Basic survives — barely
The Supreme Court held today that plaintiffs in securities fraud cases may continue to use a 26-year-old presumption that "the price of stock traded in an efficient market reflects all public, material information — including material misstatements." Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, slip op. at
Get ready, folks, for a new wave of cases under the Racketeer-Influenced and Corrupt Organizations Act of 1970 — RICO, for short. The Second Circuit ruled this week that a case by the European Community and EC member states may proceed with a RICO case against RJR Nabisco for money laundering and worse. European Community v. RJR
The American jury makes a profound contribution to the very structure and fabric of American law, Ciulla v. Rigny, 89 F. Supp. 2d 97, 98 (D. Mass. 2000), and so it is here. Indeed, this particular case would be of little interest to anyone other than the litigants were it not for the remarkable
People who commit to buy a stock on Day 1 can't complain about misrepresentations that the stock issuer made on Day 2 or later. E.g., APA Excelsior III L.P. v. Premiere Techs., Inc., 476 F.3d 1261, 1267 (11th Cir. 2007). The later lies could not have induced you to buy the shares, the theory
Snappy reclines. The Empire State Building looms in the mid-distance. Bitey consults his notes. He clears his throat.
Bitey: The U.S. Supreme Court's summer break started last week, Snaps, and the time has come for us to look at the . . . uh . . . results of the 2012-13 Term for those commercial cases
You didn't ask what Blawgletter thinks about the Patient Protection and Affordable Care Act, as its fate dangles in the well of the U.S. Supreme Court courtroom. We'll tell you just the same.
The "individual mandate" part of it (and perhaps the requirement that insurers cover all comers) will vanish in a puff of
You may recall that, back in the go-go days, brokers sold a lot of auction rate securities to people who wanted a bit more interest than money market funds and bank accounts yielded but desired about the same degree of safety and liquidity.
When the auctions froze up in early 2008, the chumps who bought ARS couldn't get their
Way back in January 2009, Blawgletter wrote that we doubted a 1995 federal law – a sub-section of which the Second Circuit called "the RICO Amendment" — bars claims, under the Racketeer-Influenced and Corrupt Organizations Act, that allege fraud involving credit default swaps and other swap contracts. MLSMK Inv. Co. v. JP Morgan Chase & Co., No.
Say you write a press release. It says your firm just won a beauty contest. It claims you expect the contract to increase the firm's net income by X percent.
But your note to the fourth estate doesn't mention that the deal will raise firm costs by an Awful Lot. So much in fact that
If you've tired of hearing campaign promises about tax cuts, repeal of tax cuts, extension of tax cuts, tax cuts for the middle class, tax cuts for income over $250,000 a year, and the like — relax. Let Blawgletter tell you about an entirely other subject: tax avoidance.
And not just any kind of tax
