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Raymond Lucia asks justices to decide SEC ALJ question

Raymond J. Lucia formally asked the Supreme Court to decide if the SEC’s administrative law judges are officers for purposes of the Appointments Clause. Lucia’s petition for certiorari follows the dramatic spring doubleheader en banc rehearings of both Lucia&rsqu

SEC, CFTC rules priorities shift as Trump Administration updates regulatory agenda

The Trump Administration announced that it has updated the unified regulatory agenda to reflect changes in the direction of agency rulemaking, including at the SEC and CFTC. The unified agenda, published periodically by the Office of Information and Regulatory Affairs at the

Mixed results for bond buyers in VW emissions case

A federal judge in California found a complaint adequately alleged that statements contained in a bond offering memorandum issued by Volkswagen AG were misleading and that bond purchasers also alleged scienter regarding the company’s CEO and the company itself. But the

Whole Foods stockholders primed to stop Amazon deal

Whole Foods shareholders have filed a class action seeking to halt Amazon’s acquisition of the company unless they receive additional information. The disclosure lawsuit filed in the Western District of Texas alleges that Whole Foods’ proxy statement omits or mis

U.S. not liable for inviting Ponzi schemer to pitch to employees

The U.S. government is immune from suit over a Ponzi scheme run by one of its alleged employees, an Eleventh Circuit panel held. The essential element of the plaintiffs’ allegations was misrepresentation, and misrepresentations are excepted from the general waiver of s

Objection to disclosure-only settlement came too late

A Fifth Circuit panel could not help a unitholder who failed to timely object to a disclosure-only settlement. The unitholder, who was not a party and did not intervene, waived his right to appeal by filing an untimely, procedurally deficient objection. Supreme Court precede

Split SEC decision results in dismissal of insider trading charges

SEC charges against former Wells Fargo trader Joseph Ruggieri for violating the antifraud provisions of the securities laws have been dismissed. An evenly divided commission, voting 1-1, was unable to determine whether Ruggieri traded while in possession of material nonpubli

State GOP groups lack standing to challenge MSRB pay-to-play rule

A panel of the Sixth Circuit Court of Appeals rejected a challenge to the Municipal Securities Rulemaking Board’s rule that limits the campaign activities of persons who advise city and state governments on issuing municipal securities for lack of standing. The Tenness

Judicial supervision of deferred prosecution agreements sharply limited

When presented with a deferred prosecution agreement (DPA), a federal judge has only the authority to arraign the defendant, determine that the DPA is not an effort to circumvent speedy trial requirements, and adjudicate subsequent disputes, according to the U.S. Court of Ap

U.K. FCA policy statement on MiFID II goes beyond minimum requirements

The U.K. Financial Conduct Authority (FCA) issued a policy statement on the implementation of MiFID II that sets out final rules on conduct of business, client assets and guidance on certain other matters. In many areas, the policy statement delivers the minimum requirements

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