authority to pursue the remedy of disgorgement in federal court....more
Liu v. SEC, No. 18-15-1, argued before the Court last week, is potentially one of the most important cases to be heard by the Supreme Court on SEC Enforcement. The question under consideration is whether the Securities and...more
On Tuesday, the Supreme Court heard oral argument in Liu v. SEC, which concerns whether, or to what extent, the SEC may ask courts to disgorge defendants’ ill-gotten gains. As I discussed in a previous post, disgorgement...more
On March 3, 2020, the Supreme Court heard oral arguments in Liu v. SEC, once again taking up the question of whether the Securities and Exchange Commission (“SEC”) may seek disgorgement as equitable relief for a securities...more
Although the CFPB now agrees that its structure is unconstitutional, it has filed a brief opposing the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing with the U.S. Supreme Court. All...more
• The Supreme Court will review whether the SEC has the authority to obtain disgorgement in actions to enforce the federal securities laws. • Since the Supreme Court’s decision in Kokesh v. SEC, 137 S. Ct. 1635 (2017),...more
The Situation: The U.S. Supreme Court has granted certiorari to consider whether the Securities and Exchange Commission ("SEC") has authority to obtain disgorgement in district court actions. The Significance: The SEC...more