Securities Law Alert, January 2014
This month’s Alert addresses two recent grants of certiorari by the Supreme Court: in Fifth Third Bancorp v. Dudenhoeffer (No. 12-751), the Court will consider the presumption of prudence for employee stock ownership plan (ESOP) fiduciaries under the Employee Retirement Income Security Act (ERISA); and in Loughrin v. United States (No. 13-316), the Court will address the elements of a claim under 18 U.S.C. § 1344(2), the federal bank fraud statute.
We also discuss two decisions from the Southern District of New York: one dismissing a securities fraud action against UBS AG in connection with losses incurred by rogue trader Kweku Adoboli; and another holding that Section 10(b) governs American Depositary Receipts (ADRs) traded on the New York Stock Exchange pursuant to the Supreme Court’s decision in Morrison v. Nat’l. Austl. Bank Ltd., 130 S.Ct. 2869 (2010).