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Posts Categorized: Securities

Posted: February 22, 2015

Martin Act Applies to Claims About Trading Venue as Well as Securities Traded in that Venue

On February 13, 2015, Justice Kornreich of the New York County Commercial division issued a decision in People v. Barclays Capital Inc., 2015 NY Slip Op. 25043, discussing the standard for a Martin Act claim. In Barclays Capital, the New York Attorney General brought a Martin Act claim against the defendant relating to “allegedly false… Read more »

Posted: December 12, 2014

No Liability for Insider Trading Absent Proof That Initial Tipper Sought Financial Gain

On December 10, 2014, the Second Circuit issued a decision in United States v. Newman and Chiasson, 13-1837-CR, reversing a conviction and dismissing the indictment with prejudice on the grounds that the government had failed to prove beyond a reasonable doubt that the defendants-tippees knew that the initial tipper (there were several layers of ‘tipping’… Read more »

Posted: January 2, 2014

Decision Explores the Distinction Between Transaction Causation and Loss Causation

On December 24, 2013, Justice Kornreich of the New York County Commercial Division issued a decision in Loreley Fin. (Jersey) No. 4 Ltd. v. UBS Ltd., 2013 NY Slip Op. 33262(U), explaining the distinction between transaction causation and loss causation. In Loreley Fin., the court decided a motion for reconsideration of a decision dismissing a complaint… Read more »

Posted: November 12, 2013

Delaware Supreme Court Certifies Questions to New York Court of Appeals on “No Action” Clauses in Trust Indentures

On November 7, 2013, the Delaware Supreme Court issued a decision in Quadrant Structured Products Co., Ltd. v. Vertin, in which it certified the following questions of law to the New York Court of Appeals: (1) A trust indenture no-action clause expressly precludes a security holder who fails to comply with that clause’s preconditions, from… Read more »