Month: August 2010

The SEC filed its first action against a state, charging New Jersey with fraud in connection with multiple offerings of municipal bonds dating back to 2001. In the Matter of State of New Jersey, Adm. Proc. File No. 3-14009 (Aug. …

THE COMMISSION’S FIRST ACTION AGAINST A STATE Read More »

Reliance is a critical element of proof in a private securities fraud suit. Thus, in rejecting a theory of scheme liability two years ago, the Supreme Court predicated its decision in part on a close reading of the reliance element. …

THIRD CIRCUIT REJECTS “FRAUD-CREATED-THE-MARKET” THEORY Read More »