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From Securities Regulation Daily, October 6, 2014

Supreme Court Docket: FCPA, other bids end today

By Rodney F. Tonkovic, J.D. and Mark S. Nelson, J.D.

The Supreme Court began its 2014 term today by refusing to hear a variety of securities cases. Perhaps the most significant denial involved a case that raised key issues under the Foreign Corrupt Practices Act. That case, Esquenazi v. U.S., had questioned the Eleventh Circuit’s interpretation of “instrumentality.”

Just last week, the Court reversed course and decided not to hear a case about American Pipe tolling in the Securities Act context. The case, involving IndyMac MBS, Inc., had been scheduled for oral argument today. But the Court decided it had improvidently granted certiorari, despite letter briefs filed by all parties saying that a pending settlement would not impact the Court’s ability to decide the case.

The Court is still set to hear two other securities cases this term: Omnicare, Inc. v. The Laborers District Council Construction Industry Pension Fund (November 3, 2014), a case that asks the Court to resolve a circuit split over whether a plaintiff alleging the untruthfulness of a statement under the Securities Act must plead both objective and subjective falsity; and Yates v. U.S. (November 5, 2014) a case dealing with the reach of the Sarbanes-Oxley Act’s anti-shredding provision.

These and other cases impacted by the Supreme Court’s order today can be referenced in the latest version of the Supreme Court Docket.

Companies: Omnicare, Inc.; The Laborers District Council Construction Industry Pension Fund; IndyMac MBS, Inc.

MainStory: TopStory Enforcement FraudManipulation SarbanesOxleyAct SecuritiesOfferings

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