Law Reports

Yoomi Lee | Bloomberg Law SEC Press Release No. PR-2011-208 (Oct. 13, 2011); SEC Release No. 34-65556 (Oct. 13, 2011); Administrative Proceeding File No. 3-14586 (Oct. 13, 2011) The Securities and Exchange Commission (SEC) entered into a settlement agreement with EDGA Exchange, Inc. (EDGA), EDGX Exchange, Inc. (EDGX, and together, Exchanges), and their affiliated routing broker-dealer Direct [...]

Sarah Jane Leake | Bloomberg Law Gender Diversity on Boards – Financial Reporting Council Feedback Statement, October 2011 The latest version of the UK Corporate Governance Code (Governance Code), which came into effect in June 2010, introduced for the first time a principle recognising the value of diversity in the boardroom. It provided that the “search [...]

Yoomi Lee | Bloomberg Law FINRA Investor Alert, Companies in Bankruptcy Rarely Make Blockbuster Investments (Oct. 10, 2011) The Financial Industry Regulatory Authority (FINRA) issued an alert to address investor confusion regarding trading shares of Blockbuster, Inc. (Blockbuster), which filed for Chapter 11 bankruptcy on September 23, 2010. FINRA warned that some stock promoters may be exploiting [...]

Kaffko v. Quepasa Corporation, No. 11–CV–01253, 2011 BL 243370 (D. Nev. Sept. 22, 2011) In a putative class action suit, the U.S. District Court for the District of Nevada denied a defendant’s motion to quash subpoenas of two non-parties who allegedly facilitated transmission of unauthorized text messages to the plaintiff’s cell phone. The court held [...]

In re New River Dry Dock, Inc., No. 06-13274, 2011 BL 240117 (Bankr. S.D. Fla. Sept. 20, 2011) An en banc panel of the United States Bankruptcy Court for the Southern District of Florida sanctioned an attorney for “shockingly sarcastic and unprofessional” statements contained in pleadings filed with the court, as well as his attempt [...]

Rebecca L. Tsai | Bloomberg Law Phelps-Roper v. City of Manchester, Missouri, No. 10-3197, 2011 BL 256599 (8th Cir. Oct. 5, 2011) The Westboro Baptist Church (WBC) stages protests near funerals in order to spread its belief “that God is punishing America for tolerating homosexuality.” Picket signs used by its members have displayed slogans such [...]

Michael F. Bahler | Bloomberg Law Mills v. Bristol-Myers Squibb Co., No. 11-cv-00968, 2011 BL 260049 (D. Ariz. Oct. 7, 2011) The U.S. District Court for the District of Arizona refused to revive a products liability suit brought by a woman who allegedly suffered a pulmonary embolism after taking the Bristol-Myers Squibb Co. blood thinner [...]

Kate Hooker | Bloomberg Law Heller v. District of Columbia, No. 10-7036, 2011 BL 256035 (D.C. Cir. Oct. 4, 2011) A panel of the U.S. Court of the Appeals for the District of Columbia Circuit ruled that certain portions of the District’s gun control legislation did not violate theSecond Amendment rights of gun owners on [...]

Soheir Ahmed Zaki & Ors v Credit Suisse (UK) Limited [2011] EWHC 2422 (COMM) Judgment has been given by the High Court in London in a claim by a high net worth individual over losses of $69.4 million incurred on 10 structured financial products bought from Credit Suisse (UK) Limited (CSUK). The decision of Mr Justice [...]

Blayne V. Scofield | Bloomberg Law First Premier Bank v. United States Consumer Financial Protection Bureau, No. 11-cv-04103, 2011 BL 244598 (D.S.D. Sept. 23, 2011) On September 23, 2011 the U.S. District Court for the District of South Dakota issued a preliminary injunction to block a rule issued by the Board of Governors of the [...]

Dena Kaufman | Bloomberg Law Sherman v. SEC, No. 09-55880, 2011 BL 238983 (9th Cir. Sept. 19, 2011) The United States Court of Appeals for the Ninth Circuit reversed the district court’s holding that a debt was excepted from discharge pursuant to 11 U.S.C. § 523(a)(19) for violation of securities laws despite the fact that the debtor [...]

Raphael Rosenblatt | Bloomberg Law European Commission Press Release (Sept. 28, 2011) As a result of the world financial crisis, public debt in all 27 European Union (EU) member countries rose from below 60 percent in 2007 to 80 percent for the foreseeable future. Although, according to the EU, the financial sector “played a role [...]

Yoomi Lee | Bloomberg Law SEC v. Eric J. Aronson, No. 11-CV-07033 (S.D.N.Y. filed Oct. 6, 2011); SEC Press Release No. PR-2011-201 (Oct. 6, 2011) The U.S. District Court for the Southern District of New York granted the Securities and Exchange Commission’s (SEC) request for an emergency court order to halt a ponzi scheme that defrauded [...]

John Haley | Bloomberg Law Suzlon Energy Ltd. v. Microsoft Corp., No. 10-35793, 2011 BL 252687 (9th Cir. Oct. 3, 2011) The U.S. Court of Appeals for the Ninth Circuit upheld a district court’s quashing of a petition for an order for Microsoft to produce the e-mails of an Indian citizen finding that protections of [...]

Alexandra Kay | Bloomberg Law In re Flonase Antitrust Litig., 08-CV-3301, 2011 BL 245049 (E.D. Pa. Sept. 26, 2011) The U.S. District Court for the Eastern District of Pennsylvania recently granted in part and denied in part a motion for summary judgment brought by defendant SmithKline Beechman Corporation, doing business as GlaxoSmithKline PLC (GSK), in [...]

Fiero v. Financial Industry Regulatory Authority, Inc., Nos. 09-CV-01556, 09-CV-01863, 2011 BL 256880 (2d Cir. Oct. 5, 2011) The Financial Industry Regulatory Authority, Inc. (FINRA) lacks the authority to bring court actions to collect disciplinary fines it has imposed, the U.S. Court of Appeals for the Second Circuit determined. Background on FINRA FINRA is a [...]

In re Irwin, Bky. No. 10-14407, 2011 BL 236759 (Bankr. E.D. Pa. Sept. 15, 2011) The United States Bankruptcy Court for the Eastern District of Pennsylvania granted a receiver’s motion seeking a determination that the automatic stay of 11 U.S.C. § 362 did not apply to her filing claims against a debtor’s immediate family, as [...]

Florida Med. Ass’n v. Dep’t of Health, Education & Welfare, Case No. 3:78-cv-178-J-34MCR, 2011 BL 248497 (M.D. Fla. Sept. 26, 2011) In 2007, Jennifer Alley, the owner of Real Time Medical Data, L.L.C. (RTMD), sued the U.S. Department of Health and Human Services (HHS) to compel HHS to disclose Medicare claims data which included identifying information [...]

Earl v. Nielsen Media Research, Inc., No. 09-CV-17477, 2011 BL 244584 (9th Cir. Sept. 26, 2011) The U.S. Court of Appeals for the Ninth Circuit held that, while plaintiff’s multiple violations of company policy could constitute a legitimate reason for terminating her employment, plaintiff’s evidence that younger similarly-situated employees received more lenient treatment from the [...]

Sarah Jane Leake | Bloomberg Law EBA Guidelines on Internal Governance – European Banking Authority Guidance Paper GL 44 of 27 September 2011 The Capital Requirements Directive1 requires all credit institutions to have robust governance arrangements in place, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes [...]