Publications

This month’s edition of the Alert discusses two recent Supreme Court decisions: the ruling in Janus Capital Group, Inc. v. First Derivative Traders limiting the scope of liability for secondary actors under Section 10(b) and Rule 10b-5, and the ruling in Erica P. John Fund, Inc. v. Halliburton Co. holding that plaintiffs do not have to prove loss causation to trigger the fraud-on-the-market presumption at the class certification stage. 

This month’s Alert also discusses a Sixth Circuit opinion holding that courts need not conduct an allegation-by-allegation evaluation of scienter pleadings, and two Southern District of New York decisions, one curtailing the SEC’s claims against Goldman Sachs banker Fabrice Tourre on Morrison grounds, and the other dismissing the Manulife shareholder class action. We also address: an Eastern District of Pennsylvania decision remanding a state pension fund suit on the grounds that the fund is an “arm of the state” for jurisdictional purposes; and a California Intermediate Court of Appeals decision holding that SLUSA does not preclude concurrent jurisdiction for all “covered class actions” under the Securities Act of 1933. Finally, this Alert discusses the SEC’s final rules implementing the whistleblower provisions of the Dodd-Frank Act.