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Securities Cases to Watch at the High Court

Alex Romain and Jenna Williams Canvas Key Securities Cases

Alex Romain and Jenna Williams

This term, the U.S. Supreme Court will consider three cases related to securities litigation and enforcement. In a column for the Los Angeles Daily Journal, Alex Romain and Jenna Williams analyze the import of three cases treating a broad range of topics. These include the statutory interpretation of the Dodd-Frank Act and its whistle blower protections, the jurisdictional reach of state courts in certain class actions, and separation of powers issues related to the appointments clause of the U.S. Constitution. Mr. Romain and Ms. Williams also discuss a fourth securities case that was accepted for review, but which has been stayed pending settlement. Nonetheless, it presents an important question the court is likely to review in the future.

From the article:

Lucia v. Securities and Exchange Commission (on appeal from the D.C. Circuit).

The short-term impact of this case for litigants will depend on how the court crafts a remedy if it finds a constitutional violation. If the court holds that the SEC judges have been “inferior Officers” all along, and have, for decades, been unconstitutionally presiding over proceedings, what happens next? Will all past and present administrative actions heard by SEC judges be dismissed and expunged because of the unconstitutionally appointed judge who presided over the case? That is unlikely. But if the court finds that the SEC’s practice violates the appointments clause, the appropriate remedy is not easy to determine.”

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Insight Interview: Toyota GC Christopher Reynolds Talks with Steven Feldman

What advice does Toyota General Counsel and Chief Legal Officer Christopher Reynolds have for lawyers seeking to work more effectively with in-house counsel? Find out in this latest installment of the Association of Business Trial Lawyers’ Insight Interview with Hueston Hennigan Associate Steven Feldman. Mr. Feldman sits down with Mr. Reynolds to talk career trajectory, his days as a federal prosecutor, and the drawbacks of email communication.

Mr. Feldman, a member of the ABTC’s Young Leadership Board, developed the “Insight Interviews” series, which features one-on-one interviews with leading jurists, business executives and lawyers.

Click here to read the interview.

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Fooled Again and Again? False Advertising Classes Shouldn’t Get Injunctions

A minority of courts say that a consumer class action plaintiff has standing to get injunctive relief to prevent false advertising even though – by virtue of bringing the suit – he must know about the alleged deception and can’t be harmed by it a second time. Defying common sense, these courts say that such a consumer can be deceived again and again by the alleged false advertising, absent an injunction. In the American Bar Association’s Summer periodical, Hueston Hennigan attorneys Steven Feldman and Ellen Kenney discuss why this position is wrong, and how to defeat injunctive relief classes.

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DOJ Ends Bonds Prosecution but Obstruction Statute Issues Live On

From Law360

Partner Marshall Camp weighs in on the Barry Bonds ruling on

Bringing the nearly decade-long obstruction of justice case against former slugger Barry Bonds to a close, prosecutors said Tuesday they would not challenge the Ninth Circuit’s decision to overturn the conviction, but the message has been sent that no individual athlete is out of the government’s reach…

“What I think this may reflect is that however the Department of Justice feels about the statute, they may have concluded that this isn’t the right case to test it in front of the Supreme Court,” Camp, who is a former federal prosecutor, said. “I think the case was a bit of an overreach to begin with and I think they probably wanted to live to fight another day on the scope of the statute, at least in other circuits.”

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Barry Bonds Case Provides Lessons for Prosecutors

Last month’s decision by the Ninth Circuit to vacate Barry Bonds’ conviction for obstruction of justice garnered headlines. Obscured by the coverage, however, is whether the decision portends a broader, noteworthy trend: namely, appellate courts evidencing a willingness to reverse white collar jury convictions, and in the process, push back against what they may perceive, rightly or wrongly, as unjustified federal prosecutions.

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