As we mentioned earlier this week, Professor Bartlett soon will be presenting his paper on the value of the 10b-5 action to institutional investors. The paper uses evidence of trading behavior following the Supreme Court case Morrison v. National Australia Bank (2010)—a case that dealt with bringing securities fraud claims based on securities traded on foreign exchanges. This week, Latham & Watkins presents the challenges of litigating securities fraud actions against foreign-based issuers of securities traded on domestic exchanges. These actions present special challenges in the areas of jurisdiction, service, and discovery. The paper, published as part of Bloomberg’s Securities Regulation & Law Report, is available for download here.
Skadden presents “The 2012 U.S. Supreme Court Term: Business Cases to Watch.” The upcoming term has several important business-related cases, including three class action cases: Amgen, Comcast, and The Standard Fire Insurance Co. The court will also be considering in Royal Dutch Patroleum whether actions may be brought against companies for human rights abuses committed in other countries. Skadden’s update provides brief summaries of these and other business-related cases facing the Court this term.
On November 1, EU Regulation 236/2012, which regulates the short selling of stock and sovereign debt in the European Economic Area, will come into effect. The regulation also places restrictions on taking uncovered short positions. In a recent client alert, Ropes & Gray explains the specifics of whom and what types of securities are covered, as well as the sanctions for failure to comply.