Securities Law Alert, November 2010
This month’s edition of the Securities Law Alert addresses the Fifth Circuit’s adoption of the bright-line attribution rule for secondary actor liability under Section 10(b), and the SEC’s new proposed rules for the Dodd-Frank Act whistleblower program. This edition also discusses four decisions from the Southern District of New York: one denying a dismissal motion in the SEC’s enforcement action against Goldman, Sachs banker Fabrice Tourre but requiring the SEC to replead; another denying in part and granting in part a motion to dismiss the Citigroup subprime action; a third addressing the question of what constitutes a cognizable loss for the purposes of a Section 11 claim involving mortgage-backed securities; and finally, a fourth dismissing the complaint (without prejudice) in the Freddie Mac subprime action.