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SEC May No Longer Seek Civil Penalties for Securities Fraud in In-House Administrative Proceedings

In an important new decision, the Supreme Court, in SEC v. Jarkesy, recently held that when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment applies and the defendant is entitled to a jury trial in federal court.  Chief Justice Roberts delivered the Court’s opinion, with a dissent by Justice…

Client Alerts | July 3, 2024 | Commercial and Corporate Litigation | Risk Management | Regulatory Defense

Kleinberg Kaplan’s Joshua Bromberg Quoted in Bloomberg Law Regarding the Corporate Transparency Act Ruling

Kleinberg Kaplan partner Joshua Bromberg was quoted in Bloomberg Law article, “Companies Mull Challenges After Corporate Transparency Ruling,” discussing the recent federal court ruling on the Corporate Transparency Act of 2021 (the “CTA”). The ruling declared the CTA unconstitutional, potentially leading to prolonged legal battles and leaving businesses uncertain about compliance. Joshua emphasized that New…

Firm News | March 6, 2024 | Regulatory Defense

The Return to Business As Usual for Insider Trading Litigation

A federal appeals court, in U.S. Securities and Exchange Commission v. Christopher Clark, recently reversed a lower court’s decision and remanded the case for a jury trial on civil insider trading claims based on suspicious trading and circumstantial evidence, with no direct proof of wrongdoing by the defendant. With this new ruling, the Securities and…

Client Alerts | March 16, 2023 | Commercial and Corporate Litigation | Regulatory Defense | Risk Management

Rule 10b5-1 Trading Plans Are Not a Free Pass for Insider Trading Schemes

The U.S. Department of Justice (the “DOJ”) and the U.S. Securities and Exchange Commission (the “SEC”) recently brought criminal charges and civil claims for insider trading against Terren S. Peizer (“Peizer”), the Chief Executive Officer and Chairman of the Board of Directors of Ontrak Inc., a publicly traded healthcare company, despite Peizer’s use of a…

Client Alerts | March 14, 2023 | Commercial and Corporate Litigation | Regulatory Defense | Risk Management

A SCOTUS Win for the SEC on Disgorgement?

In a decision of consequence to securities industry participants, the U.S. Supreme Court just answered a long-unresolved question and ruled, in Liu v. Securities and Exchange Commission, that the U.S. Securities and Exchange Commission could ask courts to order disgorgement of ill-gotten gains. In doing so, the Supreme Court affirmed and at the same time, to some…

Client Alerts | June 25, 2020 | Regulatory Defense | Investment Fund Litigation