The president roared into office promising an antitrust crackdown. But a new study concludes he's no bolder than his allegedly wimpy predecessor.
S.E.C. v. Williams (D. Conn.)
COMPLAINT – The S.E.C. claims the defendant ran a scalping scheme, recommending stocks and then selling his own shares of those stocks at a profit, in violation of the Securities Act, the Exchange Act and the Advisers Act. Defendant used an internet forum to convince followers to buy and hold stocks, without disclosing that he was actively selling shares of those stocks.
Broadridge Sec. Processing Solutions LLC v. Adnan Khashoggi (2nd Cir.)
BRIEF – Khashoggi appeals from a finding that he was personally responsible for the debt of a company he owned, which incurred debt on securities trades that it could not pay for. Khashoggi argues that he was not involved in the company’s day-to-day business, that he did not guarantee the debt and that corporate ownership is not sufficient reason to pierce the corporate veil.
In re Ricker (Bankr. E.D. Pa.)
MEMORANDUM - Securities broker with a pattern of leaving employers without repaying loans did not do so with fraudulent intent, and loan from Oppenheimer & Co. was dischargeable.
The world's largest retailer joined the growing chorus of merchants opposed to a proposed deal with Visa and MasterCard over so-called "swipe fees."
Bankers are valuing LegalZoom at a whopping 40 times last year's earnings, which could be justifiable if the online legal site can turn its revenue growth into consistent earnings.
The pace at which investors bringing fraud cases are actually recovering money has fallen to the lowest since laws governing class action litigation were overhauled in the mid-1990s.
The outcome of the case could affect how easily countries might fend off angry creditors in bids to extricate themselves from sovereign debt crises.
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