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Supreme Court rules SEC can recoup money in fraud cases
Headline Legal News |
2020/06/23 16:45
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The Supreme Court on Monday preserved an important tool used by securities regulators to recoup ill-gotten gains in fraud cases.
By an 8-1 vote, the justices ruled that the Securities and Exchange Commission can seek to recover the money through a process called disgorgement. Last year, the SEC obtained $3.2 billion in repayment of profits from people who have been found to violate securities law.
“The Court holds today that a disgorgement award that does not exceed a wrongdoer’s net profits and is awarded for victims is equitable relief permissible" under federal law, Justice Sonia Sotomayor wrote for the court.
Justice Clarence Thomas dissented. The Supreme Court in 2017 unanimously limited the SEC’s ability to go after profits where alleged fraud has been going on for years before authorities file charges. That case left open the question the high court answered Monday, that courts have the authority to order disgorgement of profits. The SEC has continued to aggressively pursue defendants’ profits in fraud cases.
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Arena turned court for first felony jury trial in months
Headline Legal News |
2020/06/05 08:33
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A city-owned arena in Batesville became a courtroom this week for the first felony criminal jury trial in Mississippi since the start of the coronavirus pandemic.
More than 100 prospective jurors answered their summons to appear in court at the Civic Center on June 1, Panola County Circuit Clerk Melissa Meek-Phelps said in a news release.
Prospective jurors maintained social distancing by sitting with five empty seats between them and alternating empty rows. County personnel took temperatures of visitors as they arrived at the arena. Hand sanitizer and masks were provided for people entering the building. Anyone who was ill, had health conditions that could put them at risk for COVID-19, was over age 65, a caregiver or had recently performed jury service, was excused.
The Civic Center is a venue for concerts, motorcycle and monster truck shows, rodeos and other entertainment. The Panola County Board of Supervisors on June 1 officially adopted a resolution declaring it the courthouse for the Second Judicial District of Panola County during the coronavirus pandemic.
A jury was selected to hear the trial of Clinton Winters, 44, of Webb, who faced charges of methamphetamine possession. He was found guilty on the afternoon of June 2. Winters remains in custody and will be sentenced at a later date. |
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Lawyer for Biden accuser Tara Reade drops her as a client
Headline Legal News |
2020/05/23 14:45
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The attorney working with Tara Reade, the former Joe Biden Senate staffer who alleged he sexually assaulted her in the 1990s, said Friday he is no longer representing her, just two weeks after he first began working with her.
Douglas Wigdor said in a statement the decision to drop Reade came on Wednesday of this week, and that it wasn’t a reflection on the veracity of her claims. But he offered no specifics on why he and his firm are dropping her.
Wigdor said he and others at his firm still believe Reade’s allegation against Biden, that he digitally penetrated her and groped her in the basement of a Capitol Hill office building when she worked as a low-level staffer in his Senate office in the Spring of 1993. Biden has vehemently denied her claims, and multiple current and former Biden staffers have said they have no recollection of such an incident.
In his statement, Wigdor said his firm believed that Reade has been “subjected to a double standard” in the media and that much of the coverage surrounding her biography had little to do with her claims against Biden. The news was first reported by The New York Times. |
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Wisconsin court sets argument date for stay-at-home lawsuit
Headline Legal News |
2020/05/03 14:17
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The Wisconsin Supreme Court announced Friday that it will hear oral arguments early next week in a lawsuit seeking to block Democratic Gov. Tony Evers’ stay-at-home order.
The justices ruled 6-1 to accept the case and scheduled oral arguments for Tuesday morning via video conference. The arguments are expected to last at least 90 minutes.
The ruling said the court will consider whether the order was really an administrative rule and whether Palm was within her rights to issue it unilaterally. Even if the order doesn’t qualify as a rule, the court said it will still weigh whether Palm exceeded her authority by “closing all ‘nonessential’ businesses, ordering all Wisconsin persons to stay home, and forbidding all “nonessential’ travel.’”
Conservatives hold a 5-2 majority on the court. Liberal Justice Rebecca Dallet cast the lone dissenting vote. The ruling didn’t include any explanation from her.
Evers initially issued the stay-at-home order in March. It was supposed to expire on April 24 but state Department of Health Services Secretary Andrea Palm extended it until May 26 at Evers’ direction.
The order closed schools, shuttered nonessential businesses, limited the size of social gatherings and prohibits nonessential travel. The governor has said the order is designed to slow the virus’ spread, but Republicans have grown impatient with the prohibitions, saying they’re crushing the economy.
Republican legislators filed a lawsuit directly with the conservative-controlled Supreme Court last month challenging the extension. They have argued that the order is really an administrative rule, and Palm should have submitted it to the Legislature for approval before issuing it. |
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Blind justice: No visual cues in high court phone cases
Headline Legal News |
2020/05/01 14:18
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On the evening before he was to argue a case before the Supreme Court years ago, Jeffrey Fisher broke his glasses. That left the very nearsighted lawyer with an unappealing choice. He could wear contacts and clearly see the justices but not his notes, or skip the contacts and see only his notes.
It wasn’t hard to decide. “I couldn’t imagine doing argument without seeing their faces,” Fisher said.
He won’t have a choice next month. Because of the coronavirus pandemic the high court is, for the first time in its 230-year history, holding arguments by telephone. Beyond not being able to see the justices' nods, frowns and hand gestures, the teleconference arguments in 10 cases over six days present a range of challenges, attorneys said, but also opportunities.
Roman Martinez, who will argue in a free speech case, said the lack of visual cues may change what sense is most important. “Maybe it will concentrate the mind on listening,” he said.
The unprecedented decision to hold arguments by phone was an effort to help slow the spread of the virus. Most of the justices are at risk because of their age; six are over 65. And hearing arguments by phone allows them to decide significant cases by the court’s traditional summer break.
The attorneys arguing before the court include lawyers for the federal government and states as well as those in private practice. Only a few are women. Most have made multiple arguments and are familiar to the justices, although at least one lawyer is giving his first argument before the court. The Trump administration's top Supreme Court lawyer, Solicitor General Noel Francisco, will argue twice. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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